AWF shareholders approve $36 mln Madison acquisition, shares gain

Mon, 18 Nov 2013

By Paul McBeth Nov. 18 (BusinessDesk) - AWF Group has been given the go-ahead by shareholders to spend up to $36 million buying white-collar recruitment agency Madison Group in a deal forecast to boost annual earnings by half. The shares gained 5.6 percent to $2.85, adding to this year’s 13 percent rally, after investors approved the Madison acquisition. Auckland-based AWF will spend $30 million on the acquisition, with a further $6 million in earn-outs if Madison meets expectations, funding the deal with debt, it said in a statement. Mad...

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