-----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,
SJ9g4Z2U75Wi9VVeEEno4y6s3mAsnI9x6WI3Q68HpcQ2uU2iTVqtPHOtfF9s7FXD
EjiAvq98vLsynceWI4gi5g==
SECURITIES AND EXCHANGE
COMMISSION
Dana L.
Perry Vice President, Chief Financial Officer AZZ incorporated One Museum Place, Suite 500 3100 West 7th Street Fort Worth, Texas 76107 Telephone: (817) 810-0095 |
Copies to: S. Benton Cantey, Esq. Kelly Hart & Hallman LLP 201 Main Street, Suite 2500 Fort Worth, Texas 76102 Telephone: (817) 878-3559 |
Transaction Valuation* |
Amount of Filing Fee** |
|||||
$125,654,572.50* |
$8,959.17** |
* |
Estimated solely for purposes of calculating the Amount of Filing Fee. Calculated by multiplying the offer price of $7.50 per share by 16,753,943, the number of outstanding shares of common stock of North American Galvanizing & Coatings, Inc. as of February 28, 2010. |
** |
The Amount of Filing Fee, calculated in accordance with Rule 0-11(d) under the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory #4 for Fiscal Year 2010, issued by the Securities and Exchange Commission on December 17, 2009, equals $71.30 per $1,000,000 of the aggregate amount of the Transaction Valuation. The Transaction Valuation set forth above was calculated for the sole purpose of determining the Amount of Filing Fee and should not be used for any other purpose. |
Amount
Previously Paid: Not Applicable |
Filing Party: Not Applicable |
|||||
Form or
Registration No.: Not Applicable |
Date Filed: Not Applicable |
(a) |
The name of the subject company and the issuer of securities to which this Schedule TO relates is North American Galvanizing & Coatings, Inc., a Delaware corporation. Its principal executive office is located at 5314 S. Yale Street, Suite 1000, Tulsa, Oklahoma 74135. Its telephone number at such address is (918) 494-0964. |
(b) |
This Schedule TO relates to Purchasers offer to purchase all issued and outstanding Shares. As of February 28, 2010, there were 16,753,943 Shares issued and outstanding. The information set forth in the Offer to Purchase under The Tender Offer: Introduction, is incorporated herein by reference. |
(c) |
The information set forth in the Offer to Purchase under The Tender Offer: Section 6, Price Range of the Shares; Dividends, is incorporated herein by reference. |
(a)(c) |
This Schedule TO is filed by Purchaser and Parent. The information set forth in the Offer to Purchase under The Tender Offer: Section 9, Certain Information Concerning Purchaser and Parent and Schedule A is incorporated herein by reference. |
(a) |
The information set forth in the Offer to Purchase is incorporated herein by reference. |
(a)(b) |
The information set forth in the Offer to Purchase under Summary Term SheetQuestions and Answers, and The Tender Offer: Introduction; Section 9, Certain Information Concerning Purchaser and Parent; Section 11, Background of the Offer; Contacts with the Company; the Merger Agreement and Stockholders Agreement; Section 12, Purpose of the Offer and the Merger; Plans for the Company after the Offer and the Merger; Stockholder Approval and Appraisal Rights; and Schedule A is incorporated herein by reference. |
(a), (c)(1)(7) |
The information set forth in the Offer to Purchase under Summary Term SheetQuestions and Answers, and The Tender Offer: Section 6, Price Range of the Shares; Dividends; Section 7, Effect of the Offer on Market for the Shares, Stock Market Quotation, and Exchange Act Registration; Section 11, Background of the Offer; Contacts with the Company; the Merger Agreement and Stockholders Agreement; Section 12, Purpose of the Offer and the Merger; Plans for the Company after the Offer and the Merger; Stockholder Approval and Appraisal Rights; and Section 14, Conditions of the Offer, is incorporated herein by reference. |
(a), (b), (d) |
The information set forth in the Offer to Purchase under Summary Term SheetQuestions and Answers, and under The Tender Offer: Section 10, Source and Amount of Funds, is incorporated herein by reference. |
(a), (b) |
The information set forth in the Offer to Purchase under The Tender Offer: Introduction; Section 8, Certain Information Concerning the Company; Section 9, Certain Information Concerning Purchaser and Parent; Section 11, Background of the Offer; Contacts with the Company; the Merger Agreement and Stockholders Agreement; and Section 12, Purpose of the Offer and the Merger; Plans for the Company after the Offer and the Merger; Stockholder Approval and Appraisal Rights, is incorporated herein by reference. |
(a) |
The information set forth in the Offer to Purchase under The Tender Offer: Section 11, Background of the Offer; Contacts with the Company; the Merger Agreement and Stockholders Agreement; Section 12, Purpose of the Offer and the Merger; Plans for the Company after the Offer and the Merger; Stockholder Approval and Appraisal Rights; and Section 16, Fees and Expenses, is incorporated herein by reference. |
(a)(1) |
The information set forth in the Offer to Purchase under The Tender Offer: Section 9, Certain Information Concerning Purchaser and Parent; Section 11, Background of the Offer; Contacts with the Company; the Merger Agreement and Stockholders Agreement; Section 12, Purpose of the Offer and the Merger; Plans for the Company after the Offer and the Merger; Stockholder Approval and Appraisal Rights, and Schedule A is incorporated herein by reference. |
(a)(2)(4) |
The information set forth in the Offer to Purchase under The Tender Offer: Section 7, Effect of the Offer on Market for the Shares, Stock Market Quotation, and Exchange Act Registration; and Section 15, Certain Legal Matters and Regulatory Approvals, is incorporated herein by reference. |
(a)(5) |
The information set forth in the Offer to Purchase under The Tender Offer: Section 17, Legal Proceedings, is incorporated herein by reference. |
(b) |
The information set forth in the Offer to Purchase and the Letter of Transmittal is incorporated herein by reference. |
(a)(1)(A) |
Offer to Purchase, dated May 7, 2010. |
|||||
(a)(1)(B) |
Letter of Transmittal (including Guidelines for Certification of Taxpayer Identification Number (TIN) on Substitute Form
W-9). |
|||||
(a)(1)(C) |
Notice of Guaranteed Delivery. |
|||||
(a)(1)(D) |
Press release issued by Parent on April 1, 2010 (incorporated by reference to Exhibit 99.1 to Parents Current Report on Form 8-K filed
April 1, 2010). |
|||||
(a)(1)(E) |
Form
of summary advertisement, published May 7, 2010. |
|||||
(a)(1)(F) |
Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees. |
|||||
(a)(1)(G) |
Form
of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees. |
|||||
(a)(1)(H) |
Press release issued by Parent on May 7, 2010. |
|||||
(d)(1) |
Agreement and Plan of Merger, dated as of March 31, 2010, by and among Parent, Purchaser, and the Company (incorporated by reference to
Exhibit 2.1 to Parents Current Report on Form 8-K filed April 1, 2010). |
|||||
(d)(2) |
Stockholders Agreement, dated as of March 31, 2010, among Parent, Purchaser and certain stockholders of the Company identified therein
(incorporated by reference to Exhibit 2.2 to Parents Current Report on Form 8-K filed April 1, 2010). |
|||||
(d)(3) |
Confidentiality Agreement between the Company and Parent., dated July 22, 2008. |
|||||
(d)(4) |
Amendment to Confidentiality Agreement between the Company and Parent, dated February 3, 2010. |
|||||
(g) |
Not
applicable. |
|||||
(h) |
Not
applicable. |
Section |
Page |
|||||||||
SUMMARY
TERM SHEET |
1 |
|||||||||
INTRODUCTION |
6 |
|||||||||
THE
TENDER OFFER |
9 |
|||||||||
1. |
Terms of the
Offer |
9 |
||||||||
2. |
Acceptance for
Payment and Payment for Shares |
10 |
||||||||
3. |
Procedures for
Tendering Shares |
11 |
||||||||
4. |
Withdrawal
Rights |
14 |
||||||||
5. |
Certain
Federal Income Tax Consequences of the Offer and the Merger |
14 |
||||||||
6. |
Price Range of
Shares; Dividends |
15 |
||||||||
7. |
Effects of the
Offer on the Market for the Shares, Stock Market Quotation, and Exchange Act Registration |
16 |
||||||||
8. |
Certain
Information Concerning the Company |
16 |
||||||||
9. |
Certain
Information Concerning Purchaser and Parent |
17 |
||||||||
10. |
Source and
Amount of Funds |
18 |
||||||||
11. |
Background of
the Offer; Contacts with the Company; the Merger Agreement and Stockholders Agreement |
18 |
||||||||
12. |
Purpose of the
Offer and the Merger; Plans for the Company after the Offer and the Merger; Stockholder Approval and Appraisal Rights |
31 |
||||||||
13. |
Dividends and
Distributions |
33 |
||||||||
14. |
Conditions of
the Offer |
33 |
||||||||
15. |
Certain Legal
Matters and Regulatory Approvals |
34 |
||||||||
16. |
Fees and
Expenses |
36 |
||||||||
17. |
Legal
Proceedings |
36 |
||||||||
18. |
Miscellaneous
|
37 |
||||||||
SCHEDULE
I |
I-1 |
|||||||||
SCHEDULE
II |
II-1 |
No. |
Question |
Page |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Q1 |
Who
is offering to buy my securities? |
1 |
||||||||
Q2 |
What
are the classes and amounts of securities sought in the Offer? |
1 |
||||||||
Q3 |
How
much are you offering to pay? What is the form of payment? |
2 |
||||||||
Q4 |
Will
I have to pay any fees or commissions if I tender my Shares? |
2 |
||||||||
Q5 |
Do
you have the financial resources to make payments? |
2 |
||||||||
Q6 |
Is
your financial condition relevant to my decision to tender in the Offer? |
2 |
||||||||
Q7 |
How
long do I have to decide whether to tender in the Offer? |
2 |
||||||||
Q8 |
Can
the Offer be extended and under what circumstances? |
2 |
||||||||
Q9 |
How
will I be notified if the Offer is extended? |
3 |
||||||||
Q10 |
What
are the most significant conditions to the Offer? |
3 |
||||||||
Q11 |
How
do I tender my Shares? |
3 |
||||||||
Q12 |
Until what time may I withdraw previously tendered Shares? |
4 |
||||||||
Q13 |
How
do I withdraw previously tendered Shares? |
4 |
||||||||
Q14 |
What
does the Board of Directors of the Company think of this Offer? |
4 |
||||||||
Q15 |
Have
any stockholders of the Company agreed to tender their Shares? |
4 |
||||||||
Q16 |
If
the Offer is completed, will the Company continue as a public company? |
4 |
||||||||
Q17 |
Will
the Offer be followed by a Merger if all Shares are not tendered in the Offer? |
4 |
||||||||
Q18 |
If I
decide not to tender, how will the Offer affect my Shares? |
4 |
||||||||
Q19 |
Will
there be appraisal rights in connection with the Offer? |
5 |
||||||||
Q20 |
What
is the market value of my Shares as of a recent date? |
5 |
||||||||
Q21 |
What
are certain United States federal income tax consequences of tendering Shares? |
5 |
||||||||
Q22 |
To
whom may I speak if I have questions about the Offer? |
5 |
Q1 |
Who is offering to buy my securities? |
Q2 |
What are the classes and amounts of securities sought in the Offer? |
Q3 |
How much are you offering to pay? What is the form of payment? |
Q4 |
Will I have to pay any fees or commissions if I tender my Shares? |
Q5 |
Do you have the financial resources to make payment? |
Q6 |
Is your financial condition relevant to my decision to tender in the Offer? |
Q7 |
