Daily News

View All News

Gevity settling suit over sale of company

May 05, 2009

Gevity HR Inc. (NASD: GVHR) announced it agreed to settle a lawsuit that sought to stop the company's acquisition by TriNet Group Inc., according to a filing with the U.S. Securities and Exchange Commission.

Gevity reported it will pay $290,000 to the plaintiff's counsel as part of the settlement, which still needs court approval. The Bradenton FL-based professional employer organization also said it agreed to make additional information available regarding the merger.

Included among the additional disclosures, Gevity reported on board discussions regarding other bidders for the company. It noted two other bids from unnamed bidders would have been subject to financing that could have presented challenges.

TriNet, a San Leandro CA-based PEO, announced in March it struck a deal to acquire Gevity. The deal calls for TriNet to pay $4 per share in cash for all outstanding shares of Gevity, valuing it at $98 million.