I questioned earlier this year why we’d seen a lot of activity in the Recruitment Sector (Michael Page, SThree, Robert Walters). Either things weren’t as bad as the market forecasts for economic slowdown were indicating (unlikely given the high sensitivity of the sector to any change in economic growth), or we were to ‘expect future merger activity within the sector’.

Patience is a virtue. Those of you who have been patient are now rewarded after todays bid approach for Michael Page (MPI, 346p) from Adecco (news comment from Bloomberg here).

Michael Page are up 15% absolute and up 30% relative to the FTSE 250 since my note of November 25th.

For past commentary on the sector click here: Recruitment Sector