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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO
Amendment No. 6
Tender Offer Statement under Section 14(d)(1) or 13(e)(1) of
the Securities Exchange Act of 1934
I-FLOW CORPORATION
(Name of Subject Company (Issuer))
BOXER ACQUISITION, INC.
(Offeror)
A wholly Owned Subsidiary of
KIMBERLY-CLARK CORPORATION
(Offeror)
(Names of Filing Persons (identifying status as offeror, issuer or other person))
Common Stock, Par Value $0.001 Per Share
(Title of Class of Securities)
449520303
(Cusip Number of Class of Securities)
John Wesley
Kimberly-Clark Corporation
P.O. Box 619100
Dallas, Texas 75261-9100
(972) 281-1200
(Name, Address and Telephone Number of Persons Authorized to Receive Notices
and Communications on Behalf of Filing Persons)
Copies to:
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Imad I. Qasim
Sidley Austin LLP
One South Dearborn Street
Chicago, Illinois 60603
(312) 853-7094
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Matthew G. McQueen
Sidley Austin LLP
One South Dearborn Street
Chicago, Illinois 60603
(312) 853-7036 |
CALCULATION OF FILING FEE
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Transaction Valuation(1) |
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Amount of Filing Fee(2) |
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$325,493,355 |
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$18,162.53 |
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Estimated for purposes of calculating the amount of the filing fee only. The calculation is
based on the offer to purchase up to 25,730,700 shares of common stock, par value $0.001 per
share, of I-Flow Corporation (the Company) at an offer price of $12.65 per share. Such
shares consist of (i) 24,463,356 shares of common stock of the Company outstanding as of
October 18, 2009 (including 248,052 shares of unvested restricted stock), (ii) 558,414 shares
of common stock of the Company potentially issuable upon the exercise of outstanding in-the-
money stock options as of October 18, 2009 and (iii) 708,930 shares of common stock of the
Company subject to issuance pursuant to outstanding restricted stock units as of October 18,
2009. |
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The filing fee was calculated in accordance with Rule 0-11 of the Securities Exchange Act of
1934, as amended, and Fee Rate Advisory #5 for fiscal year 2009, issued March 11, 2009, by
multiplying the transaction value by 0.0000558. |
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Check the 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. |
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Amount Previously Paid: $18,162.53
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Filing Party: Kimberly-Clark Corporation and Boxer Acquisition, Inc. |
Form or Registration No.: Schedule TO
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Date Filed: October 20, 2009 |
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Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
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Check the appropriate boxes below to designate any transactions to which the statement relates: |
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third-party tender offer subject to Rule 14d-1. |
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issuer tender offer subject to Rule 13e-4. |
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going-private transaction subject to Rule 13e-3. |
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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: þ
This Amendment No. 6 to the Tender Offer Statement on Schedule TO (this Amendment) is filed
by (i) Boxer Acquisition, Inc., a Delaware corporation (the Purchaser) and wholly owned
subsidiary of Kimberly-Clark Corporation, a Delaware corporation (Parent), and (ii) Parent. This
Amendment amends and supplements the Tender Offer Statement on Schedule TO filed with the
Securities and Exchange Commission on October 20, 2009 (together with any amendments and
supplements thereto, the Schedule TO), and relates to the offer (the Offer) by the Purchaser to
purchase all of the outstanding shares of common stock of I-Flow Corporation, a Delaware
corporation (the Company), par value $0.001 per share, together with the associated purchase
rights issued pursuant to the Rights Agreement, dated as of March 8, 2002, and as thereafter
amended, between the Company and American Stock Transfer & Trust Company, as Rights Agent (the
Rights and, together with the shares of the Companys common stock, the Shares), at a purchase
price of $12.65 per Share net to the seller in cash, without interest and less any required
withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase
dated October 20, 2009 (together with any amendments and supplements thereto, the Offer to
Purchase) and in the related Letter of Transmittal.
Capitalized terms used and not defined herein shall have the meanings assigned to such terms
in the Schedule TO.
Item 11. Additional Information.
Items 1 through 9 and 11 of the Schedule TO are hereby amended and supplemented to include the
following:
At 5:00 p.m., New York City time, on November 23, 2009, the Subsequent Offering Period of the
Offer expired as scheduled. The Depositary has advised Parent that, as of the expiration of the
Subsequent Offering Period, a total of approximately 22,407,901 Shares were validly tendered during the
initial offering period and the Subsequent Offering Period taken together, representing
approximately 90.8% of the Shares outstanding. The Purchaser has accepted for payment all Shares
validly tendered and not validly withdrawn during the initial offering period and all Shares
validly tendered during the Subsequent Offering Period.
Pursuant to the terms of the Merger Agreement, Parent intends to consummate the Merger in
accordance with the Merger Agreement later today. The Merger Agreement provides, among other
things, that the Purchaser will be merged with and into the Company with the Company continuing as
the surviving corporation, wholly owned by Parent. Each of the remaining Shares (other than (i)
Shares held by the Company as treasury stock or owned by Parent or the Purchaser or their
respective subsidiaries, which will be cancelled and will cease to exist, and (ii) Shares owned by
the Companys stockholders who perfect their appraisal rights under the DGCL) will be converted
into the right to receive $12.65 per Share net in cash, without interest and less any required
withholding taxes, which is the same amount per Share that was paid in the Offer. Following the
Merger, the Shares will no longer be listed on the NASDAQ Global
Market.
