SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 1, 1997
GLOBE BUSINESS RESOURCES, INC.
Incorporated under the laws of Ohio
Commission File No. 0-27682 IRS Employer Identification No. 31-1256641
1925 Greenwood Avenue , Cincinnati, Ohio 45246
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(Address of Principal Executive Offices) (Zip Code)
(513) 771-8221
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(Registrant's Telephone Number, Including Area Code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On November 3, 1997 Globe Business Resources, Inc. ("Globe" or the
"Company") acquired privately owned Oxford Furnished Apartments, Inc.("Oxford")
pursuant to a Stock Purchase Agreement dated as of November 1, 1997 among Globe,
Mary Beth Gadus and Michael J. Gadus.
The purchase price for the business consists of $6,000,000 in cash and
91,000 shares of Globe common stock. An additional cash payment, payable by
March 1, 1998, may be earned contingent upon certain levels of operating income
for the twelve months ended December 31, 1997. At closing, Globe paid $6,000,000
in cash and delivered 63,700 shares of common stock. 27,300 shares of common
stock were placed in escrow to be distributed November 1, 1998 if certain
representations and warranties are met.
The funds required for the cash component of the purchase price were
derived from borrowings under the Company's Credit Agreement with The Fifth
Third Bank and PNC Bank.
Oxford, with operations in Illinois, Indiana, Michigan and Ohio, provides
short-term housing to transferring or temporarily assigned corporate personnel,
new hires, trainees and consultants. Oxford maintains an inventory in excess of
1,000 housing units and had revenues of approximately $13.0 million for the year
ended December 31, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Globe Business Resources, Inc.
/s/David D. Hoguet
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By: David D. Hoguet
Chief Executive Officer
Signed: November 10, 1997
