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As Of Filer Filing For·On·As Docs:Size Issuer Agent 12/19/18 ARRIS International plc DEFM14A 12/19/18 1:3.1M Toppan Vintage/FA |
Document/Exhibit Description Pages Size 1: DEFM14A Definitive Proxy Statement HTML 1.17M
tv508311-defm14a - none - 13.0551888s |
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Preliminary Proxy Statement
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Confidential, for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material Pursuant to §240.14a-12
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| IN THE HIGH COURT OF JUSTICE | | |
CLAIM NO. CR-2018-009841
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| BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES COMPANIES COURT (ChD) |
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SUMMARY | | | | | 1 | | |
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Annex A — Bid Conduct Agreement | | | | | | | |
Annex B — Scheme of Arrangement | | | | | | | |
Annex C — Opinion of Financial Advisor | | | | | | | |
| Notice Record Date for Court Meeting and General Meeting | | | | |
| Beneficial Holder Record Date for Court Meeting and General Meeting |
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| Voting Record Time for Court Meeting and General Meeting | | | | |
| Latest time for receipt of Court Meeting Proxy Cards for Shareholders of Record (Beneficial Holders should follow the deadlines provided by their broker, bank, trust or other nominee) |
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11:59 p.m. (Eastern time) on January 30, 2019
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| Latest time for receipt of General Meeting Proxy Cards for Shareholders of Record (Beneficial Holders should follow the deadlines provided by their broker, bank, trust or other nominee) |
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11:59 p.m. (Eastern time) on January 30, 2019
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| Court Meeting | | |
9:00 a.m. (London time) on February 1, 2019
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| General Meeting | | |
9:30 a.m. (London time) on February 1, 2019
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Last day of dealings in and for the registration of transfers of
Ordinary Shares |
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Scheme Record Time
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Court hearing to sanction the Scheme
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Scheme Effective Time
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Cancellation of admission to trading of Ordinary Shares
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| Long Stop Termination Date | | | |
Customer Premises Equipment
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Network & Cloud
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Enterprise Networks
|
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NETGEAR, Inc. | | | Cisco Systems, Inc. | | | Hewlett Packard Enterprise Company | |
TiVo Corporation | | | Nokia Corporation | | | Arista Networks, Inc. | |
Technicolor S.A. | | | LM Ericsson Telephone Company | | | NetApp, Inc. | |
| | | Juniper Networks, Inc. | | | Citrix Systems, Inc. | |
| | | Ciena Corporation | | | F5 Networks, Inc. | |
| | | Casa Systems, Inc. | | | Ubiquiti Networks, Inc. | |
| | | ADTRAN, Inc. | | | NetScout Systems, Inc. | |
| | | Kudelski Group | | | Extreme Networks, Inc. | |
| | | Harmonic Inc. | | | Radware Ltd. | |
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TEV/EBITDA Ratio
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P/E Ratio
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ARRIS | | | | ||||||||||
5-Year Mean
|
| | | | 7.3x | | | | | | 10.0x | | |
5-Year Median
|
| | | | 7.3x | | | | | | 9.9x | | |
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TEV/EBITDA Ratio
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Market
Capitalization/ Net Income Ratio |
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Customer Premises Equipment | | | | ||||||||||
NETGEAR, Inc.
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| | | | 12.5x | | | | | | 19.4x | | |
TiVo Corporation
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| | | | 9.4x | | | | | | 9.8x | | |
Technicolor S.A.
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| | | | 4.5x | | | | | | NM | | |
Mean
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| | | | 8.8x | | | | | | 14.6x | | |
Median
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| | | | 9.4x | | | | | | 14.6x | | |
High
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| | | | 12.5x | | | | | | 19.4x | | |
Low
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| | | | 4.5x | | | | | | 9.8x | | |
Network & Cloud | | | | | | | | | |||||
Cisco Systems, Inc.
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| | | | 10.5x | | | | | | 14.2x | | |
Nokia Corporation
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| | | | 8.6x | | | | | | 15.8x | | |
LM Ericsson Telephone Company
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| | | | 10.0x | | | | | | NM | | |
Juniper Networks, Inc.
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| | | | 8.7x | | | | | | 13.5x | | |
Ciena Corporation
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| | | | 9.7x | | | | | | 16.8x | | |
Casa Systems, Inc.
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| | | | 10.3x | | | | | | 16.2x | | |
ADTRAN, Inc.
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| | | | NM | | | | | | NM | | |
Kudelski Group
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| | | | 9.2x | | | | | | 15.2x | | |
Harmonic Inc.
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| | | | 14.0x | | | | | | NM | | |
Mean
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| | | | 10.1x | | | | | | 15.3x | | |
Median
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| | | | 9.9x | | | | | | 15.2x | | |
High
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| | | | 14.0x | | | | | | 16.8x | | |
Low
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| | | | 8.6x | | | | | | 13.5x | | |
Enterprise Networks | | | | | | | | | |||||
Hewlett Packard Enterprise Company
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| | | | 3.6x | | | | | | 7.4x | | |
Arista Networks, Inc.