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The full text of the press release issued by Parent on November 24, 2009 announcing the
expiration and results of the tender offer and the anticipated completion of the Merger is filed as Exhibit (a)(5)(F) hereto and is incorporated herein by
reference.
Item 12. Exhibits.
Item 12 of the Schedule TO is hereby amended and supplemented by adding the following exhibit:
(a)(5)(F) Press Release issued by Kimberly-Clark Corporation on November 24, 2009.
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SIGNATURES
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.
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| Date: November 24, 2009 |
BOXER ACQUISITION, INC.
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By: |
/s/ Joanne B. Bauer
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Name: |
Joanne B. Bauer |
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Title: |
President and Chief Executive Officer |
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| Date: November 24, 2009 |
KIMBERLY-CLARK CORPORATION
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By: |
/s/ John W. Wesley
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Name: |
John W. Wesley |
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Title: |
Vice President and Secretary |
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Exhibit (a)(5)(F)
Kay Jackson
972-281-1486
kay.jackson@kcc.com
Kimberly-Clark Corporation Completes Tender Offer for I-Flow Corporation
Acquisition Expected To Be Completed Today
DALLAS, TX (Nov. 24, 2009) Kimberly-Clark Corporation (NYSE: KMB) today announced that the
depositary for its tender offer for all the outstanding common stock of I-Flow Corporation (NASDAQ:
IFLO) has advised that as of the expiration of the tender offer, stockholders of I-Flow tendered
approximately 22,407,901 shares, representing approximately 90.8% of I-Flows outstanding shares.
The tender offer expired at 5:00 p.m., New York City time, on November 23, 2009 and was not
extended.
According to the terms of the tender offer, all shares that were validly tendered have been
accepted for payment. Kimberly-Clark intends to complete the acquisition of all remaining shares
of I-Flow through a merger by close of business today. In the merger, each of the remaining shares
of I-Flow common stock will be converted into the right to receive $12.65 per share, in cash,
without interest and less any required withholding taxes, which is the same amount per share paid
in the tender offer. The offer was conducted through Boxer Acquisition, Inc., a wholly owned
subsidiary of Kimberly-Clark. As a result of the purchase of the shares in the tender offer, Boxer
Acquisition has sufficient voting power to approve the merger without the affirmative vote of any
other I-Flow stockholder. Following the completion of the merger, I-Flow will operate as part of
Kimberly-Clark Health Care, and I-Flows common stock will no longer list on NASDAQ.
About Kimberly-Clark and Kimberly-Clark Health Care
Kimberly-Clark and its well-known global brands are an indispensable part of life for people
in more than 150 countries. To learn more about Kimberly-Clark and its 137-year history of
innovation, visit www.kimberly-clark.com.
Around the world, medical professionals turn to Kimberly-Clark for a wide portfolio of
solutions that improve the health, hygiene and well-being of their patients and staff. As
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part of their healing mission, caregivers rely on Kimberly-Clark Health Care to deliver clinical
solutions and educational resources that they can depend on to prevent, diagnose and manage a wide
variety of healthcare-associated infections. This over $1 billion global business segment of
Kimberly-Clark Corporation holds the No. 1 or No. 2 positions in several categories including
infection control solutions, surgical solutions, pain management and digestive health. And
throughout the care continuum, patients and staff alike trust Kimberly-Clark medical supplies and
devices, Kleenex brand tissues, Kimberly-Clark professional skin care products, and Scott brand
towels for day-to-day needs. For more information, please visit www.kchealthcare.com.
This press release contains forward-looking statements. These statements include, but are
not limited to, statements about the expected benefits of the transaction involving Kimberly-Clark
and I-Flow, including potential synergies and cost savings, future financial and operating results,
and the combined companys plans and objectives. In addition, statements made in this
communication about anticipated financial results, future operational improvements and results or
regulatory approvals are also forward-looking statements. These statements are based on current
expectations of future events. If underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results could vary materially from Kimberly-Clarks and I-Flows
expectations and projections.
Risks and uncertainties include satisfaction of closing conditions for the acquisition, the
possibility that the transaction will not be completed, or if completed, not completed on a timely
basis; the potential that market segment growth will not follow historical patterns; general
industry conditions and competition; business and economic conditions, such as interest rate and
currency exchange rate fluctuations; technological advances and patents attained by competitors;
challenges inherent in new product development, including obtaining regulatory approvals; domestic
and foreign governmental laws and regulations, and trends toward healthcare cost containment.
Kimberly-Clark can give no assurance that the merger will be completed.
A further list and description of additional business risks, uncertainties and other factors
can be found in Kimberly-Clarks Annual Report on Form 10-K for the fiscal year ended December 31,
2008, and I-Flows Annual Report on Form 10-K for the fiscal year ended December 31, 2008, as well
as other Kimberly-Clark and I-Flow SEC filings. Copies of these filings, as well as subsequent
filings, are available online at
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www.sec.gov, www.kimberly-clark.com, www.iflo.com or on request from Kimberly-Clark or I-Flow.
Many of the factors that will determine the outcome of the subject matter of this communication are
beyond Kimberly-Clarks or I-Flows ability to control or predict. Neither Kimberly-Clark
nor I-Flow undertakes to update any forward-looking statements as a result of new information or
future events or developments.
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