How long do I have to decide whether to tender in the Offer? |
Q8 |
Can the Offer be extended and under what circumstances? |
|
We may extend the Offer for one or more additional periods of up to 20 business days with such length as Purchaser determines consistent with applicable law, provided that each such extension shall be for not more than 10 business days if all of the conditions of the Offer, as set forth in the Merger Agreement, other than the Minimum Condition (as defined in our answer to Question 10 below) have been satisfied or waived. |
|
If the Minimum Condition has been satisfied but the number of Shares that have been accepted for payment pursuant to the Offer, calculated in the manner set forth in Section 1.1(f) of the Merger Agreement, represents less than 80% of all outstanding Shares on a fully diluted basis (as described in our answer to Question 10 below), we may provide for a subsequent offering period (and one or more extensions thereof) in accordance with Rule 14d-11 under the Securities and Exchange Act of 1934, as amended (the Exchange Act). |
Q9 |
How will I be notified if the Offer is extended? |
Q10 |
What are the most significant conditions to the Offer? |
|
Unless the number of Shares validly tendered and not withdrawn before the expiration date of the Offer (including Shares tendered pursuant to the Stockholders Agreement (as defined in our answer to Question 15 below)), together with Shares owned by Purchaser or Parent and Shares that are not tendered for which we hold an option to purchase pursuant to the Stockholders Agreement (including restricted Shares, Shares subject to options and Shares subject to the Companys Director Stock Unit Program), represents at least two thirds (2/3) of the then outstanding Shares on a fully diluted basis. We call this condition the Minimum Condition. When we use the term fully diluted basis, we mean the number of shares outstanding, together with the shares that the Company may be required to issue under options and warrants that do not terminate when the offer is completed, whether or not those options and warrants are vested or exercisable at that time, but not including Shares issuable upon the exercise of unexercised warrants. |
|
If the Company has experienced a material adverse change with respect to its business, operations, properties, liabilities or condition (with certain exceptions). |
Q11 |
How do I tender my Shares? |
Q12 |
Until what time may I withdraw previously tendered Shares? |
Q13 |
How do I withdraw previously tendered Shares? |
Q14 |
What does the Board of Directors of the Company think of the Offer? |
Q15 |
Have any stockholders agreed to tender their Shares? |
Q16 |
If the Offer is completed, will the Company continue as a public company? |
Q17 |
Will the Offer be followed by a Merger if all Shares are not tendered in the Offer? |
Q18 |
If I decide not to tender, how will the Offer affect my Shares? |
Q19 |
Will there be appraisal rights in connection with the Offer? |
Q20 |
What is the market value of my Shares as of a recent date? |
Q21 |
What are certain United States federal income tax consequences of tendering Shares? |
Q22 |
To whom may I speak if I have questions about the Tender Offer? |
|
such tender is made by or through an Eligible Institution; |
|
a properly completed and duly executed Notice of Guaranteed Delivery, substantially in the form provided by Purchaser, is received by the Depositary (as provided below) prior to the Expiration Date; and |
|
the certificates for all tendered Shares, in proper form for transfer (or a Book-Entry Confirmation with respect to all such Shares), together with a properly completed and duly executed Letter of Transmittal (or facsimile thereof), with any required signature guarantees or, in the case of a book-entry transfer, an Agents Message in lieu of the Letter of Transmittal, and any other required documents, are received by the Depositary within 3 trading days after the date of execution of such Notice of Guaranteed Delivery. A trading day is any day on which Nasdaq is open for business. |
Fiscal Year |
High | Low | ||||||||||||
Fiscal Year
ended December 31, 2008: |
||||||||||||||
First
Quarter |
$ | 6.60 | $ | 4.26 | ||||||||||
Second
Quarter |
$ | 9.27 | $ | 5.17 | ||||||||||
Third
Quarter |
$ | 11.55 | $ | 4.21 | ||||||||||
Fourth
Quarter |
$ | 5.41 | $ | 2.36 | ||||||||||
Fiscal Year
ending December 31, 2009: |
||||||||||||||
First
Quarter |
$ | 4.76 | $ | 2.15 | ||||||||||
Second
Quarter |
$ | 7.85 | $ | 2.90 | ||||||||||
Third
Quarter |
$ | 6.34 | $ | 4.90 | ||||||||||
Fourth
Quarter |
$ | 6.12 | $ | 4.61 |
|
As a galvanizing company interested in expanding its presence in North America, the Parent continually seeks to identify and evaluate strategic opportunities, including potential acquisition candidates. As part of this activity, the Parent had identified the Company as one of several potential partners for a strategic alliance or other business combination. The Parent and the Company first discussed a potential |
transaction between the companies in the fall of 1995. Discussions between the two companies with respect to a potential transaction have continued off and on since that time. |
|
More recently, from July 17, 2008 through August 25, 2008, the Parent and the Company discussed the expected timing of a potential merger or acquisition of the Company by the Parent. |
|
On July 22, 2008, the Parent and the Company entered into a Confidentiality Agreement (the Confidentiality Agreement) in anticipation of the Parents evaluation of a potential acquisition of the Company. |
|
On July 23, 2008, the Parent sent a non-binding term sheet to the Company containing the Parents proposed terms and conditions of a potential merger of the Company with and into an affiliate of the Parent (the Initial Term Sheet). |
|
On August 6, 2008, Mr. Dingus met with Mr. Evans and Mr. Joseph Morrow to discuss this proposed merger. |
|
On August 25, 2008, the Company formally rejected Parents proposed terms and conditions set out in the Initial Term Sheet because the Company did not believe that the proposed terms and conditions were in the best interest of the Company and its stockholders. Parent notified the Company that the Parent was unwilling to proceed with a proposed merger on alternative terms proposed by the Company. Based on the foregoing, the Company and Parent amicably terminated discussions regarding the proposed merger. |
|
On January 21, 2010, Mr. Dingus contacted Mr. Evans via email and expressed an interest in a possible acquisition of the Company by the Parent in which Parent would purchase the Shares for a purchase price consisting solely of cash. Mr. Evans called Mr. Dingus later in the day and the two discussed the possibility of such an acquisition. |
|
On January 29, 2010, Mr. Dingus called Mr. Evans and indicated that Parent was interested in discussing a possible acquisition in which Parent would purchase the Shares for $7.50 per Share. Mr. Dingus and Mr. Evans agreed that they would consult the Boards of Directors of their respective companies regarding such an acquisition. |
|
On February 2, 2010, Mr. Evans notified Mr. Dingus that the Companys Board of Directors desired to proceed further with discussions regarding a potential acquisition of the Company by the Parent. Mr. Evans also notified Mr. Dingus that the Company had retained Stephens, Inc. (Stephens) and Chadbourne & Parke LLP (Chadbourne) as its financial and legal advisors, respectively, with respect to such a transaction. |
|
On February 3, 2010, the Parent and the Company amended the Confidentiality Agreement to provide for additional discussions regarding the Offer and the Merger. |
|
On February 4, 2010, Kelly Hart & Hallman LLP, legal counsel to the Parent and Purchaser (KHH), held a brief phone call with Chadbourne. During this call, KHH and Chadbourne discussed the possible structure of a transaction between the Parent and the Company as a cash tender offer by a subsidiary of the Parent followed by a merger of such subsidiary with and into the Company, with the Company as the surviving entity. KHH and Chadbourne agreed to consult with their respective clients regarding whether such a transaction structure would be acceptable. In addition, Chadbourne advised KHH that the Companys Board of Directors would require any merger agreement to contain a go shop provision permitting the Company to actively solicit other offers and a fiduciary out, whereby the Board of Directors could recommend that the Stockholders tender their shares in a tender offer commenced by a competing buyer if the directors fiduciary duties to the Stockholders required them to do so. |
|
From February 9, 2010 through February 26, 2010, KHH and Chadbourne discussed with each other and their respective clients and negotiated a non-binding term sheet setting out the proposed general terms and conditions of the Merger Agreement. During this time, Chadbourne, KHH, the Company and Parent discussed whether the Merger Agreement would contain a go-shop provision, which would allow the |
Company to solicit other potential acquirors during the period of 30 days following the signing of the Merger Agreement, and the rights that the Parent would have to match any superior offer from such an acquiror. |
|
On February 22, 2010, Chadbourne provided KHH with initial confidential diligence materials. |
|
From February 23, 2010 through March 31, 2010, SCS Engineers conducted an environmental due diligence review of the Company on behalf of the Parent. |
|
On February 26, 2010, Stephens arranged for representatives of the Parent, KHH and BDO Seidman LLP, the Parents independent financial auditors and its accounting advisor with respect to the Offer and the Merger (BDO), to have access to an electronic data room created and maintained by Stephens for the potential transaction between the Company and the Parent. |
|
From February 26, 2010 through March 31, 2010, representatives of the Parent, KHH and BDO reviewed diligence materials posted in the electronic data room in the course of the Parents due diligence review of the Company. |
|
On March 2, 2010, Chadbourne confirmed to KHH that representatives from BDO were permitted to contact the Companys independent financial auditors with respect to the audit of the Companys financial statements for the Companys 2009 fiscal year. |
|
From March 11, 2010 through March 30, 2010, representatives of BDO met and corresponded with representatives of the Companys independent financial auditors regarding their audit of the Companys financial statements for the Companys 2009 fiscal year. |
|
From March 8, 2010 through March 26, 2010, KHH and Chadbourne exchanged drafts of the Merger Agreement and Stockholders Agreement, discussed them with their respective clients and held conference calls discussing requested revisions to these agreements. In particular, representatives of KHH and Chadbourne discussed the no-solicitation provision of the Merger Agreement and the events triggering the Companys obligation to pay the Parent a break up fee. |
