Manpower Inc. (NYSE: MAN) reported Thursday it began an exchange offer for shares of Comsys IT Partners Inc. (NASDAQ: CITP) for a total purchase price worth about $375.8 million, according to Associated Press.
Manpower will pay $17.65 per share in cash or a fraction of a share of Manpower stock worth $17.65 for each share of Comsys tendered in the offer, which is less than 1 percent premium to Comsys shares closing price of $17.54 on Wednesday.
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The total price tag is about $375.8 million, since Comsys had about 21.3 million shares outstanding as of Friday, according to a filing with the Securities and Exchange Commission.
The offer is expected to close on April 2, but could be extended.
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