-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MuEYb3dQGURKWUqowUv7n+bgxNYPX3PtZ8Op6HcuKvnZEULu3D7v1zSAaN4laVfD DifJKhKCHBV+Yu65wtoOTw== 0001169232-08-001555.txt : 20080401 0001169232-08-001555.hdr.sgml : 20080401 20080401170732 ACCESSION NUMBER: 0001169232-08-001555 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080401 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing ITEM INFORMATION: Changes in Control of Registrant ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080401 DATE AS OF CHANGE: 20080401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: E-Z-EM, Inc. CENTRAL INDEX KEY: 0000727008 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 111999504 STATE OF INCORPORATION: DE FISCAL YEAR END: 0602 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13003 FILM NUMBER: 08730213 BUSINESS ADDRESS: STREET 1: 1111 MARCUS AVENUE STREET 2: SUITE LL-26 CITY: LAKE SUCCESS STATE: NY ZIP: 11042 BUSINESS PHONE: 5163338230 MAIL ADDRESS: STREET 1: 1111 MARCUS AVENUE STREET 2: SUITE LL-26 CITY: LAKE SUCCESS STATE: NY ZIP: 11042 FORMER COMPANY: FORMER CONFORMED NAME: EZ EM INC DATE OF NAME CHANGE: 19920703 8-K 1 d74016_8k.htm CURRENT REPORT

 

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 1, 2008

E-Z-EM, Inc.
(Exact name of registrant as specified in its charter)

 

 

 

 

 

Delaware

 

0-13003

 

11-1999504

(State or Other Jurisdiction
of Incorporation)

 

(Commission
File Number)

 

(I.R.S. Employer
Identification No.)


1111 Marcus Avenue, Lake Success, New York 11042

(Address of principal executive offices)
 

Registrant’s telephone number, including area code: (516) 333-8230

Not Applicable

 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:
 
o   Written communications 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 2.01     Completion of Acquisition or Disposition of Assets.

(a)-(f)     On April 1, 2008, in accordance with the Agreement and Plan of Merger, dated as of October 30, 2007 (the “Merger Agreement”), by and among E-Z-EM, Inc., a Delaware corporation (the “Company”), Eagle Acquisition Sub, Inc. (“Merger Sub”), a Delaware corporation and wholly owned subsidiary of Bracco Diagnostics, Inc., a Delaware corporation (“Bracco”), Bracco and Bracco Imaging S.p.A., a corporation organized under the laws of the Republic of Italy (for the limited purposes specified therein), Merger Sub merged with and into the Company with the Company continuing as the surviving corporation (the “Surviving Corporation”) and a wholly owned subsidiary of Bracco (the “Merger”).

Under the terms of the Merger Agreement, at the effective time of the Merger, each of the shares of common stock, par value $0.10 per share, of the Company issued and outstanding immediately prior to the effective time (other than shares held in the treasury of the Company or owned by Bracco, Merger Sub, or any of their respective direct or indirect wholly owned subsidiaries, or shares held by any stockholders exercising appraisal rights by following the procedures of Section 262 of the General Corporation Law of the State of Delaware (the “DGCL”)) was canceled and converted into the right to receive $21.00 in cash per share (without interest and less any required tax withholdings).

On a fully diluted basis, the transaction is valued at approximately $244 million.

The foregoing description of the Merger Agreement and related transactions does not purport to be complete and is qualified in its entirety by reference to the full text to the Merger Agreement, a copy of which was attached as Annex A to the definitive Proxy Statement filed with the Securities and Exchange Commission on February 14, 2008 and is incorporated into this item 2.01 in its entirety by reference.

Item 3.01     Material Modification to Rights of Security Holders.

          The description of the effects of the Merger contained in Item 2.01 above is incorporated herein by reference.

Item 5.01     Changes in Control of Registrant.

(a)      On April 1, 2008, Bracco acquired control of the Company pursuant to the Merger described in Item 2.01 above, which description is incorporated herein by reference. Bracco beneficially owns all of the voting securities of the Company. Bracco financed the cash consideration by a combination of available cash and debt financing.

(b)      Not applicable.




Item 5.02      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
     

All directors of the Company resigned as directors as of the effective time of the Merger. Pursuant to the Merger Agreement, the directors of Merger Sub immediately prior to the effective time of the Merger became the directors of the Surviving Corporation as of the effective time of the Merger, and certain officers of the Company immediately prior to the effective time of the Merger became the officers of the Surviving Corporation, in each case until their respective successors are duly elected and qualified or until their death, resignation or removal in accordance with the DGCL and the certificate of incorporation and bylaws of the Surviving Corporation.

