Barrett Business Services (BBSI) Buys Nearly 3M Shraes from Sherertz Family
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Barrett Business Services, Inc. (NASDAQ: BBSI) entered into definitive agreements to acquire 2,485,929 shares of BBSI common stock from the Estate of William W. Sherertz, which represents all the shares held by the Estate, as well as 500,000 common shares from Nancy Sherertz.
The transactions are expected to close as soon as practicable, and no later than April 6, 2012.
The company will use a combination of $24.9 million in cash and nonconvertible, non-voting, redeemable preferred stock for an aggregate purchase price of approximately $59.7 million, or $20.00 per share, to be allocated to the sellers pro rata. Following the completion of the transactions, BBSI expects to have approximately 7.0 million common shares outstanding and $34.8 million in nonconvertible, non-voting, redeemable preferred stock based on liquidation preference, as well as $56.9 million in cash and investments.
The transactions are expected to close as soon as practicable, and no later than April 6, 2012.
The company will use a combination of $24.9 million in cash and nonconvertible, non-voting, redeemable preferred stock for an aggregate purchase price of approximately $59.7 million, or $20.00 per share, to be allocated to the sellers pro rata. Following the completion of the transactions, BBSI expects to have approximately 7.0 million common shares outstanding and $34.8 million in nonconvertible, non-voting, redeemable preferred stock based on liquidation preference, as well as $56.9 million in cash and investments.
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