UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO
Tender Offer Statement Under Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
(Amendment No. 7)
SAGENT
PHARMACEUTICALS, INC.
(Name of Subject Company)
SHEPARD VISION, INC.
(Name of Offeror)
A
Wholly-Owned Subsidiary of
NICHI-IKO PHARMACEUTICAL CO., LTD.
(Name of Offerors)
(Names of Filing Persons (identifying status as offeror, issuer or other person))
Common Stock, $0.01 par value per share
(Title of Class of Securities)
786692103
(CUSIP Number
of Class of Securities)
Mr. Kenji Matsuyama
Senior Director
Nichi-Iko Pharmaceutical Co., Ltd.
5-4 Nihonbashi-Honcho 1-chome
Chuo-ku, Tokyo, Japan 103-0023
+81-3-3276-0215
(Name,
Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of
Filing Persons)
Copy to:
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Masakazu Iwakura
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Toby S. Myerson
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Nishimura & Asahi
Otemon Tower, 1-1-2 Otemachi,
Chiyoda-ku, Tokyo, 100-8124, Japan
+81-3-6250-6200
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Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New
York, NY 10019-6064
(212) 373-3000
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CALCULATION OF FILING FEE
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Transaction Valuation*
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Amount of Filing Fee**
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$734,695,947
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$73,983.90
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*
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Estimated solely for purposes of calculating the filing fee. The transaction valuation was calculated by adding (i) 33,088,222 outstanding shares of common stock of Sagent Pharmaceuticals, Inc.
(Sagent), par value $0.01 per share (the Shares), multiplied by the offer price of $21.75 per Share, (ii) 1,849,185 Shares issuable pursuant to outstanding options with an exercise price less than the offer price of
$21.75 per Share, multiplied by $5.90, which is the offer price of $21.75 per Share minus the weighted average exercise price for such options of $15.85 per Share, and (iii) 189,284 restricted stock units multiplied by the offer price of $21.75
per Share. The calculation of the filing fee is based on information provided by Sagent as of July 26, 2016.
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**
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The amount of the filing fee is calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory #1 for fiscal year 2016, issued August 27, 2015 by multiplying the
transaction value by .0001007.
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x
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Check 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: $73,983.90
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Filing Party: Nichi-Iko Pharmaceutical Co., Ltd. and Shepard Vision, Inc.
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Form or Registration No.: Schedule TO
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Date Filed: August 1, 2016
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¨
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Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.
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Check the appropriate boxes below to designate any transactions to which the statement relates:
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x
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third-party tender offer subject to Rule 14d-1.
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¨
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issuer tender offer subject to Rule 13e-4.
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¨
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going-private transaction subject to Rule 13e-3.
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¨
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amendment to Schedule 13D under Rule 13d-2.
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Check the following box if the filing is a final amendment reporting the results of the tender offer.
x
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This Amendment No. 7 (this Amendment) amends and supplements the Tender Offer Statement on
Schedule TO (as amended and together with any subsequent amendments and supplements thereto, the Schedule TO), filed with the Securities and Exchange Commission on August 1, 2016 by Shepard Vision, Inc., a Delaware corporation
(Purchaser) and a wholly-owned subsidiary of Nichi-Iko Pharmaceutical Co., Ltd., a joint stock corporation organized under the laws of Japan (Parent). The Schedule TO relates to the offer by Purchaser to purchase all of the
outstanding shares of common stock, $0.01 par value per share (the Shares), of Sagent Pharmaceuticals, Inc., a Delaware corporation (Sagent), at a price of $21.75 per Share (the Offer Price) net to the holder in
cash, without interest, subject to any applicable withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated August 1, 2016 (together with any amendments and supplements thereto, the Offer to
Purchase), and in the related letter of transmittal (together with any amendments and supplements thereto, the Letter of Transmittal), copies of which are attached hereto as Exhibits (a)(1)(i) and (a)(1)(ii), respectively, which
Offer to Purchase and Letter of Transmittal collectively constitute the Offer.
The information in the Offer to Purchase and the Letter of
Transmittal is incorporated in this Amendment by reference to all of the applicable items in the Schedule TO, except that such information is amended and supplemented to the extent specifically provided in this Amendment. Capitalized terms used and
not otherwise defined in this Amendment shall have the meanings assigned to such terms in the Offer to Purchase or in the Schedule TO.
Amendments to
the Offer to Purchase
Items 1 through 9; Item 11.
The Offer to Purchase and Items 1 through 9 and Item 11 of the Schedule TO are hereby amended and supplemented as follows:
At one minute following 11:59 p.m. (12:00 a.m.), New York City time, on August 26, 2016, the Offer expired as scheduled and was not extended.
Purchaser was advised by the Depositary that, as of the Expiration Date, a total of 28,229,440 Shares were validly tendered into and not properly withdrawn from the Offer, representing approximately 85.6% of the Shares outstanding as of the
Expiration Date. In addition, the Depositary advised that Notices of Guaranteed Delivery have been delivered with respect to 589,169 additional Shares, representing approximately 1.8% of the outstanding Shares as of the Expiration Date.
