Boston company buys Bethpage's Comforce for $84.8M
Bethpage-based Comforce Corp., a nationwide provider of skilled temporary and contract workers, has agreed to be bought by a Boston company for $84.8 million.
Paying $2.50 per share, the buyer, Abry Partners, is a holding company with dozens of units including The Dolan Co., publisher of Long Island Business News.
Abry said the price paid is a premium of 77.4 percent above Comforce's 30-day average closing price, and it is 54.3 percent above the Monday closing price of $1.62.
A news release this week did not disclose whether any changes were in store for the headquarters of Comforce, which moved to new offices in Bethpage in July.
The company finds work for people seeking "full-time, long-term, short-term, seasonal, direct hire or temp-to-hire assignments."
Comforce hires workers with general office skills, as well as those with specialized backgrounds in accounting (including Sarbanes Oxley Act specialists), aerospace, engineering, health care, telecommunications and numerous other fields.
Several law firms immediately announced that they are exploring whether to file lawsuits, on behalf of shareholders, challenging the terms of the sale.
Abry Partners said it has invested in more than 450 companies since 1989 with transactions totaling more than $21 billion.
'I haven't stopped crying' Over the past year, Newsday has followed a pair of migrant families as they navigate new surroundings and an immigration system that has been overwhelmed. NewsdayTV's Ken Buffa reports.
'I haven't stopped crying' Over the past year, Newsday has followed a pair of migrant families as they navigate new surroundings and an immigration system that has been overwhelmed. NewsdayTV's Ken Buffa reports.
