The Takeover Panel on Wednesday gave Adecco until the end of next month either to announce a firm intention to bid for Michael Page International or to walk away.

The “put up or shut up” ruling which sets a deadline of September 30 had been accepted by both parties, the Panel said. Michael Page had approached the Panel, which regulates takeovers in the UK, asking for such a ruling after Adecco said last week that it was keeping its options for a bid open.