SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO/A
Tender Offer Statement Under Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
(Amendment No. 5)
SuccessFactors, Inc.
(Name of Subject Company (Issuer))
Saturn Expansion Corporation
a wholly-owned subsidiary of
SAP America, Inc.
an indirectly wholly-owned subsidiary of
SAP AG
(Name of Filing Persons, Offerors)
Common Stock, par value $0.001 per share,
(Title of Class of Securities)
864596101
(CUSIP Number of Class of Securities)
Michael Junge
Executive Vice President and General Counsel
SAP AG
Dietmar-Hopp-Allee 16
D-69190 Walldorf
Federal Republic of Germany
+49 6227 74 7474
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Filing Persons)
Copy to:
A. Peter Harwich
Allen & Overy LLP
1221 Avenue of the Americas
New York, New York 10020
Telephone: (212) 610-6300
Calculation of Filing Fee
Transaction Valuation(1) |
Amount of Filing Fee(2) | |
$3,819,221,880 | $437,682.83 |
(1) | Estimated for purposes of calculating the amount of the filing fee only, in accordance with Rule 0-11(d) under the Securities Exchange Act of 1934, as amended (the Exchange Act). Calculated by multiplying $40.00, the per share tender offer price, by shares of common stock of SuccessFactors, Inc., which includes (a) 84,801,782 shares of common stock issued and outstanding (including shares of restricted stock, but excluding treasury shares), (b) 6,130,344 shares of common stock subject to outstanding stock options with an exercise price less than $40.00 and (c) 4,548,421 restricted stock units outstanding. |
(2) | The filing fee was calculated in accordance with Rule 0-11 of the Exchange Act and Fee Rate Advisory #3 for fiscal year 2012, issued September 29, 2011, by multiplying the transaction value by .00011460. |
x | Check the 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 date of its filing. |
Amount Previously Paid: $437,682.83 | Filing Party: Saturn Expansion Corporation | |
Form or Registration No.: Schedule TO-T | Date Filed: December 16, 2011 |
¨ | Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
Check | the appropriate boxes below to designate any transactions to which the statement relates: |
x | third-party tender offer subject to Rule 14d-1. |
¨ | issuer tender offer subject to Rule 13e-4. |
¨ | going-private transaction subject to Rule 13e-3. |
¨ | amendment to Schedule 13D under Rule 13d-2. |
Check the following box if the filing is a final amendment reporting the results of the tender offer: ¨
This Amendment No. 5 (this Amendment) amends and supplements the Tender Offer Statement on Schedule TO filed with the Securities and Exchange Commission on December 16, 2011 (as amended or supplemented, the Schedule TO) by Saturn Expansion Corporation, a Delaware corporation (the Purchaser) and a wholly-owned subsidiary of SAP America, Inc., a Delaware corporation (SAP America) and an indirectly wholly-owned subsidiary of SAP AG, a stock corporation organized under the laws of the Federal Republic of Germany (SAP AG). The Schedule TO relates to the offer by the Purchaser to purchase all issued and outstanding shares of common stock of SuccessFactors, Inc., a Delaware corporation (SuccessFactors), par value $0.001 per share (the SuccessFactors Common Stock or the Shares), at a price of $40.00 per Share, net to the holder thereof in cash, without interest and less any required withholding of taxes, upon the terms and subject to the conditions set forth in the offer to purchase dated December 16, 2011 (as it may be amended or supplemented, the Offer to Purchase), and the related letter of transmittal (as it may be amended or supplemented, the Letter of Transmittal, and together with the Offer to Purchase, the Offer), copies of which were filed with the Schedule TO as Exhibits (a)(1)(A) and (a)(1)(B), respectively. 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.
Items 11. Additional Information.
The Offer to Purchase and Item 11 of the Schedule TO, to the extent Item 11 incorporates by reference the information contained in the Offer to Purchase, are hereby amended and supplemented as set forth below.
