M&A - HireQuest, Inc.

Form Type: 425

Filing Date: 2025-05-19

Corporate Action: Acquisition

Type: New

Accession Number: 000143774925017516

Filing Summary: On May 19, 2025, HireQuest, Inc. issued a press release responding to TrueBlue, Inc.'s rejection of HireQuest's acquisition offer of $7.50 per share. HireQuest expressed disappointment regarding TrueBlue's Board of Directors not engaging in discussions despite favorable shareholder feedback. HireQuest's CEO, Rick Hermanns, stated the proposal offers superior value compared to TrueBlue's current performance, which has declined significantly over recent years. Hermanns criticized TrueBlue's existing strategy as non-competitive and highlighted the benefits of a merger, including the potential conversion of TrueBlue's operations into a franchise model to enhance profitability. He reiterated an openness to improving the offer and emphasized the potential for a mutually beneficial transaction. Furthermore, there is encouragement for TrueBlue shareholders to review the related merger presentation filed with the SEC for more information. The press release underscores HireQuest's commitment to pursuing a strategic combination that they believe would unlock significant hidden value within TrueBlue.

Form Type: 425

Filing Date: 2025-05-13

Corporate Action: Acquisition

Type: New

Accession Number: 000143774925016280

Filing Summary: On May 13, 2025, HireQuest, Inc. announced its proposal to acquire all outstanding common stock of TrueBlue, Inc. for $7.50 per share. The acquisition consideration will be paid in registered shares of HireQuest's common stock and will not be subject to any financing contingency. The announcement was made via press release, which is included as Exhibit 99.1 and refers to an investor presentation shared on the company’s website as Exhibit 99.2. The proposal indicates intentions for a business combination and highlights potential benefits and synergies between the companies, although there are forward-looking statements related to uncertainties around the transaction and its completion.

Form Type: 425

Filing Date: 2025-05-13

Corporate Action: Acquisition

Type: New

Accession Number: 000143774925016522

Filing Summary: On May 13, 2025, HireQuest, Inc. issued a press release announcing its proposal to acquire all outstanding common stock of TrueBlue, Inc. for $7.50 per share, with payment in registered shares of HireQuest's common stock. This proposal is not subject to any financing contingency. The announcement also included an investor presentation available on HireQuest's website. The company intends to use the investor presentation in communications with investors, brokers, and analysts. Additionally, the document emphasizes that the proposal is not an offer to buy or solicit offers to sell any securities, and urges investors to read future filings related to the proposed transaction.

Form Type: 8-K

Filing Date: 2025-05-13

Corporate Action: Acquisition

Type: New

Accession Number: 000143774925016279

Filing Summary: On May 13, 2025, HireQuest, Inc. announced a proposal to acquire all outstanding common stock of TrueBlue, Inc. for $7.50 per share, to be paid in registered shares of HireQuest's common stock without any financing contingency. The proposal indicates a strategy for a business combination aimed at leveraging synergies between the two companies. Concurrently, an investor presentation regarding the merger was posted on HireQuest's website and is expected to be used in discussions with various stakeholders. This report discusses potential forward-looking statements regarding the proposal and highlights various risks associated with the acquisition, including uncertainties related to party cooperation, regulatory approvals, and integration challenges. The document explicitly states that it does not constitute an offer to buy or sell any securities, and emphasizes that any required registration statements or other documents will be filed with the Securities and Exchange Commission (SEC) in time for compliance.

Form Type: 8-K/A

Filing Date: 2025-05-13

Corporate Action: Acquisition

Type: New

Accession Number: 000143774925016520

Filing Summary: On May 13, 2025, HireQuest, Inc. announced its proposal to acquire all outstanding common stock of TrueBlue, Inc. for a price of $7.50 per share, as detailed in a press release. The transaction is proposed to be executed using registered shares of HireQuest’s common stock, with no financing contingencies. The company also shared an investor presentation related to the proposal on its website, indicating the strategic steps it intends to take if the acquisition is finalized. This filing serves as an amendment to a previous report which is also referenced in this document. The report outlines potential future risks related to the acquisition, stating uncertainties regarding shareholder cooperation, agreement on terms, and challenges in integrating operations post-acquisition.

Form Type: 10-Q

Filing Date: 2025-05-08

Corporate Action: Acquisition

Type: Update

Accession Number: 000143774925015543

Filing Summary: For the quarter ended March 31, 2025, HireQuest, Inc. reported total revenue of $7.472 million, a decrease from $8.419 million in the same quarter of the previous year. The company generated $6.960 million from franchise royalties and $0.512 million from service revenue. Selling, general, and administrative expenses were $5.255 million. The company recorded net income of $1.363 million, down from $1.619 million a year ago. The primary acquisition highlighted is the completion of the acquisition of Ready Temporary Staffing, LLC, effective December 30, 2024, for $1.4 million, aimed at enhancing franchise presence in Colorado. As of May 7, 2025, the total shares of common stock outstanding were reported at 14 million. The report includes detailed financial statements highlighting assets, liabilities, and stockholders’ equity, demonstrating the company's robust operational structure despite fluctuations in revenue. Other relevant details include franchise operations across 43 states with a diverse employee base serving various industries.

Form Type: 10-K

Filing Date: 2025-03-27

Corporate Action: Acquisition

Type: Update

Accession Number: 000143774925009646

Filing Summary: HireQuest, Inc. underwent significant business developments throughout 2024, highlighted by multiple acquisitions aimed at expanding its temporary staffing and permanent placement services. Notable acquisitions included the purchase of 'certain assets of TEC Staffing Services' on December 4, 2023, for approximately $9.8 million and the acquisition of 'one location of Ready Temporary Services' on December 30, 2024, for $1.4 million. These acquisitions are indicative of a strategic approach to growth, enhancing the company's presence in various markets. Furthermore, the document outlines the overall business framework, operational strategies, and risk factors that could impact future financial performance, emphasizing the company's adaptability within the staffing industry.