Amended Tender Offer Statement by Issuer (sc To-i/a)
2017年10月4日 - 7:14PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO
TENDER OFFER STATEMENT UNDER SECTION 14(D)(1) OR 13(E)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
AMENDMENT NO. 4
HERBALIFE
LTD.
(Name of Subject Company (Issuer))
Herbalife Ltd.
(Name of
Filing Persons (Offeror))
Common Shares, par value $0.001 per share
(Title of Class of Securities)
G4412G101
(CUSIP Number
of Class of Securities)
John G. DeSimone
Chief Financial Officer
Herbalife Ltd.
P.O. Box
309GT
Ugland House, South Church Street
Grand Cayman, Cayman Islands
(213) 745-0500
(Name,
address, and telephone numbers of person authorized to receive notices and communications on behalf of filing persons)
Copies
to:
Jonathan K. Layne
James J. Moloney
Gibson,
Dunn & Crutcher LLP
2029 Century Park East
Los Angeles, CA 90067
(310) 552-8500
Calculation
of Filing Fee
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Transaction valuation*
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Amount of filing fee**
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$600,000,000
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$69,540.00***
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*
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Estimated for purposes of calculating the amount of the filing fee only, this amount is based on the purchase of common shares, par value $0.001 per share, of the Issuer for a maximum aggregate tender offer price of
$600,000,000.
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**
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The amount of the filing fee, calculated in accordance with Rule 0-11(b) and Rule 1-11(d) of the Securities Exchange Act of 1934, as amended and Fee Rate Advisory #1 for Fiscal Year 2017 equals $115.90 per $1,000,000 of
the aggregate value of the transaction.
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*** Amount Previously Paid: $69,540.00
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Form or Registration No.: Schedule TO
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Date Filed: August 21, 2017
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☐
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Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.
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☐
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Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.
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Check the appropriate boxes below to designate any transactions to which the statement relates:
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third-party tender offer subject to Rule 14d-1.
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issuer tender offer subject to Rule 13e-4.
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going-private transaction subject to Rule 13e-3.
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amendment to Schedule 13D under Rule 13d-2.
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Check the following box if the filing is a final amendment
reporting the results of the tender offer: ☐
If applicable, check the appropriate box(es) below to designate the appropriate rule
provision(s) relied upon:
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Rule 13e-4(i) (Cross-Border Issuer Tender Offer)
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Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)
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This Amendment No. 4 to the Tender Offer Statement on Schedule TO (the Amendment) amends and
supplements the Schedule TO filed with the Securities and Exchange Commission (the SEC) on August 21, 2017, as amended by Amendment No. 1 to Schedule TO filed on August 28, 2017, Amendment No. 2 to Schedule TO filed
on September 18, 2017, and Amendment No. 3 to Schedule TO filed on October 2, 2017 (collectively, as amended and supplemented, the Schedule TO), and relates to the offer by Herbalife Ltd., a Cayman Islands exempted company
incorporated with limited liability (the Company), to purchase common shares, par value $0.001 per share in the capital, of the Company (the common shares), for an aggregate cash purchase price of up to $600 million and at a
price per share (i) not greater than $68.00 nor less than $60.00 per share, net to the seller in cash, less any applicable tax withholding and without interest, plus (ii) a non-transferable contractual contingent value right (a
CVR) pursuant to the Contingent Value Rights Agreement, a copy of which is annexed to and filed with the Schedule TO as Exhibit (a)(1)(F) (the CVR Agreement), to receive a contingent payment upon the occurrence of a Going
Private Transaction (as such term is defined in the CVR Agreement) within the time period specified in the CVR Agreement, without interest and less any applicable tax withholding, each upon the terms and subject to the conditions set forth in the
Amended and Restated Offer to Purchase, dated September 18, 2017 (the Offer to Purchase), and in the related Amended and Restated Letter of Transmittal (the Letter of Transmittal which, together with the Offer to
Purchase, as each may be amended or supplemented from time to time, collectively constitute the Offer), copies of which are annexed to and filed with this Schedule TO as Exhibits (a)(1)(G) and (a)(1)(H), respectively. All capitalized
terms used but not otherwise defined in this Amendment have the meanings ascribed to such terms in the Offer to Purchase.
