-----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, Ic+Y7DQEA708EGOkhWYu7RHcqyLdw747yJ0HDyfb0wqQ8/eTzBmWiiZx7RadGNmW 2SozVnrC4K9lTtk/ExGPoA== 0000950124-00-000590.txt : 20000314 0000950124-00-000590.hdr.sgml : 20000314 ACCESSION NUMBER: 0000950124-00-000590 CONFORMED SUBMISSION TYPE: SC TO-C PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20000211 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: IMTEC INC CENTRAL INDEX KEY: 0000730045 STANDARD INDUSTRIAL CLASSIFICATION: 5110 IRS NUMBER: 030283466 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC TO-C SEC ACT: SEC FILE NUMBER: 005-41457 FILM NUMBER: 536834 BUSINESS ADDRESS: STREET 1: ONE IMTEC LN CITY: BELLOWS FALLS STATE: VT ZIP: 05101 BUSINESS PHONE: 8024639502 MAIL ADDRESS: STREET 1: ONE IMTEC LN CITY: BELLOWS FALLS STATE: VT ZIP: 05101 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BRADY CORP CENTRAL INDEX KEY: 0000746598 STANDARD INDUSTRIAL CLASSIFICATION: 3990 IRS NUMBER: 390178960 STATE OF INCORPORATION: WI FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: SC TO-C BUSINESS ADDRESS: STREET 1: 6555 W GOOD HOPE RD STREET 2: P O BOX 571 CITY: MILWAUKEE STATE: WI ZIP: 53201-0571 BUSINESS PHONE: 4143586600 FORMER COMPANY: FORMER CONFORMED NAME: BRADY W H CO DATE OF NAME CHANGE: 19920703 SC TO-T 1 TENDER OFFERING 1 As filed with the Securities and Exchange Commission on February 11, 2000. ________________________________________________________________________________ ________________________________________________________________________________ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________ SCHEDULE TO (Rule 14D-100) Tender Offer Statement Under Section 14(d)(1) of the Securities Exchange Act of 1934 _________________ IMTEC INC. (Name of Subject Company) _________________ BRADY CORPORATION IMTC ACQUISITION CORP. (Names of Filing Persons -Bidders) _________________ Common Stock, par value $.01 per share (Title of Class of Securities) 452909-10-4 (CUSIP Number of Class of Securities) _________________ Thomas E. Scherer Brady Corporation 6555 West Good Hope Road Milwaukee, WI 53223 (414) 358-6600 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons) _________________ Copy to: Conrad G. Goodkind, Esq. QUARLES & BRADY LLP 411 East Wisconsin Avenue Milwaukee, Wisconsin 53202 (414) 277-5000 ________________________________________________________________________________ [x] Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. 2 On December 9, 1999, Brady Corporation, a Wisconsin corporation ("Brady"), entered into a Shareholder Option Agreement ("Shareholder Option Agreement #1") with certain shareholders of Imtec Inc., a Delaware corporation ("Imtec"), including all of the directors of Imtec and all but one holder of greater than five percent (5%) of Imtec's common stock (the "Group Shareholders"), who, in the aggregate, own 875,326 shares of Imtec common stock, including certain options to purchase shares of Imtec common stock (the "Group Shares"). In addition, on December 9, 1999, Brady entered into a second Shareholder Option Agreement ("Shareholder Option Agreement #2" and together with Shareholder Option Agreement #1, the "Shareholder Option Agreements"), with the remaining holder of greater than 5% of Imtec common stock (the "Individual Shareholder" and together with the Group Shareholders, the "Shareholders") with respect to 109,377 shares of Imtec common stock (the "Individual Shares" and together with the Group Shares, the "Shares"), which constitute a portion of the shares of Imtec common stock owned by such holder. Pursuant to the Shareholder Option Agreements, the Shareholders have (i) granted Brady an option to purchase their Shares at an exercise price of $12.00 per Share (subject to adjustment in certain circumstances) exercisable upon the occurrence of certain events specified in the Shareholder Option Agreements, (ii) agreed to tender, in accordance with the terms of the Offer, all of the Option Shares (including any subsequently acquired Shares with respect to the Group Shareholders) and (iii) irrevocably granted to, and appointed Brady proxy and attorney-in-fact to vote the Shares with respect to certain matters. These Shareholder Option Agreements were filed as exhibits 1 and 2 to Brady's Schedule 13D-1 filed with the Commission on December 20, 1999. The joint press release of Brady and Imtec announcing the execution of the Shareholder Option Agreements and the companies' intention to negotiate a transaction for the acquisition of Imtec by Brady is filed herewith as Exhibit (a)(2). 