TSR Inc., a provider of computer programming consulting services, today said it has rejected an unsolicited buyout offer from QAR Industries.
TSR, in a November 27 letter to QAR's leadership, said the buyout offer is " inadequate and does not reflect the fair value of the Common Stock of the Company and, therefore, would not be in the best interests of the Company’s stockholders.”
QAR’s offer for the company was valued at $6.25 per share — a 30 percent premium vs. the price on November 13. At that price, the deal’s valuation was roughly $12.27 million, ChannelE2E believes.
TSR: Pursing Other Options?
TSR, based on Long Island, has been evaluating a range of potential strategic moves since mid-July 2018. In a statement today, TSR President Christopher Hughes says the company continues to explore strategic alternatives for the business.
For its first quarter ended August 31, 2018, TSR revenues declined 2.7 percent to $16.6 million and net income was $38,000. During that most recent quarter, TSR billed customers for roughly 329 programming consultants — down slightly from 341 programming consultants in the corresponding quarter last year.
