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| | | | 129 | | | |
| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | | |
| | | | D-1 | | | |
| | | | E-1 | | | |
| | | | F-1 | | |
| | |
FV/2022E EBITDA
|
| |||
Defense Systems | | | | | | | |
Median
|
| | | | 11.2x | | |
Mean
|
| | | | 14.9x | | |
Transportation | | | | | | | |
Median
|
| | | | 14.3x | | |
Mean
|
| | | | 14.3x | | |
Overall | | | | | | | |
Median
|
| | | | 11.2x | | |
Mean
|
| | | | 14.8x | | |
|
Implied Equity Value Per Company
Common Stock Reference Range |
| |
Per Share Merger
Consideration |
| |
Pre-
Announcement Price |
| |
Unaffected Price
|
|
|
2022E Adjusted EBITDA
|
| | | | | | | | | |
|
$48.50 – $94.50
|
| |
$70.00
|
| |
$63.24
|
| |
$44.37
|
|
|
Implied Equity Value
Per Company Common Stock Reference Range |
| |
Per Share Merger
Consideration |
| |
Pre-Announcement
Price |
| |
Unaffected Price
|
|
|
$60.75 – $84.75
|
| |
$70.00
|
| |
$63.24
|
| |
$44.37
|
|
Date Announced
|
| |
Acquirer
|
| |
Target
|
|
Defense | | | | | | | |
12/07/20 | | | Mercury Systems, Inc. | | | Physical Optics Corporation | |
10/29/20 | | | Parsons Corporation | | |
Braxton Science & Technology Group, LLC
|
|
1/20/20 | | | BAE Systems PLC | | | UTX (Collins) GPS | |
12/17/19 | | | Leidos Holdings, Inc. | | | Dynetics, Inc. | |
7/25/19 | | | Advent International Inc. | | | Cobham PLC | |
7/22/19 | | | Parsons Corporation | | | QRC, LLC | |
12/12/18 | | | Cerberus Capital Management, L.P. | | | Sparton Corporation | |
12/21/17 | | | Mercury System Inc. | | | Themis Computer, Inc. | |
12/03/17 | | | TTM Technologies, Inc. | | | Anaren, Inc. | |
11/23/15 | | | Comtech Telecommunications Corp. | | | TeleCommunication Systems, Inc. | |
6/1/15 | | | Ultra Electronics Holdings PLC | | | Kratos Defense & Security Solutions, Inc. | |
2/6/15 | | | Harris Corporation | | | Exelis Inc. | |
5/20/14 | | | Cobham PLC | | | Aeroflex Holding Corp. | |
11/4/13 | | | Veritas Capital Fund Management, L.L.C. | | | Anaren, Inc. | |
10/9/13 | | | CACI International Inc. | | | Six3 Systems, Inc. | |
Transportation / Payment Processing / Infrastructure | | ||||||
8/2/18 | | | Jacobs Engineering Group Inc. | | | CH2M Hill Companies, Ltd. | |
6/21/18 | | | Gores Holdings II, Inc. | | | Verra Mobility Corporation | |
12/17/17 | | | Thales S.A. | | | Gemalto N.V. | |
4/20/17 | | | SNC-Lavalin Group Inc. | | | WSAtkins plc | |
1/26/16 | | | Total System Services, Inc. | | | TransFirst Holdings Corp. | |
9/3/14 | | | WSP Global Inc. | | | Parsons Brinckerhoff Group Inc. | |
10/6/04 | | | Roper Industries, Inc. | | | TransCore Holdings, Inc. | |
| | |
FV/LTM
EBITDA |
| |
FV/NTM
EBITDA |
| ||||||
Defense Companies | | | | | | | | | | | | | |
Median
|
| | | | 12.2x | | | | | | 12.3x | | |
Mean
|
| | | | 12.1x | | | | | | 12.3x | | |
Transportation/ Payment Processing/ Infrastructure Companies | | | | | | | | | | | | | |
Median
|
| | | | 11.1x | | | | | | 12.7x | | |
Mean
|
| | | | 10.8x | | | | | | 12.7x | | |
Overall | | | | | | | | | | | | | |
Median
|
| | | | 11.8x | | | | | | 12.3x | | |
Mean
|
| | | | 11.6x | | | | | | 12.4x | | |
|
Implied Equity Value Per Company
Common Stock Reference Range |
| |
Per Share Merger
Consideration |
| |
Pre-Announcement
Price |
| |
Unaffected Price
|
|
|
2020A Adjusted EBITDA
|
| | | | | | | | | |
|
$34.25 – $68.25
|
| |
$70.00
|
| |
$63.24
|
| |
$44.37
|
|
|
2021E Adjusted EBITDA
|
| | | | | | | | | |
|
$38.50 – $66.25
|
| |
$70.00
|
| |
$63.24
|
| |
$44.37
|
|
| | |
Enterprise Value / EBITDA
|
| |||||||||
Company Name
|
| |
CY2020E
|
| |
CY2021E
|
| ||||||
AeroVironment, Inc.
