TSR Receives Offer to Acquire Outstanding Shares of TSR Common Stock
May 19 2017 - 4:01PM
Business Wire
TSR, Inc. (Nasdaq:TSRI) (“TSR” or the “Company”) announced today
that Zeff Capital L.P. (“Zeff Capital”), a Delaware limited
partnership that owns approximately 7.2% of TSR’s common stock,
filed an amended Schedule 13D with the Securities and Exchange
Commission on May 18, 2017. This filing reported that on May 17,
2017, Zeff Capital delivered a letter to the Company indicating,
among other things, Zeff Capital’s interest, expressed on behalf of
its affiliated investment funds, in acquiring all of the
outstanding shares of common stock not already owned by Zeff
Capital or its affiliates for $6.15 per share, in cash. In
addition, Zeff Capital’s letter states that the proposed purchase
price represents a premium of approximately 27% over the closing
price of TSR common stock on May 17, 2017. The filing states that
the proposal is conditioned upon, among other things, completion of
satisfactory due diligence, completion of a financing plan,
negotiation of mutually acceptable definitive agreements and the
satisfaction (or waiver) of the then conditions expected to be set
forth in such agreements.
The Company has provided a copy of Zeff Capital’s letter to the
members of its Board of Directors for review.
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TSR, Inc.John Sharkey, 631-231-0333
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