Bankers overcome legal hitch on $700 million bond and share issue by Adecco

Author: | Published: 1 Jan 2000

It seemed the company would miss favourable market conditions because of a conflict between US and Swiss law on equity offerings to finance acquisitions.

To overcome the problem, the co-lead managers on the deal borrowed shares already available in the market and sold them to raise the necessary finance. By the time the banks had to give back what they had borrowed, the company...