TrueBlue's (TBI) stock jumped 20% in recent trading Tuesday as the company's board unanimously rejected an unsolicited buyout proposal from HireQuest (HQI) at $7.50 a share.
In February, the board "previously considered, and rejected, an unsolicited, non-binding proposal" from HireQuest at up to $12.30 a share, TrueBlue said Tuesday in a statement.
HireQuest's latest proposal, received on Friday, "represents an opportunistic attempt to acquire the company and significantly undervalues the business and its potential," TrueBlue said.
Shareholders do not need to take action, TrueBlue said.
Earlier Tuesday, HireQuest said the proposed buyout would be paid entirely in stock. The company went public with the offer because it has "continually been rebuffed" by TrueBlue's management and board for almost two years, according to a statement.
HireQuest didn't immediately respond to a request for comment on the latest TrueBlue rejection.
HireQuest shares fell 1.7% in recent trading Tuesday.
Price: 5.59, Change: +0.94, Percent Change: +20.26
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