TrueBlue News Release (06/02/14)
Tacoma, WA-based TrueBlue Inc., one of the largest industrial staffing firms in the U.S., announced today that it has agreed to purchase privately held SeatonCorp. Chicago-based Seaton is a recruiting and outsourcing provider operating the PeopleScout, HRX, Staff Management | SMX, and StudentScout brands.
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.
Palm Beach Sun-Sentinel (05/30/14) Marcia Heroux Pounds
Sunrise, FL-based Sheridan Healthcare, a provider of physician services—including staffing services—will be acquired by Nashville, TN-based Amsurg Corp. for $2.35 billion in cash and stock. The deal is expected to be finalized in the third quarter.
Reuters (05/30/14) Daniel Bases
Consumer sentiment declined in May, according to the Thomson Reuters and University of Michigan consumer sentiment index. The index fell to 81.9 from 84.1 in April. Economists surveyed by Reuters had forecast a reading of 82.5. Consumers’ main concern is the poor prospect for income growth.
Wall Street Journal (05/30/14) Jonathan House; Jon Hilsenrath
The U.S. economic recovery is being threatened by stubbornly weak wage growth, resulting in a weak start to the second quarter that troubles economists expecting a growth breakout. Wage and salary income growth slowed to 0.2% in April from a month earlier, the weakest monthly increase of the year, according to the U.S. Department of Commerce. After taking inflation into account, wage and salary income was up 2.0% from the year before. Many of the new jobs being created are temporary or part-time in low-paying industries.
Bloomberg (05/30/14) Victoria Stilwell
Business activity in the Chicago area as measured by the Institute for Supply Management-Chicago Inc.’s business barometer increased to 65.5 in May from 63 the previous month, a seven-month high. The 46 economists surveyed by Bloomberg had predicted a reading of 61. There has been growing demand for durable goods, though faster gains in the labor market will be needed to create more wage growth, boost consumer purchases, and fuel more factory orders.
Wall Street Journal (05/30/14) Jon Hilsenrath; Pedro Nicolaci da Costa
The U.S. Federal Reserve’s policy hawks differ on when to begin raising interest rates. Kansas City Federal Reserve Bank president Esther George says the central bank should increase interest rates after its bond purchases end this year, while Richmond Federal Reserve Bank president Jeffrey Lacker says the Fed should increase interest rates during the second quarter of 2015. Meanwhile, Philadelphia Federal Reserve Bank president Charles Plosser is noncommittal on timing.
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