Gevity approves agreement; TriNet to take company private on June 1

By Lisa Kerner

Charlotte, N.C., May 20 - Gevity HR, Inc. shareholders approved TriNet Group, Inc.'s bid to take the company private at a special meeting on Wednesday.

The merger is slated to close on June 1, Gevity said.

Gevity shareholders will receive $4 per share in cash under the terms of the company's March 5 merger agreement with TriNet.

Gevity's shares will be delisted from the Nasdaq Stock Market prior to the opening of trading on June 1.

TriNet is a privately held provider of human resource outsourcing services for small businesses. The company is based in San Leandro, Calif.

Gevity is a Bradenton, Fla.-based provider of payroll, insurance and human resource outsourcing services to small and medium-sized businesses.

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