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  			PAYX- Form8K-091117
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  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">UNITED STATES</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;">Washington, DC 20549</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">FORM 8-K</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">CURRENT REPORT</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;">Pursuant To Section&nbsp;13 or 15(d) of the</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;">Securities Exchange Act of 1934</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;">Date of Report: September 11, 2017</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;">(Date of earliest event reported)</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">PAYCHEX,&nbsp;INC.</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;">(Exact name of registrant as specified in its charter)</font>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">DELAWARE</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">0-11330</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">16-1124166</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(State or other jurisdiction</font></p>
  					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 8pt">
  						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">of incorporation)</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(Commission</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">File Number)</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(IRS Employer</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">Identification Number)</font></p>
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  						<font style="display: inline;font-family:Arial;font-size:1pt;">&#xFEFF;</font></p>
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  					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 11pt">
  						<font style="display: inline;font-family:Arial;font-weight:bold;">911 PANORAMA TRAIL SOUTH, ROCHESTER, NEW YORK</font></p>
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  						&nbsp;</p>
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  					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 11pt">
  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">14625-2396</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;font-size:8pt;">(Address of principal executive offices)</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;font-size:8pt;">(Zip Code)</font></p>
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  		<p style="margin:12pt 0pt 6pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;">(585) 385-6666</font>
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  		<p style="margin:0pt 0pt 10pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 8pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(Registrant&#x2019;s telephone number, including area code)</font>
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  		<p style="margin:0pt 0pt 6pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;">N/A</font>
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  		<p style="margin:0pt 0pt 10pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 8pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(Former name or former address, if changed since last report.)</font>
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  		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 10pt">
  			<font style="display: inline;font-family:Arial;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font>
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  						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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  						<font style="display: inline;color:#000000;">&#x2610;</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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  						&nbsp;</p>
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  						<font style="display: inline;color:#000000;">&#x2610;</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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  			<font style="display: inline;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7; 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7; 240.12b-2 of this chapter). </font>
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  			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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  		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Arial;color:#000000;font-size: 10pt">
  			<font style="display: inline;font-size:10pt;">Emerging growth company </font><font style="display: inline;font-family:PMingLiU;font-size:10pt;">&#xF06F; &nbsp;</font>
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  			<font style="display: inline;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="display: inline;font-family:PMingLiU;font-size:10pt;">&#xF06F; &nbsp;</font>
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  			<font style="display: inline;font-weight:bold;font-size:10pt;">ITEM 7.01</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Arial;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">REGULATION FD</font>
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  			<font style="display: inline;font-family:Arial;">Paychex, Inc</font><font style="display: inline;font-family:Arial;">. (the</font><font style="display: inline;font-family:Arial;"> &#x201C;Company&#x201D; or &#x201C;Paychex&#x201D;</font><font style="display: inline;font-family:Arial;">)</font><font style="display: inline;font-family:Arial;"> has been notified of an unsolicited mini-tender offer made by TRC Capital Corporation </font><font style="display: inline;font-family:Arial;">(&#x201C;TRC&#x201D;) </font><font style="display: inline;font-family:Arial;">to purchase up to two million Paychex common shares, or approximately </font><font style="display: inline;font-family:Arial;">0</font><font style="display: inline;font-family:Arial;">.</font><font style="display: inline;font-family:Arial;">56%</font><font style="display: inline;font-family:Arial;"> of the common shares outstanding, at a price of $54.75 per share in cash</font><font style="display: inline;font-family:Arial;">. &nbsp;</font><font style="display: inline;font-family:Arial;">TRC has indicated </font><font style="display: inline;font-family:Arial;">that the tender offer</font><font style="display: inline;font-family:Arial;"> is</font><font style="display: inline;font-family:Arial;"> made</font><font style="display: inline;font-family:Arial;"> solely for investment</font><font style="display: inline;font-family:Arial;"> purposes, with no intent to influence the Company&#x2019;s Board of Directors or management</font><font style="display: inline;font-family:Arial;">.&nbsp;&nbsp;Nonetheless,</font><font style="display: inline;font-family:Arial;">&nbsp;</font><font style="display: inline;font-family:Arial;">Paychex does not endorse this unsolicited mini-tender offer and recommends that shareholders do not tender their shares in response to the offer.</font>