|
On March 29, 2010, representatives of KHH, Chadbourne, the Company and Chartis Insurance held a conference call to discuss various environmental matters regarding certain of the Companys operating sites. |
|
On March 29, 2010, Chadbourne sent KHH a revised draft of the Merger Agreement containing the Companys and Chadbournes additional comments. KHH subsequently suggested a minor revision to Chadbournes draft, which was accepted. |
|
On March 29, 2010, Chadbourne sent KHH a draft of the disclosure schedules to the Merger Agreement. |
|
On March 30, 2010, representatives of Chadbourne and KHH held a conference call to discuss the disclosure schedules and a further revision to the Stockholders Agreement. Chadbourne subsequently sent KHH a revised draft of the disclosure schedules that incorporated KHHs comments to the previous draft of the disclosure schedules and a revised draft of the Stockholders Agreement containing the revisions agreed in the March 30 conference call. |
|
On March 31, 2010, the Parents Board of Directors and the Company Board (as defined below) each held meetings to discuss and review the Merger Agreement and the transactions contemplated therein. At the special meeting of the Company Board, Stephens delivered its opinion to the effect that, as of that date and based on and subject to the assumptions, procedures, factors, limitations and qualifications set forth in its opinion, the Offer Price of $7.50 per Share in cash was fair from a financial point of view to the Companys stockholders. Each of the Parents Board of Directors and the Company Board approved the Merger Agreement. Subsequently, the Company, the Parent and Purchaser entered into the Merger Agreement and the Parent, Purchaser and the Signatory Holders entered into the Stockholders Agreement. |
(a) |
by mutual written consent of the Company and Parent at any time prior to the Effective Time; |
(b) |
by either the Company or Parent, if at any time prior to June 30, 2010 (the Termination Date), the Purchaser has not accepted for payment Shares tendered pursuant to the Offer, except that this right to terminate shall not be available to any party whose breach of the Merger Agreement has been the cause of, or resulted in, such failure to accept for payment the Shares on or prior to such date; |
(c) |
by either the Company or Parent, if prior to the Acceptance Time, any governmental entity having jurisdiction over the Company, Parent or Purchaser shall have issued an order, decree or ruling or taken any other action, in each case permanently restraining, enjoining or otherwise prohibiting the consummation of the Offer or the Merger substantially as contemplated by the Merger Agreement and such order, decree, ruling or other action shall have become final and non-appealable; |
(d) |
by Parent, at any time prior to the Acceptance Time, if (i) a Change of Board Recommendation shall have occurred; (ii) the Company or the Company Board shall have approved or adopted any Acquisition Proposal or approved or entered into a merger agreement, letter of intent, asset purchase agreement or other similar contract relating to an Acquisition Proposal; (iii) after the Go-Shop Period Termination Date, the Company Board shall have failed to reaffirm its recommendation regarding the Merger Agreement and the transaction contemplated thereby within 10 business days of receipt of a written request by Parent to provide such reaffirmation following an Acquisition Proposal (provided only one such reaffirmation request per Acquisition Proposal and one additional reaffirmation request per each amendment thereof and supplement thereto may be made by Parent) or, if an Acquisition Proposal is received within 5 to 10 business days prior to the Termination Date, on the business day immediately preceding the Termination Date; (iv) the Company shall have breached the no solicitation provision in the Merger Agreement in any material respect, or (v) the Company or the Company Board authorized or publicly proposed to do any of the actions specified in clauses (i) or (ii) above; |
(e) |
by the Company, at any time prior to the Acceptance Time, if the Company Board determines to accept a Superior Proposal, but only if the Company has complied in all respects with the no solicitation provision of the Merger Agreement with respect to such Superior Proposal and has paid the Break-Up Fee (as defined below) to Parent substantially concurrent with such termination; |
(f) |
by the Company, if Parent or Purchaser fails to commence the Offer in accordance with the Merger Agreement, except that this right to terminate the Merger Agreement is not available to the Company if (i) a Company Material Adverse Effect has occurred, (ii) the failure of Parent or Purchaser to commence the Offer is a result of the breach of any representation or warranty, covenant or other agreement of the Company, or (iii) the commencement of the Offer has been restrained, enjoined or prohibited by any order, judgment, decree, injunction or ruling (whether temporary, preliminary or permanent) of a court of competent jurisdiction or any other governmental entity; |
(g) |
by Parent, at any time prior to the Acceptance Time, if (i) there exists a breach of or inaccuracy in any representation or warranty of the Company contained in the Merger Agreement or breach of any covenant of the Company contained in the Merger Agreement, in any case, such that any condition to the Offer is not or would not be satisfied, (ii) Parent delivered to the Company written notice of such inaccuracy or breach and (iii) either such inaccuracy or breach is not capable of cure or at least 20 business days have elapsed since the date of delivery of such written notice to the Company and such inaccuracy or breach shall not have been cured; provided, however, that Parent shall not be permitted to terminate the Merger Agreement if (A) any material covenant of Parent or Purchaser contained in the Merger Agreement shall have been breached in any material respect, and such breach shall have not been cured, or (B) there exists a material breach of or inaccuracy in any representation or warranty of Parent or Purchaser contained in the Merger Agreement that has not been cured; or |
(h) |
by the Company, at any time prior to the Acceptance Time, if (i) there exists a breach of or inaccuracy in any representation or warranty of Parent or Purchaser contained in the Merger |
Agreement or a breach of any covenant of Parent or Purchaser contained in the Merger Agreement that shall have had or is reasonably likely to have, individually or in the aggregate, a material adverse effect upon Parents or Purchasers ability to consummate the Offer, (ii) the Company shall have delivered to Parent written notice of such inaccuracy or breach, and (iii) either such inaccuracy or breach is not capable of cure or at least 20 business days shall have elapsed since the date of delivery of such written notice to Parent and such inaccuracy or breach shall not have been cured, except that the Company is not permitted to terminate the Merger Agreement if (A) any material covenant of the Company contained in the Merger Agreement has been breached in any material respect, and such breach has not been cured or (B) there exists a material breach of, or inaccuracy in, any representation or warranty of the Company contained in the Merger Agreement that has not been cured. |
materiality or Company Material Adverse Effect or similar terms) as if such representations and warranties were made at the time of such determination (except to the extent such representations and warranties relate to an earlier date, in which case only as of such earlier date), except for failures to be so true and correct as do not and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect;
A. |
Directors and Executive Officers of Purchaser |
Name and
Business Address |
Present Principal Occupation or Employment; Material Positions Held During the Past Five Years |
|||||
David H.
Dingus |
Mr.
Dingus is the President and is one of the directors of Big Kettle Merger Sub, Inc. Mr. Dingus has been a director of AZZ incorporated since 1999. Mr.
Dingus has served as AZZ incorporateds president and chief executive officer since 2001, and served as president and chief operating officer from
1998 to 2001. |
|||||
Dana L.
Perry |
Mr.
Perry is the Vice President and Secretary and is one of the directors of Big Kettle Merger Sub, Inc. Mr. Perry has been a director of AZZ incorporated
since 1992. Mr. Perry has served as AZZ incorporateds senior vice president of finance, chief financial officer and secretary since January 2005,
and, prior to that, served as vice president of finance, chief financial officer and assistant secretary. |
B. |
Directors and Executive Officers of Parent |
Name and
Business Address |
Present Principal Occupation or Employment; Material Positions Held During the Past Five Years |
|||||
David H.
Dingus |
Mr.
Dingus has been a director of AZZ incorporated since 1999. Mr. Dingus has served as AZZ incorporateds president and chief executive officer since
2001, and served as president and chief operating officer from 1998 to 2001. |
|||||
Dana L.
Perry |
Mr.
Perry has been a director of AZZ incorporated since 1992. Mr. Perry has served as AZZ incorporateds senior vice president of finance, chief
financial officer and secretary since January 2005, and, prior to that, served as vice president of finance, chief financial officer and assistant
secretary. |
Name and
Business Address |
Present Principal Occupation or Employment; Material Positions Held During the Past Five Years |
|||||
Daniel E.
Berce Americredit Corp 801 Cherry Street, Suite 3500 Fort Worth, Texas 76102 |
Mr.
Berce has been a director of AZZ incorporated since 2000. Mr. Berce has been president and chief executive officer of AmeriCredit Corp., a publicly
held national automobile consumer finance company, since August 2005 and served as president of AmeriCredit Corp. from April 2003 to August 2005 and as
vice chairman and chief financial officer of AmeriCredit prior to that. He serves on the boards of directors of AmeriCredit Corp. and Cash America
International, Inc., a publicly held provider of specialty financial services. |
|||||
Martin C.
Bowen Fine Line Diversified Development 201 Main Street, Suite 3100 Fort Worth, Texas 76102 |
Mr.
Bowen has been a director of AZZ incorporated since 1993. Mr. Bowen has been vice president and chief financial officer of Fine Line, a privately held
investment holding company, for over five years. Mr. Bowen served as a director of Encore Acquisition Company, a company engaged in the acquisition,
development and production of oil and natural gas reserves, from 2004 until 2010, when Encore Acquisition Company was acquired by Denbury Resources
Inc., a publicly-held company engaged in the acquisition, development and production of oil and natural gas reserves. |
|||||
Sam Rosen Shannon, Gracey, Ratliff & Miller, L.L.P. 777 Main Street, Suite 3800 Fort Worth, Texas 76102 |
Mr.
