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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CDK Global Inc | NASDAQ:CDK | 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% | 54.76 | 54.62 | 56.23 | 0 | 01:00:00 |
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With copies to:
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Lee J. Brunz
Executive Vice President, General Counsel and Secretary CDK Global, Inc. 1950 Hassell Road Hoffman Estates, IL 60169 (847) 397-1700 |
| |
Scott A. Barshay
David S. Huntington Kyle T. Seifried Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas New York, NY 10019-6064 (212) 373-3000 |
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| | | | | 46 | | | |
| | | | | I-1 | | | |
| | | | | II-1 | | |
Name of Executive Officer or Director
|
| |
Number of
Shares (#) |
| |
Cash
Consideration for Shares ($) |
| ||||||
Leslie A. Brun
|
| | | | 57,001 | | | | | | 3,127,645 | | |
Willie A. Deese
|
| | | | 26,923 | | | | | | 1,477,265 | | |
Amy J. Hillman
|
| | | | 34,058 | | | | | | 1,868,762 | | |
Stephen A. Miles
|
| | | | 34,759 | | | | | | 1,907,226 | | |
Robert E. Radway
|
| | | | 34,969 | | | | | | 1,918,749 | | |
Stephen F. Schuckenbrock
|
| | | | 19,826 | | | | | | 1,087,853 | | |
Frank S. Sowinski
|
| | | | 27,256 | | | | | | 1,495,537 | | |
Eileen J. Voynick
|
| | | | 18,066 | | | | | | 991,281 | | |
Brian Krzanich
|
| | | | 80,620 | | | | | | 4,423,619 | | |
Eric J. Guerin
|
| | | | 11,448 | | | | | | 628,152 | | |
Joseph A. Tautges
|
| | | | 41,378 | | | | | | 2,270,411 | | |
Mahesh Shah
|
| | | | 17,535 | | | | | | 962,145 | | |
Amy W. Byrne
|
| | | | 13,218 | | | | | | 725,272 | | |
Lee J. Brunz
|
| | | | 42,268 | | | | | | 2,319,245 | | |
Name of Executive Officer
or Director |
| |
Number of
Shares Subject to Vested Options (#) |
| |
Cash
Consideration for Vested Options ($) |
| |
Number of
Shares Subject to Unvested Options (#) |
| |
Cash
Consideration for Unvested Options ($) |
| |
Total Cash
Consideration for Options in Merger ($) |
| |||||||||||||||
Brian Krzanich
|
| | | | 628,457 | | | | | | 4,166,330 | | | | | | 721,082 | | | | | | 8,166,709 | | | | | | 12,333,038 | | |
Eric J. Guerin
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joseph A. Tautges
|
| | | | 24,920 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mahesh Shah
|
| | | | 11,144 | | | | | | — | | | | | | 11,144 | | | | | | — | | | | | | — | | |
Amy W. Byrne
|
| | | | 7,853 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lee J. Brunz
|
| | | | 41,802 | | | | | | 325,770 | | | | | | — | | | | | | — | | | | | | 325,770 | | |
Leslie A. Brun
|
| | | | 15,384 | | | | | | 844,120 | | | | | | — | | | | | | — | | | | | | 844,120 | | |
Willie A. Deese
|
| | | | 15,384 | | | | | | 844,120 | | | | | | — | | | | | | — | | | | | | 844,120 | | |
Amy J. Hillman
|
| | | | 15,384 | | | | | | 844,120 | | | | | | — | | | | | | — | | | | | | 844,120 | | |
Stephen A. Miles
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Robert E. Radway
|
| | | | 15,384 | | | | | | 844,120 | | | | | | — | | | | | | — | | | | | | 844,120 | | |
Stephen F. Schuckenbrock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Frank S. Sowinski
|
| | | | 15,384 | | | | | | 844,120 | | | | | | — | | | | | | — | | | | | | 844,120 | | |
