DUBLIN, Calif, TriNet Group, Inc announced today the final results of its modified “Dutch auction” tender offer to purchase for cash up to $300 million in value of its issued and outstanding common stock, par value $0.000025 per share, at a price per share not less than $83.00 and not greater than $97.00, less any applicable withholding taxes and without interest, using available cash on hand. The Tender Offer expired at 12:00 midnight, New York City time, at the end of the day on March 17, 2022. The Company’s largest stockholder, Atairos Group, Inc., did not participate in the Tender Offer.
Based on the final count by Computershare Trust Company, N.A., the depositary for the Tender Offer (the “Depositary”), a total of 3,653,690 shares of Common Stock were properly tendered and not properly withdrawn at or below the purchase price of $86.50 per share.
In accordance with the terms and conditions of the Tender Offer, TriNet has accepted for purchase 3,653,690 shares at a price of $86.50 per share, for an aggregate cost of approximately $316.0 million, excluding fees and expenses relating to the Tender Offer. Included in the 3,653,690 shares that the Company accepted for purchase are 185,482 shares that the Company elected to purchase pursuant to its right to purchase up to an additional 2% of its outstanding shares. The 3,653,690 shares TriNet accepted for purchase represent approximately 5.5% of its outstanding shares as of March 21, 2022.
Computershare Trust Company, N.A. will promptly issue payment in cash for the shares validly tendered and accepted for purchase in the Tender Offer, less any applicable withholding taxes and without interest. Shares tendered and not accepted for purchase will be returned promptly to stockholders by the Depositary in accordance with applicable law.
Following the purchase of shares in the Tender Offer, approximately $217 million will remain available under the Company’s existing stock repurchase program. Pursuant to such program, the Company may, in the future, decide to purchase additional shares in open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and/or in private transactions, in each case subject to applicable law.
Any such repurchases may be on the same terms as, or on terms that are more or less favorable to the selling stockholders in those transactions, than the terms of the Tender Offer. Whether the Company makes additional repurchases will depend on many factors, including its business and financial performance, the business and market conditions at the time, including the price of the shares, and other factors the Company considers relevant.
Certain Information Regarding the Tender Offer
The information in this press release describing the Tender Offer is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell shares of Common Stock in the Tender Offer. The Tender Offer was made only pursuant to the Offer to Purchase and the related materials that the Company filed with the U.S. Securities and Exchange Commission (the “SEC”), as amended or supplemented, and distributed to its stockholders. Stockholders who have questions or would like additional information about the Tender Offer may contact D.F. King & Co., Inc., the information agent for the Tender Offer, toll free at (888) 625-2588 or BofA Securities, Inc., the dealer manager for the Tender Offer, toll free at (888) 803-9655.
TriNet (NYSE: TNET) provides small and medium-size businesses (SMBs) with full-service HR solutions tailored by industry. To free SMBs from HR complexities, TriNet offers access to human capital expertise, benefits, risk mitigation and compliance, payroll, all enabled by industry leading technology capabilities. TriNet’s suite of products also includes services and software-based solutions to help streamline workflows by connecting HR, Benefits, Employee Engagement, Payroll and Time & Attendance. From Main Street to Wall Street, TriNet empowers SMBs to focus on what matters most—growing their business and enabling their people. TriNet, incredible starts here.
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