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| | | | 20.1x | | | | | | 26.1x | | |
NetApp, Inc.
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| | | | 11.2x | | | | | | 15.0x | | |
Citrix Systems, Inc.
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| | | | 14.0x | | | | | | 18.8x | | |
F5 Networks, Inc.
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| | | | 11.2x | | | | | | 15.3x | | |
Ubiquiti Networks, Inc.
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| | | | 16.4x | | | | | | 20.5x | | |
NetScout Systems, Inc.
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| | | | 7.2x | | | | | | 19.5x | | |
Extreme Networks, Inc.
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| | | | 6.7x | | | | | | 9.9x | | |
Radware Ltd.
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| | | | NM | | | | | | NM | | |
Mean
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| | | | 11.3x | | | | | | 16.6x | | |
Median
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| | | | 11.2x | | | | | | 17.1x | | |
High
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| | | | 20.1x | | | | | | 26.1x | | |
Low
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| | | | 3.6x | | | | | | 7.4x | | |
Source of Financial Projections Through FY2023
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Illustrative
Sponsor Required IRR |
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Total
Gross Leverage |
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Exit LTM
TEV/ Adj. EBITDA Multiples |
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Implied Value
Per Ordinary Share |
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Management Projections(1)
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20.0% – 25.0%
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6.0x
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7.0x – 9.0x
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$25.92 – $33.33
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2019E
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2020E
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2021E
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Sales
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| | | $ | 7,109 | | | | | $ | 7,311 | | | | | $ | 7,554 | | |
Gross Margin
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| | | $ | 2,123 | | | | | $ | 2,236 | | | | | $ | 2,386 | | |
Gross Margin %
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| | | | 29.9% | | | | | | 30.6% | | | | | | 31.6% | | |
Operating Expenses(1)
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| | | $ | 1,382 | | | | | $ | 1,416 | | | | | $ | 1,475 | | |
% of Revenue
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| | | | 19.4% | | | | | | 19.4% | | | | | | 19.5% | | |
DOI(2) | | | | $ | 741 | | | | | $ | 820 | | | | | $ | 911 | | |
Margin %
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| | | | 10.4% | | | | | | 11.2% | | | | | | 12.1% | | |
Non-GAAP EBITDA(3)
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| | | $ | 928 | | | | | $ | 1,015 | | | | | $ | 1,108 | | |
Margin %
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| | | | 13.1% | | | | | | 13.9% | | | | | | 14.7% | | |
Adjusted EPS(4)
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| | | $ | 3.60 | | | | | $ | 4.27 | | | | | $ | 5.10 | | |
Diluted Shares
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| | | | 173.0 | | | | | | 162.0 | | | | | | 151.0 | | |
Name
|
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Number of
Performance-Based RSUs to be Accelerated |
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Number of Service-
Based RSUs to be Accelerated |
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Value of Accelerated
RSUs |
| |||||||||
Andrew B. Barron(1)
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| | | | 0 | | | | | | 6,500 | | | | | $ | 206,375 | | |
Tim Bryan(1)
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| | | | 0 | | | | | | 6,500 | | | | | $ | 206,375 | | |
James A. Chiddix(1)(2)
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| | | | 0 | | | | | | 29,900 | | | | | $ | 949,325 | | |
