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Subsequent Events | 6 Months Ended
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Jun. 30, 2013
Subsequent Events [Abstract] |
Subsequent Events |
15. | Subsequent Events
On July 26, 2013, CBIZ, through its subsidiary CBIZ Operations, Inc., entered into an agreement with Zotec Partners, LLC to sell all of the issued and outstanding capital stock of each of CBIZ Medical Management Professionals, Inc. and CBIZ Medical Management, Inc. and substantially all of the stock of their subsidiary companies, collectively consisting of all of CBIZ’s Medical Management Professionals ongoing operations and business (“MMP”) for a purchase price of approximately $200 million, which amount is subject to adjustment. Subject to customary closing conditions and regulatory approvals, the transaction is expected to close on September 1, 2013. After transaction costs and taxes, CBIZ expects proceeds to be approximately $145 million. As a result of the sale agreement, the assets and liabilities as well as the operations of MMP are reflected as discontinued operations in this Form 10-Q. On July 26, 2013, CBIZ also entered into a stock purchase agreement with Westbury (Bermuda) Ltd., a Bermuda exempted company (“Westbury”), to purchase from Westbury approximately 3.858 million shares of the Company’s common stock, which is 50% of Westbury’s current holdings of the Company’s common stock, at a price of $6.65 per share, which represents the 60-day moving average share price at July 16, 2013. This agreement is contingent on the close of the sale of MMP and will occur immediately after the close. The original option agreement dated September 14, 2010 to purchase CBIZ common stock from Westbury at a price of $7.25 per share is still in effect and will expire on September 30, 2013.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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