IT staffing provider TSR Inc. (NASD: TSRI) announced that it will not pursue a proposal from shareholder Zeff Capital LP to acquire all outstanding shares of the company’s common stock.

Zeff Capital owned approximately 7.2% of TSR’s issued and outstanding common stock as of May 18. Earlier this month, it offered to acquire all outstanding shares of TSR for $6.15 per share in cash, saying it has lost patience with the company.

TSR’s board of directors reported they determined that it is in the best interests of the company and its stockholders to remain independent and to continue to execute the company’s business plans on a standalone basis.

“Delivering value to stockholders over the long term remains a paramount objective for the board and the company,” Chairman and CEO Joseph Hughes said.

TSR is based in Hauppauge, NY, and posted revenue of almost $61.0 million in its last fiscal year ended May 31, 2016.