-----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, N/9v3hix1nT9Wv8jAHppI86aSZqCZeCj+cR2XDCEa5ewyJ/U2pN9zDnTdQvl1qG1 8jKE//UaL5Sp28JLPNmAOA== 0000950144-99-007447.txt : 19990615 0000950144-99-007447.hdr.sgml : 19990615 ACCESSION NUMBER: 0000950144-99-007447 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990607 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ABR INFORMATION SERVICES INC CENTRAL INDEX KEY: 0000920985 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] IRS NUMBER: 593228107 STATE OF INCORPORATION: FL FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-24132 FILM NUMBER: 99645702 BUSINESS ADDRESS: STREET 1: 34125 US HGHWY 19 N CITY: PALM HARBOR STATE: FL ZIP: 34684 BUSINESS PHONE: 7277852819 MAIL ADDRESS: STREET 1: 34125 US HGHWY 19 N CITY: PALM HARBOR STATE: FL ZIP: 34684 8-K 1 ABR INFORMATION SERVICES, INC. 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 --------------------- Date of Report (Date of earliest event reported) June 7, 1999 --------------- ABR Information Services, Inc. (Exact name of registrant as specified in its charter) Florida 0-24132 59-3228107 (State or other (Commission File (I.R.S. Employer jurisdiction of Number) Identification organization) Number) 34125 U.S. Highway 19 North, Palm Harbor, FL 34684-2141 (727)785-2819 (Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices) 2 ITEM 1. CHANGE IN CONTROL OF REGISTRANT. On June 7, 1999, Spring Acquisition Corp. (the "Purchaser"), a Florida corporation and a wholly owned subsidiary of Ceridian Corporation ("Parent"), a Delaware corporation, completed its tender offer (the "Offer") for all of the outstanding shares of voting common stock, par value $.01 per share ("Common Stock"), of ABR Information Services., Inc., a Florida corporation (the "Company"), by accepting for payment all of the approximately 28,271,055 shares (the "Shares") of Common Stock which were validly tendered and not withdrawn. Upon completion of the Offer, which was made pursuant to the Agreement and Plan of Merger, dated as of April 30, 1999 and as amended on June 2, 1999, among the Company, Parent and the Purchaser (as so amended, the "Merger Agreement"), Parent acquired beneficial ownership of the Shares which represent approximately 98.3% of the outstanding Common Stock. The Merger Agreement provides that after the purchase of the Shares pursuant to the Offer, the Purchaser will be merged with and into the Company (the "Merger") on the business day on which certain conditions in the Merger Agreement are satisfied or waived. Parent's press release of June 7, 1999 announcing the completion of the Offer is filed as an exhibit hereto and is incorporated herein by this reference. Based on the number of shares validly tendered and not withdrawn pursuant to the Offer as set forth in the Parent press release of June 7, 1999 and a price per share of Common Stock of $25.50, the Purchaser has paid approximately $721 million, in cash, for the Shares accepted pursuant to the Offer. The Purchaser obtained these funds from Parent. Parent obtained $450 million of these funds from a short term loan from Bank of America National Trust and Savings Association ("Bank of America") pursuant to a Credit Agreement between Bank of America and Parent dated June 7, 1999. Parent obtained the remainder of these funds from a $250 million line of credit, from which $210 million has been drawn down and existing cash balances. The $450 million short term loan was repaid in full by Parent on June 10, 1999 using a combination of (a) the net proceeds from the sale by Parent of $450 million in senior notes to a group of institutional investors and (b) existing cash balances. The Merger Agreement provides that, if requested by Parent, the Company will, to the extent permissible, promptly following the purchase by Purchaser of Shares pursuant to the Offer in accordance with the terms of the Merger Agreement, take all actions necessary (including calling a special meeting of the Company's Board of Directors (the "Company Board") or the stockholders of the Company for this purpose) to cause natural persons designated by Parent to become directors of the Company (including mailing to the Company's stockholders the information required by Section 14(f) of the Exchange Act and Rule 14f-1 promulgated thereunder) so that the total number of such persons equals that number of directors, rounded up to the next whole number, which represents the product of the total number of directors on the Company Board multiplied by the percentage that such number of Shares so accepted for payment plus any Shares beneficially owned by Parent or Purchaser bears to the total number of 2 3 Shares outstanding at the time of such acceptance for payment. At such time, the Company shall also cause persons designated by Parent to constitute the same percentage (rounded up to the next whole number) as is on the Company Board of (i) each committee of the Company Board; (ii) each board of directors (or similar body) of each subsidiary of the Company; and (iii) each committee (or similar body) of each such board. To implement the foregoing, the Company has agreed to increase the size of the Company Board or use its reasonable efforts to secure the resignation of directors, or both, as is necessary to permit Parent's designees to be elected to the