Editing ManpowerGroup (section)

=== Return to public company; takeover by Blue Arrow (1986–1990) ===

On June 27, 1986, Manpower went public once again, registering 300,000 shares of common stock with the SEC.<ref name="SECDigest2">{{cite web|url=https://www.sec.gov/news/digest/1986/dig070886.pdf |title=SEC News Digest, 07-08-1986  |date=July 8, 1986 |publisher=[[U.S. Securities and Exchange Commission]] |website=sec.gov |page=4}}</ref> On August 4, 1987, British firm Blue Arrow made a surprise bid to purchase Manpower for $1.2 billion in cash, or $75 a share for all 16 million outstanding shares. Blue Arrow intended to change Manpower into a full-service firm by adding permanent placement and executive recruiting services, cutting costs, and adding performance bonuses to employee compensation as they had done successfully with their 1985 purchase of [[Brook Street Bureau]]<ref name="BlueArrow">{{cite news |last1=Lohr |first1=Steve |date=1987-08-05 |title=A Daring Bid for Manpower |url=https://www.nytimes.com/1987/08/05/business/a-daring-bid-for-manpower.html |work=The New York Times |access-date=2019-02-05}}</ref> At the time, Manpower was virtually tied with [[Kelly Services]] for position as the largest American temporary services firm, each with 11%-12% market share. Blue Arrow was about 10% the size of Manpower; some analysts considered their takeover offer too low.<ref name="BlueArrow2">{{cite news |last1=Yoshihara |first1=Nancy |date=1987-08-05 |title=British Rival Makes Surprise Offer for Manpower Temporary Jobs Firm |url=https://www.latimes.com/archives/la-xpm-1987-08-05-fi-663-story.html |work=Los Angeles Times |access-date=2019-02-05}}</ref>

Manpower's board rejected the initial takeover offer, only to receive a new offer of $1.33 billion (or $82.50 a share) that they accepted on August 22. Along with the increased offer price, Blue Arrow agreed that the company would operate as a subsidiary retaining the Manpower name in the US, the Milwaukee office would remain open, and that Fromstein would stay on.<ref name="BlueArrow6">{{cite news |date=1987-08-22 |title=Manpower Says Yes to Sweetened Takeover Offer : Blue Arrow, Rival British Temporary Agency, Bids $1.33 Billion for U.S. Firm |url=https://www.latimes.com/archives/la-xpm-1987-08-22-fi-987-story.html |work=Los Angeles Times |access-date=2019-02-10}}</ref>
 
In the intervening weeks before accepting the Blue Arrow offer, Fromstein attempted to negotiate a joint venture with Adia S.A. to blunt the takeover; however, the Swiss employment firm decided not to proceed.<ref name="BlueArrow3">{{cite news |last1=Phillips |first1=Stephen |date=1987-08-22 |title=Blue Arrow To Acquire Manpower |url=https://www.nytimes.com/1987/08/22/business/blue-arrow-to-acquire-manpower.html |work=The New York Times |access-date=2019-02-05}}</ref> Adia later went on to merge with French firm Ecco in 1996 to form Adecco.<ref name="Adecco">{{cite news |last1=Studer |first1=Margaret |date=1996-05-09 |title=Adia-Ecco Merger to Form Giant in Personnel Services |url=https://www.wsj.com/articles/SB831602855109621500 |publisher=The Wall Street Journal |access-date=2019-02-05}}</ref>

The company resumed trading on the NYSE as MAN on October 3, 1988.<ref name="MAN">{{cite web |url=https://finance.yahoo.com/quote/MAN/chart?p=MAN |title=MAN: ManpowerGroup |date=2019 |publisher=Yahoo! Finance |access-date=2019-02-05}}</ref>

On December 7, 1988, Fromstein resigned as President and Chief Executive of Manpower, publicly stating that the decision was mutual.<ref name="BlueArrow4">{{cite news |last1=Schachter |first1=Jim |date=1988-12-07 |title=Manpower Chief Resigns Post by 'Mutual Consent' |url=https://www.latimes.com/archives/la-xpm-1988-12-07-fi-934-story.html |work=Los Angeles Times |access-date=2019-02-05}}</ref> However, it was Blue Arrow CEO and Chairman [[Tony Berry|Antony Berry]] who convinced the board to oust Fromstein, forcing him out of the company. In response, Fromstein mounted an effort backed by Manpower franchises in the US to replace Berry. Just a month later in January 1989, the board removed Berry as CEO and appointed Fromstein in the Blue Arrow chief executive role while Berry remained company chairman.<ref name="BerryOut">{{cite news |date=1989-01-14 |title=Blue Arrow Chief Executive Replaced by Man He Ousted |url=https://www.nytimes.com/1989/01/14/business/blue-arrow-chief-executive-replaced-by-man-he-ousted.html |work=The New York Times |access-date=2019-02-06}}</ref> Berry's removal came amid poor stock performance and a scandal as the British Department of Trade and Industry investigated [[NatWest]] bank, Blue Arrow's investment bank advisor for the Manpower purchase, over "an alleged stock-price support operation following the failure of the stock flotation."<ref name="BerryOut2">{{cite news |date=1989-01-14 |title=Ex-Manpower Chief to Head Parent Firm |url=https://www.latimes.com/archives/la-xpm-1989-01-14-fi-292-story.html |work=Los Angeles Times |access-date=2019-02-10}}</ref> Charges were later filed in what became known as the Blue Arrow Affair in November 1989.<ref name="NatWestCharges">{{cite news |date=1989-11-09 |title=Police Bring Charges in Blue Arrow Affair |url=https://www.apnews.com/3b00eda4c24653d71b8a015e369dc39a |publisher=Associated Press |access-date=2019-02-10}}</ref>

In April 1989, Fromstein consolidated his hold on Blue Arrow when the board removed Berry completely, appointing Fromstein as chairman.<ref name="BerryOut3">{{cite news |date=1989-04-05 |title=Blue Arrow's Berry Out As Chairman, Replaced By Fromstein |url=https://www.apnews.com/15ddd2e42414f76004b82baffd830b97 |publisher=Associated Press |access-date=2019-02-10}}</ref> Later that year, Fromstein announced the intent to rename Blue Arrow PLC to Manpower PLC,<ref name="BlueArrowRename">{{cite news |date=1989-10-18 |title=Blue Arrow to Change Name to Manpower |url=https://www.chicagotribune.com/news/ct-xpm-1989-10-18-8901230202-story.html |publisher=Chicago Tribune |access-date=2019-02-05}}</ref> commenting "since Manpower Inc represents over 75% of the company's revenues and profits and is the multinational brand among the company's holdings, it is appropriate to make this change."<ref name="BlueArrowRename2">{{cite news |date=1989-12-13 |title=Blue Arrow makes way for Manpower |url=https://www.heraldscotland.com/news/11971711.blue-arrow-makes-way-for-manpower/ |publisher=The Herald |access-date=2019-02-05}}</ref> Ultimately, Manpower moved the head office from Britain back to Milwaukee.<ref name="BlueArrow5">{{cite news |last1=Berss |first1=Marcia |date=October 1990 |title=You Can Go Home Again |url=https://archive.org/stream/forbes146octforb/forbes146octforb_djvu.txt |work=Forbes |access-date=2019-02-05}}</ref>