Dublin, California - TriNet Group, a leading provider of human-capital-management solutions, announced on Monday its plans to initiate a stock buyback program worth $1 billion. The program includes repurchasing shares held by their largest investor, Atairos Group.
Tender Offer Details
As a part of the buyback program, TriNet will launch a tender offer to buy back approximately 5.98 million shares at $107 per share. This offer represents a 6.6% premium over Friday's closing price of $100.41 per share. The company aims to buy back approximately $640 million worth of shares through this tender offer.
Atairos Group's Involvement
TriNet has also entered into an agreement with investment firm Atairos Group to repurchase around 3.36 million shares for $360 million. Atairos Group currently holds a considerable stake in TriNet, with ownership of nearly 21.5 million shares, accounting for a 36% stake.
With approximately 59.7 million shares outstanding, TriNet boasts a market capitalization of close to $6 billion. The announcement of the stock buyback program has already had a positive effect, as TriNet shares saw a 2.6% increase to $103 in premarket trading.
Our Latest News
As the airline industry performs well in the third quarter, investors worry about the effect of rising fuel costs.
Lions Gate Entertainment reports narrowed loss and increased revenue in Q1, with significant growth in motion picture division. CEO Jon Feltheimer expresses ent...
Northcoders Group's shares have fallen by 34% due to lower revenue and profit forecast for 2023. The company attributes this to challenges in the technology mar...