UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE TO
(RULE
14d100)
TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
ANADIGICS,
INC.
(Name of Subject Company (Issuer))
ALOHA ACQUISITION SUB, INC.
(Name of Filing Person (Offeror))
ALOHA HOLDING COMPANY, INC.
(Name of Filing Person (Parent of Offeror))
GAAS LABS, LLC
(Name of
Filing Person (Other Person))
COMMON STOCK, $0.01 PAR VALUE
(Title of Class of Securities)
032515108
(CUSIP Number of
Class of Securities)
John L. Ocampo
President
GaAs Labs, LLC
Aloha Holding Company, Inc.
Aloha Acquisition Sub, Inc.
28013 Arastradero Road
Los
Altos, California 94022
(408) 387-7756
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)
With a copy to:
Jason Day
Jeffrey A.
Beuche
Perkins Coie LLP
1900 Sixteenth Street, Suite 1400
Denver, Colorado 80202
(303) 291-2300
CALCULATION OF
FILING FEE
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Transaction Valuation (1) |
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Amount of Filing Fee (2) |
$32,261,090.75 |
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$3,248.70 |
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(1) |
Estimated solely for purposes of calculating the amount of the filing fee. The transaction valuation was calculated by adding the sum of (A) 88,836,561 outstanding shares of common stock, par value $0.01 per share
(Shares), of ANADIGICS, Inc. (Anadigics), (B) 8,542 Shares subject to issuance pursuant to outstanding options with an exercise price less than the offer price of $0.35 per Share,
(C) 3,044,442 Shares subject to issuance pursuant to outstanding time-based restricted stock units, and performance-based restricted stock units earned prior to the end of the offer, and (D) up to 285,000 Shares issuable with
respect to the current offering period under Andigicss Employee Stock Purchase Plan, with such sum multiplied by the offer price of $0.35 per Share. The calculation of the filing fee is based on information provided by Anadigics as of
November 20, 2015. |
(2) |
The filing fee was calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory #1 for fiscal year 2016, issued August 27, 2015, by multiplying the transaction
value by .0001007. |
¨ |
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: N/A |
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Filing Party: N/A |
Form of Registration No.: N/A |
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Date Filed: N/A |
¨ |
Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
Check the appropriate boxes below to designate any transactions to which the statement relates:
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x |
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. ¨
If applicable,
check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:
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Rule 13e-4(i) (Cross-Border Issuer Tender Offer) |
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Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) |
This Tender Offer Statement on Schedule TO (this Schedule TO) is filed by GaAs Labs,
LLC, a California limited liability company (GaAs Labs), Aloha Holding Company, Inc., a Delaware corporation (Aloha) and wholly-owned subsidiary of GaAs Labs, and Aloha Acquisition Sub, Inc., a
Delaware corporation (Purchaser) and a wholly-owned subsidiary of Aloha. This Schedule TO relates to the offer by Purchaser to purchase all of the outstanding shares of common stock, par value $0.01 per share (the
Shares), of ANADIGICS, Inc., a Delaware corporation (Anadigics), at a price of $0.35 per Share, net to the seller in cash, without interest, less any applicable withholding taxes, upon the terms
and subject to the conditions set forth in the Offer to Purchase, dated November 24, 2015 (as it may be amended or supplemented, the Offer to Purchase), and the related Letter of Transmittal (as it may be amended or
supplemented, the Letter of Transmittal, and together with the Offer to Purchase, the Offer), copies of which are attached to this Schedule TO as Exhibits (a)(1)(A) and (a)(1)(B), respectively.
Pursuant to General Instruction F to Schedule TO, the information contained in the Offer to Purchase, including all schedules and annexes to the Offer to Purchase, is hereby expressly incorporated in this Schedule TO by reference in response to
Items 1 through 11 of this Schedule TO and is supplemented by the information specifically provided for in this Schedule TO. The Agreement and Plan of Merger, dated as of November 11, 2015, by and among Aloha, Purchaser, and Anadigics, a copy
of which is attached as Exhibit (d)(1) to this Schedule TO, is incorporated in this Schedule TO by reference with respect to Items 4 through 6 and Item 11 of this Schedule TO.
Item 1. |
Summary Term Sheet. |
The information set forth in the section of the Offer to Purchase entitled
Summary Term Sheet is incorporated herein by reference.
Item 2. |
Subject Company Information. |
(a) The subject company and issuer of the securities subject to the Offer
is ANADIGICS, Inc., a Delaware corporation. The principal executive offices of Anadigics are located at 141 Mt. Bethel Road, Warren, New Jersey 07059 and the telephone number is (908) 668-5000.
