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Gevity HR shareholder may explore potential deal

By Associated Press
May 28, 2008 | Comments (0)

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General Atlantic LLC on Tuesday reported a 9.5 percent stake in Gevity HR Inc. and said it may explore a potential transaction between the human resources services company and a portfolio company.

In a filing with the Securities and Exchange Commission, the shareholder reported owning 2.2 million shares, representing a 9.5 percent stake in the Bradenton, Fla.-based company.

General Atlantic said it acquired the shares for investment purposes and believes there may be benefits to exploring a potential transaction between Gevity and TriNet Group Inc., one of its portfolio companies.

General Atlantic said it may engage in discussions with management, the board, or one or more shareholders about the company's operations, prospects, financial strategies, and strategic transactions, including one with TriNet Group.

Gevity shares jumped 82 cents, or 12.5 percent, to close at $7.40 Wednesday. Shares have traded between $4.06 and $22.51 in the past 12 months.

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