Investors have welcomed news this morning that Programmed Maintenance Services will be purchased by a Japanese staffing company for about $780 million in cash.
Programmed Maintenance Services has announced the retirement of one of its founders and the addition of a new director, while also outlining the new structure of the business following its acquisition of Skilled Group earlier this year.
Programmed Maintenance Services' $424 million takeover of its larger competitor Skilled Group is a step closer to fruition, after Skilled shareholders voted in favour of the scheme of arrangement today.
Programmed Maintenance Services' six-month pursuit of its larger competitor, Skilled Group, has paid off, with the Melbourne-based company backing a $424 million takeover offer.
Australia's biggest workforce provider, Skilled Group, has rejected a takeover offer from rival Programmed Maintenance Services, saying it undervalues the company.
Angus McKay will begin his new role as Skilled Group's chief executive and managing director today, more than two weeks earlier than his original start date, to review a merger proposal by Programmed Maintenance Services.
