0001193125-14-269288.txt : 20140715 0001193125-14-269288.hdr.sgml : 20140715 20140715165929 ACCESSION NUMBER: 0001193125-14-269288 CONFORMED SUBMISSION TYPE: 425 PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20140715 DATE AS OF CHANGE: 20140715 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CBS CORP CENTRAL INDEX KEY: 0000813828 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 042949533 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 425 SEC ACT: 1934 Act SEC FILE NUMBER: 001-09553 FILM NUMBER: 14976401 BUSINESS ADDRESS: STREET 1: 51 WEST 52ND STREET STREET 2: 35TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2129754321 MAIL ADDRESS: STREET 1: 51 WEST 52ND STREET STREET 2: 35TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: VIACOM INC DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CBS CORP CENTRAL INDEX KEY: 0000813828 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 042949533 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 425 BUSINESS ADDRESS: STREET 1: 51 WEST 52ND STREET STREET 2: 35TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2129754321 MAIL ADDRESS: STREET 1: 51 WEST 52ND STREET STREET 2: 35TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: VIACOM INC DATE OF NAME CHANGE: 19920703 425 1 d757063d425.htm 425 425

Filed by: CBS Corporation

Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: CBS Corporation

Commission File No.: 333-196652

The following is the text of the website that is being maintained at http://www.cbscorpexchange.com in connection with the offer by CBS Corporation (“CBS”) to exchange up to an aggregate of 97,000,000 shares of common stock of CBS Outdoor Americas Inc., which are owned by CBS, for shares of CBS Class B common stock, as described in further detail in the Prospectus (as defined below).

 

LOGO

Last Updated: July 15, 2014

 

 

CBS Corporation Investor Information

The final exchange ratio is 2.1689 shares of Outdoor Americas common stock for each share of CBS Class B common stock validly tendered and not validly withdrawn and accepted by CBS pursuant to the terms of the exchange offer (as defined below).

The exchange offer expired at 12:00 midnight, New York City time, on July 9, 2014. Under the terms of the offer, 2.1689 shares of CBS Outdoor common stock will be exchanged for each share of CBS Class B common stock accepted in the offer. CBS accepted 44,723,131 of the tendered shares in exchange for 97,000,000 shares of CBS Outdoor common stock owned by CBS.

Because the exchange offer was oversubscribed, CBS accepted tendered shares of CBS Class B common stock on a pro rata basis in proportion to the total number of shares validly tendered and not validly withdrawn. Shareholders who owned fewer than 100 shares of CBS Class B common stock, or an “odd lot,” and who validly tendered all of their shares, were not subject to proration in accordance with the terms of the exchange offer. All of such shares have been accepted. The final proration factor of approximately 14.7740% was applied to all other shares of CBS Class B common stock that were validly tendered and not validly withdrawn to determine the number of such shares that have been accepted from each tendering shareholder.

Based on the final count by the exchange agent Wells Fargo Bank, N.A., the final result of the exchange offer are as follows:

 

Total number of shares of CBS Class B common stock validly tendered and not validly withdrawn:

     300,229,143      

Shares tendered that were subject to proration

     299,798,292      

“Odd-lot” shares tendered that were not subject to proration

     430,851      

Total number of shares of CBS Class B common stock accepted

     44,723,131      

On June 11, 2014, CBS Corporation (“CBS”) commenced an offer to exchange (the “exchange offer”) up to 97,000,000 shares of CBS Outdoor Americas Inc. (“Outdoor Americas”) common stock, par value $0.01 per share (“Outdoor Americas common stock”) in the aggregate that are owned by CBS for outstanding shares of CBS Class B common stock, par value $0.001 per share (“CBS Class B common stock”) that are validly tendered and not validly withdrawn, as described in further detail in the Prospectus dated July 3, 2014 (the “Prospectus”).