Andrew T. Heller(1)(3)
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| | | | 0 | | | | | | 16,950 | | | | | $ | 538,162.50 | | |
Jeong H. Kim(1)(4)
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| | | | 0 | | | | | | 10,700 | | | | | $ | 339,725 | | |
| | | | 228,440 | | | | | | 76,353 | | | | | $ | 9,677,177.75 | | | |
Timothy R. O’Loughlin
|
| | | | 69,510 | | | | | | 22,306 | | | | | $ | 2,915,158 | | |
David B. Potts(6)
|
| | | | 120,173 | | | | | | 0 | | | | | $ | 3,815,492.75 | | |
Lawrence Robinson
|
| | | | 92,568 | | | | | | 31,823 | | | | | $ | 3,949,414.25 | | |
Barton Y. Shigemura(1)
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| | | | 0 | | | | | | 6,500 | | | | | $ | 206,375 | | |
Robert J. Stanzione(6)
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| | | | 205,503 | | | | | | 0 | | | | | $ | 6,524,720.25 | | |
Doreen A. Toben(1)(7)
|
| | | | 0 | | | | | | 14,500 | | | | | $ | 460,375 | | |
Debora J. Wilson(1)(8)
|
| | | | 0 | | | | | | 20,050 | | | | | $ | 636,587.50 | | |
David A. Woodle(1)(9)
|
| | | | 0 | | | | | | 59,600 | | | | | $ | 1,892,300 | | |
Daniel T. Whalen
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| | | | 52,595 | | | | | | 25,515 | | | | | $ | 2,479,992.50 | | |
Karen Renner
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| | | | 0 | | | | | | 6,200 | | | | | $ | 196,850 | | |
Stephen McCaffery
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| | | | 60,740 | | | | | | 21,619 | | | | | $ | 2,614,898.25 | | |
James R. Brennan
|
| | | | 74,525 | | | | | | 25,709 | | | | | $ | 3,182,429.5 | | |
Ian Whiting
|
| | | | 0 | | | | | | 41,970 | | | | | $ | 1,332,547.50 | | |
Patrick W. Macken(5)
|
| | | | 52,938 | | | | | | 21,128 | | | | | $ | 2,351,595.50 | | |
Victoria P. Brewster(5)
|
| | | | 40,550 | | | | | | 13,926 | | | | | $ | 1,729,613 | | |
Name
|
| |
Service-Based
RSUs to be Assumed |
| |||
Andrew B. Barron
|
| | | | 0 | | |
Tim Bryan
|
| | | | 0 | | |
James A. Chiddix
|
| | | | 0 | | |
Andrew T. Heller
|
| | | | 0 | | |
Jeong H. Kim
|
| | | | 0 | | |
| | | | 76,353 | | | |
Timothy R. O’Loughlin
|
| | | | 22,306 | | |
David B. Potts(2)
|
| | | | 82,296 | | |
Lawrence Robinson
|
| | | | 31,822 | | |
Barton Y. Shigemura
|
| | | | 0 | | |
Robert J. Stanzione(2)
|
| | | | 114,358 | | |
Doreen A. Toben
|
| | | | 0 | | |
Debora J. Wilson
|
| | | | 0 | | |
David A. Woodle
|
| | | | 0 | | |
Daniel T. Whalen
|
| | | | 25,514 | | |
Karen Renner
|
| | | | 6,200 | | |
Stephen McCaffery
|
| | | | 21,618 | | |
James R. Brennan
|
| | | | 25,708 | | |
Ian Whiting
|
| | | | 41,970 | | |
Patrick W. Macken(1)
|
| | | | 15,745 | | |
Victoria P. Brewster(1)
|
| | | | 13,925 | | |
Name
|
| |
Cash(1)
($) |
| |
Equity(2)
($) |
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Perquisites/Benefits(3)
($) |
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Other(4)
($) |
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Total
($) |
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Robert J. Stanzione,
Executive Chairman |
| | | | 5,924,228 | | | | | | 10,155,586 | | | | | | 122,400 | | | | | | — | | | | | | 16,202,214 | | |
Bruce McClelland,
Chief Executive Officer |
| | | | 3,094,057 | | | | | | 12,101,385 | | | | | | — | | | | | | 48,000 | | | | | | 15,243,442 | | |
David B. Potts,
Executive Vice President and Chief Financial Officer |
| | | | 2,165,912 | | | | | | 6,428,391 | | | | | | 48,000 | | | | | | — | | | | | | 8,642,303 | | |
Timothy O’Loughlin,
President, North American Sales |
| | | | 839,184 | | | | | | 3,623,374 | | | | | | 24,000 | | | | | | — | | | | | | 4,486,558 | | |
Lawrence Robinson,
President, Customer Premises Equipment |
| | | | 924,049 | | | | | | 4,959,763 | | | | | | 24,000 | | | | | | — | | | | | | 5,907,812 | | |
Name
|
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Accelerated Equity (“Single Trigger”)
($) |
| |||
Robert J. Stanzione
|
| | | | 6,524,720 | | |
| | | | 9,677,178 | | | |
David B. Potts
|
| | | | 3,815,493 | | |
Timothy O’Loughlin
|
| | | | 2,915,158 | | |
Lawrence Robinson
|
| | | | 3,949,398 | | |
Beneficial Owner(1)
|
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Shares Beneficially
Owned(2) |