3 3 Item 11. Material to be Filed as Exhibits. (a)(1) - Press Release of Brady, dated February 11, 2000. (a)(2) - Joint Press Release of Brady and Imtec, dated December 9, 1999. EX-99.(A).(1) 2 PRESS RELEASE OF BRADY 1 For more information contact: Brady: Laurie Bernardy (414) 438-6880 Imtec: Steve Anton (802) 463-9502 BRADY CORPORATION SIGNS DEFINITIVE AGREEMENT TO ACQUIRE IMTEC INC. MILWAUKEE (February 11, 2000) -- Brady Corporation (NYSE:BRC) announced today that it has entered into a definitive merger agreement providing for Brady to acquire Imtec Inc. (NASDAQSC: IMTC), Bellows Falls, VT, a manufacturer of high-performance bar-code labels and labeling systems used in automatic identification applications. Under the terms of the merger agreement, which was unanimously approved by Imtec's Board of Directors, IMTC Acquisition Corp., a company formed by Brady Corporation for the purpose of acquiring Imtec, will commence a tender offer to purchase for $12.00 per share in cash all of the outstanding shares of Imtec common stock. The closing market price of Imtec's common stock was $5.50 on December 9, 1999, the last full trading day before Brady Corporation and Imtec jointly issued a press release indicating that they were negotiating a transaction at $12.00 per share. The transaction is valued at approximately $21 million. The tender offer, which is expected to commence no later than February 22, 2000, and once commenced shall remain open for 20 business days, unless extended, will be followed by a merger in which those shares of Imtec not tendered will be converted into the right to receive $12.00 per share in cash. The tender offer is conditioned on the tender of a sufficient number of shares to give IMTC Acquisition Corp. ownership of at least 75 percent of the fully diluted outstanding shares of Imtec. The tender offer is not subject to a financing condition as Brady Corporation has sufficient financial resources for the transaction. The tender offer will only be made pursuant to definitive tender offer materials that will be distributed to Imtec's stockholders and filed with the Securities and Exchange Commission. "Merging with Brady provides outstanding value for Imtec's stockholders as well as significant capability to strengthen Imtec's worldwide growth and financial performance," said Steve Anton, president and chief executive officer of Imtec. "I am enthusiastic about the potential this combination brings to Imtec's customers and employees." Founded in 1982, Imtec designs, manufactures and sells high- performance labels and labeling systems used in electronics and industrial markets primarily in North America. Its products include preprinted labels, printer laminators, printer applicators and labeling supplies. Imtec reported sales of about $14 million and net income of approximately $0.9 million in fiscal 1999. It employs about 95 people throughout the United States. "We look forward to having the Imtec team join us as we serve the fast-growing automatic identification and data collection market as well as the high-performance-label segment," said David Schroeder, vice president of Brady's Identification Solutions & Specialty Tapes 2 Group. "By combining the capabilities and products of Imtec with those of Brady, we will be better positioned to help our customers improve productivity and performance using complete identification solutions." Brady Corporation is an international manufacturer and marketer of