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Case Details for "MPS Group, Inc. "
MPS Group, Inc. Settles Class Action
MPS Group, Inc. (NYSE:MPS), a leading provider of specialty staffing, consulting and business solutions, announced that it has entered into a memorandum of understanding to settle two putative class action lawsuits filed in response to the announcement of the proposed merger of MPS Group with Adecco Inc., a Delaware corporation, and Jaguar Acquisition Corp., a Florida corporation and wholly owned subsidiary of Adecco.
Under the terms of the memorandum, MPS Group, the other named defendants and the plaintiffs have agreed to settle the lawsuits, subject to court approval. If the court approves the settlement, the lawsuits will be dismissed with prejudice.
Pursuant to the terms of the memorandum, MPS Group has agreed to provide additional information to its shareholders through a publicly available filing, in order to supplement the proxy statement previously provided to shareholders in connection with the special shareholders meeting concerning the proposed merger. This additional information, which should be read in conjunction with the proxy statement, is set forth in a current report on Form 8-K that MPS Group has filed with the Securities and Exchange Commission (the "SEC").
In return for the additional disclosures contained in the current report on Form 8-K, the plaintiffs in both actions have agreed to the dismissal of their respective actions and to a stay of the proceedings, subject to the execution and approval of a final settlement agreement. In addition, the Company has agreed to the payment of the legal fees and expenses of plaintiffs' counsel, in an amount to be negotiated by the parties. This payment will not affect the amount of merger consideration to be paid in the merger.
Posted on:2010-01-06
Company: MPS Group, Inc.
Class: Current Shareholders
Scope: Nationwide
Type of Case: Securities
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