Ashurst is advising leading, ASX-listed staffing, maintenance and facility management services company, Programmed Maintenance Services Limited (Programmed) on its proposed A$792 million acquisition by Japanese general human resources company, Persol Holdings Co., Ltd (Persol).

Programmed and Persol announced they have entered into a Scheme Implementation Deed (SID), pursuant to which Persol will acquire 100% of the issued capital of Programmed by way of a scheme of arrangement (Scheme). Programmed shareholders will receive $3.02 cash for every Programmed share they hold (Scheme Consideration).

The Scheme Consideration represents a premium of approximately 71% to Programmed's closing share price on 13 July 2017, and the Scheme is expected to be implemented in October 2017.
 
Programmed's directors unanimously recommend that Programmed shareholders approve the Scheme, in the absence of a superior proposal and subject to an independent expert concluding, and continuing to conclude, that the Scheme is in the best interests of Programmed shareholders.

Lead partner Antonella Pacitti (Corporate) commented: "We are very proud of our long-standing relationship with Programmed, and are delighted to be working together on this significant transaction. We look forward to continuing to work with the Programmed team through to implementation and beyond."

Antonella was assisted by partner Roger Davies, senior associate Richard Tan, and lawyers Rowan Krasnoff, Alexandra Meade and Jacob Carmody (Corporate).