Rosen has been a director of AZZ incorporated since 1996. Mr. Rosen has been a partner in the law firm of Shannon, Gracey, Ratliff & Miller, L.L.P.
since 1966 and is a director of GAINSCO, INC., a publicly held insurance holding company. |
|||||
Kevern R.
Joyce c/o AZZ incorporated One Museum Place 3100 West 7th Street, Suite 500 Fort Worth, Texas 76102 |
Mr.
Joyce has been a director of AZZ incorporated since 1997. Mr. Joyce is on the board of directors of Continental Energy Systems. Mr. Joyce was senior
advisor to ZTEK Corporation from 2003 to 2006. Mr. Joyce was president, chief executive officer and chairman of Texas New Mexico Power Company from
1994 to 2001 and was a senior advisor to that company until 2003. |
|||||
Dr. H. Kirk
Downey c/o AZZ incorporated One Museum Place 3100 West 7th Street, Suite 500 Fort Worth, Texas 76102 |
Dr.
Downey has been a director of AZZ incorporated since 1992. Dr. Downey currently is an independent business consultant and investor. Dr. Downey served
as professor of management, dean and associate provost for academic affairs at Texas Christian University from 1983 to 2000. Dr. Downey is also
chairman and a member of the board of trustees of LKCM Funds and LKCM Aquinas Funds, a publicly held family of mutual funds. |
Name and
Business Address |
Present Principal Occupation or Employment; Material Positions Held During the Past Five Years |
|||||
Daniel R.
Feehan Cash America International, Inc. 1600 West 7th Street Fort Worth, Texas 76102 |
Mr.
Feehan has been a director of AZZ incorporated since 2000. Mr. Feehan has served as president and chief executive officer of Cash America
International, Inc., a publicly held provider of specialty financial services, since 2000. Prior to that, he served as president and chief operating
officer of Cash America. Mr. Feehan is also a director of Cash America and RadioShack Corporation, a publicly held company in the retail consumer
electronic goods and services business. |
|||||
Peter A.
Hegedus c/o AZZ incorporated One Museum Place 3100 West 7th Street, Suite 500 Fort Worth, Texas 76102 |
Mr.
Hegedus has been a director of AZZ incorporated since September 2006. Mr. Hegedus is a member of the Supervisory Board of ABB Hungary, a specialty
electrical equipment manufacturer, and prior to that served as the Country Manager-ABB Hungary and President of ABB Kft., a position he held since
1995, where he was responsible for all activities of the global ABB organization in Hungary. |
|||||
John V.
Petro |
Senior Vice President, Electrical & Industrial Products (2006- Present); Vice President Operations, Electrical & Industrial Products
(2001-2006) |
|||||
Clement H.
Watson |
Vice
President Sales, Electrical Products (2000-Present), |
|||||
Jim C.
Stricklen |
Vice
President, Business and Manufacturing Systems (2004-Present); Vice President, Assistant Connectivity Technology (2001-2003) |
|||||
Tim E.
Pendley |
Senior Vice President, Galvanizing Services Segment (2009- Present); Vice President Operations, Galvanizing Services Segment (2004-2009);
Division Operations Manager (1999-2004) |
|||||
Richard W.
Butler |
Vice
President, Corporate Controller (2004-Present); Corporate Controller (1999-2004) |
|||||
Ashok E.
Kolady |
Vice
President, Business Development (2007-Present); Operation, Marketing, & Business Development, Eaton Corp. (2004-2007); Process Improvement Lead,
General Motors Corporation (1999-2004) |
|||||
John S.
Lincoln |
Vice
President, Galvanizing Services Northern Operations (2009-Present); South Central Regional Manager, AGS (2006-2009); Executive Vice President,
North American Galvanizing & Coatings, Inc. (1999-2006) |
|||||
Bryan L.
Stovall |
Vice
President, Galvanizing Services Southern Operations (2009-Present); Southeast and Texas Coast Region Manager, AGS (2007-2009); Southwest Region
Manager, AGS (2001-2007) |
|||||
Bill G.
Estes |
Vice
President Bus Duct Systems (2009-Present); General Manager CGIT and The Calvert Company (2004-2009); General Manager CGIT
(2001-2004) |
Name and
Business Address |
Present Principal Occupation or Employment; Material Positions Held During the Past Five Years |
|||||
John A.
Petitto |
Vice
President Switchgear Systems (2009-Present); General Manager Central Electric Manufacturing Co. (2003-2009) |
|||||
Francis D.
Quinn |
Vice
President Human Resources (2009-Present); Vice President Benefits and Compensation, Americredit Corp (2004-2008); Assistant Vice
President Benefits, Americredit Corp. (1999-2004) |
Name |
Address |
|||||
Aztec Industries,
Inc. |
125
Aztec Drive Richland MS 39218 |
|||||
Aztec Industries,
Inc. Moss Point |
4212
Dutch Bayou Rd Moss Point, Mississippi 39563 |
|||||
Automatic
Processing Incorporated |
4212
Dutch Bayou Road Moss Point, MS 39563 |
|||||
The Calvert
Company, Inc. |
120
Aztec Drive Richland, MS 39218 |
|||||
Gulf Coast
Galvanizing, Inc. |
17640
Industrial Park Dr. E. Citronelle, AL 36522 |
|||||
Arkgalv,
Inc. |
998
Escue Drive Prairie Grove, AR 72753 |
|||||
Arbor-Crowley,
Inc. |
One
Museum Place 3100 West 7th Street, Suite 500 Fort Worth, Texas 76107 |
|||||
Atkinson
Industries, Inc. |
1801
E. 27th Str. Terr. Pittsburg, KS 66762 |
|||||
AZZ GP,
LLC |
One
Museum Place 3100 West 7th Street, Suite 500 Fort Worth, Texas 76107 |
|||||
AZZ LP,
LLC |
One
Museum Place 3100 West 7th Street, Suite 500 Fort Worth, Texas 76107 |
|||||
AZZ Group,
L.P. |
One
Museum Place 3100 West 7th Street, Suite 500 Fort Worth, Texas 76107 |
|||||
AZZ Holdings,
Inc. |
One
Museum Place 3100 West 7th Street, Suite 500 Fort Worth, Texas 76107 |
|||||
Aztec
Manufacturing Partnership, Ltd. |
400
North Tarrant Crowley, TX 76036 |
|||||
Aztec
Manufacturing Waskom Partnership, Ltd. |
900
E. Texas Avenue Waskom, TX 75692 |
|||||
Rig-A-Lite
Partnership, Ltd. |
8500
Hansen Houston, TX 77075 |
Name |
Address |
|||||
International
Galvanizers Partnership, Ltd. |
5898
Industrial Road Beaumont, TX 77705 |
|||||
Drilling Rig
Electrical Systems Co. Partnership, Ltd. |
One
Museum Place 3100 West 7th Street, Suite 500 Fort Worth, Texas 76107 |
|||||
Arizona
Galvanizing, Inc. |
15775
Elwood St. Goodyear, Arizona 85338 |
|||||
Hobson
Galvanizing Inc. |
2402
Engineers Road Belle Chasse, Louisiana 70037 |
|||||
CGIT Systems,
Inc. |
51
Alder Street Medway, MA 02053 |
|||||
Westside
Galvanizing Services, Inc. |
3520
S. Riverview Port Allen, LA 70767 |
|||||
Central Electric
Company |
7900
U.S. Hwy 54 Fulton, MO 65251 |
|||||
Carter and
Crawley, Inc. |
1010
Thousand Oaks Blvd. Greenville, SC 29607 |
|||||
Central Electric
Manufacturing Company |
7900
U.S. Hwy 54 Fulton, MO 65251 |
|||||
Electrical Power
Systems, Inc. |
9490
Ridgeway Tulsa, OK 74131 |
|||||
Clark Contro
Systems, Inc. |
One
Museum Place 3100 West 7th Street, Suite 500 Fort Worth, Texas 76107 |
|||||
AAA Galvanizing
Joliet, Inc. |
625
Mills Rd. Joliet, Illinois 60433 |
|||||
AAA Galvanizing
Dixon, Inc. |
310
Progress Dr. Dixon, Illinois 61021 |
|||||
Witt Galvanizing
Cincinatti, Inc. |
4454
Steel Place Cincinnati, Ohio 45209 |
|||||
Witt Galvanizing
Muncie, Inc. |
2415
S. Walnut St. Muncie, Indiana 47302 |
|||||
Witt Galvanizing
Plymouth, Inc. |
2631
Jim Neu Dr. Plymouth, Indiana 46563 |
|||||
AAA Galvanizing
Chelsea, Inc. |
6022
South Industrial Rd. Chelsea, Oklahoma 74016 |
|||||
AAA Galvanizing
Peoria, Inc. |
6718
W. Plank Rd. Peoria, Illinois 61604 |
|||||
AAA Galvanizing
Winsted, Inc. |
800
6th St. SouthWinsted, Minnesota 55395 |
Name |
Address |
|||||
AAA Galvanizing
Hamilton, Inc. |
7825
South Homestead Dr. Hamilton, Indiana 46742 |
|||||
AZZ Canada
Limited |
100
Grantham Ave. South St. Catharines, Ontario L2R 7B9 |
|||||
AZZ Blenkhorn
& Sawle Limited |
100
Grantham Ave. South St. Catharines, Ontario L2R 7B9 |
|||||
AZZ Delaware
Inc. |
One
Museum Place 3100 West 7th Street, Suite 500 Fort Worth, Texas 76107 |
By
Mail: |
By
Facsimile Transmission: |
By
Overnight Courier: |
||||||||
Computershare
Trust Company, N.A. c/o Voluntary Corporate Actions P.O. Box 43011 Providence, RI 02940-3011 |
For
Eligible Institutions Only: (617) 360-6810 For Confirmation Only Telephone: (781) 575-2332 |
Computershare Trust Company, N.A. c/o Voluntary Corporate Actions Suite V 250 Royall Street Canton, MA 02021 |
[;E6F%]I6Y*N.$9%_BA!>(X]*T3%KD/X@IJS]:EAH7+_`)*\X'=CLE1N MP-'&::C7RJG\18'Z=
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., CENTRAL DAYLIGHT SAVING TIME, ON MONDAY, JUNE 7, 2010, UNLESS THE OFFER IS EXTENDED.
