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CTPartners to negotiate exclusively with DHR over possible sale to firm

May 21, 2015

The board of CTPartners Executive Search Inc. (NYSE MKT: CTP) received a nonbinding indication of interest from DHR International Inc. to acquire the firm. And CTPartners’ board agreed to negotiate exclusively with DHR for a set period of time to reach an agreement.

DHR’s preliminary offer is below the $7 per share DHR previously offered for CTPartners on Feb. 5.

CTPartners also reported it received a waiver from lenders regarding noncompliance with a covenant until Aug. 31 as long as certain milestones are met connected with the sale of the company.

CTPartners ranks as the seventh-largest retained search firm in the US. However, Brian Sullivan stepped down as chairman and CEO in April. And a former employee filed a complaint against the company with the US Equal Employment Opportunity Commission.

DHR is a Chicago-based executive search firm, and it ranks as the sixth-largest US retained search firm.