Swiss recruitment agency Adecco said today it has agreed to buy Dutch staffing firm DNC for €56 million, extending its push into the professional staffing market.
Adecco, which has failed so far with a recent £1.3 billion bid for British staffing group Michael Page, said the €12.25 per share cash offer for DNC represented a 52 per cent premium over Friday's closing price.
A spokesman for Adecco, the world's largest staffing group, said the bid was unrelated to its approach for Michael Page.
DNC is a Dutch specialised secondment firm with around 1,200 people active in the ICT, finance, legal, management support and information management.
Adecco said it intended to make the offer within two months and the DNC supervisory board unanimously supported it.
The offer was also fully supported by certain large shareholders, who have agreed irrevocably to tender their shares, representing 80 per cent of the outstanding shares.
Adecco has a warchest of €1.4 billion and is looking to strengthen its position in the higher-margin professional
and permanent staffing market. It has been on the prowl for acquisitions for several months.
Michael Page, which specialises in the professional staffing market, has twice rejected as too low an offer from Adecco of 400 pence per share, and has stressed its desire to remain independent.
The Dutch staffing market is still ripe for consolidation even after Randstad's takeover of fellow Dutch rival Vedior for €3.4 billion, with smaller firms such as USG People and Brunel seen as likely targets.
Both companies have said they intend to remain independent.
Reuters