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Ortoli | Rosenstadt: What Exactly Is a Seller Responsible for When Selling Its Staffing Firm?
Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.
Kforce Enters Into Stock Purchase Agreement to Sell Its Health Information Management Segment
Globe Newswire (08/04/14)
Kforce Inc. has agreed to sell all of the issued and outstanding capital stock shares of Kforce Healthcare Inc. to RCM Acquisition Inc., an affiliate of Beecken Petty O’Keefe & Co., for $119 million in cash. Kforce Healthcare is the operating subsidiary for Kforce’s health information management business and will be rebranded as Himagine Solutions Inc.
Compunnel Completes Acquisition of MindTrust Consulting Services Inc.
Compunnel News Release (07/30/14)
Plainsboro, NJ-based business technology services company Compunnel Software Group Inc. has acquired Middlesex, NJ-based MindTrust Consulting Services Inc., a full service, global information technology staffing firm. Terms of the deal were not disclosed.
The Conference Board Employment Trends Index Increased in July
Conference Board News Release (08/04/14)
The Conference Board Employment Trends Index increased in July and now stands at 120.31, up from an upwardly revised 119.92 in June. This represents a 6.6% gain in the ETI compared with a year ago.
“The six-month growth rate in the [ETI] is the strongest in over two years, suggesting solid job growth is likely to continue in the coming months,” says Gad Levanon, director of macroeconomic research at the Conference Board. “The pickup in economic activity in recent months will likely increase the need and willingness of employers to accelerate hiring.”
July’s increase in the ETI was driven by positive contributions from five of its eight components including number of temporary employees.
Manufacturing Activity Rose More Than Expected in July
Wall Street Journal (08/01/14) Kathleen Madigan
The Institute for Supply Management reports an acceleration in U.S. manufacturing activity in July, with its manufacturing purchasing managers index rising from 55.3 in June to 57.1, marking the highest reading since April 2011. Moreover, its employment index increased to its highest reading since June 2011, surging from 52.8 to 58.2.
Meanwhile, the ISM production index climbed from 60.0 in June to 61.2 in July and the new orders index rose from 58.9 to 63.4.
Consumer Spending in U.S. Rose in June by Most in Three Months
Bloomberg (08/01/14) Victoria Stilwell
Consumer spending accelerated in June by the most in three months, signaling that continued job growth likely will shore up the economy. Household purchases rose 0.4% after a 0.3% gain in May that was larger than previously estimated, according to the U.S. Department of Commerce. The gain coincided with the forecast of 74 economists in a Bloomberg survey.
Consumer Sentiment Dips in July
Reuters (08/01/14) Chuck Mikolajczak
The Thomson Reuters and University of Michigan final July reading for the overall index on consumer sentiment was 81.8, less than the estimated 82.0 and down from the final June reading of 82.5. Current economic conditions rose to 97.4 from 96.6, and consumer expectations dropped to 71.8 from 73.5.
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Among the top benefits of joining ASA right now is instant access to the most credible, industry-specific information available regarding the Affordable Care Act and what staffing firms need to be doing right now to prepare.
Join ASA today and start reaping the benefits. Contact the ASA membership team at 703-253-2020 or asa@americanstaffing.net.
Tonawanda Coke Corp. Cited for Serious Safety Violations and $161,100 in Fines After Explosion
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California Supreme Court Addresses Commissioned Employee Exemption and Commission Plans
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Now This Is a Headache! Employee Terminated for Migraine Headaches Can Advance FMLA Claim
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NLRB Approves of At-Will Clause in Handbook
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Search and Placement Employment Edges Up in May
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Construction Industry Adds 22,000 Jobs in July as Sector’s Unemployment Rate Declines to 7.5%
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