Century Business Services announced this week that it has hired Merrill Lynch & Co. to explore strategic alternatives which would result in increased shareholder value for the accounting consolidator.
Among the alternatives it is exploring is finding a merger partner or even selling itself outright.
Over the past few months, CBIZ has been approached by several parties to explore exclusive business relationships. They have not yet found the relationship yet that makes the most sense for shareholders.
Michael G. DeGroote, Chairman of CBIZ, stated, "Our discussions over the past few months with various parties have led us to the conclusion that we should examine all of our options to increase shareholder value. The market for business services is large and rapidly growing and is attracting increasing attention. As one of the largest companies providing a wide array of services, we have been a major force in reshaping this industry. Our announcement today is part of that continuing trend."
CBIZ began operations in 1996 and trading on the NASDAQ shows a current market capitalization of just about $1 billion.