Key Developments For Gevity HR Inc
Gevity HR, Inc. Delists From NASDAQ-Stock Exchange
The Stock Exchange reported that Gevity HR, Inc. has been delisted from NASDAQ.
TriNet Group, Inc. Closes Acquisition Of Gevity HR, Inc.
TriNet Group, Inc. announced that it has completed its acquisition of Gevity HR, Inc. On March 5, TriNet announced that it entered into a definitive agreement to acquire Gevity in an all-cash transaction valued at approximately $98 million.
Gevity HR, Announces Termination Of Michael J. Lavington As Chairman And CEO;Garry J. Welsh As CFO-Form 8-K
Gevity HR, Inc. reported in its Form 8-K that on May 15, 2009, it provided a notice of termination of employment (deemed to be without cause) effective as of the expected June 1, 2009 to the persons: Michael J. Lavington, Chairman and Chief Executive Officer; Garry J. Welsh, Senior Vice President and Chief Financial Officer.
Gevity HR, Inc. Announces Proposed Merger With TriNet Group, Inc.
Gevity HR, Inc. announced that it has entered into a definitive merger agreement with TriNet Group, Inc. pursuant to which TriNet would acquire all of the outstanding common stock of Gevity in an all-cash transaction valued at $4.00 per share, which represents a premium of approximately 97% over the stock's closing price on March 4, 2009. The transaction is expected to close in the second quarter of 2009, and is subject to the approval of Gevity's shareholders, customary regulatory approvals and other closing conditions. Following the closing, the combined companies will be privately held and will operate under the leadership of TriNet president and CEO Burton M. Goldfield.
Gevity HR, Inc. Announces Action to Reduce Operating Cost Structure
Gevity HR, Inc. announced that it is implementing actions to reduce its 2009 annual operating cost structure by approximately $19 million or 16% compared to 2008. These projected savings will be achieved through an approximate 10% reduction in the Company's internal headcount, coupled with numerous other initiatives to reduce operating expenses.