(1) The seventh paragraph of Section 15 Legal Matters; Required Regulatory Approvals of the Offer to Purchase is hereby amended and restated in its entirety as follows:
German Antitrust Laws. The German Act against Restraints of Competition requires SAP AG and SuccessFactors to file a notification with the Federal Cartel Office (FCO) and provides that the acquisition of Shares in the Offer shall not occur until a one month waiting period, or in case of an in-depth investigation, a waiting period of four months, from submission of a complete notification to the FCO has expired or otherwise terminated. SAP AG submitted the filing in Germany on December 14, 2011 and received a clearance decision of the FCO on January 16, 2012.
(2) The tenth paragraph of Section 15 Legal Matters; Required Regulatory Approvals of the Offer to Purchase is hereby amended and restated in its entirety as follows:
Colombian Antitrust Law. Colombian Law 1340/09 and related decrees require SAP AG and SuccessFactors to file a notification with the Colombian Superintendent of Industry and Commerce (SIC) and provides that the acquisition of Shares in the Offer will be automatically approved and the parties are not precluded from closing the Offer or the Merger if the parties market shares are below 20% of the relevant market. SAP AG filed the notice on behalf of itself and SuccessFactors on December 27, 2011 and is satisfied that the parties market shares are below the 20% threshold.
(3) The twelfth paragraph of Section 15 Legal Matters; Required Regulatory Approvals of the Offer to Purchase is hereby amended and restated in its entirety as follows:
European Union Antitrust Laws. Under Article 22 of Council Regulation EC No. 139/2004 (the EC Merger Regulation), the Offer may be referred by the competition authority of any Member State of the European Union to the European Commission (the EC) for review in lieu of review by the Member States. In the event the EC accepts the referral, the purchase of Shares pursuant to the Offer may not be completed before it is notified to the EC and the EC has declared, or been deemed to have declared, that the transaction is compatible with the common market. Under the provisions of the EC Merger Regulation, the initial (Phase I) review period is 25 working days. If the EC has serious doubts whether a notified transaction is compatible with the common market, it may initiate Phase II proceedings, which last an additional 90 to 125 working days. The EC could prohibit the transaction by declaring that the concentration is incompatible with the common market or the EC could require, as a condition to clearance, a remedy such as the divestiture of shares of Common Stock acquired by the Purchaser or the divestiture of substantial assets of SAP AG or its subsidiaries, or of SuccessFactors or its subsidiaries. No referral by the competition authority of any Member State to the EC for review in lieu of the review by the Member State has been requested.
Item 12. Exhibits.
Item 12 of the Schedule TO is hereby amended and supplemented with the following:
(a)(5)(I) Press release issued by SAP AG on January 17, 2012.
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.
Dated: January 17, 2012 | ||||||
SATURN EXPANSION CORPORATION | ||||||
By: | /s/ Brad C. Brubaker | |||||
Name: Brad C. Brubaker | ||||||
Title: Secretary | ||||||
SAP AMERICA, INC. | ||||||
By: | /s/ Brad C. Brubaker | |||||
Name: Brad C. Brubaker | ||||||
Title: Secretary | ||||||
SAP AG | ||||||
By: | /s/ Michael Ploetner | |||||
Name: Michael Ploetner | ||||||
Title: Authorized Signatory | ||||||
By: | /s/ Wendy Boufford | |||||
Name: Wendy Boufford | ||||||
Title: Authorized Signatory |
EXHIBIT INDEX
(a)(1)(A)* |
Offer to Purchase, dated December 16, 2011. | |
(a)(1)(B)* |
Form of Letter of Transmittal. | |
(a)(1)(C)* |
Notice of Guaranteed Delivery. | |
(a)(1)(D)* |
Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees. | |
(a)(1)(E)* |
Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees. | |
(a)(1)(F)* |
Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9. | |
(a)(5)(A)* |
Press release issued by SAP AG and SuccessFactors on December 3, 2011, incorporated herein by reference to the Form 6-K furnished by SAP AG, SAP America and the Purchaser on December 5, 2011. | |
(a)(5)(B)* |
Summary Advertisement as published in the Wall Street Journal on December 16, 2011. | |
