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Outsourcing Business: Comforce Agrees To Buyout Deal

November 5, 2010 (FinancialWire) Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Comforce Corp. (AMEX: CFS) said it has inked a definitive merger agreement with Abry Partners, LLC under which an affiliate of Abry Partners to acquire all of the outstanding shares of Comforce for $2.50 per share of common stock.

According to Comforce, the price represents a premium of around 77.4% over the firm’s 30day average closing stock price, and a premium of around 54.3% over the closing price of Comforce common stock on November 1, the last trading day prior to the deal’s announcement.

The aggregate purchase price for the equity of Comforce is around $84.8 million (which consists of around 33.9 million shares, inclusive of all shares of common stock outstanding and preferred shares convertible into common stock).

The Comforce board has approved the merger agreement with Abry Partners and resolved to recommend that Comforce’s stockholders vote to adopt the merger agreement.

The company said that certain of its directors, executive officers and stockholders beneficially owning around 31.0% of its common shares outstanding have entered into agreements to vote in favor of the merger agreement and otherwise to support the transaction.

New York-based Comforce is a provider of outsourced staffing management services.

Massachusetts-based Abry Partners is a private investment firm focused solely on media, communications, business and information services investments.

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