Item 2.01
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COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
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The Offer expired as scheduled at one minute after 11:59 p.m. Eastern Time on July 1, 2019 (the Expiration Time).
Approximately 23,640,724 Shares were validly tendered and not withdrawn in accordance with the terms of the Offer, representing approximately 78.4% of the fully diluted Shares (as calculated in accordance with the Merger Agreement) at such time.
Additionally, approximately 487,177 Shares were tendered by notice of guaranteed delivery, together with all other Shares validly tendered and not withdrawn in accordance with the terms of the Offer, representing approximately 79.9% of the fully
diluted Shares (as calculated in accordance with the Merger Agreement) at such time. All conditions to the Offer having been satisfied, the Purchaser accepted for payment all Shares that were validly tendered and not withdrawn in accordance with the
terms of the Offer.
On July 2, 2019, following acceptance of the tendered Shares and concurrently with payment therefor, Purchaser
merged with and into the Company (the Merger), with the Company continuing as the surviving corporation and an indirect wholly-owned subsidiary of Parent, pursuant to the terms of the Merger Agreement and in accordance with
Section 251(h) of the General Corporation Law of the State of Delaware (the DGCL). At the effective time of the Merger (the Effective Time), each Share that was outstanding immediately prior to the Effective Time and not
tendered pursuant to the Offer (other than (A) Shares owned by Parent, Purchaser or the Company, or by any wholly-owned subsidiary of Parent, Purchaser or the Company, and (B) any Shares owned by stockholders who properly exercised
appraisal rights with respect thereto in accordance with Section 262 of the DGCL) was cancelled and extinguished and automatically converted into the right to receive cash in an amount equal to the Offer Price, without interest thereon and less
any applicable withholding taxes. At the Effective Time, the holders of such Shares ceased to have any rights as stockholders of the Company (other than their right to receive an amount of cash equal to the Offer Price, net to the holder thereof,
without interest thereon and less any applicable withholding taxes).
In addition, at the Effective Time, each option to purchase Shares,
whether vested or unvested, that was outstanding and unexercised immediately prior to the Effective Time (each, a Company Option) was cancelled and converted into the right to receive cash in an amount equal to the product of
(i) the total number of Shares subject to such Company Option immediately prior to the Effective Time, multiplied by (ii) the excess, if any, of (x) the Offer Price over (y) the exercise price payable per Share under such Company
Option, less any required withholding taxes (the Option Consideration). Any Company Option with an exercise price per Share greater than or equal to the Offer Price was cancelled for no consideration. The Option Consideration payable on
vested Company Options will be paid on the first regularly scheduled payroll date at least three business days following the Merger. The Option Consideration payable on unvested Company Options (subject to certain exceptions) will be subject to the
satisfaction of the original vesting conditions applicable to such unvested Company Options and will be paid to holders who have satisfied the applicable vesting conditions on the first regularly scheduled payroll date that is on or following the
first day of the fiscal quarter immediately following the applicable vesting date of such unvested Company Options.
Each restricted stock
unit granted pursuant to any Company Equity Plan (as defined in the Merger Agreement) that vests solely based on time and was outstanding immediately prior to the Effective Time (each, a Company RSU) was cancelled and converted into the
right to receive cash in an amount equal to the product of (i) the Offer Price, multiplied by (ii) the total number of Shares subject to such Company RSU, less any required withholding taxes (the RSU Consideration). The RSU
Consideration payable on vested Company RSUs will be paid on the first regularly scheduled payroll date at least three business days following the Merger. The RSU Consideration payable on unvested Company RSUs (subject to certain exceptions) will be
subject to the satisfaction of the original vesting conditions applicable to such unvested Company RSUs and will be paid to holders who have satisfied the applicable vesting conditions on the first regularly scheduled payroll date that is on or
following the first day of the fiscal quarter immediately following the applicable vesting date of such unvested Company RSUs.
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