(a)(5)(C)* |
Press release issued by SAP AG on December 16, 2011. | |
(a)(5)(D)* |
Complaint captioned Federic Peretti v. Douglas J. Burgum et al., Case No. CIV510279 filed on December 8, 2011 in the Superior Court of the State of California County of San Mateo, incorporated herein by reference to the Schedule 14D-9 filed by SuccessFactors on December 16, 2011. | |
(a)(5)(E)* |
Complaint captioned Steamfitters Local 449 Pension Plan v. Douglas J. Burgum et al., Case No. CIV510436 filed on December 14, 2011 in the Superior Court of the State of California County of San Mateo, incorporated herein by reference to Amendment No. 1 to the Schedule 14D-9 filed by SuccessFactors on December 21, 2011. | |
(a)(5)(F)* |
Press release issued by SAP AG on December 27, 2011. | |
(a)(5)(G)* |
Consolidated complaint captioned In re SuccessFactors, Inc. Shareholders Litigation, Case No. CIV510279, filed on January 5, 2012 in the Superior Court of the State of California County of San Mateo, incorporated herein by reference to Amendment No. 3 to the Schedule 14D-9 filed by SuccessFactors on January 11, 2012. | |
(a)(5)(H)* |
Complaint captioned Sanjay Israni v. Lars Dalgaard et al., Case No. 12-CV-0076-JSW, filed on January 5, 2012 in the United States District Court for the Northern District of California, incorporated herein by reference to Amendment No. 3 to the Schedule 14D-9 filed by SuccessFactors on January 11, 2012. | |
(a)(5)(I) |
Press release issued by SAP AG on January 17, 2012. | |
(b)(1)* |
Euro 1 billion Credit Facility Agreement dated December 3, 2011, among SAP AG, as borrower, J.P. Morgan Limited as mandated lead arranger, the financial institution listed in Schedule 1 as original lender, and J.P. Morgan Europe Limited, as agent. | |
(d)(1)* |
Agreement and Plan of Merger dated as of December 3, 2011 by and among SAP America, the Purchaser and SuccessFactors incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by SuccessFactors on December 5, 2011. | |
(d)(2)* |
Mutual Non-Disclosure Agreement effective as of October 20, 2011 between SAP AG and SuccessFactors. |
(d)(3)* | Exclusivity Agreement dated as of November 9, 2011 between SAP AG and SuccessFactors. | |
(g) | Not applicable. | |
(h) | Not applicable. | |
99.2* | Power of Attorney |
* | Filed Previously |
Exhibit (a)(5)(l)
For Immediate Release
January 17, 2012
Antitrust clearances received with respect to SAP's cash tender offer to acquire SuccessFactors, Inc.
WALLDORF, Germany January 17, 2012 SAP AG (NYSE: SAP) today announced that, on January 16, 2012, it received a clearance decision of the German Federal Cartel Office with respect to SAP's previously announced cash tender offer for all outstanding shares of common stock of SuccessFactors, Inc. (SuccessFactors) at a price of $40.00 per share. The U.S. Department of Justice granted early termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act on December 23, 2011, and Austrian and Irish competition authorities cleared the transaction earlier this year.
SAP, through its indirectly wholly-owned subsidiary, Saturn Expansion Corporation, commenced the cash tender offer on December 16, 2011. The tender offer is being made pursuant to an Offer to Purchase dated December 16, 2011, and in connection with the Agreement and Plan of Merger, dated December 3, 2011, by and among SAP America, Inc., Saturn Expansion Corporation, and SuccessFactors (the Merger Agreement). SAP and SuccessFactors first announced this transaction on December 3, 2011.
With the receipt of the above clearances, all antitrust approvals required to close the transaction have been obtained. The tender offer remains subject to the satisfaction or waiver of the condition that, at the expiration of the tender offer, the parties have received a written notification issued by the Committee on Foreign Investment in the United States that it has concluded a review of the voluntary notice previously filed by the parties and has determined not to conduct an investigation, or if an investigation is deemed to be required, notification in writing that the United States government including the President of the United States will not take action to suspend or prevent the consummation of the transactions contemplated by the Merger Agreement. The tender offer also remains subject to other conditions described in the Offer to Purchase.