Eileen J. Voynick
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name of Executive Officer or Director
|
| |
Number of
RSUs (#) |
| |
Cash
Consideration for RSUs ($) |
| ||||||
Brian Krzanich
|
| | | | — | | | | | | — | | |
Eric J. Guerin
|
| | | | 48,753 | | | | | | 2,675,077 | | |
Joseph A. Tautges
|
| | | | 87,382 | | | | | | 4,794,669 | | |
Mahesh Shah
|
| | | | 73,650 | | | | | | 4,041,176 | | |
Amy W. Byrne
|
| | | | 45,180 | | | | | | 2,479,008 | | |
Lee J. Brunz
|
| | | | 44,914 | | | | | | 2,464,449 | | |
Leslie A. Brun
|
| | | | 4,761 | | | | | | 261,236 | | |
Willie A. Deese
|
| | | | 4,761 | | | | | | 261,236 | | |
Amy J. Hillman
|
| | | | 4,761 | | | | | | 261,236 | | |
Stephen A. Miles
|
| | | | 4,761 | | | | | | 261,236 | | |
Robert E. Radway
|
| | | | 4,761 | | | | | | 261,236 | | |
Stephen F. Schuckenbrock
|
| | | | 4,761 | | | | | | 261,236 | | |
Frank S. Sowinski
|
| | | | 4,761 | | | | | | 261,236 | | |
Eileen J. Voynick
|
| | | | 4,761 | | | | | | 261,236 | | |
Name of Executive Officer or Director
|
| |
Number of
PSUs (#) |
| |
Cash
Consideration for PSUs ($) |
| ||||||
Brian Krzanich
|
| | | | 649,567 | | | | | | 35,641,715 | | |
Eric J. Guerin
|
| | | | 40,352 | | | | | | 2,214,112 | | |
Joseph A. Tautges
|
| | | | 109,194 | | | | | | 5,991,493 | | |
Mahesh Shah
|
| | | | 84,600 | | | | | | 4,642,008 | | |
Amy W. Byrne
|
| | | | 56,469 | | | | | | 3,098,465 | | |
Lee J. Brunz
|
| | | | 54,550 | | | | | | 2,993,145 | | |
Name(1)
|
| |
Cash
($)(2) |
| |
Equity
($)(3) |
| |
Perquisites/
Benefits ($)(4) |
| |
Total
($) |
| ||||||||||||
Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | |
Brian Krzanich
|
| | | | 7,450,000 | | | | | | 43,808,424 | | | | | | 37,899 | | | | | | 51,296,323 | | |
Eric J. Guerin
|
| | | | 2,544,000 | | | | | | 4,889,189 | | | | | | 27,937 | | | | | | 7,461,126 | | |
Joseph A. Tautges
|
| | | | 3,264,800 | | | | | | 10,786,162 | | | | | | 28,104 | | | | | | 14,079,066 | | |
Mahesh Shah
|
| | | | 3,137,600 | | | | | | 8,683,183 | | | | | | 28,104 | | | | | | 11,848,887 | | |
Amy W. Byrne
|
| | | | 1,841,400 | | | | | | 5,577,473 | | | | | | 23,401 | | | | | | 7,442,274 | | |
Lee J. Brunz
|
| | | | 1,841,400 | | | | | | 5,457,594 | | | | | | 24,499 | | | | | | 7,323,493 | | |
Name
|
| |
Severance
Payment — Lump Sum Cash Severance Payment ($) |
| |
Severance
Payment — Prorated Target Bonus ($) |
| ||||||
Named Executive Officers | | | | | | | | | | | | | |
Brian Krzanich
|
| | | | 6,250,000 | | | | | | 1,200,000 | | |
Eric J. Guerin
|
| | | | 2,160,000 | | | | | | 384,000 | | |
Joseph A. Tautges
|
| | | | 2,772,000 | | | | | | 492,800 | | |
Mahesh Shah
|
| | | | 2,664,000 | | | | | | 473,600 | | |
Amy W. Byrne
|
| | | | 1,581,000 | | | | | | 260,400 | | |
Lee J. Brunz
|
| | | | 1,581,000 | | | | | | 260,400 | | |
Name of Executive Officer
|
| |
Number of
Shares Subject to Unvested Options (#) |
| |
Cash
Consideration for Unvested Options ($) |
| ||||||
Named Executive Officers | | | | | | | | | | | | | |
Brian Krzanich
|
| | | | 721,082 | | | | | | 8,166,709 | | |
Eric J. Guerin
|
| | | | — | | | | | | — | | |
Joseph A. Tautges
|
| | | | — | | | | | | — | | |
Mahesh Shah
|
| | | | 11,144 | | | | | | — | | |
Amy W. Byrne
|
