Response to Press Comment

RNS Number : 6371A

Michael Page International PLC

05 August 2008

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

5 August 2008

Michael Page International plc ("Michael Page" or the "Company")

Response to Press Speculation

The Board of Michael Page notes the recent movement in its share price and press speculation and confirms that it has received an unsolicited preliminary approach from Adecco regarding a possible offer for the Company. The approach is subject to a number of waivable pre-conditions, including due diligence.

The Board of Michael Page continues to believe that the Company has a very strong future as an independent group. The clear strategy of organically diversifying the group's activities by geography and discipline and increasing its exposure to growth markets, together with the longer-term structural growth drivers of the specialist recruitment market, mean that the Company has excellent prospects. 

This announcement is made without the consent of Adecco. There can be no certainty that an offer will be made, nor as to the terms on which any offer might be made even if the pre-conditions are satisfied or waived.

A further announcement will be made when appropriate. 

Enquiries:

Financial Dynamics David Yates / Richard Mountain

Tel: [phone]

Dealing Disclosure Requirements:

Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Adecco or Michael Page, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Adecco or Michael Page, they will be deemed to be a single person for the purpose of Rule 8.3. 

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Adecco or Michael Page by Adecco or Michael Page, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at http://www.thetakeoverpanel.org.uk/new/.

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. 

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.

 

END

 

 

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