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Shares that may be
Acquired within 60 Days |
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Percentage
(%) |
| |||||||||
Andrew B. Barron
|
| | | | 5,700 | | | | | | — | | | | | | * | | |
J. Timothy Bryan
|
| | | | 18,200 | | | | | | — | | | | | | * | | |
James A. Chiddix
|
| | | | 55,500 | | | | | | 23,400 | | | | | | * | | |
Andrew T. Heller
|
| | | | 35,100 | | | | | | 10,450 | | | | | | * | | |
Jeong H. Kim
|
| | | | 36,885 | | | | | | 4,200 | | | | | | * | | |
| | | | 246,061 | | | | | | — | | | | | | * | | | |
Timothy R. O’Loughlin
|
| | | | 26,658 | | | | | | — | | | | | | * | | |
David B. Potts
|
| | | | 96,319 | | | | | | — | | | | | | * | | |
Lawrence Robinson
|
| | | | 87,266 | | | | | | — | | | | | | * | | |
Barton Y. Shigemura
|
| | | | — | | | | | | — | | | | | | * | | |
Robert J. Stanzione
|
| | | | 920,423 | | | | | | — | | | | | | * | | |
Doreen A. Toben
|
| | | | 23,140 | | | | | | 8,000 | | | | | | * | | |
Debora J. Wilson
|
| | | | 64,300 | | | | | | 13,550 | | | | | | * | | |
David A. Woodle
|
| | | | 81,451 | | | | | | 53,100 | | | | | | * | | |
All directors and executive officers as a group including
the above-named persons (21 persons) |
| | | | 1,837,382 | | | | | | 112,700 | | | | | | 1.055% | | |
Beneficial Owner
|
| |
Amount of
Beneficial Ownership |
| |
Percentage
|
| ||||||
The Vanguard Group, Inc.(1)
|
| | | | 15,057,355 | | | | | | 8.7% | | |
BlackRock, Inc.(2)
|
| | | | 14,511,015 | | | | | | 8.3% | | |
Hotchkis and Wiley Capital Management, LLC(3)
|
| | | | 11,220,871 | | | | | | 6.4% | | |
Alphabet, Inc.(4)
|
| | | | 9,703,500 | | | | | | 5.6% | | |
| | | | | A-1 | | | |
| | | | | A-1 | | | |
| | | | | A-1 | | | |
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| | | | | A-57 | | | |
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| | | | | A-61 | | | |
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| | | | | A-67 | | | |
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| | | | | A-72 | | | |
| | | | | A-73 | | | |
| | | | | A-73 | | | |
| ANNEX A — DEFINED TERMS | | | | | | | |
| SCHEDULE 1 — SCHEME TIMETABLE | | | | | | | |
| Exhibit A: Form of Scheme of Arrangement | | | | | | | |
| Exhibit B: Special Resolutions to be Approved at General Meeting | | | | | | | |
| If to Buyer: | | |||
| CommScope Holding Company, Inc., CommScope, Inc. 1100 CommScope Place, SE Hickory, North Carolina 28602 |
| |||
| Attention: | | | Frank B. Wyatt, II, Senior Vice President, General Counsel and Secretary |
|
| Facsimile: | | | +1 (828) 431-2520 | |
| with a copy to: | | |||
| Alston & Bird LLP Bank of America Plaza 101 South Tryon Street, Suite 4000 Charlotte, NC 28280 |
| |||
| Attention: | | | C. Mark Kelly (Mark.Kelly@alston.com) William B. Snyder, Jr. (William.Snyder@alston.com) |
|
| and | | |||
| Pinsent Masons LLP 30 Crown Pl., London EC2A 4ES, UK |
| |||
| Attention: | | | Rob Hutchings (Rob.Hutchings@pinsentmasons.com) | |
| If to the Company: | | |||
| ARRIS International plc 3871 Lakefield Drive Suwanee, Georgia 30024 |
| |||
| Attention: | | | Patrick Macken (E-Mail: patrick.macken@arris.com) | |
| with a copy to: | | |||
| Troutman Sanders LLP 600 Peachtree Street, Suite 3000 Atlanta, GA 30308 |
| |||
| Attention: | | | W. Brinkley Dickerson, Jr. (E-Mail: brink.dickerson@troutman.com) Tyler B. Dempsey (E-Mail: tyler.dempsey@troutman.com) |
|
| and | | |||
| Herbert Smith Freehills LLP Exchange House Primrose Street London EC2A 2EG, UK |
| |||
| Attention: | | | Gavin Davies (gavin.davies@hsf.com) Alex Kay (alex.kay@hsf.com) |
|
Terms
|
| |
Section
|
|
Accelerated RSUs | | | 4.3(a)(i)(E) | |
Acquisition | | | 1.1 | |
Acquisition Proposal | | | 6.2(c)(i) | |
Affected Employees | | | 6.9(a) | |
Affiliate | | | 5.1(a)(i) | |
Agreement | | | Preamble | |
Alternative Acquisition Agreement | | | 6.2(d)(ii) | |
Amendment to the Articles | | | 2.1 | |
Anti-Corruption and Anti-Bribery Laws | | | 5.1(i)(ii) | |
Acquisition Antitrust Law | | | 6.5(b)(vi) | |
Antitrust Law | | | 6.5(b)(vi) | |
Applicable Date | | | 5.1(e)(i) | |
Assets | | | 5.1(s) | |
Assumed Phantom Company RSUs | | | 4.3(a)(iii) | |
Assumed RSU | | | 4.3(a)(i)(E) | |