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  		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">Paychex cautions shareholders that the mini-tender offer has been made at a </font><font style="display: inline;font-family:Arial;">below-market price, representing a </font><font style="display: inline;font-family:Arial;">price that is</font><font style="display: inline;font-family:Arial;"> 4.</font><font style="display: inline;font-family:Arial;">07%</font><font style="display: inline;font-family:Arial;">&nbsp;</font><font style="display: inline;font-family:Arial;">lower than </font><font style="display: inline;font-family:Arial;">the closing price of Pay</font><font style="display: inline;font-family:Arial;">chex common</font><font style="display: inline;font-family:Arial;"> shares on the NASDAQ</font><font style="display: inline;font-family:Arial;"> Global Select Market as of</font><font style="display: inline;font-family:Arial;"> September 1, 2017, the last trading day before the mini-tender offer was commenced.&nbsp;&nbsp;In addition, the offer is subject to a number of conditions.</font>
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  			<font style="display: inline;font-family:Arial;">Paychex is</font><font style="display: inline;font-family:Arial;"> not associated with TRC</font><font style="display: inline;font-family:Arial;">, its mini-tender offer, or the mini-tender offer documentation.</font>
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  			<font style="display: inline;font-family:Arial;">The United </font><font style="display: inline;font-family:Arial;">S</font><font style="display: inline;font-family:Arial;">tates</font><font style="display: inline;font-family:Arial;"> Securities and Exchange Commission (</font><font style="display: inline;font-family:Arial;">&#x201C;</font><font style="display: inline;font-family:Arial;">SEC</font><font style="display: inline;font-family:Arial;">&#x201D;</font><font style="display: inline;font-family:Arial;">) has published investor tips regarding mini-tender offers on its website at </font><font style="display: inline;font-family:Arial;color:#648C94;">http://www.sec.gov/investor/pubs/minitend.htm</font><font style="display: inline;font-family:Arial;color:#333333;">. The SEC states</font><font style="display: inline;font-family:Arial;color:#333333;">,</font><font style="display: inline;font-family:Arial;color:#333333;"> "Some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." </font><font style="display: inline;font-family:Arial;color:#333333;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#333333;">Paychex also encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding broker-dealer mini-tender offer dissemination and disclosures on the SEC's website at </font><font style="display: inline;font-family:Arial;color:#648C94;">http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm</font><font style="display: inline;font-family:Arial;color:#333333;">.</font>
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  			<font style="display: inline;font-family:Arial;color:#333333;">Paychex urges investors to obtain current market quotations for their shares, consult with their broker or financial advisor</font><font style="display: inline;font-family:Arial;color:#333333;">,</font><font style="display: inline;font-family:Arial;color:#333333;"> and exercise caution with respect t</font><font style="display: inline;font-family:Arial;color:#333333;">o TRC&#x2019;s</font><font style="display: inline;font-family:Arial;color:#333333;"> offer. Paychex </font><font style="display: inline;font-family:Arial;color:#333333;">recommends that shareholders ta</font><font style="display: inline;font-family:Arial;color:#333333;">ke no action in response to TRC&#x2019;s </font><font style="display: inline;font-family:Arial;color:#333333;">mini-tender offer. According to TRC's offer documents, Paychex shareholders who have already tendered their shares may withdraw their shares at any time before 12:01 a.m. </font><font style="display: inline;font-family:Arial;color:#333333;">EDT</font><font style="display: inline;font-family:Arial;color:#333333;"> on October 4, 2017 by following the p</font><font style="display: inline;font-family:Arial;color:#333333;">rocedures described in the TRC</font><font style="display: inline;font-family:Arial;color:#333333;"> offer documents. </font>
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  			<font style="display: inline;font-family:Arial;color:#333333;">Paychex requests that a copy of this </font><font style="display: inline;font-family:Arial;color:#333333;">Current Report on Form 8-K</font><font style="display: inline;font-family:Arial;color:#333333;"> be included with all distributio</font><font style="display: inline;font-family:Arial;color:#333333;">ns of materials relating to TRC</font><font style="display: inline;font-family:Arial;color:#333333;">'s mini-tender offer related to Paychex common shares. </font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;">SIGNATURES</font>
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  			<font style="display: inline;font-family:Arial;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">PAYCHEX,&nbsp;INC.</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;">September 11, 2017</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;">/s/&nbsp;Martin&nbsp;Mucci</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;">President&nbsp;and Chief&nbsp;Executive&nbsp;Officer</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;">September 11, 2017</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;">/s/&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;">Efrain Rivera</font></p>
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  					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
  						<font style="display: inline;font-family:Arial;color:#000000;">Efrain Rivera</font></p>
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  					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
  						<font style="display: inline;font-family:Arial;color:#000000;">Senior Vice President, Chief Financial Officer, and Treasurer</font></p>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "payx-20170911x8k.htm", "description": "8-K", "secsgml_size_bytes": 41879}]
metadata_filer: {"company-data": {"conformed-name": "PAYCHEX INC", "cik": "0000723531", "assigned-sic": "8700", "irs-number": "161124166", "state-of-incorporation": "DE", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-11330", "film-number": "171079645"}, "business-address": {"street1": "911 PANORAMA TRAIL S", "city": "ROCHESTER", "state": "NY", "zip": "14625-0397", "phone": "5853856666"}, "mail-address": {"street1": "911 PANORAMA TRAIL SOUTH", "city": "ROCHESTER", "state": "NY", "zip": "14625-0397"}}
text: PAYX- Form8K-091117
  ﻿
  ﻿
  ﻿
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, DC 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant To Section 13 or 15(d) of the
  Securities Exchange Act of 1934
  ﻿
  Date of Report: September 11, 2017
  (Date of earliest event reported)
  ﻿
  PAYCHEX, INC.
