8-K 1 a05-6612_28k.htm 8-K

 

UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 12, 2005

 

Computer Horizons Corp.

(Exact name of registrant as specified in its charter)

 

New York

 

0-7282

 

13-2638902

(State or other jurisdiction
of incorporation or organization)

 

(Commission
File Number)

 

IRS Employer
Identification No.)

 

 

 

 

 

49 Old Bloomfield Avenue
Mountain Lakes, New Jersey 07046

(Address of principal executive offices)

 

 

 

 

 

Registrant’s telephone number, including area code: (973) 299-4000

 

 

 

 

 

 

 

 

 

 

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

ý  Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 



 

Item 1.01                                             Entry into a Material Definitive Agreement.

 

On April 12, 2005, Computer Horizons Corp., a New York corporation (the “Company”), JV Merger Corp., a Minnesota corporation and a wholly-owned subsidiary of the Company (the “Sub”), and Analysts International Corporation, a Minnesota corporation (“Analysts”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, Sub will be merged with and into Analysts (the “Merger”) and each issued and outstanding share of common stock, par value $.10 per share, of Analysts (other than shares held of record by the Company, Sub, Analysts and any of their subsidiaries) shall be converted into the right to receive 1.15 fully paid and nonassessable shares of the Company’s common stock, par value $.10 per share (the “Company Common Stock”) (the “Merger Consideration”).  In addition, upon completion of the Merger, the Company will assume all options then outstanding under Analysts’ existing equity incentive plans, each of which will be exercisable for a number of shares of Company Common Stock (and at an exercise price) adjusted to reflect the Merger Consideration.   Completion of the Merger is subject to several conditions, including approval by the shareholders of each company, effectiveness of a Form S-4 registration statement to be filed with the Securities and Exchange Commission, expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and clearance under any applicable foreign antitrust laws, and other customary closing conditions.  The transaction is intended to qualify as a tax-free reorganization under Section 368(a) of the Internal Revenue Code of 1986, as amended.  Additionally, the Merger Agreement may be terminated by the Company or Analysts upon the occurrence or failure to occur of certain events, including a failure of the Merger to be consummated by November 30, 2005.

 

The Merger Agreement provides that the board of directors of the Company following the Merger will consist of ten directors, including five of whom shall be selected from the current Company board and five of whom shall be selected from the current Analysts board.

 

The Merger was announced in a press release issued on April 13, 2005, which release is set forth in Exhibit 99.1 attached hereto and is incorporated herein by reference.

 

A conference call discussing the proposed transaction was held at 10:00 a.m. EST, as described in the press release.

 

The foregoing summary of the proposed transaction and the Merger Agreement is subject to, and qualified in its entirety by the Merger Agreement and the press release, dated April 13, 2005, issued by the Company, attached as Exhibits 2.1 and 99.1, respectively, and incorporated herein by reference.

 

Item 8.01 Other Events

 

On April 13, 2005, Analysts International Corporation and Computer Horizons Corp. issued a joint press release announcing the execution of the Merger Agreement.  The press release is attached as Exhibit 99.1 and is incorporated herein by reference.

 

On April 13, 2005, Analysts International Corporation and Computer Horizons Corp. held a joint conference call regarding their announcement of the Merger Agreement.  The script of the conference call is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

 

On April 13, 2005, the Company distributed an internal memorandum to its employees announcing the execution of the Merger Agreement.  The internal memorandum is attached as Exhibit 99.3 and is incorporated herein by reference.

 

1



 

Forward Looking Statements

 

This Report contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions.  Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements.  Such forward-looking statements are based upon current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.  These statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate.  Therefore, actual outcomes and results may differ materially from what is expressed herein.  For example, if either of the companies does not receive required shareholder or governmental approvals or fails to satisfy other conditions to closing, the transaction will not be consummated.  In any forward-looking statement in which Analysts International or Computer Horizons expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will result or be achieved or accomplished.  Analysts and Computer Horizons undertake no obligation (and expressly disclaim any such obligation) to update forward-looking statements made in this press release to reflect events or circumstances after the date of this transcript or to update reasons why actual results would differ from those anticipated in such forward-looking statements.

 

Additional Information and Where to Find It

 

Analysts International Corporation and Computer Horizons Corp. intend to file a joint proxy statement/prospectus in connection with the merger transaction with the Securities and Exchange Commission.  INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER WHEN IT BECOME AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.  Investors and  security holders may obtain a free coy of the joint proxy statement/prospectus (when it is available) and other documents filed by Analysts International Corporation and Computer Horizons Corp. with the Securities and Exchange Commission at the Securities and Exchange Commission’s web site at http://www.sec/gov.  Free copies of the joint proxy statement/prospectus, once available, and other documents may also be obtained for free from  Analysts International Corporation and Computer Horizons Corp.’s  investor relations at pquist@analysts.com and dreingol@computerhorizons.com, respectively.

 

Participants in the Solicitation

 

Analysts International Corporation and Computer Horizons Corp, and their respective directors, officers and other employees may be deemed to be participants in the solicitation of proxies from the shareholders of Analysts International Corporation and Computer Horizons Corp. with respect to the transactions contemplated by the merger agreement.  Information regarding

 

2



 

Analysts International’s officers and directors is included in Analysts International Corporation’s Proxy Statement for its 2004 Annual Meeting of Shareholders filed with the Securities and Exchange Commission on April 16, 2004.  Information regarding Computer Horizons’ officers and directors is included in Computer Horizons Corp.’s Proxy Statement for its 2005 Annual Meeting of Shareholders filed with the Securities and Exchange Commission on April 12, 2005.  These documents are available free of charge at the Securities and Exchange Commission’s web site at http://www.sec.gov and from Analysts International Corporation investor relations at pquist@Analysts.com and Computer Horizons Corp.’s  investor relations at dreingol@computerhorizons.com.

 

3



 

Item 9.01                                             Financial Statements and Exhibits.

 

(c)                                  Exhibits.

 

Exhibit Number

 

Description

 

 

 

2.1

 

Agreement and Plan of Merger, dated as of April 12, 2005, among Computer Horizons Corp., Analysts International Corporation and JV Merger Corp.

 

 

 

99.1

 

Joint Press Release, dated April 13, 2005.

 

 

 

99.2

 

Script of joint conference call of Computer Horizons Corp. held at 10:00 a.m. EST on April 13, 2005.

 

 

 

99.3

 

Internal Memorandum to Computer Horizon Corp. employees, dated April 13, 2005.

 

4



 

SIGNATURE

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: April 13, 2005

 

 

 

 

 

 

COMPUTER HORIZONS CORP.

 

 

 

 

 

By:

/s/William J. Murphy

 

 

Name:

William J. Murphy

 

Title:

President and CEO

 

5