0001012870-01-501971.txt : 20011009
0001012870-01-501971.hdr.sgml : 20011009
ACCESSION NUMBER: 0001012870-01-501971
CONFORMED SUBMISSION TYPE: SC TO-T/A
PUBLIC DOCUMENT COUNT: 3
FILED AS OF DATE: 20010924
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: CHEAP TICKETS INC
CENTRAL INDEX KEY: 0001076411
STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700]
IRS NUMBER: 990338363
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC TO-T/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-57883
FILM NUMBER: 1743843
BUSINESS ADDRESS:
STREET 1: 1440 KAPIOLANI BLVD
STREET 2: STE 800
CITY: HONOLULU
STATE: HI
ZIP: 96814
BUSINESS PHONE: 8089457439
MAIL ADDRESS:
STREET 1: 1440 KAPIOLANI BLVD
STREET 2: STE 800
CITY: HONOLULU
STATE: HI
ZIP: 96814
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: CENDANT CORP
CENTRAL INDEX KEY: 0000723612
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PERSONAL SERVICES [7200]
IRS NUMBER: 060918165
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC TO-T/A
BUSINESS ADDRESS:
STREET 1: 9 WEST 57TH STREET
CITY: NEW YORK
STATE: NY
ZIP: 10019
BUSINESS PHONE: 9734965036
MAIL ADDRESS:
STREET 1: 9 WEST 57TH STREET
CITY: NEW YORK
STATE: NY
ZIP: 10019
FORMER COMPANY:
FORMER CONFORMED NAME: COMP U CARD INTERNATIONAL INC
DATE OF NAME CHANGE: 19870914
FORMER COMPANY:
FORMER CONFORMED NAME: CUC INTERNATIONAL INC /DE/
DATE OF NAME CHANGE: 19920703
SC TO-T/A
1
dsctota.txt
TENDER OFFER
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------
SCHEDULE TO-T/A
(Rule 14d-100)
Tender Offer Statement Under Section 14(d)(1) or Section 13(e)(1) of
the Securities Exchange Act of 1934
(Amendment No. 3)
CHEAP TICKETS, INC.
(Name of Subject Company (issuer))
Diamondhead Acquisition Corporation
Cendant Corporation
(Names of Filing Persons (Offerors))
--------------
Common Stock, par value $0.001 per Share
(Titles of Classes of Securities)
--------------
151310
(CUSIP Number of Class of Securities)
James E. Buckman, Esq.
Vice Chairman and General Counsel
Cendant Corporation
9 West 57th Street
New York, New York 10019
(212) 413-1800
(Name, address and telephone number of person authorized
to receive notices and communications on behalf of
the filing person)
Copies to:
Kenton J. King, Esq. Eric J. Bock
Skadden, Arps, Slate, Meagher & Flom LLP Senior Vice President, Law and
525 University Ave., Suite 1100 Corporate Secretary
Palo Alto, California 94301 Cendant Corporation
(650) 470-4500 9 West 57th Street
New York, New York 10019
(212) 413-1800
CALCULATION OF FILING FEE
--------------------------------------------------------------------------------
Transaction Valuation* Amount of Filing Fee**
$406,241,791 $81,249
* Estimated for purposes of calculating the filing fee only. This
calculation assumes the purchase of 23,299,413 shares of common
stock of Cheap Tickets, Inc. at the tender offer price of $16.50
per share of common stock. The transaction value also includes the
offer price of $16.50 less $11.16, which is the average exercise
price of outstanding options, multiplied by 2,652,698, the
estimated number of options outstanding. The transaction value
further includes the offer price of $16.50 less $11.805, which is
the exercise price of outstanding warrants, multiplied by
1,626,426, the number of warrants outstanding.
** The amount of the filing fee, calculated in accordance with Rule 0-11
of the Securities Exchange Act of 1934, as amended, equals 1/50 of 1%
of the transaction valuation.
[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 the date of its filing.
Amount Previously Paid: $81,249 Filing Parties: Diamondhead Acquisition
Corporation and
Cendant Corporation
Form or Registration No.: SC TO-T Date Filed: August 23, 2001
[_] 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. 3 (the "Amendment") amends and supplements the
Tender Offer Statement on Schedule TO (the "Schedule TO"), as amended through
the date hereof, filed initially with the Securities and Exchange Commission on
August 23, 2001 by Diamondhead Acquisition Corporation (the "Purchaser"), a
Delaware corporation, and Cendant Corporation ("Parent"), a Delaware
corporation, relating to the third-party tender offer by the Purchaser to
purchase all issued and outstanding shares of common stock, par value $0.001 per
share (the "Shares"), of Cheap Tickets, Inc., a Delaware corporation (the
"Company"), at $16.50 per share net to the seller in cash, upon the terms and
subject to the conditions set forth in the Offer to Purchase dated August 23,
2001 and filed as Exhibit (a)(1)(A) to the Schedule TO (the "Offer to Purchase")
and in the related Letter of Transmittal (which, together with the Offer to
Purchase and any amendments or supplements thereto, collectively constitute the
"Offer"). Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to such terms in the Offer to Purchase or in the Schedule TO.