By Mail: | By Facsimile Transmission: | By Overnight Courier: | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Computershare Trust Company, N.A. c/o Voluntary Corporate Actions P.O. Box 43011 Providence, RI 02940-3011 |
For
Eligible Institutions Only: (617) 360-6810 For Confirmation Only Telephone: (781) 575-2332 |
Computershare Trust Company, N.A. c/o Voluntary Corporate Actions Suite V 250 Royall Street Canton, MA 02021 |
DESCRIPTION OF SHARES TENDERED |
|||||||||||||||
Name(s) and Address(es) of Registered Holder(s) (Please fill in, if blank, exactly as name(s) appear (s) on Share Certificate(s)) |
Shares Tendered (Attach additional signed list if necessary) |
||||||||||||||
A. Certificate Number(s)* |
B. Total Number of Shares Represented by Certificate(s)* |
C. Number of Shares Tendered** |
|||||||||||||
D. Total Certificated Shares Tendered (sum of column C entries): |
|||||||||||||||
E. Total Shares Tendered by Book- Entry: |
|||||||||||||||
Total Shares Tendered (sum of D and E): |
|||||||||||||||
* Need not be completed if transfer is made by book-entry transfer. |
|||||||||||||||
** Unless otherwise indicated, it will be assumed that all Shares described above are being tendered. See Instruction
4. |
[ ] |
CHECK HERE IF SHARES ARE BEING TENDERED BY BOOK-ENTRY TRANSFER MADE TO AN ACCOUNT MAINTAINED BY THE DEPOSITARY WITH DTC AND COMPLETE THE FOLLOWING (ONLY PARTICIPANTS IN THE DTCS TRANSFER FACILITY MAY DELIVER SHARES BY BOOK-ENTRY TRANSFER): |
[ ] |
CHECK HERE IF SHARES ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE DEPOSITARY AND COMPLETE THE FOLLOWING. PLEASE ENCLOSE A PHOTOCOPY OF SUCH NOTICE OF GUARANTEED DELIVERY. |
|
Fill in the box entitled Description of Shares Being Tendered. |
|
Sign and date the Letter of Transmittal in the box entitled Stockholder: Sign Here. |
|
Fill in and sign in the box entitled Substitute Form W-9. |
|
If you want the payment for any Shares purchased issued in the name of another person, complete the box entitled Special Payment Instructions. |
|
If you want any certificate for Shares not tendered or not accepted for payment issued in the name of another person, complete the box entitled Special Payment Instructions. |
|
If you want any payment for Shares or Certificates not tendered or not accepted for payment delivered to an address other than that appearing under your signature, complete the box entitled Special Delivery Instructions. |
Name: |
|||||||||||
Please check the appropriate box indicating your status: [ ] Individual/Sole proprietor [ ] Corporation [ ] Partnership [ ] Other [ ] Exempt from backup withholding |
|||||||||||
Address (number, street, and apt. or suite no.) |
|||||||||||
City, State, and ZIP code |
|||||||||||
SUBSTITUTE FORM W-9 Department of the Treasury Internal Revenue Service |
Part I TINPLEASE PROVIDE YOUR TIN IN THE BOX AT RIGHT AND CERTIFY BY SIGNING AND DATING BELOW. |
Social Security Number OR Employer Identification Number _________________ ___________ |
|||||||||
Part III Awaiting TIN [ ] |
|||||||||||
Part IV Exempt [ ] |
|||||||||||
Payers Request for TIN and Certification |
Part IICertificationUnder penalties of perjury, I certify that: (1) The number
shown on this form is my correct Taxpayer Identification Number (or I am waiting for a number to be issued to me), and (2) I am not subject to
backup withholding because (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (the
IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has
notified me that I am no longer subject to backup withholding, and (3) I am a U.S. person (including a U.S. resident alien). |
||||||||||
Certification InstructionsYou must cross out item (2) above if you have been notified by the
IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. The
IRS does not require your consent to any provision of this document other than the certifications required to avoid backup
withholding. |
|||||||||||
Sign Signature of Here U.S. person ________________________________________________________________________ Date _________________, 2010 |
NOTE: |
FAILURE TO COMPLETE AND RETURN THE SUBSTITUTE FORM W-9 MAY RESULT IN BACKUP WITHHOLDING OF A PORTION OF ANY PAYMENTS MADE TO YOU PURSUANT TO THE OFFER. PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM W-9 FOR ADDITIONAL DETAILS, AND PLEASE SEE IMPORTANT TAX INFORMATION. |
For this type of account: |
Give the SOCIAL SECURITY number of |
|||||||||
1. |
An
individuals account |
The
individual |
||||||||
2. |
Two
or more individuals (joint account) |
The
actual owner of the account or, if combined funds, the first individual on the account(1) |
||||||||
3. |
Custodian account of a minor (Uniform Gift to Minors Act) |
The
minor(2) |
||||||||
4. |
a. The usual revocable savings trust account (grantor is also trustee) |
The
grantor-trustee(1) |
||||||||
b. So-called trust account that is not a legal or valid trust under State law |
The
actual owner(1) |
For this type of account: |
Give the EMPLOYER IDENTIFICATION number of |
|||||||||
5. |
Sole
proprietorship account or single-owner LLC |
The
owner(3) |
||||||||
6. |
A
valid trust, estate or pension trust |
The
legal entity (Do not furnish the identifying number of the personal representative or trustee unless the legal entity itself is not designated in the account title.)(4) |
||||||||
7. |
Corporate account or LLC electing corporate status on Form 8832 |
The
corporation |
||||||||
8. |
Association, club, religious, charitable, educational or other tax-exempt organization |
The
organization |
||||||||
9. |
Partnership or multiple-member LLC |
The
partnership |
||||||||
10. |
A
broker or registered nominee |
The
broker or nominee |
||||||||
11. |
Account with the Department of Agriculture in the name of a public entity (such as a State or local government, school district or prison) that receives agriculture program payments |
The
public entity |
||||||||
(1) |
List first and circle the name of the person whose number you furnish. If only one person on a joint account has a Social Security number, that persons number must be furnished. |
(2) |
Circle the minors name and furnish the minors Social Security number. |
(3) |
You must show the name of the individual. The name of the business or the doing business as name may also be entered. Either the Social Security number or the Employer Identification number may be used. |
(4) |
List first and circle the name of the legal trust, estate or pension trust. |
NOTE: |
IF NO NAME IS CIRCLED WHEN THERE IS MORE THAN ONE NAME, THE NUMBER WILL BE CONSIDERED TO BE THAT OF THE FIRST NAME LISTED. |
(1) |
A corporation. |
(2) |
An organization exempt from tax under section 501(a), or an individual retirement plan (IRA), or a custodial account under 403(b)(7), if the account satisfies the requirements of section 401(f)(2). |
(3) |
The United States or any of its agencies or instrumentalities. |
(4) |
A State, the District of Columbia, a possession of the United States, or any of its political subdivisions or instrumentalities. |
(5) |
A foreign government or any of its political subdivisions, agencies or instrumentalities. |
(6) |
An international organization or any of its agencies or instrumentalities. |
(7) |
A foreign central bank of issue. |
(8) |
A dealer in securities or commodities required to register in the United States, the District of Columbia, or a possession of the United States. |
(9) |
A futures commission merchant registered with the Commodity Futures Trading Commission. |
(10) |
A real estate investment trust. |
(11) |
An entity registered at all times during the year under the Investment Company Act of 1940. |
(12) |
A common trust fund operated by a bank under section 584(a). |
(13) |
A financial institution. |
(14) |
A middleman known in the investment community as a nominee or listed in the most recent publication of the American Society of Corporate Secretaries, Inc., Nominee List. |
(15) |
A trust exempt from tax under section 664 or described in section 4947. |
|
Payments to nonresident aliens subject to withholding under section 1441. |
|
Payments to partnerships not engaged in a trade or business in the United States and that have at least one nonresident alien partner. |
|
Payments of patronage dividends not paid in money. |
|
Payments made by certain foreign organizations. |
|
Payments of interest on obligations issued by individuals. |
|
Payments of tax-exempt interest (including exempt interest dividends under section 852). |
|
Payments described in section 6049(b)(5) to nonresident aliens. |
|
Payments on tax-free covenant bonds under section 1451. |
|
Payments made by certain foreign organizations. |
|
Mortgage or student loan interest paid by you. |
(1) |
Penalty for Failure to Furnish Taxpayer Identification Number. If you fail to furnish your taxpayer identification number to a payer, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and not to willful neglect. |
(2) |
Civil Penalty for False Information with respect to Withholding. If you make a false statement with no reasonable basis which results in no backup withholding, you are subject to a $500 penalty. |
(3) |
Criminal Penalty for Falsifying Information. Falsifying certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment |
By Mail: | By Facsimile Transmission: | By Overnight Courier: | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Computershare Trust Company, N.A. c/o Voluntary Corporate Actions P.O. Box 43011 Providence, RI 02940-3011 |
For
Eligible Institutions Only: (617) 360-6810 For Confirmation Only Telephone: (781) 575-2332 |
Computershare Trust Company, N.A. c/o Voluntary Corporate Actions Suite V 250 Royall Street Canton, MA 02021 |
Name(s) of Record Holder(s) |
Number of Shares |
|||||
Certificate Nos. (if available) |
||||||
Address(es) |
||||||
Zip Code |
Indicate account number at Book-Entry Transfer Facility if Shares will be tendered by book-entry transfer: |
|||||
(Area Code) Telephone No. |
||||||
Account Number |
||||||
X ______________________________________________________________ |
Dated: _______________________________, 2010 |
|||||
X ______________________________________________________________ |
Dated: _______________________________, 2010 |
Name of Firm |
X __________________________________________ Authorized Signature |
|||||
Address(es) |
Name (Please Print) |
|||||
Zip Code |
Title |
|||||
(Area Code) Telephone No. |
Dated: _______________________________, 2010 |
This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below). The Offer (as defined below) is made solely by the Offer to Purchase, dated May 7, 2010, and the related Letter of Transmittal, and any amendments thereto, and is being made to all holders of Shares. Offeror (as defined below) is not aware of any state where the making of the Offer is prohibited by administrative or judicial action pursuant to any valid state statute. If Offeror becomes aware of any valid state statute prohibiting the making of the Offer, Offeror will make a good faith effort to comply with such statute. If, after such good faith effort, Offeror cannot comply with such state statute, the Offer will not be made to, nor will tenders be accepted from or on behalf of, the holders of Shares in such state.
