$ 778m bid for Programmed
SHARES in labour hire group Programmed Maintenance have risen strongly after a $ 778 million takeover bid by Japanese HR giant Persol.
Tokyo- listed Persol first approached Programmed a year ago but Programmed managing director Chris Sutherland said executives only recently settled on a value.
“It’s very important our partner share a similar perspective on strategy, customer service and the value of people,” Mr Sutherland said.
Programmed said the offer price puts its enterprise value at $ 992 million and the board has unanimously recommended the offer to its shareholders.
The company provides staffing, maintenance and facility management services around the country and across the Tasman.