I read with interest the report (link to Forbes article here) on the interview with Steve Ingham, CEO of Michael Page (MPI, 385p ) in Finanz und Wirtschaft where he was reported as saying that ‘Yes, he would consider selling the company at 600p’.

This is supported by historical director sales back in April and May 2007, which took place at between 560p and 580p. Those sales, in my view, indicated that the directors believed Michael Page to be fairly, maybe fully valued at those levels and at that time. The subsequent purchases in November 2007 at 280p, as reported below, would therefore indicate that the directors thought Michael Page to be undervalued.

Now we know the offer price, we need to find the bid price from Adecco. I would hazard a guess that an agreed deal would be possible in the high 400p’s.

Last Thursday, November 21st, the three amigos at Michael Page International (MPI), CEO Ingham, CFO Puckett and MD Dumon, stepped in to buy back shares they had sold only 7 1/2 months earlier at twice the price.

Steve Ingham, CEO of MPI Stephen Puckett, CFO of MPI

They each bought 170,000 shares at 280p. Puckett and Ingham sold on April 10th around 147,000 shares at 560p each. Dumon sold 428,000 shares on April 10th and May 4th at between 560p and 580p.’ (posted on followthedirectors on November 25th 2007, full text here).

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Disclosure: I have a position in Michael Page shares.