HireQuest (HQI) said Monday it's "disappointed" with the TrueBlue (TBI) board's rejection of its proposal to buy TrueBlue for $7.50 per share.
The company said it has filed a merger presentation with the US Securities and Exchange Commission and is encouraging TrueBlue's shareholders to review it.
HireQuest Chief Executive Rick Hermanns said the company is open to potentially increasing its offer and adding a material cash component, although it believes that it's $7.50 per share offer represents a "compelling" premium and is fair.
TrueBlue said Wednesday it adopted a limited-duration shareholder rights plan, or "poison pill," to protect investor interests in response to HireQuest's takeover offer. TrueBlue said the plan, which expires May 13, 2026, would prevent any group from gaining control without paying a fair premium or providing the board with enough time to act.
TrueBlue didn't immediately respond to a request for comment by MT Newswires on Monday.
Shares of HireQuest were down 1.7% in early trading Monday, while TrueBlue stock is up 1.3%.
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