Items 1, 4 and 11.
Items 1, 4 and 11 of the Schedule TO are hereby amended and
supplemented to add the following:
"On September 24, 2001, the Purchaser issued a press release announcing
that it has extended its offer to purchase, for $16.50 per share, all
outstanding shares of common stock of the Company until midnight, Friday,
October 5, 2001. The Offer had previously been scheduled to expire on September
21, 2001. Based on information provided by the Depositary to Parent, as of
midnight on Friday, September 21, 2001, stockholders of the Company had tendered
into the offer 20,364,798 shares of Company common stock, which represents
approximately 86% of the Company's outstanding common stock. The Depositary has
also advised Parent that notices of guaranteed delivery have been received in
respect of approximately three million shares. A copy of the press release is
filed as Exhibit (a)(1)(L) and is incorporated herein by reference. The letter
dated September 23, 2001 from Samuel L. Katz of Cendant Corporation to Sam E.
Galeotos of Cheap Tickets, pursuant to which Parent and Purchaser exercised
their rights to extend the Offer, is filed as Exhibit (a)(1)(M) and is
incorporated herein by reference."
Item 12. Exhibits.
Item 12 is hereby amended and supplemented to add the following
exhibits:
"(a)(1)(L) Press Release issued by Parent, dated September 24, 2001."
"(a)(1)(M) Letter dated September 23, 2001 from Samuel L. Katz of Cendant
Corporation to Sam E. Galeotos of Cheap Tickets."
SIGNATURES
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.
DIAMONDHEAD ACQUISITION CORPORATION
By: /s/ Eric J. Bock
-------------------------------------
Name: Eric J. Bock
Title: Senior Vice President and Secretary
CENDANT CORPORATION
By: /s/ Eric J. Bock
------------------------------------
Name: Eric J. Bock
Title: Senior Vice President, Law and
Corporate Secretary
EX-99.(A)(1)(L)
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dex99a1l.txt
PRESS RELEASE DATED SEPTEMBER 24, 2001
Dated: September 24, 2001
Exhibit (a)(1)(L)
CENDANT CORPORATION EXTENDS TENDER OFFER FOR CHEAP TICKETS SHARES
New York, New York, September 24, 2001 -- Cendant Corporation (NYSE: CD)
announced today that its wholly owned subsidiary, Diamondhead Acquisition
Corporation, is extending its offer to purchase, for $16.50 per share, all
outstanding shares of common stock of Cheap Tickets, Inc. (Nasdaq: CTIX) until
midnight, Friday, October 5, 2001. The offer had previously been scheduled to
expire on September 21, 2001.
Cendant has been advised by Mellon Investor Services LLC, the depositary for the
tender offer, that as of midnight on Friday, September 21, 2001, stockholders of
Cheap Tickets, Inc. had tendered into the offer 20,364,798 shares of Cheap
Tickets common stock, which represents approximately 86% of Cheap Tickets'
outstanding common stock. Mellon has also advised Cendant that notices of
guaranteed delivery have been received in respect of approximately three million
additional shares. Under the terms of the Agreement and Plan of Merger, dated
August 13, 2001, by and among Cendant, Diamondhead and Cheap Tickets, the offer
to purchase may be extended under certain situations for ten business days,
including if the number of shares validly tendered and not properly withdrawn is
less than 90% of all outstanding shares. Diamondhead is extending the offer in
order to obtain 90% of all outstanding shares. The terms of the extended offer
are identical to the original offer as set forth in offering materials filed
with the Securities and Exchange Commission except that in connection with such
extension Diamondhead is waiving all conditions to the offer other than, in
accordance with the terms of the Merger Agreement, the conditions relating to
the accuracy of representations and warranties regarding the capitalization of
Cheap Tickets and the absence of governmental actions affecting the transaction.
Cendant noted that even at levels of bookings experienced during the past
several days, based on actions taken by Cheap Tickets management and assuming
the completion of Cendant's acquisition of Galileo International, Inc., the
impact of the Cheap Tickets transaction is not expected to be dilutive to
Cendant's 2002 earnings per share. The purchase price for Cheap Tickets, net of
cash, is approximately $280 million.
