I suspected a deal might not be forthcoming even though at least two private equity firms were interested in buying the company.
Tuesday’s trading proved that instinct to be right. HSII closed today at $14.66 or (-17.92%) for the day. Here’s the news.
From The Motley Fool…
“For weeks, rumors have swirled that Heidrick was on the block for possible sale to a new owner. Those rumors were squashed Monday, however, when the executive-search firm simultaneously announced that (a) it has decided to pursue a "stand-alone strategy," and (b) that Chief Executive Officer L. Kevin Kelly is leaving the company. (The company also had some good news -- revenues for the fiscal second quarter look to be close to the high point of its previously announced $110 million-to-$120 million range.)”
It feels good to have made the right call.
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