DHR International Inc., a Chicago-based executive search firm, increased its stake in CTPartners Executive Search Inc. (NYSE MKT: CTP) to more than 5% stake in CTPartners Executive Search Inc. (NYSE MKT: CTP), making it CTPartners’ fourth- largest shareholder, DHR announced today. It plans to report beneficial ownership of 449,501 shares of CTPartners in a filing with Securities and Exchange Commission.

DHR submitted an unsolicited, formal written acquisition proposal to CTPartners’ board of directors earlier this month to acquire all of the outstanding shares of the New York-based executive search firm for $7.00 per share. The takeover bid valued the company at a total of $61 million.

“This is an exciting development for everyone at DHR,” said Geoff Hoffmann, CEO of DHR Interntional. “We continue to strongly believe that the combined companies will have tremendous value for the clients and employees of both. Though CTPartners has been confronted with widely reported challenges recently, we believe the core of CTPartners remains intact and attractive. We are determined to pursue every means available to complete a business combination. We are hopeful that CTPartners’ board will engage with us soon in substantive and meaningful discussions regarding a transaction that will benefit its shareholders, as well as its employees, including its professional staff.”