Select Staffing - Deal Done?
Westaff Inc. confirms that it has agreed a deal to be acquired by Koosharem Corp., which trades as Select Staffing. For the deal to happen, at least 51% of Westaffs shareholders must OK the deal, however, that is more or less a certainty with DelStaff LLC, holding 49.7% of Westaffs shares, already agreeing to vote in favour of the plan. Select must also finalise financing from Bank of the West and other institutions for the acquisition.
Select will pay $1.25 per share in cash for all outstanding shares in Westaff except DelStaff's. It will acquire DelStaffs shares and $2.7 million in subordinated loans previously given to Westaff from DelStaff in exchange for first lien debt.