Pursuant to the exchange offer, for each share of CBS Class B common stock tendered in the exchange offer and not validly withdrawn, and that is accepted by CBS, holders of CBS Class B common stock were offered a number of shares of Outdoor Americas common stock at a discount of 7%, subject to an upper limit of 2.1917 shares of Outdoor Americas common stock per share of CBS Class B common stock (the “upper limit”). Stated another way, for each $100 of shares of CBS Class B common stock that are accepted in the exchange offer, holders of CBS Class B common stock were offered approximately $107.53 of Outdoor Americas common stock, based on the average trading prices of Outdoor Americas common stock and CBS Class B common stock on the New York Stock Exchange (the “NYSE”) as described below, and subject to the upper limit.

The average values of the CBS Class B common stock and the Outdoor Americas common stock for purposes of calculating the exchange ratio were determined by reference to the simple arithmetic average of the daily volume-weighted average prices (“VWAP”) of CBS Class B common stock and Outdoor Americas common stock, respectively, on the NYSE during the three consecutive trading days of July 7, 8 and 9, 2014 (the “Averaging Period”).


CBS has provided on this website the daily VWAP of both CBS Class B common stock and Outdoor Americas common stock, together with an indicative exchange ratio and the upper limit and whether the upper limit was in effect, for each of the trading days that the exchange offer was open, except that no indicative exchange ratios were provided for the first two days of the exchange offer period as such values require daily VWAP data for three trading days.

Shareholders of CBS Class A common stock, par value $0.001 per share (“CBS Class A common stock”) were allowed to participate in the exchange offer either by converting their shares of CBS Class A common stock to shares of CBS Class B common stock in advance of the expiration of the exchange offer or by conditionally converting such shares of CBS Class A common stock to shares of CBS Class B common stock and, in either case, following the procedures for tendering such shares set forth in the Prospectus.

The information on this website is being provided solely in connection with the exchange offer and should not be used for any other purpose. You should refer to the Prospectus for additional information about the exchange offer. A copy of the Prospectus, forms of a Letter of Transmittal, Notice of Guaranteed Delivery, Notice of Withdrawal and a Conditional Notice of Conversion, CBS press releases relating to the exchange offer, important tax information, and information for Savings Plans participants are available through the links below.

Important Tax Information

LOGO  Form 8937    LOGO  Tax Basis Information

 

Date:      July 9, 2014
CBS Class B Common Stock Daily VWAP:     

63.6452

Outdoor Americas Common Stock Daily VWAP:     

32.0677

Indicative Exchange Ratio:     

2.1689x

Upper Limit:     

2.1917x

Upper Limit in Effect:     

No

 

 

Table of Historical Indicative Calculated Per-Share Values

This table shows VWAPs and historical indicative calculated per-share values for shares of CBS Class B common stock and shares of Outdoor Americas common stock, and the corresponding indicative exchange ratio. On each date before the Averaging Period, the information in the table was updated by 4:30 p.m., New York City time. On each day of the Averaging Period, the VWAPs, indicative calculated per-share values and the indicative exchange ratio was updated at 10:30 a.m., 1:30 p.m. and 4:30 p.m., New York City time. This information reflected a 30-minute reporting and upload delay. During each of those days, this table provided only the last previously provided indicative calculated per-share value with respect to that day.


       

CBS Class B

Common Stock

 

Outdoor Americas

Common Stock

 

Indicative Exchange Ratio

Day

 

Date

 

Daily

VWAP

 

Indicative

Calculated
Per-Share Value

 

Daily

VWAP

 

Indicative

Calculated
Per-Share Value

 

Indicative Exchange Ratio

Used to Determine Number of

Shares of Outdoor Americas

Common Stock to be

Exchanged Per Share of

CBS Class B Common

Stock Tendered

1

  June 11, 2014   62.0896   N/A*   31.4537   N/A*   N/A*

2

  June 12, 2014   61.0769   N/A*   31.9060   N/A*   N/A*

3

 

