secwatch.observer — SEC 8-K summary
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Issuer:     TSR INC (—)
CIK:        0000098338
Form:       8-K
Filed at:   2024-05-17T23:59:59+00:00
Accession:  0001213900-24-044777
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TSR Inc. to be acquired by Vienna Parent Corp for $13.40/share in cash via tender offer
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- Offer price $13.40 per share in cash; tender offer expected to commence within 10 business days.
- Supporting stockholders owning ~45.55% of shares (Fitzgerald, QAR, Zeff Capital) agree to tender their shares.
- Termination fee of $1.25M payable by TSR; reverse termination fee of $6M payable by Parent if financing fails by Aug 15, 2024.
- Parent obtained $24M debt commitment from First Merchants Bank to help fund the transaction.
- New employment agreements for CEO Salerno ($395k base) and Director Syed ($325k base) effective upon merger close.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/98338/000121390024044777/0001213900-24-044777-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/98338/000121390024044777/ea0206440-8k_tsrinc.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-044777

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