DEFA14A 1 defa14a.htm SCHEDULE 14A defa14a.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 14A
 
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
(Rule 14a-101)
Filed by the Registrant þ
Filed by a Party other than the Registrant o
Check the appropriate box:
o
 
Preliminary Proxy Statement
o
 
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
o
 
Definitive Proxy Statement
o
 
Definitive Additional Materials
þ
 
Soliciting Material Pursuant to §240.14a-12
 
MILLIPORE CORPORATION
(Name of Registrant as Specified In Its Charter)
 
 
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
þ
 
No fee required.
o
 
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
 
  (1)
 
Title of each class of securities to which transaction applies:
 
 
  (2)
 
Aggregate number of securities to which transaction applies:
       
 
  (3)
 
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
       
 
  (4)
 
Proposed maximum aggregate value of transaction:
 
 
  (5)
 
Total fee paid:
 

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Fee paid previously with preliminary materials.
     
o
 
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
 
  (1)
 
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  (2)
 
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  (3)
 
Filing Party:
       
 
  (4)
 
Date Filed:
 
 
 
 
 

 
On March 1, 2010, Millipore Corporation hosted a conference call with employees concerning the proposed transaction with Merck KGaA.  A copy of the presentation that was used in connection with the conference call follows:
 
All Employee Teleconference
March 1st , 2010
 
 

 
Forward Looking & Cautionary Statements
 The Information in this document may contain “forward-looking statements”. Forward-looking statements may
 be identified by words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “will”
 or words of similar meaning and include, but are not limited to, statements about the expected future
 businesses of Merck KGaA (Merck) and Millipore Corporation (Millipore) resulting from and following the
 proposed acquisition. These statements are based on the current expectations of Merck and Millipore and are
 inherently subject to uncertainties and changes in circumstances. Among the factors that could cause actual
 results to differ materially from those described in the forward-looking statements are factors relating to the
 fulfillment of certain closing conditions to the proposed transaction, and changes in global, political, economic,
 business, competitive, market and regulatory forces. Merck and Millipore do not undertake any obligation to
 update the forward-looking statements to reflect actual results, or any change in events, conditions,
 assumptions or other factors. Please refer to Millipore’s filings with the SEC, including its most recent Annual
 Report on Form 10-K, for more information on additional risks that could cause actual results to differ from the
 forward-looking statements made herein.
 This communication may be deemed to be solicitation material in respect of the proposed acquisition of
 Millipore by Merck. In connection with the proposed acquisition, Merck and Millipore intend to file relevant
 materials with the SEC, including Millipore’s proxy statement on Schedule 14A.
 INVESTORS AND SECURITY HOLDERS OF MILLIPORE ARE URGED TO READ ALL RELEVANT
 DOCUMENTS FILED WITH THE SEC, INCLUDING MILLIPORE’S PROXY STATEMENT, WHEN IT
 BECOMES AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
 PROPOSED ACQUISITION.
 Investors and security holders will be able to obtain all such documents, when they become available, free of
 charge through the website maintained by the SEC at www.sec.gov, or by directing a request to Joshua S.
 Young, Director of Investor Relations for Millipore, at 978-715-1527. Such documents are not currently
 available.
 Merck and certain of its directors and executive officers and other persons, and Millipore and its directors and
 certain executive officers, may be deemed to be participants in the solicitation of proxies from the holders of
 Millipore common stock in respect of the proposed acquisition. Information regarding such persons and a
 description of their interests in the transaction will be contained in the proxy statement when it is filed.
 
 

 
Agenda
 What’s happening?
 Why does this make sense?
 Millipore in the short term
 Millipore in the future
 
 

 
What’s happening?
 Merck KGaA entered into a definitive agreement to acquire all
 outstanding Millipore shares for US$107 per share in cash, or a
 total transaction value (including net debt) of approximately
 US$7.2 bn
 
 Represents significant shareholder value and new opportunities
 for Millipore employees
 Closing subject to Millipore shareholder approval, anti-trust
 clearance and other customary closing conditions
 
 Transaction expected to close 2H10
 
 

 
Proposal: Merck KGaA & Millipore
 
 

 
Why does this make sense for Merck?
 Contributes complementary high-margin specialty products with an
 attractive growth profile
 Creates a € 2bn (~US$ 2.75 bn) world class partner for the Life
 Science sector
 Provides significant scale in high-growth bioscience and
 bioproduction segments
 Comprehensive product offering and cutting-edge technologies for
 pharma and biopharmaceutical customers across the research,
 development and production value chain.
 Generates significant value for shareholders
 Fully in line with Merck's acquisition strategy
 
 
 
 

 
Why does this make sense for Millipore?
 Combines the strong R&D capabilities and global presence of both
 companies to expand our global reach, innovation capacity, customer
 value creation and risk diversification
 
 Builds upon Millipore’s strong brand and a proven track record of
 sustainable and profitable growth
 
 Merck’s experience in integrating businesses and the fact that the
 transaction is aimed at combining expertise rather than leveraging cost
 synergies will pave the way for a successful integration
 
 

 
Combined R&D capabilities creates
powerful innovation platform
 Pro forma annual R&D budget of
 EUR 123m focused on products
 for pharma and biotech
 customers
 Increased scale helps to improve
 return on investment in new
 technologies, and diversifies risk
 Make effective use of existing
 biopharma competence
 Partner of choice for strategic
 collaborations and licensing
 relationships
Note: (1) All figures are based on FY09 except Lonza (FY08)
 (2) Relevant Merck business for Merck Millipore
 Exchange Rate EUR/USD: 1.390
  Exchange Rate EUR/CHF: 1.587
R&D expenses (EURm and % sales)
41
45
69
78
82
123
177
240
4.7%
2.9%
3.7%
10.7%
6.9%
5.9%
10.1%
2.4%
Merck(2)
Sigma Aldrich
Lonza(1)
Qiagen
Millipore
Merck Millipore
Thermo Fisher
Scientific
Life Technologies
 
 

 
How does this benefit our customers?
 Customers in the pharma and biopharmaceutical industries will benefit
 from a comprehensive product offering, cutting-edge technologies and
 enhanced distribution platforms.
 
 Two world class teams will join forces to open up new growth
 opportunities across the world.
 
 

 
Millipore in the short term
 Business as Usual
 Please continue to provide customers with the same high
 quality of products, services and expertise
 No immediate impact on employees, including pay, benefits
 and organizational structure
 We’ll keep you informed throughout the process
 
 

 
Millipore Future
 You are the Millipore brand and one of the most
 valuable assets we have!
 
 Among some of the most talented employees in the
 industry
 Exciting opportunities for employees
 Broader, more diversified suite of products and
 technologies for customers
 Enhanced shareholder value