Pen name. 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. 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 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. 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. 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. Adia later went on to merge with French firm Ecco in 1996 to form Adecco. The company resumed trading on the NYSE as MAN on October 3, 1988. On December 7, 1988, Fromstein resigned as President and Chief Executive of Manpower, publicly stating that the decision was mutual. However, it was Blue Arrow CEO and Chairman 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. 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." Charges were later filed in what became