|
| | | | N.M. | | | | | | N.M. | | |
CAE Inc.
|
| | | | 19.4x | | | | | | 14.7x | | |
Curtiss-Wright Corporation
|
| | | | 10.5x | | | | | | 9.8x | | |
Conduent, Inc.
|
| | | | 5.0x | | | | | | 5.3x | | |
Init Innovation in Traffic Systems SE
|
| | | | 15.1x | | | | | | 14.0x | | |
Kratos Defense & Security Solutions, Inc.
|
| | | | N.M. | | | | | | N.M. | | |
Mercury Systems, Inc.
|
| | | | 23.0x | | | | | | 18.5x | | |
Parsons Corporation
|
| | | | 11.0x | | | | | | 9.9x | | |
Thales S.A.
|
| | | | 9.6x | | | | | | 8.1x | | |
Ultra Electronics Holdings plc
|
| | | | 10.0x | | | | | | 9.5x | | |
Verra Mobility Corporation
|
| | | | 17.8x | | | | | | 15.2x | | |
| | |
Enterprise Value / EBITDA
|
| |||||||||
| | |
CY2020E
|
| |
CY2021E
|
| ||||||
Mean
|
| | | | 13.5x | | | | | | 11.7x | | |
Median
|
| | | | 11.0x | | | | | | 9.9x | | |
Reference Low
|
| | | | 8.3x | | | | | | 7.4x | | |
Reference High
|
| | | | 16.9x | | | | | | 14.6x | | |
Merger Consideration
|
| | | | 16.0x | | | | | | 16.5x | | |
| | |
Enterprise Value / EBITDA
|
| |||||||||
| | |
CY2020E
|
| |
CY2021E
|
| ||||||
Mean
|
| | | $ | 56.09 | | | | | $ | 44.28 | | |
Median
|
| | | $ | 42.73 | | | | | $ | 34.96 | | |
Reference Low
|
| | | $ | 27.72 | | | | | $ | 21.89 | | |
Reference High
|
| | | $ | 74.44 | | | | | $ | 59.67 | | |
Merger Consideration
|
| | | $ | 70.00 | | | | | $ | 70.00 | | |
Company Name
|
| |
Enterprise Value /
TTM EBITDA |
| |
Enterprise Value /
NTM EBITDA |
| ||||||
Pending acquisition of FLIR Systems, Inc. by Teledyne Technologies, Inc. (Pending; Announced Jan-2021)
|
| | | | 18.3x | | | | | | 17.1x | | |
Acquisition of Physical Optics Corporation, Inc. by Mercury Systems, Inc. (Dec-2020)
|
| | | | N.D. | | | | | | 13.0x | | |
Acquisition of Braxton Science & Technology Group, LLC by Parsons Corp. (Nov-2020)
|
| | | | N.D. | | | | | | 12.8x | | |
Acquisition of Military Global Positioning Business of Collins Aerospace by BAE Systems (Jul-2020)
|
| | | | N.D. | | | | | | 15.2x | | |
Company Name
|
| |
Enterprise Value /
TTM EBITDA |
| |
Enterprise Value /
NTM EBITDA |
| ||||||
Acquisition of Dynetics, Inc. by Leidos, Inc. (Jan-2020)
|
| | | | N.D. | | | | | | 15.0x | | |
Acquisition of Cobham plc by Advent International (Jan-2020)
|
| | | | 13.1x | | | | | | 13.2x | | |
Acquisition of The KeyW Corporation by Jacobs Engineering Group, Inc. (Jun-2019)
|
| | | | 22.6x | | | | | | 17.6x | | |
Acquisition of Gemalto N.V. by Thales S.A. (Apr-2019)
|
| | | | 11.5x | | | | | | 11.2x | | |
Acquisition of Sparton Corporation by Cerberus Capital Management, L.P. (Mar-2019)
|
| | | | 7.2x | | | | | | 9.8x | | |
Acquisition of Verra Mobility Corporation by Gores Holdings II,
Inc. (Oct-2018) |
