Make us your home page
Instagram

Gevity of Bradenton agrees to be bought by San Francisco firm

Bradenton human resources firm Gevity has agreed to be bought by a private firm in the San Francisco area for about $98 million in cash.

TriNet Group Inc. is paying $4 a share for Gevity, almost double its closing price Wednesday of $2.03 per share. Gevity shares jumped 84 percent to $3.73 in early trading today.

The combined company will be privately held and operate under the leadership of TriNet chief executive Burton Goldfield, Gevity said in a statement. TriNet's largest shareholder, equity firm General Atlantic, LLC, also owns about 9.5 percent of Gevity's common stock.

ValueAct Capital Management, which is Gevity's largest shareholder and is also represented on Gevity's board, has agreed to vote its shares in favor of the merger, the company said.

Gevity handles HR outsourcing for small and mid sized companies on behalf of about 100,000 employees nationwide. In January, it cut 10 percent of its workforce, or roughly 75 jobs.

Gevity has been exploring the option of a sale since July. It expects the deal to close in the second quarter of 2009.

Because of the merger, the company has postponed its annual meeting, originally scheduled for May 20. It still plans to release fourth quarter earnings next week.

Gevity of Bradenton agrees to be bought by San Francisco firm 03/05/09 [Last modified: Thursday, March 5, 2009 12:54pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Tampa Bay Lightning, Amalie Arena to host job fair today

    Business

    TAMPA — The Tampa Bay Lightning and its home, Amalie Arena, are hosting a part-time job fair from 3 to 6 p.m. today on the Promenade Level of the arena. Available positions include platinum services, parking attendants, event security, housekeeping, retail and many other departments.

    The Tampa Bay Lightning and AMALIE Arena is hosting a part-time job fair on Thursday, Aug. 17 on the Promenade level of the arena.
  2. Nearly 1 in 4 Tampa Bay homeowners considered equity rich

    Real Estate

    If your home is worth at least 50 percent more than you owe, you're rich — equity rich that is.

    About one in four Tampa Bay homeowners are considered "equity rich." [Associated Press file photo]
  3. The FHP trooper behind quota on speeding tickets will retire Sept. 5

    State Roundup

    TALLAHASSEE — A Florida Highway Patrol official's call for troopers to meet ticket quotas has cost him his job.

    Major Mark D. Welch, Troop Commander of Troop H, wrote an email asking his employees that he wants them to write two citations each hour. "This is not a quota," he wrote. His resignation is effective Sept. 5. [Florida Highway Patrol]
  4. Trump shuts down CEO advisory councils as main group acts to disband

    Business

    President Donald Trump's main council of top corporate leaders disbanded on Wednesday following the president's controversial remarks in which he equated white nationalist hate groups with the protesters opposing them. Soon after, the president announced on Twitter that he would end his executive councils, "rather than …

    President Donald Trump meets with Merck's chief executive, Kenneth Frazier, second from left, and other leaders of the pharmaceutical industry in the Roosevelt Room of the White House last January. On Wednesday, Trump's main council of top corporate leaders disbanded following the president's controversial remarks in which he equated white nationalist hate groups with the protesters opposing them.
[New York Times file photo]
  5. A long-awaited vision for Tampa's Westshore Marina District

    Real Estate

    TAMPA —Eleven years after plans to develop a waterfront tract on the Tampa side of the Gandy Bridge were first announced, a new rendering gives a hint of what Westshore Marina District ultimately will look like.

    Rendering of Marina Pointe, a condo project overlooking Tampa Bay as part of the Westshore Marina District. [Courtesy of Masterfile Corp.}