TrueBlue rejects HireQuest’s $7.50 per share acquisition offer

TACOMA, Wash. - TrueBlue Inc. (NYSE: TBI), a prominent workforce solutions provider, has announced its Board of Directors’ unanimous decision to decline an unsolicited acquisition proposal from HireQuest Inc. The offer, dated May 9, 2025, suggested an all-stock transaction to purchase TrueBlue at $7.50 per share, which the Board believes significantly undervalues the company. The stock, currently trading at $5.80, has seen a notable 21% surge in the past week, though it remains well below its 52-week high of $12.29.

The Board had previously dismissed a higher offer from HireQuest in February 2025, which was up to $12.30 per share. The latest proposal is seen as an opportunistic attempt to acquire TrueBlue and does not align with the Board’s commitment to maximizing shareholder value. The Board maintains that the proposed transaction is not in the best interests of TrueBlue’s shareholders. According to InvestingPro data, the company trades at just 0.46 times book value, with a healthy current ratio of 1.8, suggesting strong short-term liquidity.

TrueBlue remains focused on executing its strategic plan and creating long-term value for its shareholders, without further commenting on the proposal unless it deems additional disclosure necessary or mandatory. Sidley Austin LLP is providing legal counsel to TrueBlue in this matter.

The company, known as The People Company®, continues to transform the way organizations connect with talent in a dynamic work environment. Through its innovative technology and expertise, TrueBlue offers flexible staffing, workforce management, and recruitment solutions across various industries worldwide under its brands, including PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals.

This news is based on a press release statement and contains forward-looking statements subject to risks and uncertainties. Factors such as economic conditions, profit margins, client retention, capital access, business strategies, qualified candidate availability, new regulations, and tax credits could impact TrueBlue’s operations and financial results. TrueBlue’s SEC filings provide additional information on factors that could affect the company’s performance. Recent InvestingPro analysis indicates the company faces some financial health challenges, with a weak overall score of 0.87 on their proprietary rating system.

In other recent news, TrueBlue Inc. reported its first-quarter 2025 earnings, revealing a larger-than-expected loss per share, with an EPS of -$0.40, missing the forecast of -$0.35. However, revenue slightly exceeded expectations, reaching $370 million compared to the forecasted $369.26 million. The company experienced an 8% year-over-year decline in total revenue, resulting in a net loss of $14 million and an adjusted net loss of $12 million. Despite these financial challenges, TrueBlue managed to reduce selling, general, and administrative expenses by 12%, indicating potential improvements in operational efficiency. Looking ahead, TrueBlue projects its second-quarter 2025 revenue to range from a 1% decline to a 5% increase year-over-year, with an expected $9 million COVID-19 government subsidy. The staffing company is also expanding its AI capabilities and digital onboarding processes to enhance its service offerings. TrueBlue’s strategic initiatives and cost-cutting measures may have contributed to a positive market reaction, as evidenced by the stock’s 5.13% increase in aftermarket trading.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.