QAR Bids to Acquire TSR Inc. Computer Consulting Firm -

QAR Industries has bid to acquire TSR Inc., a provider of computer programming consulting services, according to an SEC filing. TSR's board is considering the offer but there's no guarantee a deal will actually happen, the firm indicated.

According to SEC filings:

QAR and its President Robert Fitzgerald made the takeover offer in a letter dated November 14.
TSR acknowledged the offer in a reply letter on November 16.
As of November 19, TSR's board and a special committee were still evaluating the offer and no decisions about the potential deal had been reached.

QAR's offer for the company is valued at $6.25 per share -- a 30 percent premium vs. the price on November 13. At that price, the deal's valuation is roughly $12.27 million, ChannelE2E believes. Under terms of the proposed deal, QAR would take TSR private to better focus TSR "on its customers and core business without the myriad of distractions and expenses associated with operating as a public company," the letter from QAR to TSR indicated.

QAR, founded in 2013, manufactures radio and television broadcasting and communications equipment, according to Bloomberg. The company is based in Mineral Wells, Texas.

TSR Considers Its Future

TSR, based on Long Island, has been evaluating a range of potential strategic moves since mid-July 2018.

For its first quarter ended August 31, 2018, 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.