HireQuest (HQI) said Tuesday it has offered to buy all outstanding shares of TrueBlue (TBI) for $7.50 per share.

The proposed consideration would be paid entirely in HireQuest stock and does not include a financing condition, HireQuest said.

The company said it submitted its proposal to the TrueBlue board on May 9, adding it decided to make its offer public because it has "continually been rebuffed" by TrueBlue's management and board for nearly two years.

HireQuest said that if discussions begin, it would consider including cash in the offer and possibly increasing the price.

The company also said it "would be willing" to consider alternative deal structures, including the purchase of TrueBlue's PeopleReady unit for up to $150 million in cash.

TrueBlue did not immediately respond to a request for comment from MT Newswires.

Shares of TrueBlue were up 23% in recent Tuesday premarket activity, while HireQuest stock was slightly higher.