9th Mar 2016 08:15
LONDON (Alliance News) - Penna Consulting PLC agreed a deal on Wednesday to be acquired by larger Swiss per Adecco SA for GBP105.3 million.
Adecco, though its Olsten (UK) Holdings Ltd subsidiary, will buy Penna for 365.00 pence per share, in cash, a 62% premium to the average closing price of Penna shares in the 12 months prior to Tuesday and a 30% premium to its closing price of 280.00 pence on Tuesday.
Penna shares were down 1.0% to 361.5 pence on Wednesday morning.
Adecco said the acquisition marks a strong strategic fit with its current operations in the UK and Penna's director have unanimously recommended the offer.
Adecco had flagged the acquisition in its fourth-quarter results, published earlier on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.