Investor offers $1.75 for Analysts International

By Lisa Kerner

Charlotte, N.C., Feb. 1 - Koosharem Corp., on behalf of the Select Family of Staffing Cos., reiterated its non-binding proposal for a combination between the investor and Analysts International Corp.

Select Family, through Koosharem, is seeking to acquire all of the common stock of Analysts for $1.75 per share in cash, according to a schedule 13D filing with the Securities and Exchange Commission.

The per-share offer price is a 32% premium to the closing price of Analysts' common stock as of Jan. 31.

The investors disagree with Analysts' belief that its board could increase the long-term value shareholder value by continuing as a stand-alone corporation, citing the "declining performance" of Analysts' stock.

In addition, the investors said the company's "new business plan represents no real prospect for significant creation of value" and continues the "revolving door of executives and board members."

Select Family reserves all of its options to maximize its investment, including negotiated transactions, tender offers, proxy contests for control of Analysts' board of directors and consent solicitations.

The investors beneficially own 1,318,771 shares or 5.3% of the Minneapolis information technology company's outstanding stock.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.