HireQuest proposes TrueBlue acquisition for $7.50 per share

HireQuest (HQI) announced that it has submitted to the board 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 of $4.65 and 67% and 45% premiums over the 30-day and 60-day VWAPs, respectively. HireQuest has been pursuing this transaction for almost two years and has continually been rebuffed by TrueBlue’s management team and board of Directors. A final letter was submitted to the TrueBlue board on May 9.