Adecco-Olsten Merger Completed
Adecco SA and Olsten Corporation announced the completion on March 15, 2000 of the merger of Olsten with a wholly-owned subsidiary of Adecco, and the split-off of Gentiva Health Services, which conducts Olsten's home health care services business.
Chéserex, Suisse, Mar 15, 2000
Olsten stockholders overwhelmingly approved the merger, with more than 85% of all votes being cast in favor. In the merger, for each share of Olsten Common Stock, holders will receive .25 of a share Gentiva Health Services Common Stock and either cash in the amount of $8.75 per share or a combination of cash and Adecco ADSs, depending upon the holders' election. Adecco will pay $8.75 per share for half of the Olsten Common Stock and .12472 of an Adecco ADS per share for the remainder; more than 86% of Olsten shares elected to receive Adecco ADSs, and as a result holders so electing will receive per share a combination of cash and Adecco ADSs, the proration factor being preliminarily calculated at .5688.
On March 16, 2000 Adecco ADSs will commence trading on the New York Stock Exchange (Symbol: ADO) and a Gentiva Health Services will commence trading on the NASDAQ National Market (Symbol: GTIV).