Company: PAYX
Filing Date: 2025-04-14
Form Type: 8-K
Source: 0000950103-25-004790
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Company: PAYCHEX INC
Filing Date: 2025-04-14
Form: 8-K
Item: Item 2.01
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Item 2.01 Completion of Acquisition or Disposition of Assets

As previously disclosed, on January 7, 2025, Paychex,
Inc., a Delaware corporation (“ Paychex”), Skyline Merger Sub, Inc., a Delaware corporation and an indirect wholly owned
subsidiary of Paychex (“ Merger Sub”), and Paycor HCM, Inc., a Delaware corporation (“ Paycor”), entered
into an Agreement and Plan of Merger (the “ Merger Agreement”).

On April 14, 2025, upon the terms and subject
to the conditions set forth in the Merger Agreement, Merger Sub merged with and into Paycor (the “ Merger”), with Paycor
continuing as the surviving corporation and an indirect wholly owned subsidiary of Paychex.

At the effective time of the Merger (the “ Effective
Time”), on the terms and subject to the conditions set forth in the Merger Agreement, each share of Paycor common stock, par
value $0.001 per share (“ Paycor Stock”) (other than (i) shares of Paycor Stock held by Paycor as treasury stock or
owned by Paychex or Merger Sub immediately prior to the Effective Time and (ii) shares of Paycor Stock held by any subsidiary of either
Paycor or Paychex (other than Merger Sub) immediately prior to the Effective Time (in each case, other than shares of Paycor Stock held
by any such person in a trustee, custodian or nominee capacity for the account of clients or customers of such persons)), issued and outstanding
immediately prior to the Effective Time (other than shares held by any holder who is entitled to appraisal rights and has properly exercised
such rights under Delaware law) was converted into the right to receive $22.50 in cash per share, without interest thereon and less applicable
withholding taxes.

The foregoing description of the Merger Agreement
does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which is attached
as Exhibit 2.1 to the Current Report on Form 8-K of Paychex dated January 7, 2025 and is incorporated herein by reference.

Item 8.01 Other Events

On April 14, 2025, Paychex issued a press release
announcing the completion of the Merger. A copy of the press release is attached as Exhibit 99.1 to this