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A UK recruitment specialist is on the brink of being acquired by a Swiss group after its board confirmed that they had received an “unsolicited preliminary approach” to buy the company.

Michael Page International, which focuses on the financial services sector, is in talks with Adecco, the world’s largest recruitment group, about a possible takeover as part of its strategy to expand its operations in Europe.

The FTSE 250 Index company’s board confirmed that Adecco had made contact with regard to buying the business, but claimed that any deal would be subject to several conditions, including due diligence.

A statement released by Adecco stated that discussions with Michael Page were are at an “early stage”.

“Adecco remains focussed on value-based management and considers acquisition targets with financial discipline. A further announcement will be made to the market if and when appropriate.”

Michael Page’s shares jumped a third to 352p when the news was announced, which had valued any takeover at more than £1.1 billion.

Adecco specialises in the blue collar recruitment market with the acquisition of Michael Page introducing it to the professional market.

London-based Michael Page was established in 1976 by Michael Page and Bill McGregor. It has 166 offices in 28 countries with 5,000 staff.

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