Gevity HR Inc. (NASD: GVHR) shareholders on Wednesday approved the company's sale to TriNet. Gevity will become a privately held company in the acquisition, and the deal is set to close June 1. Gevity's shares will be delisted prior to that time.

TriNet, a San Leandro CA-based PEO, is paying $4 a share in cash for all outstanding Gevity shares, valuing the deal at $98 million. Gevity is a Bradenton FL-based PEO.

In a filing with the U.S. Securities and Exchange Commission, Gevity announced that termination notices effective June 1 were sent to its top management including CEO Michael Lavington and Senior VP and CFO James Hardee.