TrueBlue (TBI) said Wednesday that it has adopted a limited-duration shareholder rights plan, or 'poison pill,' to protect investor interests in response to an unsolicited $7.50 per share takeover offer from HireQuest (HQI).

The company said the plan, which expires May 13, 2026, would prevent any group from gaining control without paying a fair premium or providing the board with sufficient time to act.

The company said the agreement allows shareholders to receive one preferred share purchase right for each common share. The rights become exercisable if a party acquires 15% or more of its stock without board approval, giving other shareholders the option to buy stock at a 50% discount.

Existing holders of more than 15% are grandfathered in, unless they increase their stake, the company said.