(b) This Schedule TO relates to all of the outstanding shares of common stock, par value $0.01 per share, of Anadigics. Anadigics has advised Purchaser and
Aloha that, as of November 20, 2015, there were 88,836,561 Shares outstanding. The information set forth in the Introduction to the Offer to Purchase is incorporated herein by reference.
(c) The information set forth in Section 6 of the Offer to Purchase entitled Price Range of Shares; Dividends is incorporated herein by
reference.
Item 3. |
Identity and Background of Filing Person. |
(a), (b), (c) This Schedule TO is filed by Purchaser,
Aloha and GaAs Labs. The information set forth in Section 8 of the Offer to Purchase entitled Certain Information Concerning Purchaser, Aloha and GaAs Labs and in Annex A to the Offer to Purchase is incorporated herein by reference.
Item 4. |
Terms of the Transaction. |
(a) The information set forth in the Summary Term Sheet, the
Introduction and Sections 1, 2, 3, 4, 5, 11, 13 and 15 of the Offer to Purchase entitled Terms of the Offer, Acceptance for Payment and Payment for Shares, Procedures for Accepting the Offer and Tendering
Shares, Withdrawal Rights, Certain Material U.S. Federal Income Tax Consequences of the Offer and the Merger, The Merger Agreement; Other Agreements, Certain Effects of the Offer and
Conditions to the Offer, respectively, is incorporated herein by reference.
Item 5. |
Past Contacts, Transactions, Negotiations and Agreements. |
(a), (b) The information set forth in
the Summary Term Sheet, the Introduction and Sections 8, 10, 11 and 12 of the Offer to Purchase entitled Certain Information Concerning Purchaser, Aloha and GaAs Labs, Background of
the Offer; Past Contacts, Transactions, Negotiations and Agreements with Anadigics, The Merger Agreement; Other Agreements and Purpose of the Offer; Plans for
Anadigics, respectively, is incorporated herein by reference.
Item 6. |
Purposes of the Transaction and Plans or Proposals. |
(a), (c)(1) through (7) The information set
forth in the Summary Term Sheet, the Introduction and Sections 10, 11, 12, 13 and 14 of the Offer to Purchase entitled Background of the Offer; Past Contacts, Transactions, Negotiations and Agreements with
Anadigics, The Merger Agreement; Other Agreements, Purpose of the Offer; Plans for Anadigics, Certain Effects of the Offer and Dividends and Distributions, respectively, is incorporated herein by
reference.
Item 7. |
Source and Amount of Funds or Other Consideration. |
(a), (b), (d) The information set forth in the
Summary Term Sheet and Section 9 of the Offer to Purchase entitled Source and Amount of Funds is incorporated herein by reference.
Item 8. |
Interest in Securities of the Subject Company. |
(a), (b) The information set forth in
Section 8 of the Offer to Purchase entitled Certain Information Concerning Purchaser, Aloha and GaAs Labs and in Annex A to the Offer to Purchase is incorporated herein by reference.
Item 9. |
Persons/Assets, Retained, Employed, Compensated or Used. |
(a) The information set forth in
Section 17 of the Offer to Purchase entitled Fees and Expenses is incorporated herein by reference.
Item 10. |
Financial Statements. |
(a), (b) Not Applicable.
(c) |
The information set forth in the Offer to Purchase is incorporated herein by reference. |
Item 11. |
Additional Information. |
(a) The information set forth in the Summary Term Sheet and
Sections 8, 10, 11, 12 and 16 of the Offer to Purchase entitled Certain Information Concerning Purchaser, Aloha and GaAs Labs, Background of the Offer; Past Contacts, Transactions, Negotiations and Agreements with Anadigics,
The Merger Agreement; Other Agreements, Purpose of the Offer; Plans for Anadigics and Certain Legal Matters, respectively, is incorporated herein by reference.
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Exhibit No. |
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Description |
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(a)(1)(A) |
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Offer to Purchase, dated November 24, 2015. |
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(a)(1)(B) |
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Form of Letter of Transmittal. |
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(a)(1)(C) |
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Form of Notice of Guaranteed Delivery. |
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(a)(1)(D) |
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Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees. |
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(a)(1)(E) |
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Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees. |
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(a)(1)(F) |
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Summary Advertisement as published in The New York Times on November 24, 2015. |
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(d)(1) |
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Agreement and Plan of Merger, dated as of November 11, 2015, among Aloha, Purchaser and Anadigics (incorporated by reference to Exhibit 2.1 of Anadigicss Current Report on Form 8-K filed on November 12, 2015 (File No.
