Additional Proxy Soliciting Materials (definitive) (defa14a)
July 24 2017 - 9:23AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the
Registrant ☒ Filed by a Party other than the
Registrant ☐
Check the appropriate box:
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Preliminary Proxy Statement
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material Pursuant to §240.14a-12
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COVISINT
CORPORATION
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
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No fee required.
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
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(1)
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Title of each class of securities to which transaction applies:
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Aggregate number of securities to which transaction applies:
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing
fee is calculated and state how it was determined):
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Proposed maximum aggregate value of transaction:
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Total fee paid:
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Fee paid previously with preliminary materials.
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
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(1)
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Amount Previously Paid:
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Form, Schedule or Registration Statement No.:
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Filing Party:
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Date Filed:
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NEWS RELEASE
Covisint Corporation
26533 Evergreen Road, Suite 500 Southfield, Michigan 48076
800-229-4125
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For Release
July 24, 2017
Covisint
Strongly Recommends Shareholders Vote FOR the
Sale of Covisint to OpenText
DETROIT
July 24, 2017
Covisint Corporations
(Nasdaq: COVS) special shareholder meeting to vote on Covisints proposed acquisition by OpenText (NASDAQ:OTEX) (TSX:OTEX) is scheduled for tomorrow, Tuesday, July 25, 2017, at 10:00 a.m. ET. As
of the date of this press release, not all Covisint shareholders have voted. The upcoming Special Meeting, and your vote, is important in determining the best outcome for our shareholders. Covisint shareholders of record as of the close of business
on June 15, 2017 are entitled to vote at the Special Meeting.
The Covisint Boards unanimous recommendation is that you vote
FOR the Proposal to Approve the Sale of the Company to Open Text for $2.45 per share.
Covisint also takes note of OpenTexts
indication that while it remains fully committed to closing the proposed merger, OpenText does not intend to increase the consideration offered to Covisints shareholders.
For the reasons enumerated below, Covisint believes OpenTexts offer is fair and in the best interests of Covisints shareholders.
The merger consideration of $2.45 represents the highest bid after an exhaustive, seven-month process involving 52 interested parties. The merger
consideration of $2.45 also represents a premium of approximately:
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23% to the closing price per share of the Companys common stock on June 2, 2017;
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27% to the volume-weighted average trading price per share of the Companys common stock for the 30-day period ending on June 2, 2017; and
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46% to the cash-adjusted price per share of the Companys common stock for the 30-day period ending on June 2, 2017 (the cash-adjusted calculation deducts the Companys cash and cash equivalents of $33
million, or $0.79 per share, as of March 31, 2017, from both its current share price and from the total value of the merger consideration in order to better measure the premium being offered).
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As a result of Covisints lack of revenue growth and disappointing bookings performance since the Companys IPO and at the urging of Covisints
shareholders, the Board began an exhaustive review of strategic alternatives. The Boards recommendation to accept OpenTexts offer came after a review of all such strategic options for Covisints future, including continuing
standalone operations paired with aggressive cost reductions to achieve profitability. Aggressive cost reductions would likely (1) significantly impede or eliminate product development efforts to keep our products competitive in the
marketplace, (2) result in organizational changes reducing the personnel that our customers count on for service and support, and (3) risk our business and contractual relationships with those customers.
The Board unanimously approved OpenTexts offer, which included the approval of three new directors appointed to the Board within the last year after
negotiations with certain activist shareholders. The
Page 2
Covisint Corporation Issues Statement to Shareholders Urging a Vote FOR
the OpenText Merger Agreement
July 24, 2017
proposed merger has been evaluated by Institutional Shareholder Services, Glass, Lewis & Co. and
Egan-Jones, who recommend shareholders vote For the acquisition of Covisint by OpenText.
About Covisint Corporation
Covisint is the connected company we securely connect ecosystems of people, systems and things to enable new service offerings, optimize operations,
develop new business models and ultimately enable the connected economy. Today, we support more than 2,000 organizations and connect to more than 212,000 business partners and customers worldwide. Learn more at
www.covisint.com
.
Follow us:
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding Covisints present and future technology design, architecture,
performance and operations which affects the Covisint IoT Platforms market growth and the demand for Covisints solutions. Any forward-looking statements contained in this press release are based upon Covisints historical
performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Covisints expectations as of the date of this
press release. Subsequent events may cause these expectations to change, and Covisint disclaims any obligation to update the forward-looking statements in the future except as may otherwise be required by the federal securities laws. These
forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially. Important factors that could cause actual results to differ materially from those in the forward-looking
statements include, but are not limited to, Daimlers ability non-renew the purchase order or to terminate our contract for convenience. Further information on potential factors that could affect actual results is included in Covisints
reports filed with the SEC.
Investor Relations Contact
866-319-7659
investors@covisint.com
Media
Contact
Brad Schechter, Vice President, Corporate Marketing
248-483-2097
bschecht@covisint.com
For Sales and
Marketing Information
Covisint Corporation, 26533 Evergreen Road, Suite 500, Southfield, MI 48076, 800-229-4125
http://www.covisint.com
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