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Westaff Inc. (NASD: WSTF) and Koosharem Corp., the holding company of Select Staffing, agreed to extend talks over Koosharem's offer to buy Westaff. An exclusive negotiating period between the two companies announced last month was set to end Wednesday, but Westaff announced today that talks will continue through Jan. 26.
"There can be no assurance that Select Staffing's proposal will result in a transaction," Westaff reported in its announcement. "Westaff continues to evaluate other alternatives, including continuing its operations as an independent company."
Under the deal proposed last month, Select would provide first lien debt for shares of Westaff owned by DelStaff LLC, valued at approximately $1.25 per share. DelStaff holds approximately 49.3% of Westaff's common stock. Select would also pay $1.25 cash per share for all other outstanding shares in Westaff.
Westaff is a Walnut Creek CA-based commercial staffing firm.