Item 1.01.
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Entry into a Material Definitive Agreement.
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First Amendment to Transaction Agreement
As previously reported, Fleetmatics Group PLC, a public limited company incorporated in Ireland (the Company), entered into a Transaction Agreement
on July 30, 2016 by and among the Company, Verizon Communications Inc., a Delaware corporation (Verizon), and Verizon Business International Holdings B.V., a private limited company incorporated under the laws of the Netherlands and
a wholly-owned subsidiary of Verizon (Bidco) (the Transaction Agreement), in connection with a proposed acquisition (the Acquisition) of the entire issued and to be issued share capital of the Company, whereby
Bidco will acquire all of the issued and to be issued share capital of the Company not already owned by Verizon or its subsidiaries for cash by means of a scheme of arrangement (the Scheme) under Chapter 1 of Part 9 of the Irish
Companies Act of 2014 and in accordance with the Irish Takeover Panel Act 1997, Takeover Rules 2013, as amended (the Irish Takeover Rules). As a result of the Acquisition, the Company will become a wholly-owned subsidiary of Bidco.
On August 22, 2016, the Company, Verizon and Bidco entered into Amendment No. 1 to Transaction Agreement (the Amendment), which amends
certain provisions of the Transaction Agreement to, among other things, provide for the exclusion of certain ordinary shares of 0.015 nominal value of the Company (each, a Share) held by an indirect wholly-owned subsidiary of
Verizon from the Shares subject to the Scheme.
The foregoing description of the terms of the Amendment is qualified in its entirety by the complete text
of the Amendment, which is filed as Exhibit 2.1 to this Current Report on Form 8-K and incorporated herein by reference.
Statements Required by the
Irish Takeover Rules
The Companys directors accept responsibility for the information contained in this report relating to the Company and its
subsidiaries and its directors and members of their immediate families, related trusts and persons connected with them. To the best of the knowledge and belief of the Companys directors (who have taken all reasonable care to ensure such is the
case), the information contained in this report for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
Morgan Stanley & Co. LLC, acting through its affiliate Morgan Stanley & Co. International plc, which is authorized by the Prudential
Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting as financial adviser to the Company and for no one else in relation to the matters referred to in this
report. In connection with such matters, Morgan Stanley & Co. LLC, Morgan Stanley & Co. International plc, each of their affiliates and their respective directors, officers, employees and agents will not regard any other person as
their client, nor will they be responsible to anyone other than the Company for providing the protections afforded to their clients or for providing advice in connection with the matters described in this report or any matter referred to herein.
This report is for information purposes only and is not intended to, and does not, constitute or form any part of any offer or invitation, or the
solicitation of an offer, to purchase or otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Acquisition or
otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. The Acquisition will be made solely by means of the Scheme
Document (or, if applicable, the Takeover Offer Document, each as defined in the Transaction Agreement), which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Acquisition. Any
decision in respect of, or other response to, the Acquisition, should be made only on the basis of the information contained in the Scheme Document (or, if applicable, the Takeover Offer Document).
This report does not constitute a prospectus or a prospectus equivalent document.
Cautionary Statement Regarding Forward-Looking Statements
This report contains forward-looking statements. These statements are based on estimates and assumptions and are subject to risks and uncertainties.
Forward-looking statements include the Company and its subsidiaries estimated or anticipated future results, or other non-historical facts. Forward-looking statements also include those preceded or followed by the words will,
may, could, would, to be, might, believe, anticipate, expect, plan, estimate, forecast, future,
positioned, potential, intend, continue, remain, scheduled, outlook, set to, subject to, upcoming, target or similar
expressions. For those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The following important factors, along with those discussed in
the Company filings with the Securities and Exchange Commission (SEC), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: uncertainties as to the
timing of the Acquisition; uncertainties as to whether Verizon will be able to consummate the Acquisition; uncertainties as to whether the Scheme shareholders will provide the requisite approvals for the Acquisition on a timely basis or at all; the
possibility that competing offers will be made; the possibility that certain conditions to the consummation of the Acquisition will not be satisfied, including without limitation obtaining the requisite approval of the Scheme; the possibility that
Verizon will be unable to obtain regulatory approvals for the Acquisition on a timely basis or at all; the possibility that Scheme shareholders will file lawsuits challenging the Acquisition, including actions seeking to rescind the Scheme or enjoin
the consummation of the Acquisition; changes in relevant tax and other laws or regulations; the diversion of Company management time and attention to issues relating to the Acquisition and integration; operating costs, customer loss and business
disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) occurring prior to completion of the Acquisition or if the Acquisition is not completed; the difficulty retaining
certain key employees of the Company as a result of the announcement of the Acquisition; the scope, timing and outcome of any ongoing legal proceedings involving Verizon or the Company and the impact of any such proceedings on the Acquisition or on
the financial condition, results of operations and/or cash flows of the Company; the possibility that costs, fees, expenses or charges the Company incurs in connection with the Acquisition are greater than expected; the possibility that the Scheme
may be terminated in circumstances that require the Company to reimburse certain expenses to Verizon related to the Acquisition; and changes in the economic and financial conditions of the businesses of Verizon or the Company; and those discussed in
the Companys Annual Report on Form 10-K for the year ended December 31, 2015 and Amendment No. 1 thereto under the heading Risk Factors, as updated from time to time by the Companys Quarterly Reports on Form 10-Q
and other documents of the Company on file with the SEC or in the proxy statement on Schedule 14A that will be filed with the SEC by the Company. There may be additional risks that neither the Company nor Verizon presently know or that the
Company and Verizon currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements provide the Companys and Verizons
expectations, plans or forecasts of future events and views as of the date of this report. The Company and Verizon anticipate that subsequent events and developments will cause the Companys and Verizons assessments to
change. However, while the Company and Verizon may elect to update these forward-looking statements at some point in the future, the Company and Verizon specifically disclaim any obligation to do so. These forward-looking statements should not
be relied upon as representing the Companys and Verizons assessments as of any date subsequent to the date of this report.
