Menu
Vienna Parent Corporation entered into a definitive merger agreement on May 15, 2024, with U.S.-based staffing company TSR, Inc. (TSRI), acquiring it for about $29 million.
Under the terms of the merger, Vienna Acquisition Corporation, a wholly-owned subsidiary of Vienna Parent, will commence a tender offer to purchase all of the outstanding shares of TSR for $13.40 per share, representing a premium of 73.8% from the stock’s last close.
TSR, which recruits information technology professionals for short and long-term assignments, has a Price/Sales (TTM) ratio of 0.32, way below the sector median of 3.05.
Vienna Parent Corporation is a special purpose entity formed by Justin Christian, the founder of BCforward, a global IT consulting and workforce fulfillment firm. Vienna Parent was formed solely for the purpose of acquiring TSR.
Vienna Parent will finance the transaction through a $24 million loan from First Merchants Bank along with its cash in hand. The deal is expected to close in the third quarter of 2024.
For additional details on the acquisition, please refer to the Deal Metrics page here:
Deal Metrics for the acquisition of TSR, Inc. (TSRI) by Vienna Parent Corporation
Editor’s Note: Baranjot Kaur contributed to this article
Disclaimer: This article is not an endorsement to buy or sell any securities mentioned. Please conduct your own due diligence before making any investment decisions. The accuracy or completeness of the content or data provided in this article is not guaranteed.