TSR, Inc. (NASDAQ:TSRI) Files An 8-K Other Events
Item 8.01 Other Events.
On May 18, 2017, the Board of Directors of TSR, Inc. (TSR or the
Company) received a letter from Zeff Capital L.P. (Zeff Capital)
in which Zeff Capital expressed an interest in reaching an
agreement with TSR on Zeff Capitals acquisition of all of TSRs
outstanding shares of common stock for $6.15 per share in cash,
which represents a premium of approximately 27% over the closing
price of TSRs common stock on May 17, 2017. Zeff Capital
currently owns 140,627 shares of TSRs common stock, which
represent approximately 7.2% of TSRs issued and outstanding
common stock. On May 18, 2017, Zeff Capital and its affiliated
entities filed an amended Schedule 13D with the Securities and
Exchange Commission in which Zeff Capital disclosed its interest
in acquiring all of TSRs outstanding common stock, and a copy of
Zeff Capitals letter dated May 17, 2017 to the Board of Directors
of TSR is filed as Exhibit 99.2 to Zeff Capitals amended Schedule
13D. A copy of Zeff Capitals letter is also filed herewith as
Exhibit 99.2. Zeff Capitals proposal and the proposed
consideration of $6.15 per share as stated in the letter are not
legally binding and are conditioned upon completion of
satisfactory due diligence, completion of a financing plan, and
negotiation of mutually acceptable definitive agreements, among
other conditions.
The Company has provided a copy of Zeff Capitals letter dated May
17, 2017 to the members of its Board of Directors for review.
Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 99.1 |
Press Release re: TSR Receives Offer to Acquire Outstanding Shares of TSR Common Stock |
|
| 99.2 |
Letter dated May 17, 2017 from Zeff Capital L.P. to the Board of Directors of TSR |
About TSR, Inc. (NASDAQ:TSRI)
TSR, Inc. is engaged in providing contract computer programming services to its customers. The Company provides its customers with technical computer personnel. It provides its customers with technical computer personnel to supplement their in-house information technology (IT) capabilities. The Company offers staffing capabilities in the areas of mainframe and mid-range computer operations, personal computers and client-server support, Internet and e-commerce operations, voice and data communications (including local and wide area networks), and help desk support. It provides services on day-to-day operations, special projects and on short-term or long-term basis. It also offers various services to other companies in various sectors, such as insurance, pharmaceutical and biotechnology, publishing and new media, financial services and project utilities. It provides contract computer programming services in the New York metropolitan area, New England and the Mid-Atlantic region. TSR, Inc. (NASDAQ:TSRI) Recent Trading Information
TSR, Inc. (NASDAQ:TSRI) closed its last trading session up +0.40 at 5.95 with 14,364 shares trading hands.
