Recruitment company Michael Page has turned down a £1.3 billion takeover bid from rival Adecco.
The firm said the offer "materially undervalued the company and its prospects" and shareholders would be better off if Michael Page remained an independent firm.
Adecco initially approached Michael Page in June with a 400p per share offer for the entire issued share capital, which Michael Page rejected as too low.
In August, Adecco came back with a revised proposal, suggesting Michael Page issue it new shares for a price "consistent" with the original offer, effectively allowing Adecco to own 50.1 per cent of the company while keeping it listed on the London Stock Exchange.
Michael Page also rejected this offer for being too low and has now ended talks.
In a statement, the boar of Michael Page said: "The company's clear strategy of organically diversifying its activities by geography and discipline and increasing its exposure to growth markets, together with the longer-term structural growth drivers of the specialist recruitment market, mean that the company has excellent prospects."
FTSE 250 firm Michael Page has now told Adecco to either make a firm offer or withdraw from the process.
Adecco has so far made no comment on the announcement but earlier this week indicated it was keen on a friendly takeover.
As of 08:19 BST, shares in Michael Page were valued at 330p, down 1.49 per cent.