000-25662)). |
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Exhibit No. |
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Description |
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(d)(2) |
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Guarantee, dated as of November 11, 2015, by GaAs Labs in favor of Anadigics. |
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(d)(3) |
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Mutual Non-Disclosure and Standstill Agreement, dated as of September 15, 2015, between GaAs Labs and Anadigics. |
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(d)(4) |
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Exclusivity Agreement, dated as of October 20, 2015, between GaAs Labs and Anadigics. |
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(g) |
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Not applicable. |
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(h) |
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Not applicable. |
Item 13. |
Information Required by Schedule 13E-3. |
Not Applicable.
SIGNATURE
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.
Dated: November 24, 2015
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ALOHA ACQUISITION SUB, INC. |
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By: |
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/s/ John L. Ocampo |
Name: John L. Ocampo |
Title: President |
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ALOHA HOLDING COMPANY, INC. |
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By: |
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/s/ John L. Ocampo |
Name: John L. Ocampo |
Title: President |
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GAAS LABS, LLC |
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By: |
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/s/ John L. Ocampo |
Name: John L. Ocampo |
Title: President |
EXHIBIT INDEX
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Exhibit No. |
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Description |
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(a)(1)(A) |
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Offer to Purchase, dated November 24, 2015. |
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(a)(1)(B) |
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Form of Letter of Transmittal. |
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(a)(1)(C) |
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Form of Notice of Guaranteed Delivery. |
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(a)(1)(D) |
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Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees. |
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(a)(1)(E) |
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Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees. |
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(a)(1)(F) |
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Summary Advertisement as published in The New York Times on November 24, 2015. |
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(d)(1) |
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Agreement and Plan of Merger, dated as of November 11, 2015, among Aloha, Purchaser and Anadigics (incorporated by reference to Exhibit 2.1 of Anadigicss Current Report on Form 8-K filed on November 12, 2015 (File No.
000-25662)). |
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(d)(2) |
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Guarantee, dated as of November 11, 2015, by GaAs Labs in favor of Anadigics. |
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(d)(3) |
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Mutual Non-Disclosure and Standstill Agreement, dated as of September 15, 2015, between GaAs Labs and Anadigics. |
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(d)(4) |
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Exclusivity Agreement, dated as of October 20, 2015, between GaAs Labs and Anadigics. |
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(g) |
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Not applicable. |
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(h) |
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Not applicable. |
Exhibit (a)(1)(A)
Offer to Purchase For Cash
All Outstanding Shares of Common Stock
of
ANADIGICS, INC.
at
$0.35 Net
Per Share
by
ALOHA ACQUISITION SUB, INC.,
a wholly-owned subsidiary of
ALOHA HOLDING COMPANY, INC.
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 11:59 P.M., NEW YORK CITY
TIME, ON DECEMBER 23, 2015, UNLESS THE OFFER IS EXTENDED.
The Offer (as defined herein) is being made pursuant to the Agreement and Plan of Merger, dated as of November 11, 2015 (as it may be
amended, modified or supplemented from time to time in accordance with its terms, the Merger Agreement), by and among Aloha Holding Company, Inc., a Delaware corporation (Aloha), Aloha Acquisition
Sub, Inc., a Delaware corporation (Purchaser) and a wholly-owned subsidiary of Aloha, and ANADIGICS, Inc., a Delaware corporation (Anadigics). Purchaser is offering to purchase all of the
outstanding shares of common stock, par value $0.01 per share, of Anadigics (the Shares), at a price of $0.35 per Share (the Offer Price), net to the seller in cash, without interest, less any
applicable withholding taxes, upon the terms and subject to the conditions set forth in this offer to purchase (this Offer to Purchase) and the related letter of transmittal (the Letter of
Transmittal), which, together with any amendments or supplements hereto and thereto, collectively constitute the Offer.
