Adecco Buys Spring
The boards of Adecco UK Holdco Limited (BidCo) and Spring Group plc (Spring) are pleased to announce that they have reached agreement on the terms of a recommended cash offer to be made by BidCo, a wholly-owned subsidiary of Adecco S.A. (Adecco), for the entire issued and to be issued share capital of Spring (the Offer).
Under the terms of the Offer, Scheme Shareholders will receive 62 pence in cash for each Spring Share. The Offer will be implemented by way of a court-sanctioned Scheme of Arrangement (the Scheme).
The Offer values Springs entire issued and to be issued share capital at approximately 107.3million.
Spring Shareholders registered as such on 28 August 2009 will retain their entitlement to receive the declared interim dividend of 0.1 pence per Spring Share.
Commenting on the Offer, Patrick de Maeseneire, Chief Executive Officer of Adecco, said: Adecco believes that Spring offers an excellent strategic fit and substantial synergy potential for Adecco in the UK staffing market. With this transaction, Adecco intends to strengthen its position in the fragmented UK market and further increase its professional staffing exposure. After the successful completion of the transaction, Adecco intends to offer the current CEO of Spring, Peter Searle, the position as country manager of the combined operations of Adecco UK & Ireland and Spring. With his significant operational expertise and proven track record in the staffing industry, Adecco expects that Peter will strengthen the management capabilities of Adecco in the UK & Ireland.