Hays rumoured to be in line for GBP 2.1bn bid from Adecco
Hays, the UK-based listed recruitment company, is said to be in line for a potential GBP 2.1bn (USD 3.0bn) takeover offer from Switzerland-headquartered rival Adecco, The Daily Mail reported. The rumour mill suggests Adecco is preparing a cash offer pitched at 150p per share and private-equity firms are believed also to be circling, the report said.
The Times also noted gossip that Hays may be in line for a bid from Adecco but reported that the rumoured approach for the longstanding takeover target is worth approximately 200p per share. Hays declined to make any comment on the matter, the report said.
Although Adecco is considered by analysts to be more attracted to bolt-on deals, the company’s board has become interested in Hays since the British company’s share price has plummeted, the Mail item reported.
The Financial Times also mentioned speculation of a Hays bid from Adecco, adding that the Dutch recruitment firm Randstad is also a potential bidder, according to trader chatter. The report noted that Randstad has told investors it plans to focus on acquisitions this year, adding however that its current targets are worth less than EUR 500m each.
Daily Mail, The Times (London), Financial Times