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Recruitment giant Adecco has withdrawn its bid interest in Michael Page, which had earlier spurned a 400p offer. The news prompted a 20 per cent drop in Page's shares, to 251p.
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The outlook for the recruitment industry is looking increasingly tough in the UK, and fears are mounting that trouble could now spread to the still-promising overseas markets that UK recruiters have recently targeted for expansion.
Page is a quality outfit, but given the current economic ructions its shares are fairly priced at 251p.
Last IC View: High enough, 349p, 19 Aug 2008
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