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Vienna Parent , led by Justin Christian, announced the successful completion of its cash tender offer to acquire all outstanding shares of TSR for $13.40 per share. The tender offer expired on June 27, 2024, resulting in 1,946,960 shares being validly tendered, representing about 89.7% of TSR's voting power. These shares have been accepted for payment, and the second-step merger is expected to finalize today, converting remaining TSR shares to cash at the same rate. Post-merger, TSR will become privately held and delist from NASDAQ.
TSR, a recognized IT staffing solutions provider, has entered into a definitive agreement to be acquired by Vienna Parent , an entity formed by BCforward founder Justin Christian.
Under the agreement, Vienna Sub, a wholly-owned subsidiary of Vienna Parent, will purchase all outstanding TSR shares for $13.40 per share, amounting to an equity value of approximately $29 million. This offer represents a 73.8% premium over TSR's closing price on May 14, 2024.
The transaction is expected to close in Q3 2024, subject to customary conditions, including a majority tender of TSR's shares. Vienna Parent has secured up to $24 million in credit from First Merchants Bank to finance the acquisition.
BCforward aims to enhance service offerings through this acquisition, leveraging TSR's established client base.
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TSR, Inc. (NASDAQ: TSRI) reported a net income of
TSR, Inc. (NASDAQ: TSRI) has announced the promotions of Yvette Fisher to Vice President, Director of Human Resources, and Denise Briggs Newman to Vice President, Director of Accounting. CEO Thomas Salerno commended their exemplary service, highlighting their combined 33 years of experience at TSR. They are recognized for their dedication to administering payroll for over 750 employees and consultants, enhancing client and employee experiences. Chairman Brad Tirpak and CFO John Sharkey expressed support for these promotions, emphasizing the importance of initiative and reliability within the company.
TSR, Inc. (NASDAQ: TSRI) reported a 9.1% increase in revenue to