June 13, 2014

  60.4820   $61.2162   32.2160   $31.8586   2.0661x

4

  June 16, 2014   60.4832   $60.6807   32.6985   $32.2735   2.0217x

5

  June 17, 2014   60.2268   $60.3973   33.6329   $32.8491   1.9770x

6

  June 18, 2014   60.9251   $60.5450   33.8947   $33.4087   1.9487x

7

  June 19, 2014   60.3966   $60.5162   33.9348   $33.8208   1.9240x

8

  June 20, 2014   59.0637   $60.1285   34.1450   $33.9915   1.9021x

9

  June 23, 2014   58.9797   $59.4800   33.8554   $33.9784   1.8823x

10

  June 24, 2014   58.9988   $59.0141   34.1361   $34.0455   1.8639x

11

  June 25, 2014   62.1245   $60.0343   34.5008   $34.1641   1.8895x

12

  June 26, 2014   62.0433   $61.0555   35.0839   $34.5736   1.8989x

13

  June 27, 2014   61.3553   $61.8410   33.5976   $34.3941   1.9333x

14

  June 30, 2014   62.0032   $61.8006   32.8443   $33.8419   1.9636x

15

  July 1, 2014   62.9401   $62.0995   31.7639   $32.7353   2.0398x

16

  July 2, 2014   64.1968   $63.0467   31.8667   $32.1583   2.1081x

17

  July 3, 2014   64.3312   $63.8227   32.1956   $31.9421   2.1485x

18

  July 7, 2014   64.0211   $64.0211   31.6335   $31.6335   2.1762x

19

  July 8, 2014   63.2969   $63.6590   30.9720   $31.3028   2.1867x

20

  July 9, 2014  

63.6452

 

$63.6544

 

32.0677

 

$31.5577

 

2.1689x

 

* No indicative calculated per-share values or indicative exchange ratios are provided for the first two days of the exchange offer period as such values require daily VWAP data for three trading days.

Source: Bloomberg L.P.


 

Other Related Information

 

LOGO  Prospectus   LOGO  Letter of Transmittal  

LOGO  Notice of Guaranteed

Delivery

LOGO  Notice of Withdrawal  

LOGO  Conditional Notice

of Conversion

 

LOGO  Press Release

LOGO  Press Release - Final Exchange Ratio

LOGO   Press Release - Preliminary Results

LOGO   Press Release - Final Results

 

 

Information for Savings Plans Participants

 

LOGO  Letter To CBS 401K

Participants

  LOGO  CBS 401K Q&A  

LOGO  CBS 401K Blackout

Notice

LOGO  Letter To Outdoor 401K

Participants

  LOGO  Outdoor 401K Q&A  

LOGO  Outdoor 401K Blackout

Notice

 

 

The information agent for the exchange offer is:

 

LOGO

 

480 Washington Boulevard, 26th Floor

Jersey City, NJ 07310

 

1-888-624-7035 (toll-free in the United States)

+1-781-575-3340 (all others outside the U.S.)

 

Glossary of Terms

daily VWAP: VWAP for the period beginning at 9:30 a.m., New York City time (or such other time as is the official open of trading on the NYSE), and ending at 4:00 p.m., New York city time (or such other time as is the official close of trading on the NYSE), except that such data will only take into account adjustments made to reported trades included by 4:10 p.m., New York City time.

exchange ratio: The number of shares of Outdoor Americas common stock that will be exchanged for each share of CBS Class B common stock accepted in the exchange offer. The final exchange ratio will be available on this website and separately published by press release by 4:30 p.m., New York City time, on the expiration date of the exchange offer. In addition, the final exchange ratio may be obtained from the information agent, Georgeson Inc., at 1–888–624–7035 (toll–free for all stockholders in the United States) +1–781–575–3340 (all others outside the United States).

final calculated per-share value: The final per–share value of CBS common stock and the final per–share value of Outdoor Americas common stock to be used for purposes of calculating the final exchange ratio, equal to the simple arithmetic average of the daily VWAP for CBS Class B common stock and Outdoor Americas common stock, as applicable, on the NYSE during the Averaging Period.


indicative calculated per-share value: During the exchange offer, this website will display indicative calculated per-share values for CBS Class B common stock and Outdoor Americas common stock. These indicative values are displayed to assist tendering stockholders in understanding how the number of shares of Outdoor Americas common stock they would receive in the exchange offer will be calculated but are not indicative of the final exchange ratio.