complete identification solutions, with products including labels, software, printing systems, label-application and data-collection systems, signs, safety devices and specialty materials for manufacturing, electrical, electronic, telecommunications and a variety of other markets. Founded in 1914, Brady is headquartered in Milwaukee and employs about 2,800 people in operations in the United States, Europe, Asia/Pacific, Latin America and Canada. Brady's fiscal 1999 sales were approximately $471 million and net income was approximately $40 million. More information about the companies is available on the Internet at www.bradycorp.com and www.imtecinc.com. CERTAIN STATEMENTS MADE IN THIS RELEASE ARE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND ARE SUBJECT TO A NUMBER OF RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS AND PERFORMANCE TO DIFFER MATERIALLY FROM ANY EXPECTED FUTURE RESULTS OR PERFORMANCE, EXPRESSED OR IMPLIED, BY THE FORWARD-LOOKING STATEMENTS. BRADY CORPORATION ASSUMES NO RESPONSIBILITY TO UPDATE ANY OF THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN. THIS ANNOUNCEMENT IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL SHARES OF IMTEC INC. AT THE TIME THE OFFER IS COMMENCED, BRADY CORPORATION WILL FILE A TENDER OFFER STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION AND IMTEC INC. WILL FILE A SOLICITATION/RECOMMENDATION STATEMENT WITH RESPECT TO THE OFFER. THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE OFFER. THE OFFER TO PURCHASE, THE RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER DOCUMENTS, AS WELL AS THE SOLICITATION/RECOMMENDATION STATEMENT, WILL BE MADE AVAILABLE TO ALL STOCKHOLDERS OF IMTEC INC., AT NO EXPENSE TO THEM. THE TENDER OFFER STATEMENT (INCLUDING THE OFFER TO PURCHASE, THE RELATED LETTER OF TRANSMITTAL AND ALL OTHER OFFER DOCUMENTS FILED WITH THE COMMISSION) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL ALSO BE AVAILABLE AT NO CHARGE AT THE COMMISSION'S WEB SITE AT WWW.SEC.GOV. ### EX-99.(A).(2) 3 JOINT PRESS RELEASE 1 News Release BRADY CORPORATION IN TALKS TO ACQUIRE LABEL AND LABEL-SYSTEM MANUFACTURER IMTEC, INC. MILWAUKEE, Wis., and BELLOWS FALLS, Vt., (December 9, 1999)--Brady Corporation (NYSE:BRC), a world leader in identification solutions, and Imtec, Inc. (NasdaqSC:IMTC), a label and label-system manufacturer, today announced that they are in talks for Brady to acquire Imtec. Subject to due diligence, negotiation of a definitive agreement, and other matters, Brady, Milwaukee, would acquire all the outstanding capital stock of Imtec, Inc., Bellows Falls, Vt., for $12 a share in a cash transaction valued at approximately $20.5 million. In connection with the ongoing discussions, certain Imtec shareholders have granted Brady an option to acquire their shares which constitute a majority of Imtec's outstanding common stock. Founded in 1982, Imtec designs, manufactures and sells high- performance labels and labeling systems used in electronic and industrial markets primarily in North America. Its products include label applicators, laminators, preprinted labels and labeling supplies. It employs nearly 100 people throughout the United States. Imtec reported sales of $13.9 million and net income of $0.9 million in fiscal 1999. Brady Corporation is an international manufacturer and marketer of complete identification solutions, with products including labels, software, printing systems, label-application and data-collection systems, signs, safety devices and specialty materials for manufacturing, electrical, electronic, telecommunications and a variety of other markets. Founded in 1914, Brady is headquartered in Milwaukee and employs more than 2,700 people in operations in the United States, Europe, Asia/Pacific, Latin America and Canada. It 2 reported fiscal 1999 sales of $470.9 million and net income of $39.6 million. More information about the companies is available on the Internet at www.bradycorp.com and www.imtecinc.com. ### -----END PRIVACY-ENHANCED MESSAGE-----