| | | | 12.5x | | | | | | 10.8x | | |
Acquisition of Anaren, Inc. by TTM Technologies, Inc.
(Apr-2018) |
| | | | 14.0x | | | | | | N.D. | | |
Acquisition of TeleCommunicationSystems, Inc. by Comtech Telecommunications Corp. (Feb-2016)
|
| | | | 10.7x | | | | | | N.D. | | |
| | |
Enterprise Value /
Trailing Twelve Months (TTM) EBITDA |
| |
Implied Per Share
Equity Price |
| ||||||
Mean
|
| | | | 13.7x | | | | | $ | 57.40 | | |
Median
|
| | | | 12.8x | | | | | $ | 52.32 | | |
Reference Low
|
| | | | 9.6x | | | | | $ | 34.92 | | |
Reference High
|
| | | | 17.2x | | | | | $ | 76.07 | | |
Merger Consideration
|
| | | | 16.0x | | | | | $ | 70.00 | | |
| | |
Enterprise Value /
Next Twelve Months (NTM) EBITDA |
| |
Implied Per Share
Equity Price |
| ||||||
Mean
|
| | | | 13.6x | | | | | $ | 54.27 | | |
Median
|
| | | | 13.1x | | | | | $ | 51.72 | | |
Reference Low
|
| | | | 9.8x | | | | | $ | 34.47 | | |
Reference High
|
| | | | 17.0x | | | | | $ | 72.16 | | |
Merger Consideration
|
| | | | 16.5x | | | | | $ | 70.00 | | |
| | |
Equity Value /
Per Share |
| |||
Terminal Value EBITDA Multiple Method | | | | | | | |
Minimum
|
| | | $ | 65.78 | | |
Maximum
|
| | | $ | 85.52 | | |
Merger Consideration
|
| | | $ | 70.00 | | |
| | |
For 12-Month Period Ended September 30,
|
| |||||||||||||||||||||||||||
$ in millions
(except per share amounts) |
| |
2021E
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |||||||||||||||
Sales
|
| | | $ | 1,580 | | | | | $ | 1,715 | | | | | $ | 1,862 | | | | | $ | 2,000 | | | | | $ | 2,176 | | |
Net Income
|
| | | | 33 | | | | | | 78 | | | | | | 112 | | | | | | 151 | | | | | | 183 | | |
Adjusted EBITDA(1)
|
| | | | 180 | | | | | | 213 | | | | | | 245 | | | | | | 287 | | | | | | 326 | | |
| | | |
For 12-Month Period Ended September 30,
|
| |||||||||||||||||||||||||||
|
$ in millions
|
| |
2021E(A)
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |||||||||||||||
|
Adjusted EBITDA
|
| | | | 180 | | | | | | 213 | | | | | | 245 | | | | | | 287 | | | | | | 326 | | |
|
Less: Depreciation and Amortization
|
| | | | (98) | | | | | | (87) | | | | | | (82) | | | | | | (73) | | | | | | (71) | | |
|
Adjusted EBIT(B)
|
| | | | 82 | | | | | | 126 | | | | | | 163 | | | | | | 214 | | | | | | 255 | | |
|
Less: Taxes(C)
|
| | | | (21) | | | | | | (31) | | | | | | (41) | | | | | | (53) | | | | | | (64) | | |
|
Adjusted Net Operating Profit After Taxes(D)
|
| | | $ | 62 | | | | | $ | 94 | | | | | $ | 123 | | | | | $ | 160 | | | | | $ | 192 | | |
|
Plus: Depreciation and Amortization
|
| | | | 98 | | | | | | 87 | | | | | | 82 | | | | | | 73 | | | | | | 71 | | |
|
Less: Capital Expenditures
|
| | | | (49) | | | | | | (45) | | | | | | (33) | | | | | | (30) | | | | | | (30) | | |
|
