HireQuest proposes to acquire TrueBlue for $7.50 per share

HireQuest (HQI) has submitted to the Board of Directors of TrueBlue (TBI) a proposal to acquire all of the outstanding shares of common stock of TrueBlue for $7.50 per share. The consideration would be paid in registered shares of HireQuest common stock and would not be subject to any financing contingency. HireQuest’s proposal represents a 61% premium to the closing price of TrueBlue’s common stock on May 12, 2025 of $4.65 and 67% and 45% premiums over the 30-day and 60-day VWAPs, respectively. This transaction would mark HireQuest’s 16th acquisition in the staffing industry. HireQuest has a history of profitability and successful acquisition integration including the conversion of traditional branch offices into thriving franchises. The staffing industry is changing, and HireQuest’s unique franchising platform gives it and its franchisees the flexibility and efficiency to drive a profitable business throughout various economic cycles. It is this flexibility and efficiency that is so desperately needed by TrueBlue who has seen its revenues and profitability erode over the last decade. This erosion has correspondingly led to a substantial decrease in share price and shareholder value over that time period as well. HireQuest has been pursuing this transaction for almost two years and has continually been rebuffed by TrueBlue’s management team and Board of Directors. However, as TrueBlue continues to struggle, HireQuest felt its proposal was too important and valuable to TBI shareholders to not move forward and make it publicly known. As a result, a final letter was submitted to the TrueBlue board on May 9, 2025.