- Amended Statement of Ownership: Solicitation (SC 14D9/A)
September 24 2009 - 8:24AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
SCHEDULE 14D-9
(Amendment No. 1)
SOLICITATION/RECOMMENDATION STATEMENT UNDER
SECTION 14(d)(4) OF THE SECURITIES EXCHANGE ACT OF 1934
Sepracor Inc.
(Name of Subject Company)
Sepracor
Inc.
(Name of Persons Filing
Statement)
Common
Stock, par value $0.10 per share, and the
Associated Preferred Stock Purchase Rights
(Title of Class of Securities)
817315104
(CUSIP Number of Class of Securities)
Andrew I.
Koven, Esq.
Executive
Vice President, General Counsel and Corporate Secretary
Sepracor Inc.
84 Waterford Drive
Marlborough, Massachusetts
01752
(508) 481-6700
(Name, address and telephone numbers of person authorized to receive
notices
and communications on behalf of the persons filing statement)
Copies to:
|
|
William J. Grant, Jr.
Russell L. Leaf
Adam M. Turteltaub
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, New York 10019
Telephone: (212) 728-8000
Facsimile: (212) 728-8111
|
|
Hal J. Leibowitz
Susan W. Murley
Lia Der Marderosian
Wilmer Cutler Pickering Hale and Dorr LLP
60 State Street
Boston, MA 02109
Telephone: (617) 526-6000
Facsimile: (671) 526-5000
|
o
Check the box
if the filing relates solely to preliminary communications made before the
commencement of a tender offer.
This Amendment No. 1 (this
Amendment No. 1
)
amends and supplements Items 8 and 9 in the Solicitation/Recommendation
Statement on Schedule 14D-9 initially filed with the U.S. Securities and
Exchange Commission on September 15, 2009, by Sepracor Inc., a Delaware
corporation (the
Company
), as amended or supplemented from time to
time (the
Schedule 14D-9
). The
Schedule 14D-9 relates to the cash tender offer by Aptiom, Inc. (
Merger
Sub
), a Delaware corporation and wholly owned subsidiary of Dainippon
Sumitomo Pharma Co., Ltd., a company formed under the laws of Japan, to
purchase all of the Companys outstanding Shares at a price of $23.00 per
Share, payable net to the seller in cash without interest thereon, less any
applicable withholding taxes, upon the terms and subject to the conditions set
forth in Merger Subs Offer to Purchase dated September 15, 2009, and in
the related Letter of Transmittal, as each may be amended or supplemented from
time to time.
Except as otherwise set forth
below, the information set forth in the Schedule 14D-9 remains unchanged and is
incorporated herein by reference as relevant to items in this Amendment. Capitalized terms used but not otherwise
defined herein have the meanings ascribed to such terms in the Schedule 14D-9.
Item 8.
Additional Information.
Item 8 of the Schedule 14D-9 is hereby amended and
supplemented by adding the following sentence to the end of the first paragraph
under the heading
(c) Antitrust
Compliance.
:
At 11:59 p.m., New York City time, on Wednesday,
September 23, 2009, the waiting period applicable to the Offer and the
Merger under the HSR Act expired.
Accordingly, the condition of the Offer relating to the expiration or
termination of the HSR Act waiting period has been satisfied.
Item 8 is hereby further amended and supplemented by
amending and restating the paragraph under the heading
(i) Litigation.
in its entirety as follows:
On September 8, 9, 10, 11 and 18, 2009, several
purported class action lawsuits were filed variously against the Company, the
Board, Parent and Merger Sub. Four
actions have been filed in the Delaware Chancery Court, captioned
Stationary Engineers Local 39 Pension Fund Trust Fund
v. Sepracor Inc. et al
.,
No. 4871
(Del. Ch. filed September 8, 2009);
Salvatore
Toronto v. Adrian Adams et al
., No. 4872 (Del. Ch. filed September 8,
2009);
Max Katz v. Sepracor Inc. et al.
,
No. 4883 (Del. Ch. filed September 10, 2009); and
Laborers District Council and Contractors Pension
Fund of Ohio v. Sepracor, Inc.,
C.A. No. 4892-VCS (Del.
Ch. filed Sept. 11, 2009). The Delaware
Chancery Court actions have been consolidated.
Two actions have been filed in Massachusetts Superior Court, captioned
Dennis Giaquinto v. Sepracor Inc. et al.
