05:05 AM EDT, 05/16/2024 (MT Newswires) -- TSR (TSRI) said late Wednesday it has agreed to be acquired by Vienna Parent Corporation's subsidiary, Vienna Acquisition, through a tender offer to buy the outstanding shares of TSR for $13.40 per share in cash, representing an equity value of about $29 million.

The transaction has been approved by the boards of both companies and is expected to close in Q3.

Vienna Parent has secured a commitment letter from First Merchants Bank for up to $24 million of credit, which it will use together with cash on hand to finance the acquisition.

TSR's share price surged more than 69% during premarket hours on Thursday.

Price: 13.11, Change: +5.37, Percent Change: +69.38