TriNet commences $640M tender offer at $107/share; also to buy $360M from largest holder Atairos

TRINET GROUP, INC.

Offers to buy up to 5,981,308 shares (≈$640M) at $107.00 each; expires Aug 28, 2023.
Separate repurchase agreement with Atairos for 3,364,486 shares (≈$360M) at same price.
Fully subscribed total would be ≈9.3M shares ($1B), or about 16% of outstanding shares.
Funding from cash on hand, proposed private senior notes offering, and upsized revolver.
Offer price of $107.00 represents ~1.7% premium to July 31 closing price of $105.23.

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