| | | | — | | | | | | — | | |
Lee J. Brunz
|
| | | | — | | | | | | — | | |
Name of Executive Officer
|
| |
Number of
RSUs (#) |
| |
Cash
Consideration for RSUs ($) |
| ||||||
Named Executive Officers | | | | | | | | | | | | | |
Brian Krzanich
|
| | | | — | | | | | | — | | |
Eric J. Guerin
|
| | | | 48,753 | | | | | | 2,675,077 | | |
Joseph A. Tautges
|
| | | | 87,382 | | | | | | 4,794,669 | | |
Mahesh Shah
|
| | | | 73,650 | | | | | | 4,041,176 | | |
Amy W. Byrne
|
| | | | 45,180 | | | | | | 2,479,008 | | |
Lee J. Brunz
|
| | | | 44,914 | | | | | | 2,464,449 | | |
Name of Executive Officer
|
| |
Number of
PSUs (#) |
| |
Cash
Consideration for PSUs ($) |
| ||||||
Named Executive Officers | | | | | | | | | | | | | |
Brian Krzanich
|
| | | | 649,567 | | | | | | 35,641,715 | | |
Eric J. Guerin
|
| | | | 40,352 | | | | | | 2,214,112 | | |
Joseph A. Tautges
|
| | | | 109,194 | | | | | | 5,991,493 | | |
Mahesh Shah
|
| | | | 84,600 | | | | | | 4,642,008 | | |
Amy W. Byrne
|
| | | | 56,469 | | | | | | 3,098,465 | | |
Lee J. Brunz
|
| | | | 54,550 | | | | | | 2,993,145 | | |
Name
|
| |
Benefits Continuation
($) |
| |||
Named Executive Officers | | | | | | | |
Brian Krzanich
|
| | | | 37,899 | | |
Eric J. Guerin
|
| | | | 27,937 | | |
Joseph A. Tautges
|
| | | | 28,104 | | |
Mahesh Shah
|
| | | | 28,104 | | |
Amy W. Byrne
|
| | | | 23,401 | | |
Lee J. Brunz
|
| | | | 24,499 | | |
Type of Fee
|
| |
Compensation
Program |
| |||
Annual retainer for each board member
|
| | | $ | 315,000(1) | | |
Additional Compensation for committee members: | | | | | | | |
Chairman of the Board
|
| | | $ | 150,000(2) | | |
Audit Committee Chair
|
| | | $ | 20,000 | | |
Compensation Committee Chair
|
| | | $ | 15,000 | | |
Nominating and Governance Committee Chair
|
| | | $ | 10,000 | | |
| | |
For Fiscal Year Ending June 30,
|
| |||||||||||||||||||||||||||
(dollars in millions)
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |||||||||||||||
Total Revenue
|
| | | $ | 1,795 | | | | | $ | 1,946 | | | | | $ | 2,119 | | | | | $ | 2,291 | | | | | $ | 2,484 | | |
Adjusted EBITDA(1)
|
| | | $ | 682 | | | | | $ | 725 | | | | | $ | 805 | | | | | $ | 896 | | | | | $ | 1,001 | | |
Capitalized Software
|
| | | $ | 104 | | | | | $ | 107 | | | | | $ | 117 | | | | | $ | 123 | | | | | $ | 135 | | |
Capital Expenditures
|
| | | $ | 18 | | | | | $ | 22 | | | | | $ | 22 | | | | | $ | 22 | | | | | $ | 22 | | |
Unlevered Free Cash Flow(2)(3)
|
| | | $ | 129 | | | | | $ | 379 | | | | | $ | 426 | | | | | $ | 469 | | | | | $ | 550 | | |
| | |
For Fiscal Year Ending June 30,
|
| |||||||||||||||||||||||||||
(dollars in millions)
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |||||||||||||||
Total Revenue
|
| | | $ | 1,795 | | | | | $ | 1,879 | | | | | $ | 1,976 | | | | | $ | 2,061 | | | | | $ | 2,158 | | |
Adjusted EBITDA(1)
|
| | | $ | 682 | | | | | $ | 700 | | | | | $ | 750 | | | | | $ | 807 | | | | | $ | 870 | | |
Capitalized Software
|
| | | $ | 104 | | | | | $ | 107 | | | | | $ | 117 | | | | | $ | 123 | | | | | $ | 135 | | |
Capital Expenditures
|
| | | $ | 18 | | | | | $ | 22 | | | | | $ | 22 | | | | | $ | 22 | | | | | $ | 22 | | |
Unlevered Free Cash Flow(2)(3)
|
| | | $ | 129 | | | | | $ | 362 | | | | | $ | 387 | | | | | $ | 405 | | | | | $ | 456 | | |
Source
