|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||
|
|
|
Item 8.01 |
Other Events.
|
1. |
The disclosure under the heading “The Merger—Background of the Merger” is hereby amended and supplemented by adding the text below to the second paragraph that begins on page 32 of the Proxy
Statement (with the boldface and underlined text indicating additional language):
|
2. |
The disclosure under the heading “The Merger—Background of the Merger” is hereby amended and supplemented by adding the text below to the penultimate paragraph that begins on page 33 of the Proxy
Statement (with the boldface and underlined text indicating additional language):
|
3. |
The disclosure under the heading “The Merger—Opinions of Financial Advisors to Heska” is hereby amended and supplemented by adding the text below to the third paragraph that begins on page 44 of
the Proxy Statement (with the boldface and underlined text indicating additional language):
|
4. |
The disclosure under the heading “The Merger—Opinions of Financial Advisors to Heska” is hereby amended and supplemented by adding the text below to the fifth paragraph that begins on page 44 of
the Proxy Statement (with the boldface and underlined text indicating additional language):
|
5. |
The disclosure under the heading “The Merger—Opinions of Financial Advisors to Heska” is hereby amended and supplemented by adding the text below to the penultimate paragraph that begins on page 45
of the Proxy Statement (with the boldface and underlined text indicating additional language):
|
6. |
The disclosure under the heading “The Merger—Opinions of Financial Advisors to Heska” is hereby amended and supplemented by adding and removing the text below to the first paragraph on page 46 of
the Proxy Statement (with the boldface and underlined text indicating additional language and the strikethrough text indicating removed language):
|
7. |
The disclosure under the heading “The Merger—Opinions of Financial Advisors to Heska” is hereby amended and supplemented by adding the text below to the second bullet under the subheading “Other
Factors” on page 46 of the Proxy Statement (with the boldface and underlined text indicating additional language):
|
• |
stock price targets for Heska as reflected in selected publicly available Wall Street research analysts’ reports then published by six analysts, which indicated low and high stock price targets of $58.00 per share and $150.00 per share, respectively, on an undiscounted basis and approximately $53.21 per share and $137.61 per
share, respectively, on a present value basis; and
|
8. |
The disclosure under the heading “The Merger—Opinions of Financial Advisors to Heska” is hereby amended and supplemented by replacing the last paragraph beginning on page 50, the two charts
beginning on page 50, and the first chart beginning on page 51 of the Proxy Statement in their entirety with the following:
|
Animal Health Diagnostic and Pharmaceuticals
|
||||||||
EV / EBITDA
|
||||||||
Company
|
CY 2023
|
CY 2024
|
||||||
Maximum
|
33.8
|
x
|
30.4
|
x
|
||||
Mean
|
17.6
|
x
|
15.8
|
x
|
||||
Median
|
11.9
|
x
|
10.1
|
x
|
||||
Minimum
|
9.9
|
x
|
9.2
|
x
|
EV / EBITDA
|
||||||||
CY 2023
|
CY 2024
|
|||||||
Heska at the Merger Consideration ($120.00)
|
47.4
|
x
|
30.7
|
x
|
Heska Implied Share Price
|
||||||||
CY 2023
|
CY 2024
|
|||||||
Mean
|
$
|
48.98
|
$
|
66.62
|
||||
Median
|
$
|
34.23
|
$
|
43.87
|
