TSR to be acquired by Vienna Parent Corporation for $13.40 per share

Vienna Parent Corporation, a newly formed special purpose entityformed by Justin Christian, announced that it has entered into a definitive agreement to acquire TSR, Inc. Under the terms of the agreement, Vienna Acquisition Corporation, an affiliate and wholly-owned subsidiary of Vienna Parent, will commence a tender offer to purchase all of the outstanding shares of TSR for $13.40 per share, representing an equity value of approximately $29 million. The total consideration payable to TSR’s shareholders represents a 73.8% premium to TSR’s closing price on May 14, 2024. The transaction has been approved by the boards of directors of both companies. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions, including the tender of a majority of the outstanding shares of TSR’s common stock.