Filed by Right Management Consultants, Inc. pursuant to
Rule 425 under the Securities Act of 1933, as amended,
and deemed filed pursuant to Rules 14a-12 and 14d-9
under the Securities Exchange Act of 1934, as amended
Subject Company: Right Management Consultants, Inc.
Commission File No. 001-31534
THE FOLLOWING SLIDES WERE USED IN CONNECTION WITH A JOINT CONFERENCE CALL AND
WEBCAST HOSTED BY RIGHT MANAGEMENT CONSULTANTS, INC. AND MANPOWER INC. ON
DECEMBER 11, 2003:
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Manpower Acquisition of
Right Management Consultants
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Conference Call/Webcast: December 11, 2003
Manpower Inc.
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Jeff Joerres, Chairman & CEO
Mike Van Handel, EVP & CFO
Right Management Consultants, Inc.
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Rich Pinola, Chairman & CEO
Lee Bohs, EVP Corporate Development
1
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Forward Looking Statements
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This conference call/webcast contains statements which are forward-looking
in nature and, accordingly, are subject to risks and uncertainties regarding
Manpower's and Right's expected future results. The companies' actual
results may differ materially from those described or contemplated in the
forward-looking statements. Factors that may cause Manpower's and Right's
actual results to differ materially from those contained in the
forward-looking statements can be found in each company's reports filed with
the SEC, including their Annual Reports on Form 10-K for the year ended
December 31, 2002, which factors are incorporated herein by reference, and
such other factors as may be described from time to time in each company's
SEC filings.
2
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Additional Information
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This conference call/webcast does not constitute an offer of any securities
for sale. Manpower intends to commence an exchange offer and file a Schedule
TO and a registration statement on Form S-4, and Right intends to file a
Solicitation/Recommendation Statement on Schedule 14D-9, with the Securities
and Exchange Commission in connection with the transaction. Manpower and
Right expect to mail a Preliminary Prospectus, the Schedule 14D-9 and
related tender offer materials to shareholders of Right. Investors and
security holders are urged to read these documents carefully when they are
available because they contain important information about the transaction.
Documents filed by Manpower with the SEC may be obtained without charge at
the SEC's website at www.sec.gov and at Manpower's website at
www.investor.manpower.com. Documents filed by Right with the SEC may be
obtained without charge at the SEC's website and at Right's website at
www.right.com.
3
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A strategic business decision has been made
that will allow Manpower to:
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o Offer a broader service offering to customers
o Set new standards for what is required to be the best in the industry
o Add scale and strength to Empower's organizational consulting business
o Improve competitive position in the career transition business and
organizational consulting
4
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Manpower & Right...
setting the standard in the industry
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[graphic omitted]
Recruiting,
Assessment & Selection
Career
Transition Training
Permanent Temporary
Placement Staffing
5
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Right - Company Overview
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o Founded in Philadelphia in 1980; publicly listed in 1986
o Largest Career Transition services firm in the world
o Growing Organizational Consulting practice
o Revenue of $450 million estimated for 2003
o Over 300 service locations in 38 countries
o Blue-chip client base; 80% of Fortune 500 and 50% of Global 500
o Ranked #5 in Forbes List of 200 Best Small Companies
o Ranked #16 on Fortune's List of "100 Fastest Growing Companies"
o Experienced management team that is aligned, energized and supportive of
the Manpower acquisition
6
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Right Spectrum of Services - Career Transition
(80% of revenue)
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For more than 20 years, Right Management Consultants has worked with thousands
of organizations and tens of thousands of individuals to strategically plan,
practically implement, and successfully conclude the job-change and career
transition processes.
Career Transition Services include:
o Pre-separation planning
o Notification training
o On-site notification support
7
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Right Spectrum of Services - Organizational
Consulting (20% of revenue)
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[GRAPHIC OMITTED]
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Attracting &
talent Selecting Talent
MANAGEMENT
Developing Careers &
Assessing Managing Performance
Organizations
Retaining Talent &
Managing Succession
Executing Strategy
organizational
Managing Change PERFORMANCE
---------------
leadership
DEVELOPMENT
Assessing Leaders |
|
Coaching Leaders |
|
Developing Leaders & Teams |
8
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Right - Market Position
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[GRAPHIC OMITTED] [GRAPHIC OMITTED] [GRAPHIC OMITTED] [GRAPHIC OMITTED]
North America Europe Asia-Pacific Japan
1st 1st 1st 2nd
United States Brazil Asia-Pac Canada Japan Europe
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44% 1% 4% 5% 10% 36%
o Market leader in most geographies
and number one globally
o Significant competitive advantage in
competing for multi-national client accounts
o Largest operations are US, UK, Japan,
France and Canada
9
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Right Revenue (in millions)
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$500- |
|
$400- |
|
|
$300- |
|
|
$200- |
|
|
$100- |
|
| $181 $187 $318 $472 $450
$0- | -----------------------------------------------------------------------
1999 2000 2001 2002 2003E
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Acquisition Summary
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Offer Price: $18.75 per Right share(1)
Consideration: 100% Manpower common stock
New Shares Issued: 9.6 million to 11.7 million
Tender Offer: Expected week of December 22 - week of
January 26(2)
Expected Closing: First Quarter 2004
Approvals: Normal regulatory
o Based on a fixed value for the transaction, subject to a collar
range of $41.69 - $50.96 per share of Manpower stock prior to
the closing of the exchange offer. Includes stock options
calculated under the treasury stock method.
o Implies the minimum required 20 business days
11
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Financial Highlights
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o Accretive to 2004 EPS (3% to 5%)
o Enhanced capital structure and credit ratios
o Improved operating profit margins
o Reduced cyclicality of revenue, operating profit and cash flows
12
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Financial Highlights (continued)
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($ in millions)
Manpower Right Combined
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Revenue(1) $11,733 $473 $12,206
Operating Profit(1) $256 $74 $330
2.2% 15.6% 2.7%
Debt(2) $802 $126 $928
Debt/Total Capital(2) 40% 35%
Debt/EBITDA(1) 2.7 2.4
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o Last twelve months ended September 30, 2003
o As of September 30, 2003
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Manpower - Setting the Industry Standard
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o Strengthen and grow HR consulting provided through Empower
o Cross-sell Career Transition services to Manpower customers
o Cross-sell Manpower services to Right clients
o Differentiate ourselves from other firms in the industry
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Question and Answer
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Manpower Inc.
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Jeff Joerres, Chairman & CEO
Mike Van Handel, EVP & CFO
Right Management Consultants, Inc.
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Rich Pinola, Chairman & CEO
Lee Bohs, EVP Corporate Development
15