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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Carbonite Inc | NASDAQ:CARB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.98 | 22.96 | 24.87 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO
(RULE 14d-100)
Tender Offer Statement Pursuant to Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
Carbonite, Inc.
(Name of Subject Company)
Coral Merger Sub Inc.
(Offeror)
Open Text Corporation
(Parent of Offeror)
(Names of Filing Persons)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
(Title of Class of Securities)
141337105
(Cusip Number of Class of Securities)
Gordon A. Davies
Open Text Corporation
Executive Vice President, Chief Legal Officer and Corporate Development
275 Frank Tompa Drive, Waterloo, Ontario, Canada N2L 0A1
519-888-7111
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)
Copies to:
Neil Q. Whoriskey, Esq.
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, New York 10006
212-225-2000
CALCULATION OF FILING FEE
Transaction Valuation* | Amount of Filing Fee** | |
$895,650,483.72 |
$116,255.43 |
* |
Estimated solely for purposes of calculating the filing fee pursuant to Rule 0-11(d) under the Securities Exchange Act of 1934, as amended (the Exchange Act). The Transaction Valuation was calculated on the basis of the sum of (a) the product of (x) 35,042,212 shares of common stock issued and outstanding and (y) the offer price of $23.00 per share (b) the product of (x) 640,114 shares issuable upon the exercise of outstanding options with an exercise price less than the offer price of $23.00 per share and (y) |
$11.52 per share, which is the offer price of $23.00 per share less the weighted-average exercise price for such options, (c) the product of (x) 2,873,548 shares issuable pursuant to granted and outstanding restricted stock units and (y) the offer price of $23.00 per share and (d) the product of (x) 706,065 shares issuable pursuant to granted and outstanding performance restricted stock units and (y) the offer price of $23.00 per share. |
** |
The filing fee was calculated in accordance with Rule 0-11 under the Exchange Act and Fee Rate Advisory #1 for fiscal year 2020, effective October 1, 2019, by multiplying the transaction value by 0.00012980. |
☐ |
Check 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. |
Amount Previously Paid: Not applicable. |
Filing Party: Not applicable. | |
Form or Registration No.: Not applicable. |
Date Filed: Not applicable. |
☐ |
Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
Check the appropriate boxes below to designate any transactions to which the statement relates:
☒ |
third-party tender offer subject to Rule 14d-1. |
☐ |
issuer tender offer subject to Rule 13e-4. |
☐ |
going-private transaction subject to Rule 13e-3. |
☐ |
amendment to Schedule 13D under Rule 13d-2. |
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:
☐ |
Rule 13e-4(i) (Cross-Border Issuer Tender Offer) |
☐ |
Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) |
This Tender Offer Statement on Schedule TO (this Schedule TO) relates to the offer (the Offer) by Coral Merger Sub Inc., a Delaware corporation (Purchaser) that is a wholly-owned subsidiary of Open Text Corporation, a corporation incorporated under the federal laws of Canada (OpenText), to purchase all shares of common stock of Carbonite, Inc., a Delaware corporation (Carbonite), par value $0.01 per share (each, a Share), that are issued and outstanding, at a price of $23.00 per Share, in cash, without interest, and net of applicable withholding of taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase dated November 25, 2019 (as it may be amended or supplemented from time to time, the Offer to Purchase), which is annexed to and filed with this Schedule TO as Exhibit (a)(1)(A), and in the related Letter of Transmittal (as it may be amended or supplemented from time to time, the Letter of Transmittal and, together with the Offer to Purchase, the Offer), which is annexed to and filed with this Schedule TO as Exhibit (a)(1)(B).
Item 1. |
Summary Term Sheet. |
The information set forth in the section of the Offer to Purchase entitled Summary Term Sheet is incorporated herein by reference.
Item 2. |
Subject Company Information. |
(a) The name of the subject company and the issuer of the securities to which this Schedule TO relates is Carbonite, Inc., a Delaware corporation. Carbonites principal executive offices are located at 2 Avenue de Lafayette, Boston, Massachusetts, 02111. Carbonites telephone number at such address is (617) 587-1100.
(b) This Schedule TO relates to the issued and outstanding shares of common stock, par value $0.01 per share, of Carbonite. According to Carbonite, as of the closing of business on November 21, 2019, there were an aggregate of 35,042,212 Shares issued and outstanding.
(c) The information set forth in Section 6 Price Range of Shares; Dividends of the Offer to Purchase is incorporated herein by reference.
Item 3. |
Identity and Background of Filing Person. |
This Schedule TO is being filed by Purchaser and OpenText. The information set forth in Section 9 Certain Information Concerning Purchaser and OpenText in the Offer to Purchase and in Schedule A of the Offer to Purchase is incorporated herein by reference.
Item 4. |
Terms of the Transaction. |
The information set forth in the Offer to Purchase is incorporated herein by reference.
