Adecco SA Announces Successful Completion of Consent Solicitation of Its Subsidiary ADO Staffing, Inc., formerly Known as Olsten Corporation.Business Editors CHESEREX, Switzerland--(BUSINESS WIRE) May 25, 2000-Adecco SA today announced that its subsidiary ADO Staffing, Inc., formerly known as Olsten Corporation, has successfully concluded the consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with that it commenced on May 10, 2000. Adecco acquired the staffing and IT business of the former Olsten Corporation in a merger concluded in March 2000. The purpose of the consent solicitation was to effect certain amendments to the Indenture governing ADO Staffing, Inc.s $200 million principal amount of 7% Senior Notes due 2006 (CUSIP number CUSIP Number An identification number assigned to all stocks and registered bonds. The Committee on Uniform Securities Identification Procedures (CUSIP) oversees the entire CUSIP system. Notes: This system is used in the U.S. and Canada. 681385AC4) to facilitate post-merger integration of the Olsten operations, as described in the separate consent solicitation statement. The proposed amendments required the consent of the holders of at least 50% of the Notes. A fee of $1.25 for each $1,000 principal amount of Notes will be paid to the holders who validly delivered a Consent prior to 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on May 24, 2000. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Corporation (USA: +1 (800) 820 1653) acted as the exclusive Solicitation Agent for the Consent Solicitation. D.F. King & Co., Inc. (USA: +1 (800) 829 6554) acted as Information and Tabulation tab·u·late tr.v. tab·u·lat·ed, tab·u·lat·ing, tab·u·lates 1. To arrange in tabular form; condense and list. 2. To cut or form with a plane surface. adj. Having a plane surface. Agent. Adecco SA is the global leader in personnel services. With the addition of Olsten, the Adecco network connects up to 600,000 associates with business clients each day throughout its network of over 25,000 employees and over 5,000 offices in 59 countries around the world. Registered in Switzerland, and managed by a multinational team with expertise in markets spanning the globe, Adecco delivers an unparalleled range of flexible staffing and career resources to corporate clients and qualified associates. Adecco provides clients with staffing services and solutions covering all major industries as well as specific professions. The worldwide Adecco brand network focuses on global industries in transition, including automotive, banking, electronics, logistics, and telecommunications. Adecco is also positioned as a worldwide leader in each of the major professional staffing segments with several world-class business lines: aoc (Accountants on Call) and Jonathan Wren for Finance, Banking and Accounting; Ajilon and Computer People for high-end Information Technology; and TAD and Roevin for Engineering and Technical. These Adecco businesses provide their clients with a broad range of staffing solutions, from temporary work to permanent placement, to consulting and managed services. Adecco also offers a range of HR solutions with Econova/Lee Hecht Harrison, delivering outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. and career management services. Adecco clients retain this unique range of services through local, national and multinational contracts. Adecco SA is listed on The Swiss Exchange Swiss Exchange The major securities market of Switzerland. (ADECCO N (ADEN 700939)), The New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (ADO), and the Bourse de Paris (RM 12819). Further information can be found at www.adecco.com. |
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