Cendant Corporation is primarily a provider of travel and residential real
estate services. With approximately 57,000 employees, New York City-based
Cendant provides these services to businesses and consumers in over 100
countries.
More information about Cendant, its companies, brands and current SEC filings
may be obtained by visiting the Company's Web site at www.Cendant.com or by
calling 877-4INFO-CD (877-446-3623).
Cheap Tickets is a leading seller of discount leisure travel products, with the
majority of sales derived from non-published and published airline tickets both
on-line and off-line.
Statements in this release which are not historical statements or information,
including statements about the impact of the acquisition of Cheap Tickets on our
future earnings, constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements are based on
current expectations and the current economic environment. The Company cautions
that these statements are not guarantees of future performance. Factors that
could cause actual results to differ materially from these forward-looking
statements include, but, are not limited to the following: restrictions imposed
on air travel by the federal government, the willingness of passengers to
continue to travel generally, the willingness of consumers to spend
notwithstanding fears relating to the global economy and other effects of the
recent terrorist attacks. Important assumptions and other important factors that
could cause actual results to differ materially from those in the
forward-looking statements are specified in Cendant's Form 10-K/A for the year
ended December 31, 2000, in Forms 10-Q for subsequent quarters of fiscal 2001
and in subsequently filed periodic reports. In addition other risks specific to
Cheap Tickets' business are detailed in Cheap Ticket's Form 10-K for the fiscal
year ended December 31, 2000, Forms 10-Q for subsequent quarters of fiscal 2001
and subsequently filed periodic reports, if any. The completion of the
acquisition of Galileo International, Inc. is subject to the satisfaction of the
conditions thereto as set forth in the applicable documents governing that
transaction. These forward-looking statements incorporate projections. Such
projections were not prepared in accordance with published guidelines of the
American Institute of Certified Public Accountants or the SEC regarding
projections and forecasts, nor have such projections been audited, examined or
otherwise reviewed by independent auditors of Cendant or its affiliates. In
addition, such projections are based upon many estimates and are inherently
subject to significant economic and competitive uncertainties and contingencies,
many of which are beyond the control of management of Cendant and its
affiliates. Accordingly, actual results may be materially higher or lower than
those projected and neither Cendant nor its affiliates is hereby making any
representation that such projections will prove to be correct.
Media Contact: Investor Contacts:
Elliot Bloom Denise Gillen
212-413-1832 212-413-1833
Sam Levenson
212-413-1834
EX-99.(A)(1)(M)
4
dex99a1m.txt
LETTER DATED SEPTEMBER 23, 2001
Exhibit (a)(1)(M)
Cendant Corporation, 9 West 57th Street, New York, New York 10019
September 23, 2001
BY FACSIMILE
Cheap Tickets, Inc.
1440 Kapiolani Blvd.
Honolulu, Hawaii 96814
Attention: Sam E. Galeotos
President & CEO
Dear Sam:
Reference is made to the Agreement and Plan of Merger (the "Agreement"),
dated August 13, 2001, by and among Cendant Corporation ("Parent"), Diamondhead
Acquisition Corporation (the "Purchaser") and Cheap Tickets, Inc. (the
"Company"). Capitalized terms which are used in this letter but which are not
defined in this letter shall have the meanings ascribed to such terms in the
Agreement.
Parent and Purchaser hereby exercise their rights to extend the Offer for a
period of ten (10) business days in accordance with Section 1.1(z) of the
Agreement, and hereby waive all of the Offer Conditions except for the
conditions set forth in paragraphs (a) and (b)of Annex I to the Agreement, and
for the condition set forth in paragraph (d)(ii)(A) of Annex I to the Agreement
as to the accuracy of the representations and warranties set forth in Section
3.3 of the Agreement (as qualified by the introductory paragraph of Section 3.3
of the Company Disclosure Schedule, which qualification, together with the cure
rights granted to Michael Hartley therein, shall continue to apply at the
Expiration Date) to the effect that as of August 13, 2001 there were outstanding
only the following shares of Common Stock or rights to acquire Common Stock:(a)
23,299,413 Shares of Common Stock (which amount is net of treasury shares), (b)
2,655,698 Company Stock Options (including 3000 Company Stock
Options later disclosed to Parent and Purchaser) and (c) a warrant to acquire
1,626,426 shares of Common Stock. We request your acknowledgement below.
Sincerely,
/s/ Samuel L. Katz
------------------
Samuel L. Katz
Senior Executive Vice President
& Chief Strategic Officer
Acknowledged:
By: /s/ Sam E. Galeotos
--------------------
Sam E. Galeotos
President and CEO
cc: Henry Fields, Esq. Kenton J. King, Esq.
Morrison & Foerster, LLP Skadden, Arps, Slate, Meagher & Flom LLP
2