TrueBlue Inc. (NYSE: TBI) saw its stock climb around 6% in after-hours trading on Tuesday following a new acquisition proposal from HireQuest Inc. (NASDAQ: HQI) targeting part of its business.
HireQuest has offered $105 million in cash to purchase selected assets from TrueBlue’s PeopleReady division, focusing specifically on its on-demand staffing operations. The proposed deal does not include TrueBlue’s skilled labor segment or its solar and renewable energy staffing services.
This latest move is part of Hire Quest’s ongoing interest in TrueBlue, with multiple prior offers made since 2025 ranging between $7.50 and $12.30 per share. All previous bids were rejected by TrueBlue’s board. The company had also considered launching a direct tender offer to shareholders but delayed those plans in favor of continuing negotiations.
Hire Quest CEO Richard Hermanns stated that the on-demand staffing business aligns closely with the company’s Hire Quest Direct operations. He also described the targeted segment as less efficient compared to Hire Quest’s franchise-based model, suggesting that operational changes could improve its performance.
Based on TrueBlue’s recent proxy filings, HireQuest estimates the offer equates to roughly $3.45 per share in value. The company also noted that proceeds from any potential deal could help TrueBlue reduce debt, invest in new initiatives, or potentially return capital to shareholders through a special dividend.
The proposal represents the latest effort by HireQuest to either acquire or partially acquire TrueBlue after extended discussions over the past year, with the company indicating it is still open to pursuing additional transaction opportunities.