Less: Change in Net Working Capital
|
| | |
|
(80)
|
| | | |
|
43
|
| | | |
|
(34)
|
| | | |
|
(40)
|
| | | |
|
(51)
|
| |
|
Unlevered Free Cash Flow(E)
|
| | | $ | 30 | | | | | $ | 180 | | | | | $ | 137 | | | | | $ | 163 | | | | | $ | 182 | | |
Non-Employee Directors
|
| |
Number of
Restricted Stock Units (#)(1) |
| |
Value of
Restricted Stock Units ($)(1) |
| ||||||
Prithviraj Banerjee
|
| | | | 2,212 | | | | | | 154,840 | | |
Bruce G. Blakley
|
| | | | 2,212 | | | | | | 154,840 | | |
Maureen Breakiron-Evans
|
| | | | 2,212 | | | | | | 154,840 | | |
Denise L. Devine
|
| | | | 2,212 | | | | | | 154,840 | | |
Carolyn A. Flowers
|
| | | | 2,212 | | | | | | 154,840 | | |
Janice M. Hamby
|
| | | | 2,212 | | | | | | 154,840 | | |
David F. Melcher
|
| | | | 2,212 | | | | | | 154,840 | | |
Steven J. Norris
|
| | | | 2,212 | | | | | | 154,840 | | |
Executive Officers
|
| |
Number of
Restricted Stock Units (#)(1) |
| |
Value of
Restricted Stock Units ($)(2) |
| ||||||
Bradley H. Feldmann*
|
| | | | 126,106 | | | | | | 8,827,420 | | |
Anshooman Aga
|
| | | | 35,193 | | | | | | 2,463,510 | | |
Hilary L. Hageman
|
| | | | 8,673 | | | | | | 607,110 | | |
Mark Harrison
|
| | | | 17,862 | | | | | | 1,250,340 | | |
Michael Knowles
|
| | | | 20,555 | | | | | | 1,438,850 | | |
Grace G. Lee
|
| | | | 16,329 | | | | | | 1,143,030 | | |
Jeffrey Lowinger
|
| | | | 7,372 | | | | | | 516,040 | | |
Rhys Williams
|
| | | | 3,101 | | | | | | 217,070 | | |
Michael R. Twyman(3)
|
| | | | 13,207 | | | | | | 924,490 | | |
Executive Officers
|
| |
Number of
Restricted Shares (#)(2) |
| |
Value of
Restricted Shares ($)(2) |
| ||||||
Bradley H. Feldmann*
|
| | | | 35,614 | | | | | | 2,492,980 | | |
Anshooman Aga
|
| | | | 21,520 | | | | | | 1,506,400 | | |
Hilary L. Hageman
|
| | | | 5,353 | | | | | | 374,710 | | |
Michael Knowles
|
| | | | 8,841 | | | | | | 618,870 | | |
Grace G. Lee
|
| | | | 13,190 | | | | | | 923,300 | | |
Jeffrey Lowinger
|
| | | | 11,832 | | | | | | 828,240 | | |
Rhys Williams
|
| | | | 3,503 | | | | | | 245,210 | | |
Name
|
| |
Cash(2)
|
| |
Equity(3)
|
| |
Pension/
NQDC(4) |
| |
Perquisites/
Benefits(5) |
| |
Tax
Reimbursements(6) |
| |
Other(7)
|
| |
Total
|
| |||||||||||||||||||||
Bradley H. Feldmann
Chairman, President and Chief Executive Officer |
| | | | 4,541,876 | | | | | | 11,320,400 | | | | | | — | | | | | | 52,047 | | | | | | — | | | | | | — | | | | | | 15,914,323 | | |
Anshooman Aga
Executive Vice President and Chief Financial Officer |
| | | | 2,017,957 | | | | | | 3,969,910 | | | | | | — | | | | | | 52,047 | | | | | | — | | | | | | — | | | | | | 6,039,914 | | |
Michael Knowles
Senior Vice President, Cubic Corporation and President, Cubic Mission and Performance Solutions |
