UK recruitment firm Michael Page ends Adecco talks

LONDON - British recruitment company Michael Page International PLC said Friday it has ended discussions with takeover suitor Adecco SA, but the Swiss-based world no. 1 recruiting agency indicated it would continue its 1.3 billion pound ($2.4 billion) pursuit. Michael Page said that it believed a revised proposal from Adecco "materially undervalued" the London-based company, and added that it planned to seek a so-called "put-up or shut-up" ruling from Britain's takeover watchdog. Companies can request that the U.K. Takeover Panel give a suitor a deadline to either make an offer or walk away. The panel usually accedes to such requests to lift speculation surrounding a takeover target that impacts on trading. Michael Page said it had rejected a June 11 proposal to buy the company for about 400 pence ($7.42) a share. Adecco... [read full story]