Heidrick & Struggles International, Inc. (ticker: HSII, exchange: NASDAQ) News Release - 16-May-2000
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Heidrick & Struggles Withdraws Offer to Acquire Baines Gwinner
CHICAGO--(BUSINESS WIRE)--May 16, 2000--Heidrick & Struggles International, Inc. (Nasdaq: HSII), the world's largest and premier executive search firm, today announced that its proposed acquisition of Baines Gwinner, the London-based executive search firm specializing in senior-level searches for the financial services and legal industries, has been terminated. By mutual agreement, both firms decided to end further discussions of the deal, which was complicated additionally by the fact that accounting for the transaction on a pooling of interests basis was no longer an alternative.
"While it is unfortunate we were unable to come to terms on this deal, the majority of our growth has been organic, supplemented by strategic acquisitions," said Patrick S. Pittard, President and Chief Executive Officer of Heidrick & Struggles. "Our financial services practice is performing well above expectations. In fact, our first quarter 2000 revenue in financial services nearly doubled over the comparable quarter in 1999 and we expect to continue to expand this practice."
About Heidrick & Struggles International, Inc.
Heidrick & Struggles International is the world's largest and premier executive search firm, specializing in chief executive, board of directors and senior level management assignments. Today, nearly 900 Heidrick & Struggles professionals serve a broad range of organizations including Fortune 500 companies, financial institutions, major health care organizations, universities and not-for-profit organizations, leading mid-cap companies, and emerging growth companies from offices in more than 70 locations throughout North and South America, Europe, the Middle East, Africa and Asia Pacific. For more information about Heidrick & Struggles, visit our web site at www.heidrick.com.
Safe Harbor Statement
Certain matters discussed in this news release are forward-looking statements that are necessarily dependent upon assumptions, estimates and data that may be incorrect or imprecise, and include known and unknown risks, uncertainties and other important factors that could cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Some of the risks, uncertainties, assumptions and factors that could affect the company's financial results are included in the company's recent SEC filings. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. All forward-looking statements in this news release are expressly qualified by these cautionary statements, and the company expressly disclaims any duty to update such forward-looking statements.
CONTACT: Heidrick & Struggles International, Inc.
Media
Jennifer Silver, 404/572-0019
jsilver@heidrick.com
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Analysts
Lynn McHugh, 312/496-1593
lmchugh@heidrick.com