Animal Health Distributors
|
||||||||
EV / EBITDA
|
||||||||
Company
|
CY 2023
|
CY 2024
|
||||||
Maximum
|
10.0
|
x
|
9.3
|
x
|
||||
Mean
|
9.1
|
x
|
8.5
|
x
|
||||
Median
|
9.1
|
x
|
8.5
|
x
|
||||
Minimum
|
8.2
|
x
|
7.7
|
x
|
EV / EBITDA
|
||||||||
CY 2023
|
CY 2024
|
|||||||
Heska at the Merger Consideration ($120.00)
|
47.4
|
x
|
30.7
|
x
|
Heska Implied Share Price
|
||||||||
CY 2023
|
CY 2024
|
|||||||
Mean
|
$
|
27.16
|
$
|
37.52
|
||||
Median
|
$
|
27.16
|
$
|
37.52
|
Smid-Cap Product Diagnostic Companies
|
||||||||||||||||
EV / Revenue
|
EV / EBITDA
|
|||||||||||||||
Company
|
CY 2023
|
CY 2024
|
CY 2023
|
CY 2024
|
||||||||||||
Maximum
|
5.4
|
x
|
5.0
|
x
|
15.3
|
x
|
13.8
|
x
|
||||||||
Mean
|
2.4
|
x
|
2.3
|
x
|
9.3
|
x
|
9.1
|
x
|
||||||||
Median
|
2.2
|
x
|
2.1
|
x
|
10.1
|
x
|
10.9
|
x
|
||||||||
Minimum
|
0.3
|
x
|
0.3
|
x
|
1.1
|
x
|
0.8
|
x |
Heska Implied Share Price
|
||||||||||||||||
CY 2023
|
CY 2024
|
CY 2023
|
CY 2024
|
|||||||||||||
Mean
|
$
|
64.09
|
$
|
72.55
|
$
|
27.61
|
$
|
39.86
|
||||||||
Median
|
$
|
60.19
|
$
|
66.94
|
$
|
29.58
|
$
|
47.22
|
EV / Revenue
|
EV / EBITDA
|
|||||||||||||||
CY 2023
|
CY 2024
|
CY 2023
|
CY 2024
|
|||||||||||||
Heska at the Merger Consideration ($120.00)
|
4.8
|
x
|
4.1
|
x
|
47.4
|
x
|
30.7
|
x
|
9. |
The disclosure under the heading “The Merger—Opinions of Financial Advisors to Heska” is hereby amended and supplemented by replacing the last chart beginning on page 51 of the Proxy Statement in
its entirety with the following:
|
Target
|
Acquiror
|
Date of Transaction
Announcement
|
Date of Transaction
Closing
|
Covetrus, Inc.
|
Clayton, Dubilier & Rice, LLC/TPG Global, LLC
|
May 25, 2022
|
October 13, 2022
|
Ethos Veterinary Health LLC
|
JAB Consumer Partners SCA SICAR
|
August 16, 2021
|
July 7, 2022
|
Bayer Animal Health GmbH
|
Elanco Animal Health Incorporated
|
August 20, 2019
|
August 3, 2020
|
Compassion-First Pet Hospitals
|
Jab Holding Company S.à.R.L.
|
February 25, 2019
|
March 31, 2019
|
Antelliq Corporation
|
Merck & Co., Inc.
|
December 14, 2018
|
April 1, 2019
|
AniCura TC AB
|
Mars, Incorporated
|
June 11, 2018
|
November 27, 2018
|
Abaxis, Inc.
|
Zoetis Inc.
|
May 16, 2018
|
July 31, 2018
|
Henry Schein Animal Health
|
Vets First Choice
|
April 23, 2018
|
February 7, 2019
|
PetVet Care Centers, LLC
|
KKR & Co. Inc.
|
December 27, 2017
|
January 3, 2018
|
VCA, Inc.
|
Mars, Incorporated
|
January 9, 2017
|
September 12, 2017
|
Boehringer Ingelheim Vetmedica, Inc
|
Elanco US, Inc.
|
October 5, 2016
|
January 3, 2017
|
Merial Limited
|
Boehringer Ingelheim GmbH
|
December 15, 2015
|
January 1, 2017
|
PHARMAQ Holding AS
|
Zoetis Inc.
|
November 2, 2015
|
November 10, 2015
|
Animal Health International, Inc.
|
Patterson Companies, Inc.
|
May 4, 2015
|
June 17, 2015
|
MWI Veterinary Supply, Inc.
|
AmerisourceBergen Corporation
|
January 12, 2015
|
February 24, 2015
|
10. |
The disclosure under the heading “The Merger—Opinions of Financial Advisors to Heska” is hereby amended and supplemented by replacing the last sentence of the first paragraph beginning on page 52
and the first chart beginning on page 52 of the Proxy Statement in their entirety with the following:
|
LTM
|
||||||||
EV / Revenue
|
EV / EBITDA
|
|||||||
Maximum
|
9.6
|
x
|
30.0
|
x
|
||||
Mean
|
4.2
|
x
|
18.7
|
x
|
||||
Median
|
3.8
|
x
|
17.5
|
x
|
||||
Minimum
|
0.7
|
x
|
16.0
|
x
|
||||
Heska at the Merger Consideration ($120.00).