The Schedule TO, and all the
information set forth in the Offer to Purchase, to the extent incorporated by reference therein, is hereby amended and supplemented as set forth below. Every Item in the Schedule TO is automatically updated, to the extent such Item incorporates by
reference any section of the Offer to Purchase that is amended and supplemented therein.
Items 1 through 11.
Items 1 through 11 of the Schedule TO are hereby amended and supplemented as follows:
The information set forth in the seventh and eighth paragraphs under the heading Background and Reasons for Including a CVR in the Offer
Consideration in the Offer to Purchase are hereby amended and restated in their entirety as follows:
As noted above, the Board on
February 21, 2017 authorized a new three-year $1.5 billion share repurchase program, with approximately $299.2 million of common shares repurchased in open market purchases as of the Boards meeting on August 17, 2017, and the Board
sought to have the Company repurchase a meaningful number of shares under such program before year end 2017. Ultimately, the Board determined in its business judgment it was unlikely a definitive agreement could be reached with Party A before such
year end. In reaching such determination, the Board noted a lack of momentum in the discussions such that the signing of a definitive agreement before such year end was unlikely, as evidenced by the lack of any concrete discussions between the
parties regarding valuation or any other material terms. As such, the Company instructed its financial advisor to terminate discussions with Party A in order to move forward with the self-tender offer pursuant to the Companys previously
announced share repurchase program.
On August 16, 2017, the Companys financial advisor sent Party A formal notice
communicating the Companys decision to terminate all discussions and rescind Party As access to the data room previously established for conducting due diligence on the Company; the last upload of information into the data room occurred
on June 1, 2017, and the last access to the data room by Party A occurred on July 20, 2017.
On August 20, 2017, after
receipt of the notice formally terminating discussions, a representative of Party A and a representative of the Company had a conversation. Party A did not indicate a desire to reinitiate the discussions at a future date, but they did indicate that
they had not lost interest. As discussed above, the Company chose not to reengage in discussions with Party A because the Board had determined in its business judgment it was unlikely a transaction with Party A could be successfully consummated
before year end 2017 and decided to move forward with the tender offer.
2
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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HERBALIFE LTD.
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By:
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/s/ JOHN G. DESIMONE
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Name:
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John G. DeSimone
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Title:
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Chief Financial Officer
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Dated: October 4, 2017
3
EXHIBIT INDEX
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Exhibit
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Description
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(a)(1)(A)*
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Offer to Purchase, dated August 21, 2017.
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(a)(1)(B)*
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Form of Letter of Transmittal (including Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9).
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(a)(1)(C)*
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Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.
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(a)(1)(D)*
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Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.
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(a)(1)(E)*
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Press release issued by the Company, dated August 21, 2017.
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(a)(1)(F)*
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Form of Contingent Value Rights Agreement by and between the Company and Computershare Trust Company, N.A., as Administrative Agent.
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(a)(1)(G)*
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Amended and Restated Offer to Purchase, dated September 18, 2017.
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(a)(1)(H)*
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Form of Amended and Restated Form of Letter of Transmittal (including Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9).
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(a)(1)(I)*
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Form of Amended and Restated Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.
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(a)(1)(J)*
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Form of Amended and Restated Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.
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(a)(5)(A)*
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Press release issued by the Company, dated August 28, 2017.
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(a)(5)(B)*
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Press release issued by the Company, dated September 18, 2017.
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(a)(5)(C)*
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Press release issued by the Company, dated October 2, 2017.
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(b)
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Not applicable.
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(d)(1)*
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Agreement by and among the Company and Carl C. Icahn and his controlled affiliates, dated August 21, 2017
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(g)
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Not applicable.
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(h)
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Not applicable.
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4
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