Press Release Archive
Spherion offered 375 million ordinary shares, or 100% of its interest in Michael Page, in the transaction, including 12.3% of the ordinary shares granted to underwriters in an over-allotment option and the remaining 6% of ordinary shares to certain senior executives of Michael Page, subject to terms of a restricted share plan. Trading of Michael Page shares will begin on a conditional basis on
Ray Marcy, chairman, president and CEO of Spherion commented, “We are pleased with the completion of the transaction and pricing of the shares of Michael Page given recent market conditions. Spherion is now in position to substantially reduce its debt and have significant cash reserves, allowing the Company flexibility in an uncertain economic environment.”
The sale of Michael Page will allow Spherion to more exclusively focus on the development of its human capital model under the Spherion brand. Based on the pricing of the shares of Michael Page and assuming the exercise of the over-allotment option, Spherion expects to receive approximately $710 million of cash proceeds, net of taxes and expenses. In addition, the Company will recognize a net, after-tax gain on the sale of Michael Page between $280-290 million, to be recorded in the second quarter of 2001. Information related to the historical financial performance of Spherion, excluding the operations of Michael Page, is available on the Investor Relations section of the Company’s web site at www.spherion.com.
As previously stated, Spherion expects to give additional guidance on first quarter 2001 revenue and earnings per share, no later than
Spherion Corporation is a human capital management company, founded in 1946 with company headquarters in
This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. Factors that could cause future results to differ from current expectations include risks associated with acquisitions, competition, changing market and economic conditions, currency fluctuations and additional factors discussed in this release and in Spherion’s filings with the Securities and Exchange Commission. The Company’s actual results may differ materially from any projections contained in this release.
This announcement is not an offer of securities for sale in the . The shares of Michael Page International plc are not being registered under the Securities Act of 1933 as amended (the “Securities Act”) and may not be offered or sold in the unless registered under the Securities Act or pursuant to an exemption from such registration.