Staffing agency Manpower Inc. said Wednesday that a legally required waiting period on its proposed $375.8 million takeover of Comsys IT Partners Inc. passed a regulatory hurdle and is on track to be completed.
A subsidiary of Manpower previously commenced an exchange offer for shares of Comsys common stock. The exchange offer will expire at midnight on April 2.
Manpower, based in Milwaukee, has said it would 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.
On Wednesday, the company said the waiting period required under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 expired on Monday.
The total price tag for the deal is about $375.8 million, since Comsys had about 21.3 million shares outstanding when the deal was announced.
Comsys IT Partners, based in Houston, provides temporary employees for information technology jobs.