DHR Makes Unsolicited Bid To Acquire CTPartners

February 4, 2015 – Two of the nation’s Top 10 ranked search firms could soon become one. Chicago-based DHR International has submitted a formal, unsolicited written offer to acquire 100 percent of the equity of embattled CTPartners, based in New York. David H. Hoffmann, CEO of Osprey Capital LLC, a family office that owns DHR, has been quietly building a substantial stake in CTPartners as the company’s share price plummeted; by one estimate Osprey is now the 13th largest shareholder of CTPartners’ stock. “Yes, we do own a significant number of shares,” said Mr. Hoffmann, the former chairman and founder of DHR. Mr. Hoffmann’s son, Geoffrey, DHR’s current CEO, submitted the offer yesterday to Brian M. Sullivan, CTPartners’ CEO, after a lengthy discussion between the two recruiting rivals the day before. Mr. Sullivan is said to have rejected the offer outright. Mr. Hoffmann is said to have been indignant at having his offer brushed aside; he is now pushing his offer directly to the CTPartners’ board. “Our offer was a compelling one,” said David Hoffmann, “and the Board, not Brian Sullivan, has a fiduciary duty to evaluate it.” Mr. Hoffmann said that if and when the deal is approved his first act will be to terminate Mr. Sullivan. “It is our belief as a major shareholder of this public company that it is in everyone’s best interest to remove him.”

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