May. 27 at 2:49 PM
$TBI has once again turned down
$HQI’s latest revised offer.
This time, the bid focused only on the PeopleReady segment at
$100M in cash, representing roughly 40% of enterprise value.
Previously, HQI had proposed
$7.50–
$12 per share for the entire company last year, all of which were rejected.
$TBI is now trading around
$5.86.
HQI had also earlier floated about
$150M for PeopleReady, indicating a further step-down in valuation.
On normalized earnings,
$TBI trades at below 3x EV/EBITDA.
Valuation looks inexpensive, though the timing of earnings recovery remains uncertain in the current environment.
$TBI is likely to remain a takeout candidate, with management maintaining strong control.
Overall, this remains a highly volatile name.