Bankruptcy and Equity Exception | | | 5.1(c)(i) | |
Benefit Plans | | | 5.1(h)(i) | |
Burdensome Condition | | | 6.5(e)(iv) | |
business day | | | 1.2 | |
Buyer | | | Preamble | |
Buyer Common Stock | | | 4.3(a)(ii) | |
Buyer Equity Financing | | | 5.2(e)(i) | |
Buyer Fee | | | 8.5(c)(iv) | |
Buyer Filing | | | 6.3(c) | |
Buyer Reimbursement Obligation | | | 8.5(c)(iv) | |
Buyer Related Parties | | | 8.5(d)(i) | |
C-COR RSUs | | | 4.3(a)(i)(C) | |
Capitalization Date | | | 5.1(b)(i) | |
Change of Recommendation | | | 6.2(d)(ii) | |
Charter Warrant Agreement | | | 5.1(b)(i) | |
Charter Warrants | | | 5.1(b)(i) | |
Chosen Courts | | | 9.5(a) | |
Closing | | | 1.2 | |
Closing Date | | | 1.2 | |
Code | | | 4.2(d) | |
Comcast Warrants | | | 5.1(b)(i) | |
Comcast Warrant Agreement | | | 5.1(b)(i) | |
Companies Act | | | 1.1 | |
Company | | | Preamble | |
Company Credit Agreement | | | 5.1(q)(iii)(B) | |
Terms
|
| |
Section
|
|
Company Disclosure Letter | | | 5.1 | |
Company ERISA Affiliate | | | 5.1(h)(iii) | |
Company ESPP | | | 4.3(b) | |
Company Material Adverse Effect | | | 5.1(a)(v) | |
Company Recommendation | | | 5.1(c)(ii) | |
Company Registered IP | | | 5.1(n)(ii) | |
Company Reports | | | 5.1(e)(i) | |
Company Requisite Votes | | | 5.1(c)(i) | |
Company RSU | | | 4.3(a) | |
Company Securities | | | 5.1(b)(i) | |
Compliant | | | 6.14(B)(f)(i) | |
Confidentiality Agreement | | | 9.7 | |
Contract | | | 5.1(d)(ii) | |
Copyrights | | | 5.1(n)(v) | |
Court | | | 1.1 | |
Court Documentation | | | 6.3(b) | |
Court Meeting | | | 5.1(c)(i) | |
Court Sanction Hearing | | | 4.1 | |
Copyrights | | | 5.1(n)(v) | |
Customer Contract | | | 5.1(q)(iii)(C) | |
D&O Insurance | | | 6.11(b) | |
Debt Commitment Letter | | | 5.2(e)(i) | |
Debt Financing | | | 5.2(e)(i) | |
Debt Financing Commitment | | | 5.2(e)(i) | |
Debt Financing Sources | | | 6.14(B)(f)(ii) | |
Distributor Contract | | | 5.1(q)(iii)(E) | |
Domestic Group | | | 6.21 | |
DR Nominee | | | 1.1 | |
DTC | | | 4.2(b) | |
Effects | | | 5.1(a)(v) | |
Effective Time | | | 3.1 | |
Employees | | | 5.1(h)(i) | |
Environmental Law | | | 5.1(k)(ii) | |
Equity Commitments | | | 5.2(e)(i) | |
Equity Financing | | | 5.2(e)(i) | |
Equity Investor | | | 5.2(e)(i) | |
ERISA | | | 5.1(h)(i) | |
Evercore | | | 5.1(c)(ii) | |
Exchange Act | | | 5.1(d)(i) | |
Exchange Fund | | | 4.2(a) | |
Exchange Ratio | | | 4.3(a)(ii) | |
Excluded Disclosure | | | 5.1 | |
Excluded Shares | | | 4.1 | |
Terms
|
| |
Section
|
|
Expenses | | | 6.10 | |
Export and Import Control Laws | | | 5.1(i)(ii) | |
EUMR | | | 6.5(b)(vi | |
Fee Letter | | | 5.2(e)(i) | |
Final Option Period | | | 4.3(b) | |
Financing | | | 5.2(e)(i) | |
Financing Commitments | | | 5.2(e)(i) | |
Financing Sources | | | 6.14(B)(f)(iii) | |
Financing Source Provisions | | | 9.2 | |
FIRPTA Affidavits | | | 6.1(c) | |
First Court Hearing | | | Schedule 1 | |
Foreign Corrupt Practices Act | | | 5.1(i)(ii) | |
GAAP | | | 5.1(e)(iii) | |
General Meeting | | | 5.1(c)(i) | |
Government Contract | | | 5.1(i)(iii) | |
Government Contract Bid(s) | | | 5.1(i)(iii) | |
Governmental Antitrust Entity | | | 6.5(e)(i) | |
Governmental Entity | | | 5.1(d)(i) | |
Hazardous Substance | | | 5.1(k)(iii) | |
HMRC | | | 6.22 | |
HSR Act | | | 5.1(d)(i) | |
Indebtedness | | | 5.1(q)(iii)(A) | |
Indemnified Parties | | | 6.11(a) | |
Initial Commitment Parties | | | 5.2(e)(i) | |
Initial Public Announcement | | | 6.8 | |
Intellectual Property | | | 5.1(n)(v) | |
Intervening Event | | | 6.2(c)(iii) | |
Investment Agreement | | | 5.2(e)(i) | |
Irrevocable Undertakings | | | Recitals | |
IRS | | | 5.1(h)(ii) | |
Knowledge (with respect to the Company) | | | 5.1(g)(iv) | |
Knowledge (with respect to Buyer) | | | 5.2(e)(iii) | |
Laws | | | 5.1(i)(i) | |
Leased Real Property | | | 5.1(p)(ii) | |
Liabilities | | | 5.1(g)(iii) | |
Licenses | | | 5.1(i)(i) | |
Lien | | | 5.1(b)(i) | |
Long Stop Termination Date | | | 8.2 | |
Marketing Period | | | 6.14(B)(f)(iv) | |
Material Contract | | | 5.1(q)(i)(K) | |
Material Lease | | | 5.1(p)(ii) | |
Material Leased Real Property | | | 5.1(p)(ii) | |
Maximum Amount | | | 6.11(b) | |
Terms
|
| |
Section
|
|
Multiemployer Plan | | | 5.1(h)(iv) | |
