Adecco-Olsten Merger Shareholder Vote Set for March 13, 2000.Business Editors CHESEREX, Switzerland &MELVILLE, N.Y.--(BUSINESS WIRE)-- Feb. 10, 2000 Adecco SA (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on [ADECY], Swiss Exchange Swiss Exchange The major securities market of Switzerland. ADECCO N (ADEN 700'939), Bourse bourse (b  rs), term applied to a European stock exchange. The first international bourse was established in Antwerp in the 16th cent. de Paris RM 12819) and Olsten Corporation (NYSE NYSESee: New York Stock Exchange :OLS OLS Ordinary Least Squares OLS Online Library System OLS Ottawa Linux Symposium OLS Operation Lifeline Sudan OLS Operational Linescan System OLS Online Service OLS Organizational Leadership and Supervision OLS On Line Support OLS Online System ) announced today that the two firms had received all material regulatory approvals, including that from the U.S. Securities and Exchange Commission, regarding their merger and split-off plans. Olsten shareholders will be asked to vote on the transaction at a meeting scheduled for March 13, 2000. Adecco shareholders approved the merger last September. In August 1999, Olsten announced it had agreed to merge its staffing and information technology services businesses with Adecco. At that time, Olsten also said it would split off its health services health services Managed care The benefits covered under a health contract business into an independent, publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , now known as Gentiva Health Services Gentiva Health Services, headquartered in Long Island, New York, is one of the largest providers of health care and specialty pharmaceutical services in the United States. A publicly traded NASDAQ: GTIV company,[1] . A proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. detailing the terms of sale Terms of sale Conditions under which a firm proposes to sell its goods or services for cash or credit. of the Olsten businesses and a prospectus on the Gentiva Health Services split-off will be mailed to individuals listed as Olsten shareholders of record as of January 18, 2000. In the transaction, each holder of Olsten stock will receive 0.25 of a share of Gentiva Health Services common stock and either (1) $8.75 in cash, without interest, or (2) 0.12472 of an Adecco American Depository Share (ADS) or (3) a combination of cash and Adecco ADSs. About Adecco Adecco SA is the global leader in personnel services, connecting up to 500,000 associates with business clients each day through its network of over 20,000 employees and over 3,200 offices in 55 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, 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, offering 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. About Olsten Olsten Corporation, with 1,500 offices on three continents, is a world leader in staffing services, a significant provider of information technology services and North America's largest provider of home health care and related services. The Company operates more than 1,000 staffing offices -- providing staffing solutions and assignment employees to business, industry and government -- in North America, Latin America and Europe under Olsten Staffing Services and related brands. In 1998, Olsten Corporation achieved revenues of $4.6 billion and employed approximately 700,000 people serving approximately 600,000 client/patient accounts. About Gentiva Gentiva Health Services, formerly known as Olsten Health Services, is North America's largest provider of home health care and related services. A leader in specialty pharmaceutical services and nursing services solutions, the company has more than 400 locations in North America. The company also provides marketing and distribution solutions for pharmaceutical, biotechnology and medical device firms as well as home infusion therapies home infusion therapy The IV administration of therapeutics–analgesics, antibiotics, chemotherapy, parenteral nutrition–outside of a formal healthcare environment. See Hyperalimentation, Patient-controlled analgesics, TPN. , health care network management services, skilled nursing services and medical staffing solutions. In 1998, the company had $1.3 billion in revenues and employed approximately 70,000 associates and caregivers. It is expected that Gentiva will trade on NASDAQ (NASDAQ:GTIV) once the transaction is closed. Information contained in this news release, other than historical information, should be considered forward-looking, and is subject to various risk factors and uncertainties. For instance, the Companies' strategies and operations involve risks of competition, changing market conditions, changes in laws and regulations affecting our industries and numerous other factors discussed in this release and in the Companies' filings with the Securities and Exchange Commission. Accordingly, actual results may differ materially from those in any forward-looking statements. |
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