Notice of Offer to Purchase for Cash
All Outstanding Shares of Common Stock of
North American Galvanizing & Coatings, Inc.
at
$7.50 Net Per Share
by
Big Kettle Merger Sub, Inc.,
an indirect wholly owned subsidiary of
AZZ incorporated
Big Kettle Merger Sub, Inc., a Delaware corporation (Offeror) and an indirect wholly owned subsidiary of AZZ incorporated, a Texas corporation (AZZ), is offering to purchase all of the issued and outstanding shares of common stock, par value $0.10 per share (the Shares), of North American Galvanizing & Coatings, Inc., a Delaware corporation (NGA), at $7.50 (the Offer Price) per Share (the Offer), without interest and less any required withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated May 7, 2010 (the Offer to Purchase), and in the related Letter of Transmittal (which, together with any amendments or supplements to the Offer to Purchase and the Letter of Transmittal, collectively constitute the Offer). Tendering stockholders who have Shares registered in their names and who tender directly to Computershare Trust Company, N.A., as depositary for the Offer (the Depositary), will not be charged brokerage fees or commissions or, subject to Instruction 6 of the Letter of Transmittal, transfer taxes on the purchase of Shares pursuant to the Offer. Stockholders who hold their shares through a broker or bank should consult such institution as to whether it charges any such fees or commissions. AZZ or Offeror will pay all charges and expenses of the Depositary, Georgeson Securities Corporation, which is acting as Dealer Manager (the Dealer Manager) and Georgeson Inc., which is acting as Information Agent for the Offer (the Information Agent), incurred in connection with the Offer.
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., CENTRAL DAYLIGHT SAVING TIME, JUNE 7, 2010, UNLESS THE OFFER IS EXTENDED.
The Offer is conditioned upon (a) a number of Shares having been validly tendered and not withdrawn prior to the expiration of the Offer that, together with any Shares for which Offeror holds an option to purchase pursuant to the Stockholders Agreement (as defined below), constitutes at least two thirds (2/3) of the Shares outstanding on a fully diluted basis, calculated pursuant to the Merger Agreement (as defined below) (the Minimum Condition) and (b) the satisfaction or waiver of the other conditions set forth in the Offer to Purchase. See Section 14Conditions of the Offer of the Offer to Purchase.
The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of March 31, 2010, among AZZ, Offeror and NGA (the Merger Agreement). The Merger Agreement provides, among other things, for the making of the Offer by Offeror and, following the completion of the Offer, for the merger of Offeror with and into NGA (the Merger) in accordance with the General Corporation Law of the State of Delaware (the DGCL).
For purposes of the Offer, Offeror will be deemed to have accepted for payment, and purchased, Shares validly tendered and not withdrawn if and when Offeror gives oral or written notice to the Depositary of its acceptance of the Shares for payment pursuant to the Offer. Payment for Shares accepted for payment pursuant to the Offer will in all cases be made only after (a) the receipt of the Depositary of the Letter of Transmittal (or a facsimile), properly completed and signed, together with any required signature guarantees, or an Agents Message in connection with a book-entry delivery of Shares, and any other documents that the Letter of Transmittal requires at one of its addresses set forth on the back cover of the Offer to Purchase on or prior to the Expiration Date, and (b) compliance with the procedures set out in Section 3Procedures for Tendering Shares of the Offer to Purchase.
Subject to the provisions of the Merger Agreement and the applicable law and the rules and regulations of the U.S. Securities and Exchange Commission (the SEC), Offeror may extend the Offer without the consent of NGA (1) as required by applicable law, rules or regulations, including as required by the NASDAQ Stock Market, LLC or (2) for one or more additional periods of up to 20 business days. If the Minimum Condition is not satisfied, Offeror shall (upon NGAs written request) extend the Offer for up to two periods of not less than 10 business days each and up to 20 business days each, pursuant to applicable law.
If Offeror decides to extend the Offer, it will issue a press release announcing the new Expiration Date no later than 9:00 a.m., New York City time, on the first business day after the previously scheduled Expiration Date of the Offer. During any such extension, all Shares previously tendered and not withdrawn will remain subject to the Offer and subject to the stockholder right to withdraw the Shares. NGA stockholders may withdraw their Shares previously tendered at any time prior to the Expiration Date. See Section 4Withdrawal Rights of the Offer to Purchase. Expiration Date means 5:00 p.m., Central Daylight Saving Time, on Monday, June 7, 2010, unless Offeror determines to extend the period of time for which the initial offering period of the Offer is open, in which case Expiration Date will mean the time and date at which the ini tial offering period of the Offer, as so extended, will expire.
Under Rule 14d-11 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended (the Exchange Act), Offeror and AZZ may, subject to certain conditions, in the event that the Minimum Condition has been satisfied but the number of Shares that have been accepted for payment pursuant to the Offer represents less than 80% of all outstanding Shares on a fully diluted basis, provide a subsequent offering period following the Expiration Date. See Section 1Terms of the Offer of the Offer to Purchase.
Unless tendered in a subsequent offering period or accepted for payment as provided in the Offer to Purchase, Shares that have been previously tendered in the Offer at any time on or before the Expiration Date may be withdrawn at any time. No withdrawal rights apply (a) to Shares tendered in a subsequent offering period and (b) during the subsequent offering period, with respect to Shares tendered in the Offer and accepted for payment. If acceptance for payment of Shares tendered in the Offer is delayed for any reason, the Depositary may retain tendered Shares, and they will not be withdrawn, except to the extent that the stockholder is entitled to and duly exercises withdrawal rights as described in Section 4Withdrawal Rights of the Offer to Purchase.
For a withdrawal to be effective, a written or facsimile transmission notice should be delivered to the Depositary as set forth in the Offer to Purchase, which must be accompanied by the documents required by Section 4Withdrawal Rights of the Offer to Purchase. A withdrawal of Shares cannot be rescinded, but you may tender the Shares again at any time before the Expiration Date by following any of the procedures described in Section 3Procedures for Tendering Shares of the Offer to Purchase. All questions as to the form and validity (including time of receipt) of notices of withdrawal will be determined by Offeror, in its sole discretion, which determination will be final and binding.
None of AZZ, Offeror or any of their respective affiliates or assigns, the Depositary, the Information Agent or any other person or entity will be under any duty to give, or incur any liability for failure to give, any notification of any defects or irregularities in any notice of withdrawal.
A stockholders receipt of the Offer Price for Shares in the Offer or Merger will be a taxable transaction for U.S. federal income tax purposes, and may also be a taxable transaction under other applicable tax laws. All stockholders are urged to consult their own tax advisors with respect to the specific tax consequences to them of the Offer and the Merger.
The information required to be disclosed by Rule 14d-6(d)(1) under the Exchange Act is contained in the Offer to Purchase and is incorporated herein by reference.
NGA has provided Offeror with NGAs stockholder list and security position listing for the purpose of disseminating the Offer to holders of Shares. The Offer to Purchase and the related Letter of Transmittal and, if required, other tender offer materials will be mailed by Offeror to record holders of Shares and furnished to brokers, dealers, commercial banks, trust companies and similar persons whose names, or the names of whose nominees, appear on the stockholder list or, if applicable, who are listed as participants in a clearing agencys security position listing, for subsequent transmittal to beneficial owners of Shares.
The Offer to Purchase and the related Letter of Transmittal contain important information which should be read carefully before any decision is made with respect to the Offer.
Any questions and requests for assistance or copies of the tender offer materials may be directed to the Information Agent or Dealer Manager as set forth below. Offeror will not pay any fees or commissions to any broker or dealer or any other person (other than the Information Agent and the Dealer Manager) for soliciting tenders of Shares pursuant to the Offer.
