Adecco secures 98.4% of registered share capital of DIS AGSeptember 03, 2007
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Adecco secures 98.4% of registered share capital of DIS AG
Zurich, Switzerland, 3 September 2007: Adecco, the world leader in Human Resources (HR) servicesannounced today that the company has signed an agreement to purchase 15.7% of registered share capital of DIS AG for a total consideration of EUR 219 million. Adecco now holds 98.4% of registered share capital of DIS AG and intends to initiate a squeeze-out procedure.
A group of investors agreed to immediately sell their shares in DIS AG for EUR 113 per share. After the close of the transaction Adecco holds 98.4% of DIS AG registered share capital. Of the remaining 1.6% of shares, 1.1% is held by DIS AG as treasury shares, 0.5% is held by other minority shareholders. Adecco therefore is entitled to squeeze out DIS AG's remaining shareholders. As a consequence of the intended squeeze-out procedure, Adecco will no longer support the delisting procedure and withdraws its cash compensation offer for the delisting.
While maintaining brand names and a separate distribution network, DIS AG will be a fully integrated part of Adecco following the successful squeeze-out of the remaining minority shareholders. Following the approval of the Tuja acquisition by the EU commission at the end of July 2007, Adecco now intends to optimize the operational and legal structure of its German operations.
Adecco Group is the world market leader in Human Resource services with sales of EUR 20.4 billion in 2006. The Adecco network connects over 700,000 associates with business clients each day through its network of 36,000 employees and 7,000 offices in over 60 countries and territories around the world. Headquartered in Switzerland, and managed by a multinational team with expertise in markets spanning the globe, Adecco delivers an unparalleled range of flexible staffing solutions and career services to clients and associates.
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