TriNet Group (TNET) Adds $50M to Common Stock Buyback Plan
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TriNet Group, Inc. (NYSE: TNET) announced that its Board of Directors has approved a $50 million incremental increase to its ongoing stock repurchase program.
The incremental increase in TriNet's stock repurchase program is the fourth since TriNet's Board of Directors launched the program in May 2014. This $50 million increase will be added to the approximately $20.5 million that currently remains available from previous authorizations approved by the Board of Directors for a total available authorization of $70.5 million. From the launch of TriNet's stock repurchase program in May 2014 through November 8, 2016, TriNet has repurchased approximately $124.5 million of its outstanding common stock, including the repurchase of approximately $61.1 million of its outstanding common stock from January 1, 2016 through November 8, 2016. Stock repurchases under the program are primarily intended to offset the dilutive effect of share-based employee incentive compensation. Under the program authorized by its Board of Directors, TriNet may repurchase shares in open-market purchases or through privately negotiated transactions as permitted under Rule 10b5-18 of the Securities Exchange Act of 1934, as amended. The extent to which TriNet repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, as determined by TriNet's management team. The purchases will be funded from existing cash balances.
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