UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF EARLIEST EVENT REPORTED: October 1, 2005
ATP OIL & GAS CORPORATION
(Exact name of registrant as specified in its charter)
Commission file number: 000-32261
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| Texas | | 76-0362774 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
4600 Post Oak Place, Suite 200
Houston, Texas 77027
(Address of principal executive offices)
(Zip Code)
(713) 622-3311
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 — Regulation FD Disclosure
The Board of Directors of ATP Oil & Gas Corporation declared a dividend distribution of one Preferred Share Purchase Right (“Rights”) on each outstanding share of its common stock on October 1, 2005.
The Rights are intended to enable all ATP shareholders to realize the long-term value of their investment in the Company and are designed to assure that all of ATP’s shareholders receive fair and equal treatment in the event of any proposed takeover of the Company and to guard against abusive tactics to gain control of the Company. The Rights will not prevent a takeover, but should encourage anyone seeking to acquire the Company or a significant portion thereof to negotiate with the Board prior to attempting a takeover. The Rights are not being adopted in response to any specific takeover threat, but are a response to the general takeover environment.
The Rights will be exercisable only if a person or group acquires 15% or more of ATP’s common stock or commences a tender offer the consummation of which would result in ownership by a person or group of 15% or more of the common stock. Each Right will entitle shareholders to buy one one-hundredth of a share of a new series of junior participating preferred stock at an exercise price of $150.00.
If a person or group acquires 15% or more of ATP’s outstanding common stock, each Right will entitle its holder (other than such person or members of such group) to purchase, at the Right’s then current exercise price, a number of ATP’s common shares having a market value of twice such price. In addition, if the Company is acquired in a merger or other business combination transaction after a person has acquired 15% or more of the Company’s outstanding common stock, each Right will entitle its holder to purchase, at the Right’s then current exercise price, a number of the acquiring company’s common shares having a market value of twice such price. The acquiring person will not be entitled to exercise these Rights.
Prior to the acquisition by a person or group of beneficial ownership of 15% or more of the Company’s common stock, the Rights are redeemable for one cent per Right at the option of the Board of Directors.
The Board of Directors is also authorized to reduce the 15% thresholds referred to above to not less than 10%.
The dividend distribution will be made on October 17, 2005, payable to shareholders of record on that date, and is not taxable to shareholders. The Rights will expire on October 17, 2015.
Item 9.01 — Financial Statements and Exhibits
(c) Exhibits
| | 99.1 | Press release of the Company issued October 5, 2005. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned and thereunto duly authorized.
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| | | ATP Oil & Gas Corporation |
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| Date: October 5, 2005 | | By: | | /s/ Albert L. Reese, Jr.
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| | | | | Albert L. Reese, Jr. |
| | | | | Chief Financial Officer |
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