The Dealer Manager for the Offer is: | The Information Agent for the Offer is: |
199 Water Street, 26th floor | 199 Water Street, 26th floor |
New York, NY 10038-3560 | New York, NY 10038-3560 |
Banks and Brokerage Firms, Please Call: (212) 440-9800 | Call Toll-Free: (800) 445-1790 |
Call Toll-Free: (866) 856-0524 |
May 7, 2010
1. |
The Offer to Purchase, dated May 7, 2010. |
2. |
The Letter of Transmittal (including Guidelines for Certification of Taxpayer Identification Number (TIN) on Substitute Form W-9) to tender Shares for your use and for the information of your clients. Facsimile copies of the Letter of Transmittal may be used to tender Shares. |
3. |
The Notice of Guaranteed Delivery for Shares to be used to accept the Offer if Certificates are not immediately available or if such certificates and all other required documents cannot be delivered to Computershare Trust Company, N.A. (the Depositary) on or prior to the Expiration Date (as defined in the Offer to Purchase) or if the procedure for book-entry transfer cannot be completed by the Expiration Date. |
4. |
The letter to stockholders of the Company from Joseph J. Morrow, Non-Executive Chairman of the Company, and Ronald J. Evans, President and Chief Executive Officer of the Company, accompanied by the Companys Solicitation/Recommendation Statement on Schedule 14D-9 filed with the U.S. Securities and Exchange Commission. |
5. |
A printed form of letter which may be sent to your clients for whose accounts you hold Shares registered in your name or in the name of your nominee, with space provided for obtaining such clients instructions with regard to the Offer. |
6. |
A return envelope addressed to Computershare Trust Company, N.A. as Depositary. |
1. |
The Offer price is $7.50 per Share, net to the seller in cash, without interest thereon. |
2. |
The Offer is made for all issued and outstanding Shares. |
3. |
The Offer is being made pursuant to an Agreement and Plan of Merger, dated as of March 31, 2010, by and among Parent, Purchaser and the Company (the Merger Agreement). The Merger Agreement provides, among other things, for the making of the Offer by Purchaser, and further provides that, following the completion of the Offer, upon the terms and subject to the conditions of the Merger Agreement, and in accordance with the General Corporation Law of the State of Delaware (the DGCL), Purchaser will be merged with and into the Company (the Merger). Following the effective time of the Merger, the Company will continue as the surviving |
corporation and become a wholly owned subsidiary of Parent and the separate corporate existence of Purchaser will cease. |
4. |
At a meeting held on March 31, 2010, the Board of Directors of the Company: (1) resolved that the terms of the Merger Agreement are fair to, and in the best interests of, the Company and the Companys stockholders and declared it advisable to enter into the Merger Agreement; (2) authorized the execution, delivery and performance of the Merger Agreement; (3) approved, authorized and adopted the transactions contemplated by the Merger Agreement; (4) recommended acceptance of the Offer and the adoption and approval of the Merger Agreement by the Companys stockholders; and (5) took action to exempt the transactions contemplated by the Merger Agreement from the restrictions set forth in Section 203 of the DGCL. |
5. |
The Offer and withdrawal rights will expire at 5:00 P.M., Central Daylight Saving time, on Monday, June 7, 2010, unless the Offer is extended. |
6. |
Tendering stockholders will not be obligated to pay brokerage fees or commissions or, except as set forth in Instruction 6 of the Letter of Transmittal, stock transfer taxes on the purchase of Shares pursuant to the Offer. |
7. |
The Offer is conditioned upon, among other things, satisfaction of the Minimum Condition (as described below). The Offer also is subject to other conditions set forth in the Offer to Purchase. See Section 14Conditions of the Offer of the Offer to Purchase. The Offer is not conditioned upon any financing arrangements. The term Minimum Condition is defined in the Offer to Purchase and generally requires that the number of Shares validly tendered and not withdrawn prior to the expiration of the Offer, together with the number of Shares then owned by Parent or Purchaser and the number of Shares for which Parent or Purchaser otherwise holds an option to purchase (which includes certain restricted Shares and Shares subject to options and the Shares subject to the Companys Director Stock Unit Program), represents at least two thirds (2/3) of the voting power of all Shares on a fully diluted basis (as defined in the Offer to Purchase). |
* |
Unless otherwise indicated, it will be assumed that all of your Shares held by us for your account are to be tendered. |
AZZ incorporated Launches Tender Offer for the
Shares of North American Galvanizing
& Coatings, Inc. Tulsa, Oklahoma
Contact: |
Dana Perry, Senior Vice President Finance and CFO |
|
AZZ incorporated 817-810-0095 |
|
Internet: www.azz.com |
|
Lytham Partners 602-889-9700 |
|
Joe Dorame or Robert Blum |
|
Internet: www.lythampartners.com |
May 7, 2010 Fort Worth, TX AZZ incorporated (AZZ) (NYSE: AZZ) today announced that its indirect wholly-owned subsidiary, Big Kettle Merger Sub, Inc. (Merger Sub), has commenced its tender offer for all outstanding shares of common stock, $0.10 per share par value, of North American Galvanizing & Coatings, Inc. (NGA) (NASDAQ: NGA) at a price of $7.50 per share, net to the seller in cash, without interest. The cash tender offer is being made pursuant to an Offer to Purchase, dated May 7, 2010, and in connection with the Agreement and Plan of Merger, dated as of March 31, 2010, by and among AZZ, Merger Sub and NGA (the Merger Agreement), which AZZ and NGA publicly announced on April 1, 2010.
Unless the tender offer is extended, the tender offer and any withdrawal rights to which NGAs stockholders may be entitled will expire at 5:00 p.m., Central Daylight Saving time on Monday, June 7, 2010. There is no financing condition to the tender offer. The tender offer is subject to certain conditions set forth in the Offer to Purchase referenced above, including that there be validly tendered and not withdrawn before the expiration of the tender offer a number of shares of NGA common stock that, when added to any shares already owned by AZZ or Merger Sub and the shares for which AZZ or Merger Sub otherwise holds an option to purchase (which includes certain restricted shares and shares subject to options and the shares subject to NGAs Director Stock Unit Program), represents at least two thirds (?) of the voting power of all shares of NGA common stock on a fully diluted basis (as defined in the Merger Agreement).
Following the acceptance for payment of shares of NGA common stock in the tender offer and the completion of the second-step merger contemplated in the Merger Agreement, NGA will become an indirect wholly-owned subsidiary of AZZ.
At a meeting held on March 31, 2010, the Board of Directors of NGA: (1) resolved that the terms of the Merger Agreement are fair to, and in the best interests of, NGA and NGAs stockholders and declared it advisable to enter into the Merger Agreement; (2) authorized the execution, delivery and performance of the Merger Agreement; (3) approved, authorized and adopted the transactions contemplated by the Merger Agreement; (4) recommended acceptance of the tender offer and the adoption and approval of the Merger Agreement by NGAs stockholders; and (5) took action to exempt the transactions contemplated by the Merger Agreement from the restrictions set forth in Section 203 of the General Corporation Law of the State of Delaware.
The complete terms and conditions of the tender offer are set forth in the Offer to Purchase, Letter of Transmittal and other related materials to be filed by AZZ and Merger Sub with the Securities and Exchange Commission today. In addition, a Solicitation/Recommendation Statement on Schedule 14D-9 relating to the tender offer is to be filed today with the Securities and Exchange Commission by NGA. Copies of the Offer to Purchase, Letter of Transmittal and other related materials, including the Solicitation/Recommendation Statement, are available free of charge from Georgeson Inc., the Information Agent for the tender offer, at (866) 856-0524 (toll free) or (212) 440-9800 (collect). The Depositary for the tender offer is Computershare Trust Company, N.A., and the Dealer Manager for the tender offer is Georgeson Securities Corporation.
Additional Information and Where to Find It
This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. The solicitation and the offer to buy shares of NGAs common stock are only being made pursuant to a tender offer statement on Schedule TO, including the Offer to Purchase and other related materials that Merger Sub and AZZ intend to file today with the Securities and Exchange Commission. In addition, NGA intends to file today with the Securities and Exchange Commission a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Once filed, NGAs stockholders will be able to obtain the tender offer statement on Schedule TO, the Offer to Purchase, the Solicitation/Recommendation Statement on Schedule 14D-9 and related materials with respect to the offer, free of charge at the website of the Securities and Exchange Commission at www.sec.gov, from the Information Agent and Dealer Manager named in the tender offer materials or from Merger Sub. NGAs stockholders are advised to read these documents, any amendments to these documents and any other documents relating to the tender offer that are filed with the Securities and Exchange Commission carefully and in their entirety prior to making any decisions with respect to the tender offer because they contain important information, including the terms and conditions of the tender offer.
About North American Galvanizing & Coatings, Inc. (NASDAQ: NGA)
North American Galvanizing & Coatings, Inc. is a leading provider of corrosion protection for iron and steel components fabricated by its customers. NGAs galvanizing and coating operations are composed of eleven facilities located in Colorado, Kentucky, Missouri, Ohio, Oklahoma, Tennessee, Texas and West Virginia. These facilities operate galvanizing kettles ranging in length from 16 feet to 62 feet and have lifting capacities ranging from 12,000 pounds to 40,000 pounds. For more information about NGA, visit www.nagalv.com.
About AZZ incorporated (NYSE: AZZ)
AZZ incorporated is a specialty electrical equipment manufacturer serving the global markets of industrial, power generation, transmission and distributions, as well as a leading provider of hot dip galvanizing services to the steel fabrication market nationwide.
2
Safe Harbor Statement
Certain statements contained in this press release about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, may, should, expects, plans, anticipates, believes, estimates, predicts, potential, continue, or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and managements views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. In addition, certain factors could affect the outcome of the matters described in this press release. These factors include, but are not limited to, (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (2) the outcome of any legal proceedings that have been or may, in the future, be instituted against us or others regarding the Merger Agreement and the transactions contemplated therein, (3) the inability to complete the tender offer or the merger due to the failure to satisfy other conditions, (4) risks that the proposed transaction disrupts current plans and operations, and (5) the costs, fees and expenses related to the transaction. In addition, this release may contain forward-looking statements that involve risks and uncertainties including, but are not limited to, changes in customer demand and response to products and services offered by AZZ or NGA, including demand by the electrical power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the economic conditions of the various markets that AZZ or NGA serve, foreign and domestic, customer requested delays of shipments, acquisition opportunities, adequacy of financing, and availability of experienced management employees to implement AZZs growth strategy. AZZ has provided additional information regarding risks associated with the business in the AZZs Annual Report on Form 10-K for the fiscal year ended February 28, 2009 and other filings with the SEC, available for viewing on AZZs website at www.azz.com and on the SECs website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date of this press release and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
3
MUTUAL CONFIDENTIALITY AGREEMENT
This Confidentiality Agreement (this Agreement) is dated as of July 22, 2008, and is made by and between North American Galvanizing & Coating, Inc. (North American) and AZZ incorporated (AZZ). North American and AZZ are sometimes herein collectively referred to as the Parties and each, a Party. In its capacity as a Party receiving Confidential Information, as that term is hereinafter defined, a Party may be referred to herein as a Receiving Party; in its capacity as a Party disclosing Confidential Information, a Party may be referred to herein as a Disclosing Party.
1. Confidential Information, Representatives. The Parties are considering entering into a possible transaction (the Transaction), and in order to assist the other Party in evaluating the possible Transaction, each Party is prepared to make available to the other Party certain confidential, non-public or proprietary information concerning its and/or its affiliates and/or subsidiaries businesses, plans, operations and assets (any and all such information provided to a Receiving Party by or on behalf a Disclosing Party, its affiliates or subsidiaries regardless of the manner in which such is provided, together with all notes, summaries, analysis, compilations, studies, interpretations and memoranda based thereon or extracts, copies and other reproductions thereof is herein referred to as the Confidential Information). As a condition to the Confidential Information being furnished by each Party to the other Party and its affiliates, subsidiaries, directors, officers, partners, members, employees, agents, advisors, attorneys, accountants, consultants and potential sources of capital or financing (collectively, Representatives), each Party agrees to treat the Confidential Information provided to it by the other Party in accordance with the provisions of this Agreement and to take or abstain from taking certain other actions hereinafter set forth.
2. Excluded Information. The Confidential Information shall not include information that (i) is or becomes publicly available other than as a result of acts by the Receiving Party or its Representatives in breach of the terms of this Agreement, (ii) is in the Receiving Partys possession or the possession of any of its Representatives prior to disclosure by or on behalf of the Disclosing Party or is independently derived by the Receiving Party or any of its Representatives without the aid, application or use of the Confidential Information, (iii) is disclosed to the Receiving Party or any of its Representatives by a third party on a non-confidential basis, or (iv) subject to compliance with paragraph 6 below, the Receiving Party or any of its Representatives is advised by counsel that it is required to be disclosed by applicable law, regulation or legal process.
