Analysts International not interested in 'opportunistic' offer from Koosharem

By Lisa Kerner

Charlotte, N.C., Feb. 11 - The board of directors of Analysts International Corp. called the unsolicited, contingent expression of interest from Koosharem Corp. "highly inadequate," "opportunistic" and "conditional."

As previously reported, the Select Family of Staffing Cos., through Koosharem, is seeking to acquire all of the common stock of Analysts International for $1.75 per share in cash.

Koosharem's proposal fails to reflect "the long-term value of the transformation strategy" recently launched by the company's new chief executive officer, Elmer Baldwin, a company news release stated.

Board chairman Dr. Krzysztof K. Burhardt stood behind Baldwin's plan, which Burhardt said "addresses the company's operational challenges and positions the company for profitability as a pure-play IT staffing and consulting enterprise."

The board, according to Burhardt, believes that executing the plan is in the best interest of the company's shareholders.

Koosharem disagreed with the board's belief that long-term shareholder value could increase if Analysts International remains a standalone corporation.

In addition, the investors said the company's "new business plan represents no real prospect for significant creation of value" and continues the "revolving door of executives and board members."

Analysts International is a Minneapolis-based information technology company.

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