Labor SMART, Inc. receives operating asset acquisition inquiries
Georgia-based Labor SMART, Inc. has announced that after disclosing to the investing public its plan to sell six branch locations to The Staffing Group, Ltd. in an arms-length transaction, the company received several inquiries from parties expressing interest in acquiring some of its operating assets.
On 15th February 2016, the company claims it received a formal non-binding Letter of Intent from an unrelated third party, seeking to acquire the operating assets of eight branch locations. The proposed transaction includes cash consideration of $2.5m and Labor SMART, Inc. would retain its open accounts receivable from the operating locations.
Ryan Schadel, chairman and chief executive officer of Labor SMART, Inc., stated, "Over the three-day weekend, I received four separate inquiries from parties interested in acquiring some or all of our operations. It goes without saying that we have little interest in a complete liquidation without an above market offer. However, the formal LOI we received is somewhat competitive to the transaction we laid out to shareholders on February 12, 2016, and as such will be reviewed carefully. We will respond promptly and appropriately, keeping the best interest of our long term shareholders in mind."