10:46 AM EDT, 05/13/2025 (MT Newswires) -- TrueBlue's ( TBI ) stock jumped 20% in recent trading Tuesday as the company's board unanimously rejected an unsolicited buyout proposal from HireQuest ( HQI ) at $7.50 a share.

In February, the board "previously considered, and rejected, an unsolicited, non-binding proposal" from HireQuest ( HQI ) at up to $12.30 a share, TrueBlue ( TBI ) said Tuesday in a statement.

HireQuest's ( HQI ) latest proposal, received on Friday, "represents an opportunistic attempt to acquire the company and significantly undervalues the business and its potential," TrueBlue ( TBI ) said.

Shareholders do not need to take action, TrueBlue ( TBI ) said.

Earlier Tuesday, HireQuest ( HQI ) said the proposed buyout would be paid entirely in stock. The company went public with the offer because it has "continually been rebuffed" by TrueBlue's ( TBI ) management and board for almost two years, according to a statement.

HireQuest ( HQI ) didn't immediately respond to a request for comment on the latest TrueBlue ( TBI ) rejection.

HireQuest ( HQI ) shares fell 1.7% in recent trading Tuesday.

Price: 5.59, Change: +0.94, Percent Change: +20.26