UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE TO
(RULE 14D-100)
Tender Offer Statement Pursuant to Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
(Amendment No. 2)
DURATA
THERAPEUTICS, INC.
(Name of Subject Company)
DELAWARE MERGER SUB, INC.
(Offeror)
A Wholly Owned
Subsidiary of
ACTAVIS W.C. HOLDING INC.
(Offeror)
An Indirect
Wholly Owned Subsidiary of
ACTAVIS plc
(Parent of Offeror)
(Names of Filing Persons)
COMMON STOCK,
$0.01 PAR VALUE
(Title of Class of Securities)
26658A107
(CUSIP Number
of Class of Securities)
A. Robert D. Bailey, Esq.
Chief Legal Officer and Corporate Secretary
Morris Corporate Center III
400 Interpace Parkway
Parsippany, NJ 07054
(862) 261-7000
(Name,
address and telephone number of person authorized to receive notices and communications on behalf of filing persons)
with
copies to:
Andrew L. Bab, Esq.
Debevoise & Plimpton LLP
919 Third Avenue
New
York, NY 10022
(212) 909-6000
CALCULATION
OF FILING FEE
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Transaction Valuation* |
|
Amount of Filing Fee** |
$828,466,550.42 |
|
$96,267.81 |
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* |
Estimated for purposes of calculating the filing fee only. The transaction valuation was calculated as (i) 26,790,203 shares of common stock, par value $0.01 per share (the Shares), of Durata
Therapeutics, Inc. (Durata) outstanding multiplied by the sum of (x) the offer price of $23.00 per share and (y) the maximum aggregate contingent cash consideration payment of $5.00 per share, (ii) 3,216 Shares subject to
unvested restricted stock units multiplied by the sum of (x) the offer price of $23.00 per share and (y) the maximum aggregate contingent cash consideration payment of $5.00 per share, and (iii) 4,062,867 Shares issuable pursuant to
outstanding options with an exercise price less than the offer price of $23.00 per share, multiplied by $19.26, which is the (x) offer price of $23.00 per share minus (y) weighted average exercise price for such options of $8.74 per share
plus (z) maximum aggregate contingent cash consideration payment of $5.00 per share. The calculation of the filing fee is based on information provided by Durata as of October 5, 2014. |
** |
The filing fee was calculated in accordance with Rule 0-11 under the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory No. 1 for Fiscal Year 2015, issued August 29, 2014, by multiplying the
Transaction Valuation by 0.0001162. |
x |
Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing. |
|
|
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Amount Previously Paid: $96,267.81 |
|
Filing Party: Delaware Merger Sub, Inc.,
Actavis W.C. Holding Inc. and Actavis plc |
Form or Registration No.: Schedule TO |
|
Date Filed: October 17, 2014 |
¨ |
Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
Check the appropriate boxes below to designate any transactions to which the statement relates:
|
x |
third-party tender offer subject to Rule 14d-1. |
|
¨ |
issuer tender offer subject to Rule 13e-4. |
|
¨ |
going-private transaction subject to Rule 13e-3. |
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¨ |
amendment to Schedule 13D under Rule 13d-2. |
Check the following box if the filing is a final
amendment reporting the results of the tender offer: ¨
This Amendment No. 2 (this Amendment) amends and supplements the Tender Offer
Statement on Schedule TO filed by Delaware Merger Sub, Inc., a Delaware corporation (Purchaser), a wholly owned subsidiary of Actavis W.C. Holding Inc., a Delaware corporation (Parent), and an indirect wholly owned subsidiary
of Actavis plc, an Irish public limited company (Actavis), with the Securities and Exchange Commission on October 17, 2014 (together with any subsequent amendments and supplements thereto, the Schedule TO). The Schedule
TO relates to the tender offer by Purchaser for all of the outstanding shares of common stock, par value $0.01 per share (Shares), of Durata Therapeutics, Inc., a Delaware corporation (Durata), at a price of (x) $23.00
per share, net to the seller in cash, without interest and less any applicable withholding taxes, plus (y) one contractual contingent value right per Share (each, a CVR), which represents the right to receive contingent payments of
up to $5.00 in cash in the aggregate, if any, if certain specified milestones are achieved, upon the terms and subject to the conditions set forth in the offer to purchase dated October 17, 2014 (the Offer to Purchase), a copy of
which is attached as Exhibit (a)(1)(A), and in the related letter of transmittal (the Letter of Transmittal), a copy of which is attached as Exhibit (a)(1)(B), which, as each may be amended or supplemented from time to time, collectively
constitute the Offer.
