Tuesday, 16 September 2008

Adecco walks away from Michael Page

Adecco has announced it will not make an offer for Michael Page after all. This has knocked over 22% off Michael Page’s share price today, bringing the stock back roughly to the level in July before news of the bid hit the market.

Worth remembering that Michael Page rejected two offers at c400p a month back as they were too low. Today Michael Page closded at 251p.

Given the current problems in the markets, we wonder how many other potential M&A deals are likely to fall by the wayside in coming weeks and months?

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