3. Use and Non-Disclosure of Confidential Information. The Receiving Party and its Representatives shall use the Confidential Information provided to it by or on behalf of the Disclosing Party solely for the purpose of evaluating a possible Transaction. The Receiving Party shall keep the Confidential Information provided to it by the Disclosing Party confidential and shall not disclose any of the Confidential Information in any manner whatsoever; provided, however, that (i) the Receiving Party may make any disclosure of information contained in the Confidential Information provided to it by the Disclosing Party to which the Disclosing Party gives its prior written consent, and (ii) any information contained in the Confidential Information provided by the Disclosing Party may be disclosed to the Receiving Partys Representatives who reasonably require access to such information for the purpose of evaluating a possible
Transaction and who agree to keep such information confidential. Each Party shall be responsible for any breach of the terms of this Agreement by any of its Representatives.
4. Non-Disclosure of Existence of Negotiations. Without the prior written consent of the other Party, or except as a Party is advised by counsel is required by applicable law, regulation or legal process, neither Party nor any of its Representatives shall (i) disclose to any other person that it has received Confidential Information from the other Party, or (ii) disclose to any person that discussions or negotiations are taking place between the Parties concerning a possible Transaction, including the status of such discussions or negotiations.
5. Return of Confidential Information. Promptly upon the written request of the Disclosing Party, the Receiving Party shall return all copies of the Confidential Information provided by or on behalf of the Disclosing Party to the Disclosing Party, and all other Confidential Information (including, without limitation, all notes, summaries, analysis, compilations, studies, interpretations and memoranda based thereon or extracts, copies and other reproductions thereof or other documents prepared by the Receiving Party or its Representatives that contain or reflect such Confidential Information) shall be destroyed. Notwithstanding the foregoing, the Receiving Party and its Representatives may retain (subject to the terms of this Agreement) copies of the Confidential Information to the extent that such retention is required by applicable law or regulation.
6. Subpoena or Court Order. In the event that a Party or anyone to whom it discloses the Confidential Information provided to it by or on behalf of the Disclosing Party receives a request to disclose all or any part of the Confidential Information provided to it by or on behalf of the Disclosing Party pursuant to applicable law or regulation or under the terms of a subpoena or other order issued by a court of competent jurisdiction or by another governmental agency, such Party shall (provided that such is legally permitted) (i) promptly notify the Disclosing Party of the existence, terms and circumstances surrounding such a request, (ii) consult with the Disclosing Party on the advisability of taking steps to resist or narrow such request, (iii) if disclosure of such Confidential Information is required, furnish only such portion of the Confidential Information as such Party is advised by counsel is legally required to be disclosed, and (iv) reasonably cooperate with the Disclosing Party in its efforts to obtain a protective order to prevent the Confidential Information from being disclosed or such other order or other reliable assurance that confidential treatment will be afforded to such portion of the Confidential Information that is required to be disclosed.
7. Disclaimer of Warranty. None of the Parties or their Representatives have made or make any representation or warranty as to the accuracy or completeness of the Confidential Information provided to the other Party. The Parties and their Representatives shall have no liability to each other resulting from a Partys use of the Confidential Information, except as may be expressly set forth in a definitive written agreement between the Parties with respect to a Transaction, in accordance with the terms thereof.
8. Definitive Agreement. Unless and until a definitive written agreement between the Parties with respect to a Transaction has been executed and delivered, neither Party shall be under any legal obligation of any kind whatsoever with respect to such a Transaction by virtue of this or any other written or oral expression by either of them or their Representatives except, in the case of this Agreement, for the matters specifically agreed to herein.
9. Applicable Securities Laws. Each Party hereby acknowledges that some or all of the Confidential Information is likely to constitute material, non-public information. Each Party hereby represents and warrants that it is aware (and that it shall advise its Representatives who are not already aware) that United States and other applicable securities laws prohibit any person who has material, non-public information concerning a publicly traded company or entity from purchasing or selling securities of such company or entity, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. Each Party hereby agrees to fully comply with all applicable securities laws.
10. Standstill. For a period of one (1) year from the date of this Agreement, each Party agrees that it shall not, and that it shall cause is affiliates and subsidiaries who have received the other Partys Confidential Information, or who are aware of the possibility of the Transaction, not to, directly or indirectly, unless specifically invited in advance by the other Partys Board of Directors: (i) acquire or agree, offer, seek or propose to acquire, or sell or otherwise dispose of, ownership (including, but not limited to, beneficial ownership as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of any of the other Partys assets or businesses or any securities issued by such other Party, or any rights or options to acquire such ownership (including from a third party), (ii) seek or propose to influence or control of the other Partys management or policies (or request permission to do so), or (iii) enter into any discussions, negotiations, arrangements or understandings with any third party with respect to any of the foregoing.
11. No Unauthorized Contact or Solicitation by AZZ. During the course of AZZs evaluation of the Transaction, all inquiries and other communications are to be made directly to employees or representatives of North American specified by North American. Accordingly, AZZ agrees not to directly or indirectly contact or communicate with any executive or other employee of North American concerning the Transaction, or to seek any information in connection therewith from such person, without the consent of North American. AZZ also agrees not to discuss with or offer to any third party an equity participation in the Transaction or any other form of joint acquisition without the prior written consent of AZZ.
For a period of two (2) years after the date hereof, without the prior written consent of North American, neither AZZ nor any of its affiliates, whom AZZ has made aware of this Agreement or to whom AZZ has disclosed Confidential Information, shall, directly or indirectly, in any individual, representative or other capacity, employ or engage, or solicit for employment or engagement, any employee of, or any person whose activities are principally dedicated to, North American whom AZZ is made aware of or who AZZ has direct contact with as a result of AZZs consideration of the Transaction or otherwise seek to influence or alter any such persons relationship with North American; provided, however, that the foregoing shall not prohibit AZZ from: (i) general advertising not directed toward employees of North American or hiring employees responding to such advertising; (ii) hiring any person who initiates discussions with AZZ regarding employment without any direct or indirect solicitation by AZZ or; (iii) hiring any person whose employment with North American has been terminated (by either that employee or North American) prior to and independent of any communication with AZZ or any of AZZs representatives or agents regarding employment. If the foregoing provision shall be adjudicated to be invalid or unenforceable, such provision shall be amended to reduce the time period or
otherwise amended as is necessary to cause such provision to be valid or enforceable, and such amendment shall apply only with respect to the operation of this provision in the particular jurisdiction in which such adjudication is made.
12. Remedies. Each Party acknowledges that in the event of any breach of the terms of this Agreement, the other Party could not be made whole by monetary damages. Accordingly, each Party, in addition to any other remedy to which it may be entitled in law or in equity, shall be entitled to an injunction to prevent breaches of this Agreement, and to an order compelling specific performance of this Agreement. A breaching Party shall reimburse the other Party for all reasonable costs and expenses, including reasonable attorneys fees, incurred by the other Party in the event it successfully enforces the obligations of the breaching Party or its Representatives hereunder.
13. Entire Agreement. This Agreement represents the entire understanding and agreement of the Parties with respect to the matters contained herein, and may be modified or waived only by a separate writing executed by the Parties, expressly so modifying or waiving this Agreement.
14. No Waiver. No failure or delay by a Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.
15. Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of Delaware, without regard to the laws of conflict of laws.
16. Captions. The Captions contained in this Agreement are for convenience only and shall not affect the construction or interpretation of any provisions of this Agreement.
17. Counterparts. This Agreement may be executed in any number of counterparts, each of which for all purposes shall be deemed to be an original, but all of such counterparts shall together constitute one and the same instrument. It is not necessary that each party to this Agreement execute the same counterpart, so long as identical counterparts are executed by all parties to this Agreement. This Agreement may be delivered by facsimile or other reliable electronic means.
18. Term. Except with regard to paragraph 10, this Agreement shall expire two (2) years from the date hereof.
[Remainder of Page Intentionally Left Blank]
THIS AGREEMENT is executed and delivered effective as of the date first written above.
AZZ:
AZZ INCORPORATED
|
By: |
/s/ David H. Dingus |
|
Name: |
David H. Dingus |
|
Title: |
President and CEO |
North American:
NORTH AMERICAN GALVANIZING
& COATING, INC.
|
By: |
/s/ Ronald J. Evans |
|
Name: |
Ronald J. Evans |
|
Title: |
President and CEO |
Signature Page to Confidentiality Agreement
AMENDMENT NO. 1 TO MUTUAL CONFIDENTIALITY AGREEMENT
This Amendment No. 1 to Mutual Confidentiality Agreement ("Amendment No. 1") is dated as of February 3, 2010, and is made by and between North American Galvanizing & Coatings, Inc. ("North American") and AZZ Incorporated ("AZZ").
WHEREAS, North American and AZZ entered into a Mutual Confidentiality Agreement dated as of July 22, 2008 (the "Mutual Confidentiality Agreement") and desire to provide an additional period during which the parties will be required to comply with Paragraph 10 thereof;
NOW, THEREFORE, in consideration of the premises and of the mutual agreements hereinafter contained the parties do hereby agree as follows:
1. Standstill. Paragraph 10 of the Mutual Confidentiality Agreement is amended by adding the words "and from February 3, 2010 through July 22, 2010" immediately following the words "For the period of one (1) year from the date of this Agreement".
2. Term. Paragraph 18 of the Mutual Confidentiality Agreement is amended by deleting the words "Except with regard to paragraph 10, this" and substituting the word "This".
3. Full Force and Effect. Except as amended hereby, the Mutual Confidentiality Agreement shall remain in full force and effect.
THIS AMENDMENT NO. 1 is executed and delivered effective as of the date first written above.
[Remainder of Page Intentionally Left Blank]
AZZ INCORPORATED
By: /s/ David H. Dingus
Name: David H. Dingus
Title: President and Chief Executive Officer
NORTH AMERICAN GALVANIZING
& COATINGS, INC.
By: /s/ Ronald J. Evans
Name: Ronald J. Evans
Title: President and Chief Executive Officer
[Signature Page to Amendment No. 1 to Mutual Confidentiality Agreement]