multiple employer plan | | | 5.1(h)(iv) | |
Nasdaq | | | 5.1(a)(v)(F) | |
Non-Employee Director RSUs | | | 4.3(a)(i)(A) | |
Non-U.S. Benefit Plans | | | 5.1(h)(i) | |
OFAC | | | 5.1(i)(ii) | |
Offer Document | | | Schedule 1 | |
Order | | | 7.1(c) | |
Ordinary Share | | | 4.1 | |
Other Subsidiary | | | 5.1(a)(ii) | |
Other Subsidiary Securities | | | 5.1(b)(iv) | |
Other Required Company Filing | | | 6.3(a) | |
Owned Real Property | | | 5.1(p)(i) | |
Patents | | | 5.1(n)(v) | |
Paying Agent | | | 4.2(a) | |
PBGC | | | 5.1(h)(iii) | |
Pension Plan | | | 5.1(h)(iii) | |
Per Share Acquisition Consideration | | | 4.1 | |
Performance-Based RSUs | | | 4.3(a)(i)(B) | |
Permitted Lien | | | 5.1(q)(iii)(B) | |
Person | | | 4.2(b) | |
Personal Information | | | 5.1(u) | |
Phantom Company RSU | | | 5.1(b)(i) | |
Proceedings | | | 5.1(g)(i) | |
Proxy Statement | | | 6.3(a) | |
Representatives | | | 6.2(b) | |
Required Information | | | 6.14(B)(f)(v) | |
Restricted Financing Commitment Amendments | | | 6.14(A)(c) | |
Sanctioning Order | | | 7.1(d) | |
Sarbanes-Oxley Act | | | 5.1(e)(i) | |
Scheme | | | 1.1 | |
Scheme Document Annex | | | 6.3(a) | |
Scheme Record Time | | | 4.1 | |
Scheme Shares | | | 4.2(b) | |
Scheme Shareholders | | | 4.2(b) | |
Scheme Timetable | | | 6.3(b) | |
Scheme Supplemental Circular | | | 6.3(c) | |
SEC | | | 5.1 | |
SDN List | | | 5.1(i)(ii) | |
SDRT | | | 6.22 | |
Section 338 Elections | | | 6.21 | |
Securities Act | | | 5.1(a)(i) | |
Service-Based RSUs | | | 4.3(a)(i)(D) | |
Terms
|
| |
Section
|
|
Significant Subsidiary | | | 5.1(a)(iii) | |
Solvent | | | 5.2(g) | |
Special Resolutions | | | 2.1 | |
Sponsor | | | 5.2(e)(i) | |
Sponsor Equity Commitment | | | 5.2(e)(i) | |
Sponsor Equity Financing | | | 5.2(e)(i) | |
Stock Plans | | | 5.1(b)(i) | |
Shareholders Meetings | | | 5.1(c)(i) | |
Subsidiary | | | 5.1(a)(iv) | |
Substitute Financing | | | 6.14(A)(d) | |
Supplier Agreement | | | 5.1(q)(iii)(D) | |
Superior Proposal | | | 6.2(c)(ii) | |
Takeover Offer | | | Schedule 1 | |
Takeover Statute | | | 5.1(j) | |
Tax Return | | | 5.1(l)(xii) | |
Tax or Taxes | | | 5.1(l)(xii) | |
Termination Fee | | | 8.5(b)(iii) | |
Trademarks | | | 5.1(n)(v) | |
U.S. Benefit Plans | | | 5.1(h)(i) | |
Unvested Charter Warrants | | | 5.1(b)(i) | |
Vested Charter Warrants | | | 5.1(b)(i) | |
Voting Record Time | | | 6.3(a) | |
| IN THE HIGH COURT OF JUSTICE | | |
No: 009841 of 2018
|
|
| BUSINESS AND PROPERTY COURTS | | | | |
| OF ENGLAND AND WALES | | | | |
| COMPANIES COURT (ChD) | | | | |
|
“Acquisition Consideration”
|
| |
an aggregate cash amount equal to (i) the price per Scheme Share specified in Paragraph 2.1 of this Scheme, multiplied by (ii) the number of Scheme Shares in issue at the Scheme Record Time;
|
|
|
“ARRIS”
|
| |
ARRIS International plc, incorporated in England and Wales with registered number 09551763;
|
|
|
“ARRIS Shares”
|
| | ordinary shares of £0.01 each in the capital of ARRIS; | |
|
“ARRIS Share Schemes and Warrants”
|
| |
each (i) restricted stock unit, stock award and other similar equity award in relation to any ARRIS Shares, and (ii) warrant to purchase ARRIS Shares pursuant to either the Comcast Warrant Agreement or the Charter Warrant Agreement, in each case that is outstanding, vested, exercisable and unexercised immediately prior to the Effective Time;
|
|
|
“Bid Conduct Agreement”
|
| |
that certain bid conduct agreement entered into by CommScope and ARRIS on 8 November 2018, agreeing to certain matters in connection with the transactions contemplated by this Scheme;
|
|
|
“Business Day”
|
| |
a day (other than a Saturday or Sunday) on which banks are open for general business in London (United Kingdom) and New York, NY (United States of America);
|
|
|
“Comcast Warrant Agreement”
|
| |
that certain Warrant and Registration Rights Agreement, dated 29 June 2016, by and among ARRIS; Comcast Cable Communications Management, LLC; and any other holders of warrants issued thereunder;
|
|
|
“Cede”
|
| | Cede & Co., as nominee of DTC | |
|
“Cede Shares”
|
| |
the Scheme Shares in respect of which Cede is the registered holder;
|
|
|
“CommScope”
|
| |
