HireQuest Inc. (NASDAQ: HQI) submitted a proposal to acquire certain assets of TrueBlue Inc.'s (NYSE: TBI) PeopleReady segment for $105 million in cash, according to a company statement.

The offer targets the on-demand portion of TrueBlue's PeopleReady segment, excluding the skilled and solar/renewable energy staffing divisions. HireQuest CEO Richard Hermanns said the proposal represents $3.45 per share of TrueBlue stock based on disclosures in TrueBlue's most recent proxy statement.

HireQuest previously made multiple acquisition offers for the entire TrueBlue company in 2025, ranging from $7.50 to $12.30 per share. TrueBlue's board rejected each proposal. HireQuest had prepared a tender offer directly to TrueBlue shareholders but postponed the initiative to pursue direct negotiations with TrueBlue's board.

The staffing company stated the on-demand business would complement its HireQuest Direct division. Hermanns described the targeted segment as an underperformer for TrueBlue and said HireQuest's franchise model could unlock value in the business.

HireQuest operates as a franchisor of staffing solutions with divisions including HireQuest Direct, HireQuest Health, Snelling, TradeCorp and DriverQuest. The company provides temporary, direct-hire and contract workforce solutions across multiple industries.

No agreement has been reached between the companies, and TrueBlue has not publicly responded to the latest proposal.