Adecco, the world’s largest staffing firm, now has six weeks to either make a formal offer for British rival Michael Page or walk away and leave the company in peace for at least six months.
White-collar staffing firm Michael Page has so far rejected informal offers from Adecco, which would value the group at 1.3 billion pounds, and management has stressed its desire to remain independent.
But now may be the optimal time for Adecco to snap up Michael Page as shares have lost 26 percent of their value over the past 12 months on concerns about companies cutting back on hiring as a result of slowing economic growth.
Will Adecco, which has a warchest of 1.4 billion euros ($2.06 billion), brush aside the frosty reception and make a formal offer for Michael Page? Or will it walk away?
Even if the Michael Page bid fails, Adecco still has several takeover options in Europe and the United States, analysts reckon.