balances and cash equivalents) to Facet, which cash amount was equal to the par value of such Shares, and issuing a promissory note to Facet in the amount of $1,690,978,964.45. Pursuant to the Merger Agreement, also on April 21, 2010, Abbott effected a short-form merger (the “Merger”) in accordance with Section 253 of the General Corporation Law of the State of Delaware (the “DGCL”). In the Merger, the Purchaser was merged with and into Facet with Facet continuing as the surviving corporation and a wholly-owned subsidiary of Abbott. At the effective time of the Merger, each Share outstanding immediately prior to the effective time (other than Shares owned by Facet, any wholly-owned subsidiary of Facet, Abbott or the Purchaser, and Shares held by dissenting stockholders who properly exercise appraisal rights under the DGCL) was converted into the right to receive $27.00 in cash, without interest and subject to any required withholding taxes. The Purchaser will pay up to an aggregate of $161,460,918 to holders of Shares acquired pursuant to the Merger, which will be funded through Abbott’s existing cash balances and cash equivalents. |
The purpose of the Offer and the Merger is to acquire control of, and the entire equity interest in, Facet. On March 23, 2010, the Purchaser commenced the Offer upon the terms and subject to the conditions set forth in the Offer to Purchase and the Letter of Transmittal. The Offer expired at 12:00 midnight, New York City time, at the end of the day on April 19, 2010. All Shares that were validly tendered and not properly withdrawn were accepted for purchase by the Purchaser on April 20, 2010. On April 21, 2010, the Purchaser exercised the Top-Up Option under the Merger Agreement and purchased 62,652,055 newly-issued Shares from Facet at the Offer Price. The Shares purchased pursuant to the Top-Up Option, together with the Shares accepted for purchase upon expiration of the Offer, constituted more than 90% of the Shares (determined on a fully diluted basis) that were outstanding immediately after the issuance of the Shares pursuant to the exercise of the Top-Up Option. As a result, pursuant to the Merger Agreement, on April 21, 2010, Abbott effected the Merger in accordance with Section 253 of the DGCL, which provides that, if a corporation owns at least 90% of the outstanding shares of each class of stock of a subsidiary corporation, the corporation holding such stock may merge such subsidiary into itself, or itself into such subsidiary, without any action or vote on the part of the board of directors or the stockholders of such other corporation. In the Merger, the Purchaser was merged with and into Facet with Facet continuing as the surviving corporation and a wholly-owned subsidiary of Abbott. At the effective time of the Merger, each Share outstanding immediately prior to the effective time (other than Shares owned by Facet, any wholly-owned subsidiary of Facet, Abbott or the Purchaser, and Shares held by dissenting stockholders who properly exercise appraisal rights under the DGCL) was converted into the right to receive $27.00 in cash, without interest and subject to any required withholding taxes. As a result of the Merger, the Shares are no longer traded on the NASDAQ Global Select Market, there is no public market for the Shares and registration of the Shares under the Securities Exchange Act of 1934, as amended, will be terminated. As of the date of this Schedule 13D, and except as otherwise provided in the Offer to Purchase, the business and operations of Facet have been continued substantially as they were being conducted prior to the Merger. Abbott intends to conduct a comprehensive review of Facet’s business, operations, capitalization and management with a view to optimizing the development of Facet’s potential in conjunction with Abbott’s existing business. All information contained in “Section 11 — Purpose of the Offer; the Merger Agreement; the Confidentiality Agreement; the IL-12 Patent License Agreement; the Humanization Agreements; Statutory Requirements; Appraisal Rights; ‘Going Private’ Transactions; Plans for Facet; Recent Developments Relating to Facet”; and “Section 7 — Possible Effects of the Offer on the Market for the Shares; NASDAQ Global Market Listing; Exchange Act Registration; Margin Regulations” of the Offer to Purchase is incorporated herein by reference. Except as set forth in this Schedule 13D (including any information incorporated by reference) and in connection with the transactions described above, none of the Reporting Persons has any plan or proposal that relates to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 to Schedule 13D. The information set forth, or incorporated by reference, in Items 3, 5 and 6 of this Schedule 13D is hereby incorporated by this reference in this Item 4. |