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Gevity managers enter talks about possible sale

Wednesday July 30, 2008

General Atlantic has acquired a 9.5 percent stake in the Lakewood Ranch-based Gevity. The Greenwich, Conn.-based General Atlantic manages $17 billion in investments.

Gevity said that managers were authorized “to initiate a formal process to evaluate potential strategic alternatives and to seek proposals from potentially interested parties.”

On Wednesday, the local company entered into a confidentiality agreement with General Atlantic to “provide nonpublic information in order to evaluate a possible strategic transaction.”

Gevity’s shares, which trade on the Nasdaq, were selling for $6.98 at the close of regular trading on Wednesday, unchanged, but rose in after-hours trading after the announcement about talks was released.

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