Disclosure
Requirements of the Irish Takeover Rules
Under the provisions of Rule 8.3 of the Irish Takeover Rules, if any person is, or becomes,
interested (directly or indirectly) in, 1% or more of any class of relevant securities of the Company, all dealings in any relevant securities of the Company (including by means of an option in
respect of, or a derivative referenced to, any such
relevant securities) must be publicly disclosed by not later than 3:30 pm (Irish time) on the business day following the date of the relevant transaction. This
requirement will continue until the date on which the offer period ends. If two or more persons co-operate on the basis of any agreement, either express or tacit, either oral or written, to acquire an interest in
relevant securities of the Company, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover Rules.
Under
the provisions of Rule 8.1 of the Irish Takeover Rules, all dealings in relevant securities of the Company by Verizon or Bidco, or by any party acting in concert with either of them, must also be disclosed by no later
than 12 noon (Irish time) on the business day following the date of the relevant transaction.
A disclosure table, giving details of the
companies in whose relevant securities dealings should be disclosed, can be found on the Irish Takeover Panels website at www.irishtakeoverpanel.ie.
Interests in securities arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an interest by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Irish Takeover Rules, which can also be found on the Irish Takeover Panels website. If you are in any doubt
as to whether or not you are required to disclose a dealing under Rule 8, please consult the Irish Takeover Panels website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 1 678 9020 or fax number +353
1 678 9289.
No Profit Forecasts, Estimates or Asset Valuations
No statement in this report is intended as a profit forecast or estimate for any period and no statement in this report should be interpreted to mean that
earnings or earnings per share, for Verizon, Bidco or the Company, respectively for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for Verizon, Bidco or the Company,
respectively. No statement in this report constitutes an asset valuation.
Right to Switch to a Takeover Offer
Verizon reserves the right to elect, subject to the terms of the Transaction Agreement and with the consent of the Irish Takeover Panel, to implement the
Acquisition by way of a Takeover Offer for the entire issued and to be issued share capital of the Company as an alternative to the Scheme. In such an event, the Takeover Offer will be implemented on substantially the same terms (subject to
appropriate amendments including an acceptance condition set at 80% of the shares to which such Takeover Offer related), so far as applicable, as those which would apply to the Scheme and subject to the amendments referred to in Appendix I to the
Rule 2.5 Announcement the Company and Verizon issued as required under the Irish Takeover Rules and in the Transaction Agreement.
Rounding
Certain figures included in this report have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different
tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.
General
The laws of the relevant jurisdictions may affect the availability of the Acquisition to persons who are not resident in Ireland. Persons who are not
resident in Ireland, or who are subject to laws of any jurisdiction other than Ireland, should inform themselves about, and observe, any applicable legal or regulatory requirements. Any failure to comply with the applicable legal or regulatory
requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility and liability for
the violation of such restrictions by any person.
The Acquisition will not be made available, directly or indirectly, in a jurisdiction where local laws or
regulations may result in a significant risk of civil, regulatory or criminal exposure if information concerning the Acquisition is sent or made available in that jurisdiction (the Restricted Jurisdiction), and the Acquisition will not
be capable of acceptance from within a Restricted Jurisdiction.
The release, publication or distribution of this report in or into certain jurisdictions
may be restricted by the laws of those jurisdictions. Accordingly, copies of this report and all other documents relating to the Acquisition are not being, and must not be, released, published, mailed or otherwise forwarded, distributed or sent in,
into or from any Restricted Jurisdiction. Persons receiving such documents (including, without limitation, nominees, trustees and custodians) should observe these restrictions. Failure to do so may constitute a violation of the securities laws of
any such jurisdiction. To the fullest extent permitted by applicable law, Verizon, Bidco and the Company disclaim any responsibility or liability for the violations of any such restrictions by any person.
Important Additional Information to be Filed with the SEC
In connection with the Acquisition, the Company will file with the SEC and mail or otherwise provide to its shareholders a proxy statement regarding the
proposed transaction. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING THE SCHEME DOCUMENT) AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE COMPANY, THE ACQUISITION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the proxy statement (including the Scheme Document) and other documents filed by the Company with the
SEC at www.sec.gov. In addition, investors and shareholders will be able to obtain free copies of the proxy statement (including the Scheme Document) and other documents filed by the Company at ir.fleetmatics.com or by calling 781.577.4657.
Participants in the Solicitation
The Company and its
directors, officers and employees may be considered participants in the solicitation of proxies from the Company shareholders in respect of the transactions contemplated by this report. Information regarding the persons who may, under the rules of
the SEC, be deemed participants in the solicitation of the Company shareholders in connection with the proposed transactions, including names, affiliations and a description of their direct or indirect interests, by security holdings or otherwise,
will be set forth in the proxy statement and other relevant materials to be filed with the SEC. Information concerning the interests of the Companys participants in the solicitation, which may, in some cases, be different than those of the
Companys shareholders generally, is set forth in the materials filed by the Company with the SEC, including in the proxy statement for the Companys 2016 Annual General Meeting of Shareholders, which was filed with the SEC on
June 22, 2016, as supplemented by other Company filings with the SEC, and will be set forth in the proxy statement relating to the transaction when it becomes available.