Company Board; provided, however, that at all times prior to the Effective Time there shall be at least three members of the Company Board who are neither officers of Parent nor designees, stockholders or affiliates of Parent ("Parent Insiders"). In the event that Parent's designees are elected to the Company Board after the acceptance for payment of Shares pursuant to the Offer and prior to the Effective Time (as defined in the Merger Agreement), the affirmative vote of at least a majority of the directors of the Company who are not Parent Insiders will be required to (a) amend or terminate the Merger Agreement by the Company, (b) exercise or waive any of the Company's rights, benefits or remedies under the Merger Agreement, (c) extend the time for performance of Parent's and Purchaser's respective obligations under the Merger Agreement, or (d) take any other action by the Company Board under or in connection with the Merger Agreement which would adversely affect the ability of the Company's stockholders to receive the Merger Consideration. Pursuant to Parent's request and as provided in the Merger Agreement, on June 14, 1999, (i) James E. MacDougald and Suzanne MacDougald resigned as directors of the Company, and (ii) the three continuing directors elected the following Parent designees as directors of the Company: Lawrence Perlman (Chairman and Chief Executive Officer of Parent), Ronald L. Turner (President and Chief Operating Officer of Parent), John R. Eickhoff (Executive Vice President and Chief Financial Officer of Parent), and Gary M. Nelson (Vice President, General Counsel and Secretary of Parent). ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a)-(b) Not Applicable. (c) Exhibits.
Exhibit Number Description -------------- ----------- 1 Ceridian Press Release, dated June 7, 1999
3 4 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. June 14, 1999 /s/ James P. O'Drobinak ------------------------------------ James P. O'Drobinak Senior Vice President and Chief Financial Officer 4 5 EXHIBIT INDEX
Exhibit Number Description -------------- ----------- 1 Ceridian Press Release, dated June 7, 1999
5
EX-99.1 2 CERIDIAN PRESS RELEASE 1 NEWS RELEASE EXHIBIT 1 Trish Scorpio 612/853-4717 CERIDIAN SUCCESSFULLY COMPLETES TENDER OFFER FOR ABR INFORMATION SERVICES, INC. MINNEAPOLIS, June 7, 1999 -- Ceridian Corporation (NYSE: CEN) announced today that it has completed its tender offer for all of the outstanding shares of voting common stock of ABR Information Services, Inc. (Nasdaq: ABRX). The offer expired at 12:00 midnight, New York City time, on June 4, 1999. Ceridian, through a wholly owned subsidiary, accepted for purchase all ABR shares validly tendered and not withdrawn prior to the expiration of the offer. As previously announced, pursuant to a Merger Agreement with ABR Information Services, Inc., on May 7, 1999, Ceridian's wholly owned subsidiary commenced a tender offer for all of the outstanding shares of voting common stock of ABR at $25.50 per share in cash. Approximately 28,303,894 shares of ABR Information Services, Inc. were validly tendered and not withdrawn (including 724,616 shares which were tendered pursuant to guaranteed delivery procedures). As a result, upon payment for the shares, Ceridian will beneficially own approximately 98.4% of the total number of outstanding shares of voting common stock of ABR. Payment for shares validly tendered and not withdrawn is expected to be made by The Bank of New York, acting as depositary for the tender offer, promptly in accordance with the terms of the offer. Pursuant to the Merger Agreement and after complying with applicable state law procedures, Ceridian's wholly owned subsidiary will effect a cash merger with ABR, after which ABR will become a wholly owned subsidiary of Ceridian and the remaining shares of ABR not owned by Ceridian's wholly owned subsidiary will be exchanged for $25.50 per share in cash. Ceridian Corporation (www.ceridian.com) is a leading information services company that serves the human resources, transportation and media information markets. Ceridian's human resources businesses include Ceridian Employer Services, a provider of human resource management systems and payroll and tax filing services in the U.S. and Canada; Ceridian Performance Partners, a provider of fully integrated workplace effectiveness solutions; Centrefile, a provider of payroll and human resources management solutions in the United Kingdom; and Usertech, a provider of computer user training and performance support programs. Ceridian's other businesses include Comdata, a provider of transaction processing and information services to the transportation industry, and Arbitron, a research company serving the media industry. ABR Information Services, Inc. provides comprehensive benefits administration, payroll and human resource services to employers seeking to outsource functions such as COBRA, HIPAA, payroll and tax deposit filings, flexible spending accounts, qualified plans and other services. ABR provides services to employers ranging in size from 20 to over 200,000 employees. ABR provides portability (primarily COBRA and HIPAA) services through the trade name CobraServ(R) and payroll and tax deposit filing services through the trade name PayAmerica(R).
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