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Manpower Launch $431M Acquisition Bid

Manpower Launch $431M Acquisition Bid

Manpower has launched its previously announced exchange offer to acquire shares of Comsys IT Partners Inc., a professional staffing firm based in Houston.

Under the exchange offer, Comsys shareholders can elect to receive $17.65 in cash for each Comsys share they own or $17.65 in Manpower stock with each form of consideration limited to 50 percent of the total price.

Based on the closing price of Milwaukee-based Manpower's common stock on March 1, the stock consideration would equal 0.333 of a share of Manpower common stock for each share of Comsys common stock, but the final stock consideration would be based on a 10 trading day average for a period prior to closing, Manpower said.

The total value of the deal, including debt, is $431 million. Comsys professional IT staffing services will be integrated into the Manpower Professional business, and when combined with Elan, Manpowers European IT staffing business, will create an entity with total revenue of more than $2.5 billion.

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