,
C.A. No. 09-3883 (the
Giaquinto
Action) (filed September 9, 2009), and
Stacey
L. Sell v. Adrian Adams et al.
, C.A. No. 09-3995 (filed September 18,
2009). The plaintiffs in the Delaware
Chancery Court and Massachusetts Superior Court actions purport to sue on
behalf of a class of stockholders of the Company, and allege that the members
of the Board breached their fiduciary duties to the Companys stockholders by,
among other things, failing to maximize shareholder value in connection with
the potential sale of the Company and failing to disclose material information
to stockholders in connection with the Tender Offer, and that the Company,
Parent and Merger Sub aided and abetted the purported breaches of fiduciary
duties. The relief sought in these
actions is, among other things, an injunction against the Offer and rescission
of the Offer and Merger to the extent the Offer has been implemented. Another action purporting to be brought on
behalf of a class of stockholders of the Company, captioned
James A Welch Revoc Trust v. Adams et al.
,
No. 1:09-cv-11562 (filed September 18, 2009), has been filed in
Massachusetts Federal District Court alleging that the Company and the Board
violated the Exchange Act by omitting and misrepresenting facts in a proxy
statement. The Massachusetts federal
action requests, among other things, an injunction until the statements in the
alleged proxy statement are corrected.
On September 18, 2009, plaintiffs in the
consolidated Delaware Chancery Court action filed a motion for a preliminary
injunction and a motion for expedited proceedings. The parties are currently engaged in
discovery.
The Delaware Chancery Court held a hearing on September 23,
2009 and has scheduled a hearing on the motion for preliminary injunction for October
12, 2009. Also on September 18,
2009, plaintiffs in the
Giaquinto
Action pending in Massachusetts Superior Court filed a motion for preliminary
injunction and a motion for expedited proceedings. A hearing has been scheduled for September 25,
2009 on the motion for expedited proceedings.
On September 22, 2009, the Company filed a motion to stay the
Giaquinto
Action in favor of the
consolidated Delaware
2
Chancery Court action.
Item 8 is hereby
further amended and supplemented by adding the following new paragraphs to the
end of Item 8:
(k) Notice to Holders of Options, Restricted
Stock and Restricted Stock Units.
On
September 24, 2009, Sepracor delivered the notice filed as Exhibit (a)(11)
hereto to the holders of options, shares of restricted stock and restricted
stock units. The notice is hereby
incorporated herein by reference.
(l) Notice to Participants in Sepracors Employee
Stock Purchase Plan.
On September 24, 2009, Sepracor delivered the notice
filed as Exhibit (a)(12) hereto to participants in Sepracors 1998 Employee
Stock Purchase Plan
current offering period
. The notice is
hereby incorporated herein by reference.
Item 9. Exhibits
Item 9 is hereby amended and supplemented as follows:
Exhibit No.
|
|
|
|
|
|
Exhibit (a)(10)
|
|
Press Release issued by the Company dated
September 24, 2009.**
|
|
|
|
Exhibit (a)(11)
|
|
Notice to holders of
options, restricted stock and restricted stock units of Sepracor Inc.,
delivered by
the
Company
on September 24, 2009.**
|
|
|
|
Exhibit (a)(12)
|
|
Notice to participants in
Sepracors Employee Stock Purchase Plan current offering period (June 1, 2009
through November 30, 2009), delivered by
the Company
on September 24, 2009.**
|
**Filed herewith.
3
SIGNATURE
After due inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
|
SEPRACOR INC.
|
|
|
|
By:
|
/s/ Adrian Adams
|
|
|
|
|
Name:
|
Adrian Adams
|
|
Title:
|
President and Chief Executive Officer
|
Dated: September 24,
2009
4
Index
to Exhibits
Exhibit No.
|
|
|
|
|
|
Exhibit (a)(10)
|
|
Press Release issued by the Company dated
September 24, 2009.**
|
|
|
|
Exhibit (a)(11)
|
|
Notice to holders of
options, restricted stock and restricted stock units of Sepracor Inc.,
delivered by
the
Company
on September 24, 2009.**
|
|
|
|
Exhibit (a)(12)
|
|
Notice to participants in
Sepracors Employee Stock Purchase Plan current offering period (June 1, 2009
through November 30, 2009), delivered by
the Company
on September 24, 2009.**
|
**Filed herewith.
5
Sepracor Inc. (MM) (NASDAQ:SEPR)
Historical Stock Chart
From Sep 2024 to Oct 2024
Sepracor Inc. (MM) (NASDAQ:SEPR)
Historical Stock Chart
From Oct 2023 to Oct 2024