Comforce convertibles to convert into cash once ARBY merger closes

By Angela McDaniels

Tacoma, Wash., Nov. 2 - Comforce Corp. will convert all of its outstanding series 2003A, series 2003B and series 2004A convertible preferred shares once its planned acquisition by ARBY Partners, LLC becomes effective, according to an 8-K filing with the Securities and Exchange Commission.

Each preferred will be converted into the right to receive a cash amount equal to $2.50 multiplied by the conversion ratio for that preferred.

ARBY Partners, a private investment firm, plans to acquire Comforce for $2.50 per share, which is a 77.4% premium over the company's 30-day average closing share price.

The acquisition is expected to close during the fourth quarter.

Comforce provides outsourced staffing management services and is based in Bethpage, N.Y.

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