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Analysts International Corp. (NASD: ANLY) rejected an offer to sell the firm to Koosharem Corp., the holding company of the Select Family of Staffing Companies, which includes SelectRemedy and Select Staffing.
"Our board has carefully considered each expression of interest from Koosharem and determined each to be highly inadequate and conditional," said Krzysztof Burhardt, chairman of the Minneapolis-based information technology staffing firm.
"In contrast, we have strong new leadership and a specific roadmap for shareholder value creation," Burhardt said. "Elmer Baldwin, as our new CEO, has developed a comprehensive strategic plan that addresses the company's operational challenges and positions the company for profitability as a pure-play IT staffing and consulting enterprise."
Koosharem Corp. and the Sorensen Trust own more than 1.3 million shares representing 5.3% of Analysts International, according to a filing with the U.S. Securities and Exchange Commission.
Sorensen first suggested an acquisition of Analysts International by Koosharem in February 2007, according to a filing with the SEC. Koosharem again offered to buy all outstanding shares of Analysts International on Dec. 21. Under the latest offer, Koosharem would pay $1.75 per share.
"This 'new business plan,' which consists mainly of shuffling executives and issuing broad statements about corporate policy, represents no real prospect for significant creation of value and is only a continuation of your actions over the last year, namely hosting a revolving door of executives and board members," Select Chairman and CEO Stephen Sorensen wrote in a letter to Baldwin on Feb. 8, 2008.