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Article: Tender Loving Care to pay Norrell Corp. $6.95 million for its shares of Staff Builders.
- Article from:
- PR Newswire
- Article date:
- February 12, 1987
CopyrightCOPYRIGHT 1987 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LAKE SUCCESS, N.Y., Feb. 12 /PRNewswire/ -- Tender Loving Care Health Care Services, Inc. (NASDAQ-NMS: TLCI) and Staff Builders, Inc. (NASDAQ-NMS: STAF) announced jointly today that Tender Loving Care has reached an agreement in principle with Norrell Corporation to purchase all the shares of common stock of Staff Builders, Inc. held by Norrell. Norrell owns 610,100 shares, representing approximately 19.2 percent of the outstanding Staff Builders common stock. Tender Loving Care will pay Norrell $6,950,000 for the shares, of which $1,950,000 will be paid in cash and $5,000,000 by Tender Loving Care issuing to Norrell a new series of 8 percent convertible preferred stock. ...