All the information set forth in the Offer to Purchase, including Schedule I thereto, is incorporated
by reference herein in response to Items 1 through 9 and Item 11 of this Schedule TO, and is supplemented by the information specifically provided in this Amendment.
Capitalized terms used but not defined in this Amendment shall have the meanings assigned to such terms in the Schedule TO.
Item 11. |
Additional Information. |
Regulation M-A Item 1011
The Offer to Purchase and Item 11 of the Schedule TO are hereby amended and supplemented by deleting the fourth sentence under the subheading
Compliance with the HSR Act of Section 16 of the Offer to Purchase entitled Certain Legal Matters; Regulatory Approvals and replacing such sentence with the following:
On October 31, 2014, Durata and Parent received notice that the FTC granted early termination of the applicable waiting period.
Accordingly, the condition to the Offer relating to the expiration or termination of the waiting period under the HSR Act has been satisfied.
Item 12 of the Schedule TO is hereby amended and
supplemented by adding the following exhibit to Item 12:
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(a)(1)(I) |
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Joint Press Release issued by Actavis plc and Durata Therapeutics, Inc. on October 31, 2014. |
SIGNATURES
After due inquiry and to the best of their knowledge and belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: October 31, 2014
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ACTAVIS W.C. HOLDING INC. |
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By: |
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/s/ Sigurd C. Kirk |
Name: |
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Sigurd C. Kirk |
Title: |
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Senior Vice President, |
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Corporate Business Development & Integration |
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DELAWARE MERGER SUB, INC. |
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By: |
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/s/ A. Robert D. Bailey |
Name: |
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A. Robert D. Bailey |
Title: |
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Vice President |
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ACTAVIS plc |
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By: |
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/s/ A. Robert D. Bailey |
Name: |
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A. Robert D. Bailey |
Title: |
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Secretary and Chief Legal Officer |
EXHIBIT INDEX
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Exhibit No. |
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Description |
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(a)(1)(I) |
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Joint Press Release issued by Actavis plc and Durata Therapeutics, Inc. on October 31, 2014. |
Exhibit (a)(1)(I)
NEWS RELEASE
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CONTACTS: |
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Actavis: |
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Investors: |
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Lisa DeFrancesco |
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(862) 261-7152 |
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Media: |
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Charlie Mayr |
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(862) 261-8030 |
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David Belian |
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(862) 261-8141 |
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Durata: |
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Allison Wey |
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(312) 219-7017 |
Actavis and Durata Therapeutics Receive U.S. FTC Clearance for Actavis Proposed Acquisition of Durata
DUBLIN, IRELAND and CHICAGO, IL October 31, 2014 Actavis plc (NYSE: ACT) and Durata Therapeutics, Inc. (NASDAQ: DRTX) today
announced that the U.S. Federal Trade Commission (FTC) has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) with respect to Actavis pending acquisition of Durata.
The early termination of the HSR waiting period satisfies one of the conditions to the closing of the pending acquisition, which remains subject to other
customary closing conditions. Both companies expect the transaction to be completed in the fourth quarter of 2014.
About Actavis
Actavis plc (NYSE:ACT), headquartered in Dublin, Ireland, is a unique specialty pharmaceutical company focused on developing, manufacturing and commercializing
high quality affordable generic and innovative branded pharmaceutical products for patients around the world.
Actavis markets a broad portfolio of branded and generic pharmaceuticals and develops innovative medicines for
patients suffering from diseases principally in the central nervous system, gastroenterology, womens health, urology, cardiovascular, respiratory and anti-infective therapeutic categories. The company is an industry leader in product research
and development, with one of the broadest brand development pipelines in the pharmaceutical industry, and a leading position in the submission of generic product applications. Actavis has commercial operations in more than 60 countries and operates
more than 30 manufacturing and distribution facilities around the world.
For more information, visit Actavis website at www.actavis.com.
About Durata Therapeutics
Durata Therapeutics is a
pharmaceutical company focused on the development and commercialization of novel therapeutics for patients with infectious diseases and acute illnesses.
