Manpower Inc. (NYSE: MAN) announced today the commencement of the election period for former stockholders of COMSYS IT Partners, Inc. that did not tender their shares in Manpower's exchange offer for shares of COMSYS.
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As previously announced, on April 5, 2010, Manpower completed the exchange offer and completed its acquisition of COMSYS through the merger of a wholly owned subsidiary of Manpower into COMSYS. Upon the completion of the merger, each share of COMSYS common stock that was not acquired in the exchange offer was converted into the right to receive, at the election of the holder, either $17.65 in cash or 0.304 of a share of Manpower common stock, subject to a requirement that no more than 50% of the aggregate consideration in the merger will be cash or stock. If either form of consideration is oversubscribed, then it will be allocated pro rata to the former stockholders who elect it, with the balance of their consideration being in the other form.
A letter of election and transmittal to be used by former COMSYS stockholders to submit their COMSYS common stock that was converted in the merger, and related documents, have been mailed to former COMSYS stockholders that did not tender in the exchange offer. Copies of these materials, along with a prospectus describing the exchange offer and merger, may also be obtained free of charge from Georgeson Inc., the information agent for the exchange offer and the merger, by calling toll-free at 1-866-316-3688.
In order to receive the merger consideration and elect the type of consideration to be received, former stockholders of COMSYS must complete and return a letter of election and transmittal to BNY Mellon Shareowner Services, the exchange agent for the exchange offer and merger, before the expiration of the election period. The right to elect to receive stock or cash consideration pursuant to the merger expires at 5:00 p.m., New York time, on May 28, 2010. After such time, former COMSYS stockholders that have not submitted their shares or have not made a proper election will be treated as if they had elected to receive stock consideration.
About Manpower Inc.
Manpower Inc. (NYSE: MAN) is a world leader in workforce solutions, creating and delivering services that enable clients to win in the changing world of work. With more than 60 years of experience, the company offers employers a range of solutions and services for the entire employment and business cycle including permanent, temporary and contract recruitment; employee assessment and selection; training; outplacement; outsourcing and consulting. Manpower's worldwide network of nearly 4,000 offices in 82 countries and territories enables the company to meet the needs of 400,000 clients per year, including small and medium size enterprises in all industry sectors, as well as the world's largest multinational corporations. The focus of Manpower's work is on raising productivity through improved quality, efficiency and cost-reduction across the total workforce, enabling clients to concentrate on their core business activities. Manpower Inc. operates under five brands: Manpower, Manpower Professional, Elan, Jefferson Wells and Right Management. More information on Manpower Inc. is available at www.manpower.com.
First Call Analyst:
FCMN Contact: mark.jelfs@manpower.com
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SOURCE: Manpower Inc.
CONTACT: Mike Van Handel of Manpower Inc., +1-414-906-6305,
Michael.vanhandel@manpower.com
Web Site: http://www.manpower.com/
