Adjusted offer: ADECCO GROUP initiates compulsory buyout proposal for AKKA TECHNOLOGIES
In a significant corporate development, Modis International AG, a Swiss-based human capital solutions company, has launched a mandatory takeover offer for all outstanding shares and convertible bonds of AKKA Technologies SE, a French engineering and technology consulting firm. This move follows Modis increasing its shareholding in AKKA Technologies beyond the regulatory threshold that triggers a mandatory bid under applicable rules.
The offer, being made by Modis International AG's wholly-owned subsidiary, Modis, aims to acquire 100% of AKKA Technologies shares at a specified price per share. The initial acceptance period for this offer commences on March 17, 2022, and closes on April 13, 2022, with the possibility of extension. The FSMA approved the prospectus for this offer on March 15, 2022.
The board of directors of AKKA Technologies SE recommends accepting the offer, as further explained in its response memorandum. The offer is for all shares and convertible bonds issued by AKKA Technologies SE not yet held by the Bidder or its affiliated persons.
Modis International AG, part of the world's leading human capital solutions company, is headquartered in Zurich, Switzerland. Listed on the SIX Swiss Exchange (ADEN), the group has consistently been ranked one of the 'World's Best Workplaces' by Great Place to Work®. With a workforce of over 35,000 employees, the group empowers more than 3.5 million careers in 60 countries. The group's culture of inclusivity, entrepreneurship, and teamwork has earned it a place on the Fortune Global 500 list.
AKKA Technologies SE, referred to as the Target throughout the announcement, is a French engineering and technology consulting company. The takeover, if successful, would represent a significant consolidation of ownership of AKKA Technologies under Modis International AG's control.
The offer includes an initial acceptance period during which AKKA shareholders can tender their shares. This period typically lasts around three to five weeks from the offer’s publication date, during which shareholders evaluate the offer and decide whether to accept it.
The Prospectus, a document related to the Bid, has been approved by the FSMA. The Bidder, referring to Modis International AG throughout the announcement, has been consistently ranked as one of the world's best workplaces, demonstrating its commitment to its employees.
The response memorandum, attached to the Prospectus, provides further details on the terms of the offer and the recommendation by AKKA’s board. The offer terms generally involve a price per share that Modis proposed to pay, typically at a premium to AKKA’s recent market price to incentivize shareholders to accept the offer. The offer price is intended to represent fair value and to benefit both companies and their stakeholders.
Overall, this mandatory takeover offer represents a significant corporate action that could reshape the landscape of the engineering and technology consulting industry. The outcome of this offer will depend on the response of AKKA’s shareholders during the initial acceptance period.
The mandatory takeover offer by Modis International AG, a leading player in the business and human capital solutions sector, targets a significant shift in the ownership of AKKA Technologies SE, a French engineering and technology consulting firm. This transaction, if successful, will be influenced by the finance and technology sectors, shaping the future of work in these respective industries.