Actavis Forward-Looking Statement
Any statements
contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Actavis current perspective of existing trends and information as of the date of this release. For instance,
any statements in this press release concerning prospects related to Actavis strategic initiatives, including the acquisition of Durata, are forward-looking statements. Except as expressly required by law, Actavis disclaims any intent or
obligation to update these forward-looking statements. Actual results may differ materially from Actavis current expectations depending upon a number of factors affecting Actavis business. These factors include, among others, successful
consummation and integration of the Durata acquisition and the ability to recognize the anticipated synergies and benefits of the Durata acquisition; the anticipated size of the markets and anticipated demand for Duratas products; the impact
of competitive products and pricing; the inherent uncertainty associated with financial projections; periodic dependence on a small number of products for a significant source of net revenue or income; variability of trade-buying patterns; changes
in generally accepted accounting principles; the risks and uncertainties normally incident to the pharmaceutical industry; risks that the carrying values of assets may be negatively impacted by future events and circumstances; the timing and success
of product launches; the difficulty of predicting the timing or outcome of product development efforts and regulatory agency approvals or actions, if any; market acceptance of and continued demand for Actavis and Duratas products; costs
and efforts to defend or enforce intellectual property rights; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with governmental regulations applicable to
Actavis and Duratas facilities, products and/or businesses; changes in the laws and regulations affecting, among other things, pricing and reimbursement of pharmaceutical products; and other risks and uncertainties detailed in
Actavis periodic public filings with the Securities and Exchange Commission, including but not limited to Actavis plcs Quarterly Report on Form 10-Q for the quarter ended June 30, 2014. Except as expressly required by law, Actavis
disclaims any intent or obligation to update these forward-looking statements.
Durata Forward Looking Statement
Statements in this press release regarding the proposed transaction between Actavis and Durata, the commercialization and status of additional regulatory
reviews and approvals of dalbavancin, the potential impact of developing dalbavancin for additional indications, the
impact of DALVANCEs dosing schedule on patient care, strategy, the expected timetable for completing the transaction, future financial and operating results and revenues, projected costs,
benefits and synergies of the transaction, future opportunities for the combined company and any other statements about Actavis or Durata managements future expectations, beliefs, goals, plans or prospects constitute forward looking
statements. Any statements that are not statements of historical fact (including statements containing the words believes, plans, anticipates, expects, estimates and similar expressions) should also be
considered to be forward looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward looking statements, including: the ability to consummate the
transaction, the ability of Actavis to successfully integrate Duratas operations and employees; the ability to realize anticipated synergies and cost savings; the ability to achieve product development, regulatory and sales goals and
milestones; the commercial success of DALVANCE; Actavis and Duratas ability to protect intellectual property rights; Duratas performance and maintenance of important business relationships; Actavis ability to receive
procurement and production quotas granted by the U.S. Drug Enforcement Administration; customer concentration; cost-containment efforts of customers, purchasing groups, third-party payors and governmental organizations; Actavis ability to
successfully develop or commercialize new products; competition; Actavis ability to integrate acquisitions of technology, products and businesses generally; product liability losses and other litigation liability; the reimbursement practices
of a small number of large public or private issuers; complex reporting and payment obligation under healthcare rebate programs; changes in laws and regulations; conducting business internationally; foreign exchange rates; material health, safety
and environmental liabilities; litigation and violations; information technology infrastructure; restructuring activities and the other factors described in Duratas Annual Report on Form 10-K for the year ended December 31, 2013 and its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, each of which has been filed with the SEC. Except as otherwise required by law, Durata disclaims any intention or obligation to update any forward looking statements as a result
of developments occurring after the date of this press release.
Notice to Investors
This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities. The solicitation and the offer to buy shares of
Durata common stock are being made pursuant to a tender offer statement on Schedule TO that Actavis filed with the Securities and Exchange Commission on October 17, 2014. Durata has also filed a solicitation/recommendation statement on Schedule
14D-9 with respect to the offer. The tender offer statement (including an offer to purchase, a related letter of transmittal and other offer documents) and the solicitation/recommendation statement contain important information that should be read
carefully and considered before any decision is made with respect to the tender offer. Additionally, Durata and Actavis have filed and may in the future file other relevant materials in connection with the proposed acquisition of Durata by Actavis
pursuant to the terms of the merger agreement. In addition, all of these materials (and all other materials filed by Durata with the Securities and Exchange Commission) will be available at no charge from the Securities and Exchange Commission
through its website at www.sec.gov. Free copies of the offer to purchase, the related letter of transmittal and certain other offering documents may be obtained by directing a request to Actavis Investor Relations Department at
(862) 261-7488. Investors and security holders may also obtain free copies of the documents filed with the Securities and Exchange Commission by Durata by contacting Durata Investor Relations at (312) 219-7017.
INVESTORS AND SHAREHOLDERS OF DURATA ARE ADVISED TO READ THE SCHEDULE TO AND THE SCHEDULE 14D-9, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND
ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION WHEN THEY BECOME
AVAILABLE BEFORE THEY MAKE ANY DECISION WITH RESPECT TO THE TENDER OFFER OR MERGER, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES THERETO.
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