| | | | 1,845,833 | | | | | | 2,057,720 | | | | | | — | | | | | | 52,047 | | | | | | — | | | | | | — | | | | | | 3,955,600 | | |
Grace G. Lee
Senior Vice President, Chief Human Resources and Diversity Officer |
| | | | 1,384,313 | | | | | | 2,066,330 | | | | | | — | | | | | | 52,047 | | | | | | — | | | | | | — | | | | | | 3,502,690 | | |
Jeffrey B. Lowinger
Senior Vice President, Cubic Corporation and President, Cubic Transportation Systems |
| | | | 2,030,417 | | | | | | 1,344,280 | | | | | | — | | | | | | 52,047 | | | | | | — | | | | | | — | | | | | | 3,426,744 | | |
Michael R. Twyman(8)
|
| | | | — | | | | | | 924,490 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 924,940 | | |
| | |
High
|
| |
Low
|
| ||||||
Fiscal Year 2019 | | | | | | | | | | | | | |
First quarter ended December 31, 2018
|
| | | $ | 73.82 | | | | | $ | 50.61 | | |
Second quarter ended March 31, 2019
|
| | | $ | 65.77 | | | | | $ | 52.42 | | |
Third quarter ended June 30, 2019
|
| | | $ | 64.80 | | | | | $ | 53.08 | | |
Fourth quarter ended September 30, 2019
|
| | | $ | 74.02 | | | | | $ | 62.76 | | |
Fiscal Year 2020 | | | | | | | | | | | | | |
First quarter ended December 31, 2019
|
| | | $ | 75.20 | | | | | $ | 56.36 | | |
Second quarter ended March 31, 2020
|
| | | $ | 70.50 | | | | | $ | 30.86 | | |
Third quarter ended June 30, 2020
|
| | | $ | 53.13 | | | | | $ | 31.01 | | |
Fourth quarter ended September 30, 2020
|
| | | $ | 61.53 | | | | | $ | 39.97 | | |
Fiscal Year 2021 | | | | | | | | | | | | | |
First quarter ended December 31, 2020
|
| | | $ | 67.40 | | | | | $ | 55.84 | | |
Second quarter ending March 31, 2021 (through March [•], 2021)
|
| | | $ | [•] | | | | | $ | [•] | | |
|
Date
|
| |
Closing per Share Sales Price
|
| |||
|
February 5, 2021
|
| | | $ | 63.29 | | |
|
[•], 2021
|
| | | $ | [•] | | |
Name of Beneficial Owner
|
| |
Shares
Beneficially Owned |
| |
Percent
Owned |
| | ||||||||
Principal Stockholders | | | | | | | | | | | | | | | ||
BlackRock, Inc.(1)
|
| | | | 5,086,039 | | | | | | [•]% | | | | ||
T. Rowe Price Associates, Inc.(2)
|
| | | | 3,399,877 | | | | | | [•]% | | | | ||
The Vanguard Group(3)
|
| | | | 3,216,195 | | | | | | [•]% | | | | ||
River Road Asset Management, LLC(4)
|
| | | | 1,838,399 | | | | | | [•]% | | | | ||
State Street Corporation(5)
|
| | | | 1,814,133 | | | | | | [•]% | | | | ||
Directors and Named Executive Officers | | | | | | | | | | | | | | | ||
Bradley H. Feldmann(6)
|
| | | | [•] | | | | | | * | | | | ||
Michael R. Twyman(7)
|
| | | | [•] | | | | | | * | | | | ||
Jeffrey B. Lowinger
|
| | | | [•] | | | | | | * | | | | ||
Maureen Breakiron-Evans(8)
|
| | | | [•] | | | | | | * | | | | ||
Anshooman Aga(9)
|
| | | | [•] | | | | | | * | | | | ||
