| |
Adecco, the Switzerland-based recruitment firm, has disclosed on Tuesday that it has plans for procuring its US-based rival MPS Group for foraying into US, Canada and Britain.
According to the firm, it has plans for procuring the shares of MPS at 13.80 dollars per share, which is a 24% premium over the closing value of the MPS shares. The MPS board has unanimously approved the offer, the Florida-based company said in a separate statement.
The total deal would be worth about $1.3 billion.
Adecco is the world largest recruitment firm. For it, the acquisition is a boost for the revenues of the business.
In 2008, MPS generated revenues of about $2.24 billion.
The Zurich-based recruitment firm mentioned that it will be issuing 900 million Swiss francs as mandatory convertible bonds. Also, the Swiss company said that "over the course of the third quarter, market conditions improved". It was set to announce its results on Nov 5.