From the third trading day until the first day of the Averaging Period, the indicative calculated per–share value of (1) CBS Class B common stock published on this website will equal the average of the daily VWAP of CBS Class B common stock on that day and each of two prior trading days, and (2) Outdoor Americas common stock published on this website will equal the average of the daily VWAP of Outdoor Americas common stock on that day and each of the two prior trading days. The data used to calculate such indicative calculated per–share values will not, however, be included in the calculation of the final calculated per-share value for either CBS Class B common stock or Outdoor Americas common stock. During the Averaging Period, the indicative calculated per-share values published on this website will equal (1) on the first day of the Averaging Period, the actual intra-day VWAP during the elapsed portion of the first day of the Averaging Period and (2) on the second day of the Averaging Period, the daily VWAP for the first day of the Averaging Period averaged with the actual intra–day VWAP during the elapsed portion of the second day of the Averaging Period; and (3) on the third day of the Averaging Period, the daily VWAP for the first and second days of the Averaging Period averaged with the actual intra–day VWAP for the elapsed portion of the third day of the Averaging Period. The data used to calculate such indicative calculated per–share values will be used in determining the final calculated per–share values.

intra–day VWAP: Intra–day VWAP means VWAP for the period beginning at the official open of trading on the NYSE and ending at a specified time in such day. Please note that the data used to derive the intra–day VWAP published on this website during the Averaging Period is subject to a 30 minute reporting and upload delay.

proration: If the exchange offer is oversubscribed and CBS cannot fulfill all tenders of CBS Class B common stock at the exchange ratio, then all shares of CBS Class B common stock that are validly tendered will generally be accepted for exchange on a pro rata basis in proportion to the number of shares tendered. We refer to this as “proration.” Stockholders (other than participants in certain CBS savings plans) who beneficially own “odd-lots” (that is, less than 100 shares of CBS Class B common stock in the aggregate) and who validly tender all their shares will not be subject to proration. Proration for each tendering stockholder will be based on the number of shares of CBS Class B common stock tendered by that stockholder in the exchange offer, and not on that stockholder’s aggregate ownership of CBS common stock.

VWAP: The “volume-weighted average price” per share of the applicable stock on the NYSE during the period specified, as obtained from Bloomberg L.P.

Forward-Looking Statements

Certain statements in this communication are “forward–looking” statements. Forward–looking statements are not based on historical facts, but rather reflect CBS’s current expectations concerning future results and events. These forward–looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward–looking statements. Important factors that could cause actual results to differ materially from CBS’s expectations include, without limitation: changes in legislation, tax rules or market conditions; other domestic and global economic, business, competitive and/or other regulatory factors affecting CBS’s businesses generally, including Outdoor Americas; and other factors described in CBS’s news releases and filings with the Securities and Exchange Commission (the “SEC”) including, but not limited to, its most recent Forms 10–K, 10–Q and 8–K. Other risks and uncertainties are described in the Registration Statement on Form S–4, as amended of Outdoor Americas filed with the SEC. You should not place undue reliance on these forward–looking statements. Forward–looking statements speak only as of the date on which they are made. CBS does not undertake any obligation to update any forward–looking statements contained in this communication as a result of new information or future events or developments, except to the extent required by applicable securities laws.

Additional Information

The terms and conditions of the exchange offer are more fully described in the Registration Statement on Form S–4 filed by Outdoor Americas with the SEC and a Schedule TO filed by CBS with the SEC. The Prospectus, which is included in the Registration Statement, contains important information about CBS, Outdoor Americas, the exchange offer and related matters. Investors and security holders are urged to read the Prospectus and any other relevant documents filed with the SEC by CBS and Outdoor Americas.


In addition to the links above, CBS shareholders may obtain a free copy of the Prospectus and other related documents filed with the SEC by CBS and Outdoor Americas at the SEC’s web site at www.sec.gov, and those documents may also be obtained for free, as applicable, from CBS at www.cbscorporation.com or Outdoor Americas at www.cbsoutdoor.com.

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