David F. Melcher
|
| | | | [•] | | | | | | * | | | | ||
Bruce G. Blakley(10)
|
| | | | [•] | | | | | | * | | | | ||
Steven J. Norris
|
| | | | [•] | | | | | | * | | | | ||
Grace G. Lee
|
| | | | [•] | | | | | | * | | | | ||
Janice M. Hamby
|
| | | | [•] | | | | | | * | | | | ||
Michael Knowles
|
| | | | [•] | | | | | | * | | | | ||
Prithviraj Banerjee
|
| | | | [•] | | | | | | * | | | | ||
Denise L. Devine
|
| | | | [•] | | | | | | * | | | | ||
Carolyn A. Flowers
|
| | | | [•] | | | | | | * | | | | ||
All directors and executive officers as a group (17 persons)
|
| | | | [•] | | | | | | * | | | | | |
|
Article I
THE MERGER |
| | | | | | |
| | | | | A-6 | | | |
| | | | | A-6 | | | |
| | | | | A-6 | | | |
| | | | | A-6 | | | |
|
Article II
EFFECT OF THE MERGER ON CAPITAL STOCK |
| | | | | | |
| | | | | A-7 | | | |
| | | | | A-7 | | | |
| | | | | A-9 | | | |
| | | | | A-11 | | | |
| | | | | A-11 | | | |
| | | | | A-11 | | | |
|
Article III
REPRESENTATIONS AND WARRANTIES OF THE COMPANY |
| | | | | | |
| | | | | A-12 | | | |
| | | | | A-13 | | | |
| | | | | A-14 | | | |
| | | | | A-15 | | | |
| | | | | A-16 | | | |
| | | | | A-17 | | | |
| | | | | A-17 | | | |
| | | | | A-17 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-20 | | | |
| | | | | A-21 | | | |
| | | | | A-22 | | | |
| | | | | A-23 | | | |
| | | | | A-24 | | | |
| | | | | A-25 | | | |
| | | | | A-27 | | | |
| | | | | A-28 | | | |
| | | | | A-29 | | | |
| | | | | A-29 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | |
| | | | | A-31 | | | |
|
Article IV
REPRESENTATIONS AND WARRANTIES OF PARENT AND SUB |
| | | | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | | |
| | | | | A-33 | | | |
| | | | | A-33 | | | |
| | | | | A-34 | | | |
| | | | | A-34 | | | |
| | | | | A-34 | | | |
| | | | | A-34 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | | |
| | | | | A-36 | | | |
|
Article V
COVENANTS |
| | | | | | |
| | | | | A-36 | | | |
| | | | | A-39 | | | |
| | | | | A-40 | | | |
| | | | | A-43 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-48 | | | |
| | | | | A-52 | | | |
| | | | | A-53 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-55 | | | |
| | | | | A-55 | | | |
| | | | | A-56 | | | |
| | | | | A-56 | | | |
| | | | | A-56 | | | |
| | | | | A-56 | | | |
|
Article VI
CONDITIONS TO THE MERGER |
| | | | | | |
| | | | | A-56 | | | |
| | | | | A-57 | | | |
| | | | | A-58 | | | |
| | | | | A-58 | | |
|
Article VII
TERMINATION, AMENDMENT AND WAIVER |
| | | | | | |
| | | | | A-58 | | | |
| | | | | A-59 | | | |
| | | | | A-63 | | | |
| | | | | A-63 | | | |
| | | | | A-63 | | | |
|
Article VIII
GENERAL PROVISIONS |
| | | | | | |
| | | | | A-63 | | | |
| | | | | A-63 | | | |
| | | | | A-64 | | | |
