United Online Inc - Current report filing (8-K)
August 27 2008 - 6:01AM
Edgar (US Regulatory)
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 (Date of earliest event reported)
August 26,
2008
United Online, Inc.
(Exact Name of
Registrant as Specified in Charter)
Delaware
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000-33367
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77-0575839
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(State or Other
Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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21301 Burbank Boulevard
Woodland Hills, California 91367
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(Address of Principal Executive Offices) (Zip Code)
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Registrants telephone
number, including area code
(818) 287-3000
Not applicable
(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 (
see
General
Instruction A.2. below):
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item 2.01.
Completion of Acquisition or Disposition of Assets.
On August 26, 2008, pursuant to the Agreement and Plan of Merger,
dated as of April 30, 2008 (the
Agreement and Plan of Merger
), as
amended by Amendment No. 1 to Agreement and Plan of Merger, dated as of July 16,
2008 (the
Amendment
and, together with the Agreement and Plan of
Merger, the
Merger Agreement
), among United Online, Inc., a
Delaware corporation (
UOL
), UNOLA Corp., a Delaware corporation and an
indirect wholly-owned subsidiary of UOL (
Merger Sub
), and FTD Group, Inc.,
a Delaware corporation (
FTD
), UOL completed its acquisition of
FTD. Pursuant to the terms of the Merger
Agreement, Merger Sub merged with and into FTD (the
Merger
), with FTD
surviving the Merger as an indirect wholly-owned subsidiary of UOL.
Pursuant to the Merger Agreement, each share of FTD common stock, par
value $0.01 per share, issued and outstanding immediately prior to the
effective time of the Merger (the
Effective Time
) was canceled and
converted at the Effective Time into the right to receive $10.15 in cash,
without interest, and 0.4087 of a share of UOL common stock, par value $0.0001
per share (together, the
Merger Consideration
).
At the Effective Time, each option to purchase shares of FTD common
stock with an exercise price less than the value of the Merger Consideration
that was outstanding immediately prior to the Effective Time was canceled and
converted into the right to receive, for each share of FTD common stock subject
to such option, the Merger Consideration, reduced ratably by the exercise price
of such option in the same proportion that the value of the cash and UOL common
stock comprising the Merger Consideration bear to each other. Each option to purchase shares of FTD common
stock with an exercise price equal to or greater than the value of the Merger
Consideration that was outstanding immediately prior to the Effective Time was
canceled at the Effective Time and holders of such options did not receive any
Merger Consideration in exchange for such options. Each restricted share of FTD common stock that
was outstanding immediately prior to the Effective Time was canceled at the
Effective Time and (other than shares held by one executive officer, which
shares forfeited pursuant to his employment agreement) converted into the right
to receive the Merger Consideration.
Based on UOLs closing stock price of $10.93 on August 26, 2008,
the $10.15 in cash and 0.4087 of a share of UOL common stock represented
approximately $14.62 in value for each share of FTD common stock. The total value of the Merger Consideration
to be paid to holders of shares of FTD common stock (including options to
purchase shares of FTD common stock and restricted shares of FTD common stock
as described above) is approximately $307 million in cash and approximately 12.3
million shares of UOL common stock, based on UOLs closing stock price on August 26,
2008, and subject to the payment of cash in lieu of fractional shares of UOL
common stock.
The foregoing description of the Merger Agreement and the Merger is not
complete and is qualified in its entirety by reference to the Agreement and
Plan of Merger, which was attached as Exhibit 2.1 to our Current Report on
Form 8-K filed with the Securities and Exchange Commission (SEC) on May 6,
2008, and to the Amendment, which was attached as Exhibit 2.1 to our
Current Report on Form 8-K filed with the SEC on July 17, 2008, both
of which are incorporated herein by reference.
UOL announced the completion of the Merger in a press release dated August 26,
2008, a copy of which is filed as Exhibit 99.1 hereto and incorporated
herein by reference.
Item 8.01.
Other Events.
In connection with the closing of the Merger, FTD, Inc., a Delaware
corporation and wholly-owned subsidiary of FTD (FTDI), purchased
approximately $170.0 million aggregate principal amount of its 7.75% Senior
Subordinated Notes due 2014 (the Notes) tendered pursuant to its offer to
purchase all of
2
the approximately $170.1 million outstanding principal amount of the
Notes, which purchased Notes were canceled.
The tender offer expired at 5:00 p.m., New York City time, on August 25,
2008. Substantially concurrently with
the closing of the Merger, UOL effected a covenant defeasance with respect to
the balance of the Notes pursuant to the terms of the indenture governing the
Notes.
Item 9.01.
Financial Statements and Exhibits.
(a)
Financial
Statements of Business Acquired
. The financial statements of the business
acquired required by this Item 9.01(a) will be filed by amendment to this
Current Report on Form 8-K no later than November 12, 2008, which is
71 calendar days after the date that this Report is required to be filed.
(b)
Pro
Forma Financial Information
. The pro forma financial information required
by this Item 9.01(b) will be filed by amendment to this Current Report on Form 8-K
no later than November 12, 2008, which is 71 calendar days after the date
that this Report is required to be filed.
(d)
Exhibits
.
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Exhibit No.
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Description
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99.1
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Press Release, dated August 26, 2008, issued by United
Online, Inc. relating to the acquisition of FTD Group, Inc.
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3
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 hereunto duly authorized.
Date: August 26, 2008
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UNITED ONLINE, INC.
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By:
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/s/ Scott H. Ray
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Scott H. Ray
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Executive Vice
President and Chief
Financial Officer
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EXHIBIT INDEX
Exhibit No.
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Description
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99.1
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Press Release, dated August 26, 2008, issued by United Online, Inc.
relating to the acquisition of FTD Group, Inc.
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