Michael Page shares soared by more than one-third yesterday after the recruitment firm confirmed a takeover bid from the number-one staffing group Adecco.
The value of the company leapt to a nine-month high of £1.1bn, acting as a much-needed remedy to share values that had more than halved in the past year as a result of the economic slowdown.
The news resulted in a knock-on effect for recruitment firms across Europe, as British rival Hays was up more than 13% and Adecco was trading 5.6% higher, according to Guardian.co.uk.
“A deal of this size at this stage is something of a brave move for Adecco given the economic backdrop,” Panmure analyst Paul Jones told newspapers.
Michael Page has expanded rapidly over the past 30 years and operates through 166 offices in 28 countries worldwide. It employs 5,052 staff worldwide. Adecco is the world’s biggest recruitment firm, with 7,000 offices in 60 countries.