| | | | | A-64 | | | |
| | | | | A-64 | | | |
| | | | | A-65 | | | |
| | | | | A-65 | | | |
| | | | | A-66 | | | |
| | | | | A-67 | | | |
| | | | | A-67 | | | |
| | | | | A-68 | | |
|
Annex I
Defined Terms
|
|
|
Exhibit A
Form of Company Rights Agreement Amendment
|
|
|
Exhibit B
Form of Voting Agreement
|
|
|
Exhibit C
Form of Certificate of Merger
|
|
|
Exhibit D
Form of Amended and Restated Certificate of Incorporation of the Surviving Corporation
|
|
Term
|
| |
Section
|
|
Affiliate Arrangement | | |
Section 3.27
|
|
Agreement | | |
Preamble
|
|
Alternative Acquisition Agreement | | |
Section 5.03(a)
|
|
Anti-Bribery Laws | | |
Section 3.21(d)
|
|
Antitrust Failure | | |
Section 7.02(c)
|
|
Antitrust Laws | | |
Section 3.04(b)
|
|
Backstopped/Rolled LCs | | |
Section 5.16
|
|
Bankruptcy and Equity Exception | | |
Section 3.03(a)
|
|
Book-Entry Shares | | |
Section 2.01(a)(i)
|
|
Certificate | | |
Section 2.01(a)(i)
|
|
Certificate of Merger | | |
Section 1.03
|
|
Change of Company Recommendation | | |
Section 5.03(d)
|
|
Closing | | |
Section 1.02
|
|
Closing Date | | |
Section 1.02
|
|
Company | | |
Preamble
|
|
Company Benefit Plan | | |
Section 3.12(a)
|
|
Company Board | | |
Recitals
|
|
Company Bylaws | | |
Section 3.01(b)
|
|
Company Charter | | |
Section 3.01(b)
|
|
Company Common Stock | | |
Recitals
|
|
Company Disclosure Letter | | |
Article III
|
|
Company Employee | | |
Section 5.11(a)
|
|
Company Financial Statements | | |
Section 3.06
|
|
Company Intellectual Property | | |
Section 3.17(a)
|
|
Company Material Contract | | |
Section 3.18(b)(xiii)
|
|
Company Permits | | |
Section 3.05(a)
|
|
Company Preferred Stock | | |
Section 3.02(a)
|
|
Company Privacy Policy | | |
Section 3.20(a)
|
|
Company Recommendation | | |
Section 5.04(d)
|
|
Company Related Parties | | |
Section 7.02(d)
|
|
Company Rights Agreement | | |
Recitals
|
|
Company Rights Agreement Amendment | | |
Recitals
|
|
Company SEC Documents | | |
Section 3.06
|
|
Company Stockholder Approval | | |
Section 3.25
|
|
Company Stockholders Meeting | | |
Section 5.04(c)
|
|
Continuation Period | | |
Section 5.11(a)
|
|
Continuing Employee | | |
Section 5.11(a)
|
|
D&O Insurance | | |
Section 5.09(b)
|
|
Damages | | |
Section 7.02(a)
|
|
Damages Cap | | |
Section 7.02(a)
|
|
DDTC | | |
Section 5.06(e)
|
|
Term
|
| |
Section
|
|
Debt Commitment Letter | | |
Section 4.07(a)
|
|
Definitive Debt Financing Agreements | | |
Section 5.07(a)
|
|
DGCL | | |
Recitals
|
|
Dissenting Shares | | |
Section 2.04
|
|
Dissenting Stockholder | | |
Section 2.04
|
|
Effective Time | | |
Section 1.03
|
|
Equity Commitment Letters | | |
Section 4.07(a)
|
|
Equity Financing | | |
Section 4.07(a)
|
|
Equity Financing Sources | | |