Item 5.03      Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

     

Pursuant to the Merger Agreement, at the effective time of the Merger, the certificate of incorporation of the Company was amended to read in its entirety as the certificate of incorporation filed as an exhibit to the certificate of merger that was filed with the Secretary of State of the State of Delaware on April 1, 2008, and, as so amended, is the certificate of incorporation of the Surviving Corporation, as may be amended as provided therein or by applicable law.

Item 8.01      Regulation FD Disclosure.

     

The Company issued a press release on April 1, 2008 announcing the closing of the Merger. A copy of such press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01      Financial Statements and Exhibits.

(d)      Exhibits

Exhibit No.

Description


99.1


Press release issued by the Company on April 1, 2008


SIGNATURES
 

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.

E-Z-EM, INC.
      

Date: April 1, 2008    By: /s/ Anthony Lombardo               
    Name: Anthony Lombardo
    Title: President and Chief Executive Officer
     
     


EXHIBIT INDEX

Exhibit No.

Description


99.1


Press release issued by the Company on April 1, 2008




  

 

EX-99.1 2 d74016_ex99-1.htm PRESS RELEASE


 

 

Company Contact:

Investor Relations Contacts:

 

E-Z-EM, Inc.

Lippert/Heilshorn & Associates, Inc.

 

Tom Johnson (tjohnson@ezem.com)

Ann Marie Fields (afields@lhai.com )

 

(800) 544-4624

x3317

(212) 838-3777

 

www.ezem.com

Bruce Voss (bvoss@lhai.com )

 

(310) 691-7100

 

www.lhai.com

 

HOLD FOR PHONE RELEASE ON APRIL 1, 2008

 

E-Z-EM, INC. ANNOUNCES COMPLETION OF MERGER

 

LAKE SUCCESS, NY (April 1, 2008) – E-Z-EM, Inc. (NASDAQ: EZEM) announced today it had completed the merger of Eagle Acquisition Sub, Inc., a wholly owned subsidiary of Bracco Diagnostics, Inc. (Bracco), the US-based subsidiary of Bracco Imaging S.p.A. and part of the Bracco Group, with and into E-Z-EM, and the other transactions contemplated by the Agreement and Plan of Merger, dated as of October 30, 2007, among Bracco, Eagle Acquisition, E-Z-EM and, for the limited purposes specified therein, Bracco Imaging. Under the terms of the merger agreement, each outstanding common share of E-Z-EM was converted into the right to receive $21.00 in cash, without interest and less any required withholding tax. E-Z-EM is now a wholly owned subsidiary of Bracco.

 

About E-Z-EM, Inc.

 

E-Z-EM is a leading manufacturer of contrast agents for gastrointestinal radiology. The Company is the developer of VoLumen®, a patent-pending, next generation low density barium sulfate suspension for use as an oral contrast in Multidetector CT (MDCT) and Positron Emission Tomography (PET/CT) studies. The Company also offers Empower®, the first family of CT injectors on the market with patented EDA™ technology that can help detect contrast extravasation, and offers a complete product set for the virtual colonoscopy practitioner. This product line consists of virtual colonoscopy hardware, software, nutritional prep kits and bowel cleaners, tagging agents and a carbon dioxide colon insufflation system. The Company is also the exclusive world-wide manufacturer and marketer of RSDL for military services and first-responder organizations. RSDL is a patented, broad-spectrum liquid chemical warfare agent decontaminant, that neutralizes or removes chemical agents from skin on contact, leaving a non-toxic residue that can be rinsed off with water.

 

About the Bracco Group

 

Bracco Imaging S.p.A is one of the world leading companies in the imaging agent business, with products sold in over 80 countries. Bracco Diagnostics, Inc. is the U.S. subsidiary of Bracco Imaging which is headquartered in Milan, Italy.

 

Bracco Imaging is a subsidiary of Bracco S.p.A, holding company of the Bracco Group, which also markets Ethical and OTC pharmaceutical products in Italy as well as Advanced Medical Technology systems on a world wide basis. Furthermore, the Bracco Group offers diagnosis services through the Milan-based Centro Diagnostico Italiano (Italian Diagnostic Center).

 

-more-

 


 

Forward Looking Statements

 

The statements made in this document contain certain forward-looking statements. Words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates" or variations of such words and similar expressions, are intended to identify such forward-looking statements. The forward-looking statements contained in this release may involve numerous risks and uncertainties, known and unknown, beyond E-Z-EM’s control. Such risks and uncertainties may include: the ability of E-Z-EM to develop its products, unexpected costs or liabilities resulting from the merger transaction, price increases of raw materials and components, foreign currency exchange rate fluctuations as well as the risk factors listed from time to time in the SEC filings of E-Z-EM, Inc., including but not limited to its Annual Report on Form 10-K for the fiscal year ended June 2, 2007 and its Form 10-Q for the quarter ended December 1, 2007. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements, and investors are cautioned not to place undue reliance on the forward-looking statements included in this release.

 

 

- 2 -

 

 

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