01:24 PM EDT, 05/13/2025 (MT Newswires) -- (Updates with HireQuest's ( HQI ) comments starting in the sixth paragraph.)

TrueBlue's ( TBI ) stock jumped 28% 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.

The new bid "offers meaningful value," a HireQuest ( HQI ) spokesperson said Tuesday in an email to MT Newswires following the latest bid rejection. TrueBlue's ( TBI ) board and management have "shown no willingness to even consider an alternative path," despite declining revenue and negative earnings before interest, taxes, depreciation and amortization, the email said.

The latest offer "represents a compelling premium," HireQuest ( HQI ) said. "We remain open to increasing it if TrueBlue's ( TBI ) leadership chooses to engage in good faith discussions."

HireQuest ( HQI ) shares fell 6% in recent trading Tuesday.

Price: 5.96, Change: +1.31, Percent Change: +28.17