Section 4.07(a)
|
|
ERISA | | |
Section 3.12(a)
|
|
Exchange Fund | | |
Section 2.02(a)
|
|
Export Laws | | |
Section 3.21(d)
|
|
Fee Letter | | |
Section 4.07(a)
|
|
Financing Commitment Letters | | |
Section 4.07(a)
|
|
Financing Purposes | | |
Section 4.07(b)
|
|
Financing Sources | | |
Section 4.07(a)
|
|
Guarantors | | |
Recitals
|
|
Indemnified Liabilities | | |
Section 5.09(a)
|
|
Indemnified Parties | | |
Section 5.09(a)
|
|
Indemnified Party | | |
Section 5.09(a)
|
|
Inside Date | | |
Section 1.02
|
|
Intervening Event Change of Recommendation Notice Period | | |
Section 5.03(f)(iii)
|
|
IRS | | |
Section 3.12(a)
|
|
Leased Real Property | | |
Section 3.15(b)
|
|
Limited Guarantees | | |
Recitals
|
|
Merger | | |
Recitals
|
|
Merger Consideration | | |
Section 2.01(a)(i)
|
|
New Debt Commitment Letter | | |
Section 5.07(c)
|
|
New Fee Letter | | |
Section 5.07(c)
|
|
Notice of Intervening Event Change of Recommendation | | |
Section 5.03(f)(ii)
|
|
Notice of Superior Proposal Change of Recommendation | | |
Section 5.03(e)(ii)
|
|
Outside Date | | |
Section 7.01(b)(i)
|
|
Owned Real Property | | |
Section 3.15(a)
|
|
Parent | | |
Preamble
|
|
Parent 401(k) Plan | | |
Section 5.11(e)
|
|
Parent Costs and Interest | | |
Section 7.02(d)
|
|
Parent Disclosure Letter | | |
Article IV
|
|
Parent Plans | | |
Section 5.11(c)
|
|
Parent Related Parties | | |
Section 7.02(d)
|
|
Paying Agent | | |
Section 2.02(a)
|
|
Term
|
| |
Section
|
|
Payoff Letters | | |
Section 5.16
|
|
Permit | | |
Section 3.05(a)
|
|
Personal Information | | |
Section 3.20(a)
|
|
Proceeding | | |
Section 3.11
|
|
Process | | |
Section 3.20(a)
|
|
Processing | | |
Section 3.20(a)
|
|
Real Property Lease | | |
Section 3.15(b)
|
|
Replacement Facility Commitment Letter | | |
Section 5.07(a)
|
|
Replacement Facility Fee Letter | | |
Section 5.07(a)
|
|
Restricted Share Payments | | |
Section 2.03(b)
|
|
Rights | | |
Section 2.06
|
|
RSU Award | | |
Section 2.03(a)
|
|
RSU Payments | | |
Section 2.03(a)
|
|
RSUs | | |
Section 2.03(a)
|
|
Sarbanes-Oxley Act | | |
Section 3.06
|
|
Select Antitrust Laws | | |
Section 7.02(c)
|
|
Series A Preferred Stock | | |
Section 2.06
|
|
Specified Date | | |
Section 3.02(a)
|
|
Specified Stockholder | | |
Recitals
|
|
Sub | | |
Preamble
|
|
Surviving Corporation | | |
Section 1.01
|
|
Takeover Statute | | |
Section 3.24
|
|
Transactions | | |
Recitals
|
|
Treasury Regulation | | |
Section 2.05
|
|
Unlisted Company Benefit Plans | | |
Section 3.12(a)
|
|
Voting Agreement | | |
Recitals
|
|
|
Stockholder
|
| |
Shares
|
|
|
Elliott Associates, L.P.
|
| |
450,000
|
|
|
Elliott International, L.P.
|
| |
1,050,000
|
|
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