TriNet Group, Inc. Announces Final Results of its Fixed Price Tender Offer
- TriNet Group, Inc. has successfully repurchased 5,981,308 shares of its common stock through its tender offer, reducing the number of outstanding shares by approximately 16%. The share repurchase is expected to positively impact the stock price as it demonstrates the company's confidence in its own value and future prospects.
- None.
Based on the final count by Computershare Trust Company, N.A., the depositary for the Tender Offer (the "Depositary"), a total of 11,486,010 shares were properly tendered and not properly withdrawn in the Tender Offer. In accordance with the terms and conditions of the Tender Offer, the Company has accepted for purchase 5,981,308 shares in the Tender Offer.
On July 30, 2023, the Company entered into a repurchase agreement (the "Repurchase Agreement") with AGI-T, L.P., a
In accordance with the terms and conditions of the Tender Offer and the Share Repurchase, the Company will purchase an aggregate of 9,345,794 shares in the Tender Offer and the Share Repurchase, which represents approximately
The Depositary 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 and the Share Repurchase, approximately
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 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
About TriNet
TriNet (NYSE: TNET) provides small and medium-size businesses ("SMBs") with full-service industry-specific HR solutions, providing both professional employer organization and human resources information system services. TriNet offers access to human capital expertise, benefits, risk mitigation, compliance, payroll, and R&D tax credit services, all enabled by industry-leading technology. 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. Rooted in more than 30 years of supporting entrepreneurs and adapting to the ever-changing modern workplace, TriNet empowers SMBs to focus on what matters most – growing their business and enabling their people.
Forward-Looking Statements
This press release contains statements that are not historical in nature, are predictive in nature, or that depend upon or refer to future events or conditions or otherwise contain forward-looking statements, including statements regarding the closing of the Tender Offer and the Share Repurchase. Forward-looking statements are often identified by the use of words such as, but not limited to, "ability," "anticipate," "believe," "can," "continue," "could," "design," "estimate," "expect," "forecast," "hope," "impact," "intend," "may," "outlook," "plan," "potential," "predict," "project," "seek," "should," "strategy," "target," "value," "will," "would" and similar expressions or variations intended to identify forward-looking statements. These statements are not guarantees of future performance, but are based on management's expectations as of the date hereof and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from our current expectations and any past results, performance or achievements. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements.
Further information on risks that could affect our results is included in our filings with the SEC, including under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on our investor relations website at http://investor.trinet.com and on the SEC website at www.sec.gov. Copies of these filings are also available by contacting TriNet's Investor Relations Department at (510) 875-7201. Except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements in this press release, and any forward-looking statements in this press release speak only as of the date of this press release. In addition, we do not assume any obligation, and do not intend, to update any of our forward-looking statements, except as required by law.
Media Contacts: | Investor Relations Contact: |
Renee Brotherton / Josh Gross | Alex Bauer |
(510) 875-7201 | |
(408) 646-5103 / (347) 432-8300
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SOURCE TriNet
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