The following constitutes Amendment No. 9 to the Schedule 13D filed by the undersigned (“Amendment No. 9”). This Amendment No. 9 amends the Schedule 13D as specifically set forth herein.
Item 4. | Purpose of Transaction. |
Item 4 is hereby amended to add the following:
On June 23, 2014, the Issuer, Avago Technologies Wireless (U.S.A.) Manufacturing Inc., a Delaware corporation (“Parent”), and Pluto Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“Purchaser”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, on and subject to the terms of the Merger Agreement, Purchaser will commence a tender offer (the “Offer”) to purchase all of the outstanding Shares of the Issuer at a price of $6.50 per Share, without interest and subject to any applicable withholding taxes (the “Transaction”).
Concurrently with entering into the Merger Agreement, the Reporting Persons entered into a Tender and Support Agreement with Parent and Purchaser (the “Support Agreement”) pursuant to which they agreed, among other things, to tender all of their Shares in the Offer, unless the Merger Agreement is terminated. The Support Agreement also provides that the Reporting Persons will not, subject to certain exceptions, withdraw their Shares once tendered, or, subject to certain exceptions, transfer their Shares. In addition, each Reporting Person agrees, in the event there is any such vote of the Issuer’s stockholders, to vote (or cause to be voted) its Shares: (i) in favor of (a) adoption of the Merger Agreement, (b) in the event there are not sufficient votes for the adoption of the Merger Agreement at any meeting of the Issuer’s stockholders, any proposal to adjourn or postpone such meeting to a later date, or (c) any other matter necessary for consummation of the transactions contemplated by the Merger Agreement, which is considered at any such meeting of the Issuer’s stockholders; and (ii) against (a) any action or agreement which is intended to, or would reasonably be expected to impede, delay, postpone, interfere with, nullify or prevent, in each case in any material respect the Offer or the Transaction, (b) any competing acquisition proposal involving the Issuer or its subsidiaries, or (c) any action, proposal, transaction or agreement that would reasonably be expected to result in the occurrence of any condition set forth in Annex I to the Merger Agreement or a breach of any covenant, representation or warranty or any other obligation or agreement of such Reporting Person under the Support Agreement. In furtherance of the Reporting Persons’ covenants under the Support Agreement, the Reporting Persons have irrevocably appointed Parent as attorney-in-fact and proxy to attend all meetings of the Issuer’s stockholders and to vote their Shares in accordance with the Support Agreement.
Upon the closing of the Transaction, the Reporting Persons will no longer beneficially own any Shares of the Issuer.
The Support Agreement is attached hereto as Exhibit 99.1, and the information set forth in response to this Item 4 is qualified in its entirety by reference to the Support Agreement which is incorporated by reference herein.
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 6 is hereby amended to add the information contained in Item 4 of this Amendment No. 9, which is incorporated by reference herein.
Item 7. | Material to be Filed as Exhibits. |
Item 7 is hereby amended to add the following exhibit:
| 99.1 | Support Agreement (incorporated by reference to Exhibit 99.3 to the Current Report on Form 8-K filed by the Issuer on June 23, 2014). |
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: June 26, 2014 | POTOMAC CAPITAL PARTNERS II, L.P. |
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| By: | Potomac Capital Management II, L.L.C. |
| | General Partner |
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| By: | |
| Name: | Paul J. Solit |
| Title: | Co-Managing Member |
| POTOMAC CAPITAL MANAGEMENT II, L.L.C. |
| |
| By: | |
| Name: | Paul J. Solit |
| Title: | Co-Managing Member |
| POTOMAC CAPITAL PARTNERS III, L.P. |
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| By: | Potomac Capital Management III, L.L.C. |
| | General Partner |
| |
| By: | |
| Name: | Paul J. Solit |
| Title: | Co-Managing Member |
| POTOMAC CAPITAL MANAGEMENT III, L.L.C. |
| |
| By: | |
| Name: | Paul J. Solit |
| Title: | Co-Managing Member |
| POTOMAC CAPITAL PARTNERS L.P. |
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| By: | Potomac Capital Management, L.L.C. |
| | General Partner |
| |
| By: | |
| Name: | Paul J. Solit |
| Title: | Managing Member |
| POTOMAC CAPITAL MANAGEMENT, L.L.C. |
| |
| By: | |
| Name: | Paul J. Solit |
| Title: | Managing Member |
EXHIBIT INDEX
| 99.1 | Support Agreement (incorporated by reference to Exhibit 99.3 to the Current Report on Form 8-K filed by the Issuer on June 23, 2014). |