|
5.3
|
x
|
49.7
|
x
|
Heska Implied Share Price
|
||||||||
LTM
|
||||||||
EV / Revenue
|
EV / EBITDA
|
|||||||
Mean
|
$
|
97.95
|
$
|
49.81
|
||||
Median
|
$
|
89.99
|
$
|
46.74
|
11. |
The disclosure under the heading “The Merger—Opinions of Financial Advisors to Heska” is hereby amended and supplemented by replacing the second chart beginning on page 52 of the Proxy Statement in
its entirety with the following:
|
Target
|
Acquiror
|
Date of Transaction
Announcement
|
Date of Transaction
Closing
|
Meridian Bioscience, Inc.
|
SD Biosensor and SJL Partners LLC
|
July 7, 2022
|
January 31, 2023
|
Luminex Corporation
|
DiaSorin S.p.A.
|
April 11, 2021
|
July 14, 2021
|
Mobidiag Oy
|
Hologic, Inc.
|
April 8, 2021
|
June 17, 2021
|
Genmark Diagnostics, Inc.
|
Roche Holdings AG
|
March 15, 2021
|
April 21, 2021
|
Abaxis, Inc.
|
Zoetis Inc.
|
May 16, 2018
|
July 31, 2018
|
Cepheid, Inc.
|
Danaher Corporation
|
September 6, 2016
|
November 4, 2016
|
Alere Inc.
|
Abbott Laboratories
|
February 1, 2016
|
October 3, 2017
|
Dako A/S
|
Agilent Technologies, Inc.
|
May 17, 2012
|
June 21, 2012
|
Gen-Probe Incorporated
|
Hologic, Inc.
|
April 30, 2012
|
August 1, 2012
|
Beckman Coulter, Inc.
|
Danaher Corporation
|
February 7, 2011
|
June 30, 2011
|
12. |
The disclosure under the heading “The Merger—Opinions of Financial Advisors to Heska” is hereby amended and supplemented by replacing the last sentence of the last paragraph beginning on page 52
and the last chart beginning on page 52 of the Proxy Statement in their entirety with the following:
|
LTM
|
NTM
|
|||||||||||||||
EV / Revenue
|
EV / EBITDA
|
EV / Revenue
|
EV / EBITDA
|
|||||||||||||
Maximum
|
18.9
|
x
|
30.0
|
x
|
9.4
|
x
|
26.7
|
x
|
||||||||
Mean
|
7.1
|
x
|
19.1
|
x
|
5.2
|
x
|
17.7
|
x
|
||||||||
Median
|
6.4
|
x
|
19.1
|
x
|
5.2
|
x
|
16.0
|
x
|
||||||||
Minimum
|
1.8
|
x
|
8.4
|
x
|
1.7
|
x
|
8.2
|
x
|
||||||||
Heska at the Merger Consideration ($120.00).
|
5.3
|
x
|
49.7
|
x
|
4.8
|
x
|
47.4
|
x
|
Heska Implied Share Price
|
||||||||||||||||
LTM
|
NTM
|
|||||||||||||||
EV / Revenue
|
EV / EBITDA
|
EV / Revenue
|
EV / EBITDA
|
|||||||||||||
Mean
|
$
|
157.97
|
$
|
50.75
|
$
|
128.86
|
$
|
49.47
|
||||||||
Median
|
$
|
143.20
|
$
|
50.77
|
$
|
130.42
|
$
|
44.91
|
13. |
The disclosure under the heading “The Merger—Opinions of Financial Advisors to Heska” is hereby amended and supplemented by adding the text below to the first paragraph that begins on page 53 of
the Proxy Statement (with the boldface and underlined text indicating additional language):
|
14. |
The disclosure under the heading “The Merger—Litigation Related to the Merger” is hereby amended and supplemented by replacing the text on page 64 of the Proxy Statement in its entirety with the
following:
|
15. |
The disclosure under the heading “The Merger—Regulatory Approvals” is hereby amended and supplemented by adding a new paragraph at the end of such disclosure on page 64 of the Proxy Statement as
follows:
|
HESKA CORPORATION
(REGISTRANT)
|
||
By:
|
/s/ Christopher Sveen | |
Christopher Sveen
|
||
Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary
|
||
Dated: May 26, 2023
|
Document and Entity Information |
May 26, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 26, 2023 |
Entity File Number | 000-22427 |
Entity Registrant Name | HESKA CORPORATION |
Entity Central Index Key | 0001038133 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 77-0192527 |
Entity Address, Address Line One | 3760 Rocky Mountain Avenue |
Entity Address, City or Town | Loveland |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80538 |
City Area Code | 970 |
Local Phone Number | 493-7272 |
Title of 12(b) Security | Common stock, $0.01 par value |
Trading Symbol | HSKA |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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