The number of Shares validly tendered (and not validly withdrawn) pursuant to the Offer satisfied the Minimum Tender Condition. All conditions to the Offer
having been satisfied, Purchaser accepted for payment and will promptly pay for all Shares validly tendered into and not properly withdrawn from the Offer.
As soon as practicable following the consummation of the Offer, Parent and Purchaser intend to complete the acquisition of Sagent through the Merger without a
meeting of stockholders of Sagent in accordance with Section 251(h) of the DGCL. At the Effective Time, each Share then outstanding (other than Shares that were held by any stockholders who properly demanded appraisal for such Shares in
accordance with Section 262 of the DGCL) will be converted into the right to receive the Merger Consideration, without interest and less applicable withholding taxes, except for Shares held by Sagent, Parent or Purchaser, or their respective
subsidiaries, which Shares will be cancelled and cease to exist, and no consideration will be delivered in exchange therefor.
Following the consummation
of the Merger, the Shares will be delisted and will cease to trade on NASDAQ.
On August 29, 2016, Parent issued a press release announcing the
expiration and results of the Offer. The full text of the press release is attached as Exhibit (a)(5)(viii) to the Schedule TO and is incorporated herein by reference.
Item 12.
Exhibits.
Item 12
of the Schedule TO is hereby amended and supplemented by adding the following exhibit:
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Exhibit No.
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Description
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(a)(5)(viii)
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Press Release issued by Parent, dated August 29, 2016
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(a)(5)(ix)
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Regulatory Press Release issued by Parent on the Tokyo Stock Exchange (English Translation), dated August 29, 2016
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SIGNATURES
After due inquiry and to the best knowledge and belief of the undersigned, each of the undersigned certifies that the information set forth in this statement
is true, complete and correct.
Date: August 29, 2016
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Shepard Vision, Inc.
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By:
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/s/ Kenji Matsuyama
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Name: KENJI MATSUYAMA
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Title: President
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Nichi-Iko Pharmaceutical Co., Ltd.
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By:
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/s/ Yuichi Tamura
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Name: YUICHI TAMURA
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Title: President & CEO
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Item 12. Exhibits.
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Exhibit No.
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Description
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(a)(1)(i)
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Offer to Purchase, dated as of August 1, 2016*
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(a)(1)(ii)
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Form of Letter of Transmittal (including Internal Revenue Service Form W-9)*
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(a)(1)(iii)
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Form of Notice of Guaranteed Delivery*
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(a)(1)(iv)
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Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*
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(a)(1)(v)
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Form of Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*
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(a)(1)(vi)
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Summary Advertisement, as published in The New York Times on August 1, 2016*
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(a)(5)(i)
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Joint Press Release issued by Parent and Sagent, dated July 11, 2016 (incorporated by reference to the Schedule TO-C filed by Parent on July 11, 2016)
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(a)(5)(ii)
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Regulatory Press Release issued by Parent, dated July 11, 2016 (incorporated by reference to the Schedule TO-C filed by Parent on July 11, 2016)
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(a)(5)(iii)
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Letter sent by CEO of Parent to employees of Sagent issued by Parent, dated July 12, 2016, (incorporated by reference to the Schedule TO-C filed by Parent on July 12, 2016)
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(a)(5)(iv)
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IR Presentation issued by Parent, dated July 11, 2016, (incorporated by reference to the Schedule TO-C filed by Parent on July 11, 2016)
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(a)(5)(v)
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Press Release announcing commencement of the Offer issued by Parent, dated August 1, 2016*
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(a)(5)(vi)
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Regulatory Press Release issued by Parent on the Tokyo Stock Exchange (English Translation), dated August 2, 2016*
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(a)(5)(vii)
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Press Release issued by Parent, dated August 9, 2016*
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(a)(5)(viii)
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Press Release issued by Parent, dated August 29, 2016
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(a)(5)(ix)
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Regulatory Press Release issued by Parent on the Tokyo Stock Exchange (English Translation), dated August 29, 2016
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(b)(1)
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Commitment Letter, dated as of June 23, 2016, among Parent and SMBC*
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(b)(2)
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Loan Agreement, dated as of August 22, 2016, among Parent, as borrower, and SMBC, as lender*
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(c)
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Not applicable
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(d)(1)
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Agreement and Plan of Merger, dated as of July 10, 2016, among Sagent, Parent and Purchaser (incorporated by reference to the Current Report on Form 8-K filed by Parent on July 11, 2016)
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(d)(2)
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Form of Tender and Support Agreement, dated as of July 10, 2016, among Parent, Purchaser and certain stockholders of Sagent*
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(d)(3)
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Confidentiality Agreement, dated April 30, 2016, by and between Parent and Sagent*
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(e)
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Not applicable
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(f)
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Not applicable
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(g)
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Not applicable
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(h)
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Not applicable
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