Item 5. |
Past Contacts, Transactions, Negotiations and Agreements. |
The information set forth in the sections of the Offer to Purchase entitled Summary Term Sheet and Introduction, and Sections 9, 10 and 11 Certain Information Concerning Purchaser and OpenText, Background of the Offer; Contacts with Carbonite and Purpose of the Offer and Plans for Carbonite; The Merger Agreement and Other Agreements of the Offer to Purchase is incorporated herein by reference.
Item 6. |
Purposes of the Transaction and Plans or Proposals. |
The information set forth in the sections of the Offer to Purchase entitled Summary Term Sheet and Introduction, and Sections 6, 7 and 11 Price Range of Shares; Dividends, Certain Effects of the Offer and the Merger and Purpose of the Offer and Plans for Carbonite; The Merger Agreement and Other Agreements of the Offer to Purchase is incorporated herein by reference.
Item 7. |
Source and Amount of Funds or Other Consideration. |
The information set forth in the section of the Offer to Purchase entitled Summary Term Sheet and Section 12 Source and Amount of Funds of the Offer to Purchase is incorporated herein by reference.
Item 8. |
Interest in Securities of the Subject Company. |
The information set forth in Sections 9 and 11 Certain Information Concerning Purchaser and OpenText and Purpose of the Offer and Plans for Carbonite; The Merger Agreement and Other Agreements of the Offer to Purchase is incorporated herein by reference.
Item 9. |
Persons/Assets Retained, Employed, Compensated or Used. |
The information set forth in the section of the Offer to Purchase entitled Introduction and Sections 10, 11 and 16 Background of the Offer; Contacts with Carbonite, Purpose of the Offer and Plans for Carbonite; The Merger Agreement and Other Agreements and Fees and Expenses of the Offer to Purchase is incorporated herein by reference.
Item 10. |
Financial Statements. |
Not applicable.
Item 11. |
Additional Information. |
(a)(1) The information set forth in Sections 9, 10 and 11 Certain Information Concerning Purchaser and OpenText, Background of the Offer; Contacts with Carbonite and Purpose of the Offer and Plans for Carbonite; The Merger Agreement and Other Agreements of the Offer to Purchase is incorporated herein by reference.
(a)(2), (3) The information set forth in Sections 11, 13 and 15 Purpose of the Offer and Plans for Carbonite; The Merger Agreement and Other Agreements, Conditions to the Offer and Certain Legal Matters of the Offer to Purchase is incorporated herein by reference.
(a)(4) The information set forth in Sections 7, 12 and 15 Certain Effects of the Offer and the Merger, Source and Amount of Funds and Certain Legal Matters of the Offer to Purchase is incorporated herein by reference.
(a)(5) The information set forth in Section 15 Certain Legal Matters of the Offer to Purchase is incorporated herein by reference.
(c) The information set forth in the Offer to Purchase is incorporated herein by reference.
Item 12. |
Exhibits. |
(a)(1)(A) |
Offer to Purchase, dated November 25, 2019 | |
(a)(1)(B) |
Form of Letter of Transmittal | |
(a)(1)(C) |
Form of Notice of Guaranteed Delivery | |
(a)(1)(D) |
Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees | |
(a)(1)(E) |
Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees |
(a)(5)(A) |
Press Release issued by Open Text Corporation on November 11, 2019 (incorporated by reference to the pre-commencement communication filing on Schedule TO filed by Open Text Corporation with the Securities and Exchange Commission on November 12, 2019) | |
(a)(5)(B) |
Press Release issued by Open Text Corporation on November 25, 2019 | |
(a)(5)(C) |
Form of summary advertisement, published in The New York Times on November 25, 2019 | |
(a)(5)(D) |
Transcript of Open Text Corporation investor call on November 11, 2019 (incorporated herein by reference to Exhibit 99.1 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(E) |
Presentation made available by Open Text Corporation on its website to investors on November 11, 2019 (incorporated herein by reference to Exhibit 99.2 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(F) |
Message to Carbonite, Inc. employees on November 11, 2019, by Mark J. Barrenechea, CEO & CTO of Open Text Corporation (incorporated herein by reference to Exhibit 99.3 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(G) |
Social media posts from Open Text Corporation, dated November 11, 2019 (incorporated herein by reference to Exhibit 99.4 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(H) |
Social media post from Mark J. Barrenechea, Vice Chair, Chief Executive Officer and Chief Technology Officer of Open Text Corporation, dated November 11, 2019 (incorporated herein by reference to Exhibit 99.4 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(I) |
Social media post from Open Text Corporation, dated November 13, 2019 (incorporated herein by reference to Exhibit 99.4 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(J) |
Social media post from Savinay Berry, Senior Vice President, Cloud Service Delivery at Open Text Corporation, dated November 12, 2019 (incorporated herein by reference to Exhibit 99.5 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(K) |
Social media post from Muhi Majzoub, Executive Vice President & Chief Product Officer at Open Text Corporation, dated November 12, 2019 (incorporated herein by reference to Exhibit 99.5 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(L) |
Social media post from Brian Sweeney, Chief Human Resources Officer at Open Text Corporation, dated November 12, 2019 (incorporated herein by reference to Exhibit 99.5 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(b)(1) |
Fourth Amended and Restated Credit Agreement dated as of October 31, 2019, by and among Open Text ULC, Open Text Holdings, Inc. and Open Text Corporation, as borrowers, the guarantors party thereto, each of the lenders party thereto, Barclays Bank PLC, as administrative agent, collateral agent and swing line lender and Royal Bank of Canada as documentary credit lender (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Open Text Corporation with the Securities and Exchange Commission on November 5, 2019). |
(d)(1) |
Agreement and Plan of Merger, dated as of November 10, 2019, by and among Open Text Corporation, Coral Merger Sub Inc. and Carbonite, Inc. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Open Text Corporation with the Securities and Exchange Commission on November 12, 2019). | |
(d)(2) |
Confidentiality Agreement, dated as of June 21, 2019, by and between Open Text Corporation and Carbonite, Inc. | |
(g) |
Not applicable | |
(h) |
Not applicable |
Item 13. |
Information Required by Schedule 13E-3. |
Not applicable.