# # #
About SAP
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 176,000 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
Additional Information
This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer is being made pursuant to a tender offer statement (including an Offer to Purchase, Letter of Transmittal and related tender offer documents), which was filed by SAP, SAP America, Inc. and Saturn Expansion Corporation with the U.S. Securities and Exchange Commission (the SEC) on
Antitrust clearances received with respect to SAPs cash tender offer to acquire SuccessFactors, Inc. Page 2
December 16, 2011. In addition, on December 16, 2011, SuccessFactors filed a Solicitation/Recommendation Statement on Schedule 14d-9 with the SEC related to the tender offer. The Tender Offer Statement, Offer to Purchase, Letter of Transmittal, Solicitation/Recommendation Statement and related documents will contain important information that should be read carefully before any decision is made with respect to the Tender Offer. These materials will be available at no charge on the SEC's web site at www.sec.gov. The Tender Offer Statement and related materials may be obtained for free by directing a request by mail to Georgeson Inc., 199 Water Street, 26th Floor, New York, NY 10038 or by calling toll-free in the United States (866) 507-1756 (or for banks and brokers, (212) 440-9800).
Forward-Looking Statements
This release contains forward-looking statements that involve risks and uncertainties concerning the parties ability to close the transaction. Actual events or results may differ materially from those described in this release due to a number of risks and uncertainties. These potential risks and uncertainties include, among others, the outcome of regulatory reviews of the proposed transaction and the ability of the parties to complete the transaction.
SAP is not obligated to, and undertakes no obligation to, publicly update or revise any forward-looking statements to reflect events or circumstances after the date of this document. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAPs future financial results are discussed more fully in SAPs filings with the SEC, including SAPs most recent Annual Report on Form 20-F filed with the SEC. Statements regarding the expected date of closing of the tender offer are forward-looking statements and are subject to risks and uncertainties including among others: uncertainties as to the timing of the tender offer and the satisfaction of closing conditions, including the receipt of regulatory approvals. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
© 2012 SAP AG. All rights reserved.
SAP, R/3, SAP NetWeaver, Duet, PartnerEdge, ByDesign, SAP BusinessObjects Explorer, StreamWork, SAP HANA and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and other countries.
Business Objects and the Business Objects logo, BusinessObjects, Crystal Reports, Crystal Decisions, Web Intelligence, Xcelsius, and other Business Objects products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of Business Objects Software Ltd. Business Objects is an SAP company. Sybase and Adaptive Server, iAnywhere, Sybase 365, SQL Anywhere, and other Sybase products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of Sybase, Inc. Sybase is an SAP company.
All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serves informational purposes only. National product specifications may vary.
These materials are subject to change without notice. These materials are provided by SAP AG and its affiliated companies ("SAP Group") for informational purposes only, without representation or warranty of any kind, and SAP Group shall not be liable for errors or omissions with respect to the materials. The only warranties for SAP Group products and services are those that are set forth in the express warranty statements accompanying such products and services, if any. Nothing herein should be construed as constituting an additional warranty.
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For customers interested in learning more about SAP products:
Global Customer Center: | +49 180 534-34-24 | |||
United States Only: | 1 800 872-1SAP (1-800-872-1727) |
For more information, press only:
Christoph Liedtke | +49 6227 7-50383 | christoph.liedtke@sap.com, CET | ||
Jim Dever | +1 610 661-2161 | james.dever@sap.com, ET | ||
Andrea Meyer, SuccessFactors | +1 415 370 7329 | ameyer@successfactors.com; PST | ||
SAP Press Office | +49 6227 7-46315, CET; | press@sap.com | ||
+1 610 661-3200, EDT |
Antitrust clearances received with respect to SAPs cash tender offer to acquire SuccessFactors, Inc. Page 3
For more information, financial community only:
Stefan Gruber | +49 6227 7-44872 | investor@sap.com, CET |
Follow SAP Investor Relations on Twitter at @sapinvestor.
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