Outsourced staffing management services provider Comforce Corp. (CFS) said Tuesday that it has agreed to be bought by private equity firm ABRY Partners, LLC for about $84.8 million.
ABRY's offer of $2.50 per share represents a 54.3% premium to Comforce's Monday closing stock price of $1.62.
Comforce's Board of Directors has approved the deal and decided to recommend that the company's shareholders vote in favor of the merger. Certain directors, executive officers and shareholders of Comforce beneficially owning about 31.0% of the company's common stock have agreed to vote in favor of the merger agreement and otherwise to support the deal.
The deal is expected to close in the fourth quarter of 2010.
In August, Comforce reported a more than three-fold jump in its second quarter profit, as revenue increased 15%.
ABRY focuses solely on media, communications, business and information services investments. Since 1989, ABRY Partners has completed over $21 billion of leveraged deals and other private equity and mezzanine investments, representing investments in approximately 450 properties.
Comforce shares are currently trading at $2.46, up 85 cents or 52.17%.
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