Newspaper article The Evening Standard (London, England)

Swiss Suitor's Hostile Hint as Page Posts Record ?84M

Newspaper article The Evening Standard (London, England)

Swiss Suitor's Hostile Hint as Page Posts Record ?84M

Article excerpt

Byline: HUGO DUNCAN

HEADHUNTER Michael Page today posted record profits as Swiss rival Adecco hinted it could turn hostile in its takeover bid.

Page, one of the best-known names in City recruitment, delivered a 22% rise in profits for the first half of the year to ?84.1 million.

It came as Adecco insisted it wanted a "friendly" takeover of the firm but said it was keeping all its options open.

Page shares jumped 35?p or 11% to 353p, valuing the company at about ?1.1 billion.

The firm last week rejected an offer of ?1.3 billion, saying it undervalued the company.

Zurich-based Adecco today said: "While it is focused on negotiating a recommended offer for Michael Page,

Adecco is keeping all its options open at this stage." Page chief executive Steve Ingham said that, given the nature of the recruitment business, it would be "remarkably sensible" for Adecco to pursue a friendly rather than hostile takeover.

"If they are as good as their word, then it will be friendly," he said. …

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