CommScope Holding Company Inc., a corporation incorporated under the laws of the state of Delaware;
|
|
|
“CommScope BidCo”
|
| | a direct or indirect wholly-owned subsidiary of CommScope; | |
|
“CommScope Group”
|
| | CommScope and its subsidiary undertakings; | |
|
“Charter Warrant Agreement”
|
| |
that certain Warrant and Registration Rights Agreement, dated 30 September 2016, by and among ARRIS; Charter Communications Operating, LLC; and any other holders of warrants issued thereunder;
|
|
|
“Companies Act”
|
| | the Companies Act 2006; | |
|
“Court”
|
| | the High Court of Justice in England and Wales; | |
|
“Court Hearing”
|
| | the hearing of the Court to sanction the Scheme; | |
|
“Court Meeting”
|
| |
the meeting of Scheme Shareholders (and any adjournment of such meeting) convened by order of the Court pursuant to Section 896 of the Companies Act for the purpose of considering and, if thought fit, approving this Scheme (with or without modification);
|
|
|
“Court Order”
|
| |
the order of the Court sanctioning this Scheme under section 899 of the Companies Act;
|
|
|
“DR Nominee”
|
| |
a company falling within section 67(6) and 93(3) of the Finance Act 1986, as CommScope may in its sole discretion appoint as transferee of the Cede Shares pursuant to this Scheme;
|
|
|
“DTC”
|
| |
The Depository Trust Company, a wholly owned subsidiary of The Depository Trust and Clearing Corporation;
|
|
|
“Effective Date”
|
| |
the date on which this Scheme becomes effective in accordance with Paragraph 6 of this Scheme, and “Effective Time” means the time on such date at which this Scheme becomes effective;
|
|
|
“Encumbrances”
|
| |
all mortgages, pledges, liens, charges, options, encumbrances, equitable rights, rights of pre-emption, assignments, hypothecations or any other third party rights of any nature whatsoever;
|
|
|
“Exchange Fund”
|
| |
the cash amount in immediately available funds necessary to enable the Paying Agent to make payments in accordance with paragraph 4 of this Scheme;
|
|
|
“Excluded Shares”
|
| |
(i)
any ARRIS Shares which are registered in the name of or beneficially owned by CommScope or by any other member of the CommScope Group or by any of their respective nominees; and
|
|
| | | |
(ii)
any ARRIS Shares held in treasury;
|
|
|
“holder”
|
| |
a registered holder and includes any person(s) entitled by transmission;
|
|
|
“Latest Practicable Date”
|
| |
close of business on December 12, 2018, being the latest practicable date prior to the date of this Scheme;
|
|
|
“Member”
|
| |
a member of ARRIS on the register of members on any relevant date;
|
|
|
“Paying Agent”
|
| |
expected to be Computershare Trust Company, N.A., a federally chartered trust company, having a principal office and place of business at 250 Royall Street, Canton, Massachusetts 02021;
|
|
|
“Residual Shares”
|
| | the Scheme Shares excluding the Cede Shares; | |
|
“Scheme”
|
| |
this scheme of arrangement in its present form or with or subject to any modification, addition or condition approved or imposed by the Court and mutually acceptable to ARRIS and CommScope, each acting reasonably and in good faith;
|
|
|
“Scheme Record Time”
|
| |
6.00 p.m. on the Business Day preceding the date of the Court Hearing;
|
|
|
“Scheme Shareholders”
|
| |
the holders of Scheme Shares whose names appear in the register of Members of ARRIS at the Scheme Record Time;
|
|
|
“Scheme Shares”
|
| | the ARRIS Shares: | |
| | | |
(i)
in issue at the date of this document;
|
|
| | | |
(ii)
(if any) issued after the date of this document and prior to the Voting Record Time; and
|
|
| | | |
(iii)
(if any) issued at or after the Voting Record Time and prior to the Scheme Record Time, either on terms that the original or any subsequent holders thereof shall be bound by the Scheme or in respect of which the holders thereof shall have agreed in writing to be bound by the Scheme;
|
|
| | | |
in each case, remaining in issue at the Scheme Record Time but excluding any Excluded Shares; and
|
|
|
“Voting Record Time”
|
| |
6.00 p.m. on the day which is 10 days prior to the date of the Court Meeting or, if the Court Meeting is adjourned, 6.00 p.m. on the day which is 10 days before such adjourned meeting.