  (Exact name of registrant as specified in its charter)
  ﻿
  ﻿
  DELAWARE
  0-11330
  16-1124166
  (State or other jurisdiction
  of incorporation)
  (Commission
  File Number)
  (IRS Employer
  Identification Number)
  ﻿
  911 PANORAMA TRAIL SOUTH, ROCHESTER, NEW YORK
  14625-2396
  (Address of principal executive offices)
  (Zip Code)
  (585) 385-6666
  (Registrant's telephone number, including area code)
  N/A
  (Former name or former address, if changed since last report.)
  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
  ﻿
  ☐
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  ﻿
  ☐
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  ﻿
  ☐
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  ﻿
  ☐
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
  ﻿
  Emerging growth company
  
  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
  
  ﻿
  ITEM 7.01
  REGULATION FD
  ﻿
  Paychex, Inc
  . (the
  "Company" or "Paychex"
  )
  has been notified of an unsolicited mini-tender offer made by TRC Capital Corporation
  ("TRC")
  to purchase up to two million Paychex common shares, or approximately
  0
  .
  56%
  of the common shares outstanding, at a price of $54.75 per share in cash
  .
  TRC has indicated
  that the tender offer
  is
  made
  solely for investment
  purposes, with no intent to influence the Company's Board of Directors or management
  .  Nonetheless,
  Paychex does not endorse this unsolicited mini-tender offer and recommends that shareholders do not tender their shares in response to the offer.
  Paychex cautions shareholders that the mini-tender offer has been made at a
  below-market price, representing a
  price that is
  4.
  07%
  lower than
  the closing price of Pay
  chex common
  shares on the NASDAQ
  Global Select Market as of
  September 1, 2017, the last trading day before the mini-tender offer was commenced.  In addition, the offer is subject to a number of conditions.
  ﻿
  Paychex is
  not associated with TRC
  , its mini-tender offer, or the mini-tender offer documentation.
  ﻿
  The United
  S
  tates
  Securities and Exchange Commission (
  "
  SEC
  "
  ) has published investor tips regarding mini-tender offers on its website at
  http://www.sec.gov/investor/pubs/minitend.htm
  . The SEC states
  ,
  "Some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price."
  Paychex also encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding broker-dealer mini-tender offer dissemination and disclosures on the SEC's website at
  http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm
  .
  Paychex urges investors to obtain current market quotations for their shares, consult with their broker or financial advisor
  ,
  and exercise caution with respect t
  o TRC's
  offer. Paychex
  recommends that shareholders ta
  ke no action in response to TRC's
  mini-tender offer. According to TRC's offer documents, Paychex shareholders who have already tendered their shares may withdraw their shares at any time before 12:01 a.m.
  EDT
  on October 4, 2017 by following the p
  rocedures described in the TRC
  offer documents.
  Paychex requests that a copy of this
  Current Report on Form 8-K
  be included with all distributio
  ns of materials relating to TRC
  's mini-tender offer related to Paychex common shares.
  ﻿
  ﻿
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  ﻿
  ﻿
  ﻿
  ﻿
  PAYCHEX, INC.
  ﻿
  ﻿
  Date:
  September 11, 2017
  /s/ Martin Mucci
  ﻿
  Martin Mucci
  ﻿
  President and Chief Executive Officer
  ﻿
  Date:
  September 11, 2017
  /s/
  Efrain Rivera
  ﻿
  Efrain Rivera
  ﻿
  Senior Vice President, Chief Financial Officer, and Treasurer
  ﻿