The Swiss-headquartered recruiter, via its wholly owned subsidiary Modis International, has announced this week that an initial acceptance period of its bid for AKKA will start today [17 March 2022] and close on 13 April 2022, subject to extension.

The bid involves a mandatory takeover offer for all shares and convertible bonds issued by AKKA that are not yet held by Modis or its affiliated persons.

AKKA’s board of directors has recommended acceptance of the bid. The results of the initial acceptance period will be announced on 20 April, a week after the periods ends. 

“Payment of the bid price is anticipated on 25 April 2022,” a statement from Adecco Group said, noting a bid price of €49 (£41) in cash per share and €101,816.58 per convertible bond.”

Depending on the results of the bid, such squeeze-out will result in the delisting from Euronext Brussels and Euronext Paris (for the shares) and the Open Market (Freiverkehr) of the Frankfurt Stock Exchange (for the convertible bonds).

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