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.
Dated: November 25, 2019
OPEN TEXT CORPORATION | ||||
By: |
/s/ Gordon A. Davies |
|||
Name: | Gordon A. Davies | |||
Title: | EVP, CLO and Corporate Development |
CORAL MERGER SUB INC. | ||||
By: |
/s/ Gordon A. Davies |
|||
Name: | Gordon A. Davies | |||
Title: | Secretary |
EXHIBIT INDEX
(a)(1)(A) |
Offer to Purchase, dated November 25, 2019 | |
(a)(1)(B) |
Form of Letter of Transmittal | |
(a)(1)(C) |
Form of Notice of Guaranteed Delivery | |
(a)(1)(D) |
Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees | |
(a)(1)(E) |
Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees | |
(a)(5)(A) |
Press Release issued by Open Text Corporation on November 11, 2019 (incorporated by reference to the pre-commencement communication filing on Schedule TO filed by Open Text Corporation with the Securities and Exchange Commission on November 12, 2019) | |
(a)(5)(B) |
Press Release issued by Open Text Corporation on November 25, 2019 | |
(a)(5)(C) |
Form of summary advertisement, published in The New York Times on November 25, 2019 | |
(a)(5)(D) |
Transcript of Open Text Corporation investor call on November 11, 2019 (incorporated herein by reference to Exhibit 99.1 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(E) |
Presentation made available by Open Text Corporation on its website to investors on November 11, 2019 (incorporated herein by reference to Exhibit 99.2 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(F) |
Message to Carbonite, Inc. employees on November 11, 2019, by Mark J. Barrenechea, CEO & CTO of Open Text Corporation (incorporated herein by reference to Exhibit 99.3 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(G) |
Social media posts from Open Text Corporation, dated November 11, 2019 (incorporated herein by reference to Exhibit 99.4 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(H) |
Social media post from Mark J. Barrenechea, Vice Chair, Chief Executive Officer and Chief Technology Officer of Open Text Corporation, dated November 11, 2019 (incorporated herein by reference to Exhibit 99.4 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(I) |
Social media post from Open Text Corporation, dated November 13, 2019 (incorporated herein by reference to Exhibit 99.4 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(J) |
Social media post from Savinay Berry, Senior Vice President, Cloud Service Delivery at Open Text Corporation, dated November 12, 2019 (incorporated herein by reference to Exhibit 99.5 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(K) |
Social media post from Muhi Majzoub, Executive Vice President & Chief Product Officer at Open Text Corporation, dated November 12, 2019 (incorporated herein by reference to Exhibit 99.5 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). | |
(a)(5)(L) |
Social media post from Brian Sweeney, Chief Human Resources Officer at Open Text Corporation, dated November 12, 2019 (incorporated herein by reference to Exhibit 99.5 to the Schedule TO-C filed by Open Text Corporation with the Securities and Exchange Commission on November 15, 2019). |
(b)(1) |
Fourth Amended and Restated Credit Agreement dated as of October 31, 2019, by and among Open Text ULC, Open Text Holdings, Inc. and Open Text Corporation, as borrowers, the guarantors party thereto, each of the lenders party thereto, Barclays Bank PLC, as administrative agent, collateral agent and swing line lender and Royal Bank of Canada as documentary credit lender (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Open Text Corporation with the Securities and Exchange Commission on November 5, 2019). | |
(d)(1) |
Agreement and Plan of Merger, dated as of November 10, 2019, by and among Open Text Corporation, Coral Merger Sub Inc. and Carbonite, Inc. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Open Text Corporation with the Securities and Exchange Commission on November 12, 2019). | |
(d)(2) |
Confidentiality Agreement, dated as of June 21, 2019, by and between Open Text Corporation and Carbonite, Inc. | |
(g) |
Not applicable | |
(h) |
Not applicable |
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