Adecco-Olsten Merger Shareholder Vote Set For March 13, 2000.
Adecco SA (NASDAQ [ADECY], Swiss Exchange ADECCO N (ADEN 700'939), Bourse de Paris RM 12819) and Olsten Corporation (NYSE:OLS) announced today that the two firms had received all material regulatory approvals, including that from the U.S. Securities and Exchange Commission, regarding their merger and split-off plans.
Chéserex, Suisse / Melville, NY, Feb 10, 2000
Olsten shareholders will be asked to vote on the transaction at a meeting scheduled for March 13, 2000. Adecco shareholders approved the merger last September.
In August 1999, Olsten announced it had agreed to merge its staffing and information technology services businesses with Adecco. At that time, Olsten also said it would split off its health services business into an independent, publicly traded company, now known as Gentiva Health Services.
A proxy statement detailing the terms of sale of the Olsten businesses and a prospectus on the Gentiva Health Services split-off will be mailed to individuals listed as Olsten shareholders of record as of January 18, 2000. In the transaction, each holder of Olsten stock will receive 0.25 of a share of Gentiva Health Services common stock and either (1) $8.75 in cash, without interest, or (2) 0.12472 of an Adecco American Depository Share (ADS) or (3) a combination of cash and Adecco ADSs.
Adecco SA is the global leader in personnel services, connecting up to 500,000 associates with business clients each day through its network of over 20,000 employees and over 3,200 offices in 55 countries around the world. Registered in Switzerland, and managed by a multinational team with expertise in markets spanning the globe, Adecco delivers an unparalleled range of flexible staffing and career resources to corporate clients and qualified associates.
Adecco provides clients with staffing services and solutions covering all major industries as well as specific professions. The worldwide Adecco Brand network focuses on global industries in transition, including automotive, banking, electronics, logistics, and telecommunications. Adecco is also positioned as a worldwide leader in each of the major professional staffing segments with several world-class business lines: aoc: (Accountants on Call) and Jonathan Wren for Finance, Banking and Accounting; Ajilon and Computer People for high-end Information Technology, TAD and Roevin for Engineering and Technical. These Adecco businesses provide their clients with a broad range of staffing solutions, from temporary work to permanent placement, to consulting and managed services. Adecco also offers a range of HR solutions with Econova/Lee Hecht Harrison, offering outplacement and career management services.
Olsten Corporation, with 1,500 offices on three continents, is a world leader in staffing services, a significant provider of information technology services and North America's largest provider of home health care and related services. The Company operates more than 1,000 staffing offices -- providing staffing solutions and assignment employees to business, industry and government -- in North America, Latin America and Europe under Olsten Staffing Services and related brands. In 1998, Olsten Corporation achieved revenues of $4.6 billion and employed approximately 700,000 people serving approximately 600,000 client/patient accounts.
Gentiva Health Services, formerly known as Olsten Health Services, is North America's largest provider of home health care and related services. A leader in specialty pharmaceutical services and nursing services solutions, the company has more than 400 locations in North America. The company also provides marketing and distribution solutions for pharmaceutical, biotechnology and medical device firms as well as home infusion therapies, health care network management services, skilled nursing services and medical staffing solutions. In 1998, the company had $1.3 billion in revenues and employed approximately 70,000 associates and caregivers. It is expected that Gentiva will trade on NASDAQ (NASDAQ:GTIV) once the transaction is closed.
Information contained in this news release, other than historical information, should be considered forward-looking, and is subject to various risk factors and uncertainties. For instance, the Companies' strategies and operations involve risks of competition, changing market conditions, changes in laws and regulations affecting our industries and numerous other factors discussed in this release and in the Companies' filings with the Securities and Exchange Commission. Accordingly, actual results may differ materially from those in any forward-looking statements.