The board of IT staffing provider TSR Inc. (NASD: TSRI) received an offer from QAR Industries Inc. to purchase the company, according to a filing yesterday with the US Securities and Exchange Commission. QAR offered $6.25 per share in cash for all outstanding common stock of the company it does not already own.
TSR’s board is currently reviewing strategic alternatives, which include a possible sale of the company. It has postponed its annual meeting of stockholders, originally scheduled for Nov. 28, as it confronts both a proxy battle and two lawsuits. TSR in August adopted a stockholder rights agreement, sometimes referred to as a “poison pill,” to thwart a potential hostile takeover.
QAR owns more than 7% of TSR, according to its offer letter dated Nov. 14 and sent via overnight carrier to the Hauppauge, NY-based company’s board.
“We believe that there is real value in the company and would like to see what its quality employees can do with solid support,” Robert Fitzgerald, president of QAR Industries, wrote in a letter to the TSR board.
“We also believe that as a private company, TSRI can better focus on its customers and core business without the myriad of distractions and expenses associated with operating as a public company,” Fitzgerald continued. “We may not agree on all things, but I trust that we share a common desire to see TSRI grow and prosper.”