Japan's Persol makes $600 mln bid for Australian recruiter Programmed Maintenance (updated)
14/07/2017 01:57
* Cash bid of A$3.02 per share a 68 pct premium to closing
price
* Recommended by Programmed Maintenance Board
* Programmed says same management will continue
(Adds chairman quote, Persol statement and background)
SYDNEY, July 14 (Reuters) - Japanese recruitment company
Persol Holdings Co Ltd 2181.T has made a A$778 million ($600
million) takeover bid for Australian recruiter Programmed
Maintenance Services Ltd PRG.AX , the target company said on
Friday.
The Programmed Maintenance board said it unanimously
recommended the all-cash offer of A$3.02 per share, a 68 percent
premium to Thursday's closing price of A$1.80.
"The Programmed board believes that Persol will be a
well-capitalised, supportive owner of Programmed if the scheme
proceeds," Chairman Bruce Brook said in a statement to the
Australian securities exchange.
Perth-based Programmed provides staffing and facilities
management in Australia and New Zealand and Tokyo-based Persol
operates similar businesses across the Asia-Pacific.
Persol said in a statement it was looking to leverage
Programmed Maintenance's strengths in Australia and New Zealand
as part of its expansion plans in the region.
Programmed's Chief Executive Officer Chris Sutherland and
other senior management committed to continue in the business
should the takeover succeed.
($1 = 1.2922 Australian dollars)
(Reporting by Tom Westbrook in SYDNEY and Sam Nussey in TOKYO;
Editing by Stephen Coates)
((tom.westbrook@thomsonreuters.com; +61293218233; Reuters
Messaging: tom.westbrook.thomsonreuters.com@reuters.net;
twitter.com/tswestbrook))
Keywords: PROGRAMMED MAIN M&A/PERSOL HOLDINGS