|
|
|
For each Scheme Share held by that person:
|
| | US$31.75 in cash | |
|
This ‘DEFM14A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/21 | ||||
1/1/20 | ||||
9/3/19 | ||||
8/16/19 | ||||
6/30/19 | ||||
6/28/19 | ||||
6/27/19 | ||||
4/30/19 | ||||
2/28/19 | ||||
2/12/19 | ||||
2/1/19 | ||||
1/30/19 | ||||
1/28/19 | ||||
1/22/19 | ||||
1/2/19 | ||||
12/31/18 | ||||
Filed on / Effective on: | 12/19/18 | |||
12/18/18 | ||||
12/12/18 | ||||
11/30/18 | PREM14A | |||
11/27/18 | ||||
11/26/18 | ||||
11/23/18 | ||||
11/22/18 | ||||
11/21/18 | ||||
11/8/18 | 10-Q, 8-K, DEFA14A | |||
11/7/18 | ||||
11/6/18 | ||||
11/4/18 | ||||
11/1/18 | ||||
10/31/18 | 4 | |||
10/30/18 | ||||
10/29/18 | ||||
10/24/18 | ||||
10/23/18 | ||||
10/20/18 | ||||
10/18/18 | ||||
10/16/18 | 8-K | |||
10/15/18 | ||||
10/14/18 | ||||
10/13/18 | ||||
10/11/18 | ||||
10/9/18 | ||||
10/6/18 | ||||
10/4/18 | ||||
10/3/18 | ||||
9/30/18 | 10-Q | |||
9/27/18 | CORRESP | |||
9/26/18 | ||||
9/25/18 | ||||
9/20/18 | ||||
9/19/18 | ||||
9/16/18 | ||||
9/13/18 | ||||
9/12/18 | ||||
9/4/18 | ||||
8/24/18 | ||||
8/15/18 | 3, 4, 4/A | |||
8/8/18 | 10-Q, 3, 4 | |||
7/11/18 | 4 | |||
7/2/18 | ||||
6/30/18 | 10-Q | |||
6/14/18 | ||||
6/1/18 | 3, 8-K | |||
5/28/18 | ||||
5/24/18 | ||||
5/16/18 | ||||
5/4/18 | 8-K | |||
4/30/18 | 4 | |||
4/16/18 | ||||
4/5/18 | 4, 8-K | |||
3/31/18 | 10-Q | |||
3/23/18 | DEF 14A, DEFA14A | |||
3/20/18 | 8-K | |||
3/1/18 | 10-K | |||
2/14/18 | 8-K, SC 13G, SC 13G/A | |||
2/8/18 | SC 13G/A | |||
1/30/18 | SC 13G/A | |||
12/31/17 | 10-K, 11-K, SD | |||
12/20/17 | 8-K | |||
12/5/17 | ||||
12/1/17 | 3, 8-K | |||
11/6/17 | ||||
11/3/17 | ||||
10/24/17 | ||||
10/17/17 | 8-K | |||
10/11/17 | ||||
10/5/17 | ||||
9/25/17 | ||||
9/22/17 | SC 13G | |||
4/26/17 | 8-K | |||
2/21/17 | ||||
1/1/17 | ||||
12/31/16 | 10-K, 11-K, SD | |||
9/30/16 | 10-Q, 8-K | |||
6/29/16 | 8-K | |||
12/14/15 | ||||
6/18/15 | ||||
3/27/13 | ||||
List all Filings |