|
| |
Implied Value Per Share
|
| |||
Management Case
|
| | | $ | 45.00 – $58.25 | | |
Risk-Adjusted Case
|
| | | $ | 38.75 – $49.25 | | |
Source
|
| |
Implied Value Per Share
|
| |||
Management Case
|
| | | $ | 57.00 – $74.25 | | |
Risk-Adjusted Case
|
| | | $ | 46.25 – $61.00 | | |
Source
|
| |
Implied Value Per Share
|
| |||
Management Case
|
| | | $ | 49.00 – $61.00 | | |
Risk-Adjusted Case
|
| | | $ | 43.25 – $54.00 | | |
Announcement Date
|
| |
Target
|
| |
Acquiror
|
| |
AV/LTM EBITDA
|
| |||
Software & Processing | | | | | | | | | | | | | |
February 2015
|
| | Advent Software | | | SS&C | | | | | 20.0x | | |
April 2015
|
| | Informatica | | |
Permira & CPPIB
|
| | | | 18.3x | | |
March 2016
|
| | Markit | | | IHS | | | | | 13.4x | | |
July 2016
|
| | Epicor | | | KKR | | | | | 12.0x | | |
December 2016
|
| | Deltek | | | Roper | | | | | 19.5x | | |
March 2017
|
| |
D&H Corporation
|
| | Vista (Misys) | | | | | 10.3x | | |
November 2018
|
| | Athenahealth | | | Veritas Capital | | | | | 15.0x | | |
Auto | | | | | | | | | | | | | |
June 2015
|
| | Dealertrack | | | Cox Automotive | | | | | 21.8x | | |
September 2015
|
| | Solera | | | Vista | | | | | 14.4x | | |
November 2020
|
| | CDKI | | |
Francisco Partners
|
| | | | 15.0x | | |
| (a)(1) | | | Offer to Purchase, dated April 22, 2022 (incorporated by reference to Exhibit (a)(1)(A) to the Schedule TO) | |
| (a)(2) | | | Form of Letter of Transmittal (incorporated by reference to Exhibit (a)(1)(B) to the Schedule TO) | |
| (a)(3) | | | Form of Notice of Guaranteed Delivery (incorporated by reference to Exhibit (a)(1)(C) to the Schedule TO) | |
| (a)(4) | | | Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (incorporated by reference to Exhibit (a)(1)(D) to the Schedule TO) | |
| (a)(5) | | | Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (incorporated by reference to Exhibit (a)(1)(E) to the Schedule TO) | |
| (a)(6) | | | Form of Summary Advertisement, published April 22, 2022 in The New York Times (incorporated by reference to Exhibit (a)(1)(F) to the Schedule TO) | |
| (a)(7) | | | Press Release, dated April 7, 2022, issued by CDK Global, Inc. related to the proposed acquisition of CDK Global, Inc. (incorporated by reference to Exhibit 99.1 to CDK Global, Inc.’s Schedule 14D-9C filed with the SEC on April 8, 2022) | |
| (a)(8) | | | | |
| (e)(1) | | | Agreement and Plan of Merger, dated April 7, 2022 by and among Central Parent LLC, Central Merger Sub Inc. and CDK Global, Inc. (incorporated by reference to Exhibit 2.1 to CDK Global, Inc.’s Current Report on Form 8-K filed with the SEC on April 8, 2022) | |
| (e)(2) | | | Confidentiality Agreement, dated as of January 25, 2022, between CDK Global, Inc. and Brookfield Capital Partners LLC (incorporated by reference to Exhibit (d)(2) to the Schedule TO) | |
| (e)(3) | | | Excerpts from CDK Global, Inc.’s Definitive Proxy Statement on Schedule 14A, filed by CDK Global, Inc. with the SEC on September 28, 2021 | |
| (e)(4) | | | Amended and Restated Corporate Officer Severance Plan (Management Compensatory Plan) (incorporated by reference to Exhibit 10.1 to CDK Global, Inc.’s Current Report on Form 8-K filed with the SEC on September 7, 2017) | |
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