Pursuant to the Merger Agreement, as soon as practicable following the consummation of the Offer and subject to the satisfaction or waiver of
the remaining conditions set forth in the Merger Agreement, Purchaser will merge with and into Anadigics (the Merger), with Anadigics continuing as the surviving corporation in the Merger and as a wholly-owned subsidiary of
Aloha. At the effective time of the Merger (the Effective Time), each Share then outstanding (other than (i) Shares then held by Aloha, Purchaser, Anadigics or their respective subsidiaries and (ii) Shares that
are held by any stockholders of Anadigics who properly demand appraisal in connection with the Merger as described in Section 16 Certain Legal Matters; Regulatory Approvals Appraisal Rights) will be converted
into the right to receive the Offer Price, without interest, less any applicable withholding taxes. Under no circumstances will interest be paid with respect to the purchase of Shares pursuant to the Offer, regardless of any extension of the Offer
or any delay in making payment for Shares.
THE BOARD OF
DIRECTORS OF ANADIGICS UNANIMOUSLY RECOMMENDS THAT YOU TENDER ALL OF YOUR SHARES IN THE OFFER.
After careful consideration,
the Board of Directors of Anadigics (the Anadigics Board) unanimously (1) determined that the Merger Agreement and the transactions contemplated thereby, including the Offer and the Merger, are advisable, fair
to and in the best interests of Anadigics and its stockholders, (2) approved, and declared advisable, the Merger Agreement, the Offer, the Merger and the transactions contemplated by the Merger Agreement in accordance with the requirements of
Delaware law and (3) resolved to recommend that Anadigicss stockholders accept the Offer and tender their Shares to Purchaser pursuant to the Offer.
The Offer is not subject to any financing condition. The Offer is conditioned upon: (a) there being validly tendered and not
properly withdrawn prior to 11:59 P.M., New York City time, on December 23, 2015 (the Expiration Date, unless Purchaser extends the Offer pursuant to and in accordance with the terms of the Merger Agreement, in which
event Expiration Date will mean the latest time and date at which the Offer, as so
extended by us, will expire) (not including Shares tendered pursuant to guaranteed delivery procedures and not actually delivered prior to the Expiration Date) the number of Shares which, when
added to any Shares owned by Aloha or any of its subsidiaries, would represent at least a majority of the outstanding Shares of Anadigics, and (b) other customary conditions as set forth in Annex I to the Merger Agreement have been satisfied or
waived. See Section 15 Conditions to the Offer. After the consummation of the Offer and subject to the satisfaction or waiver of the remaining conditions set forth in the Merger Agreement, Aloha, Purchaser and Anadigics
will cause the Merger to become effective as soon as practicable without a meeting of stockholders of Anadigics in accordance with Section 251(h) of the General Corporation Law of the State of Delaware (the DGCL).
A summary of the principal terms of the Offer appears on pages i through viii below. You should read this entire Offer to Purchase and the
Letter of Transmittal carefully before deciding whether to tender your Shares into the Offer.
The Information Agent for the Offer is:
Georgeson Inc.
480 Washington Blvd., 26th Floor
Jersey City, NJ 07310
All Holders
Call Toll Free: (866) 413-5899
November 24, 2015
IMPORTANT
Any stockholder of Anadigics wishing to tender all or any portion of its Shares to Purchaser pursuant to the Offer should, prior to the
Expiration Date, (i) complete and execute the Letter of Transmittal that is enclosed with this Offer to Purchase in accordance with the instructions contained therein, and mail or deliver the Letter of Transmittal together with the certificates
representing your Shares and any other required documents, to Computershare Trust Company, N.A., in its capacity as depositary for the Offer (the Depositary), (ii) if applicable, tender your Shares by book-entry
transfer by following the procedures described in Section 3 Procedures for Accepting the Offer and Tendering Shares Book-Entry Transfer or (iii) if applicable, request that your broker, dealer,
commercial bank, trust company or other nominee effect the transaction for the stockholder. A stockholder who holds Shares registered in the name of a broker, dealer, commercial bank, trust company or other nominee must contact such nominee in order
to tender such Shares to Purchaser pursuant to the Offer.
Any stockholder of Anadigics who wishes to tender Shares pursuant to the Offer
and the certificates representing such Shares are not immediately available, or such stockholder cannot comply in a timely manner with the procedures for tendering Shares by book-entry transfer or such stockholder cannot deliver all required
documents to the Depositary prior to the Expiration Date, may tender such Shares to Purchaser pursuant to the Offer by following the procedures for guaranteed delivery described in Section 3 Procedures for Accepting the Offer
and Tendering Shares Guaranteed Delivery.
*****
Georgeson Inc., the information agent for the Offer (the Information Agent), may be contacted at the address and
telephone numbers set forth above and on the back cover of this Offer to Purchase for questions and/or requests for additional copies of this Offer to Purchase, the Letter of Transmittal, the notice of guaranteed delivery and other tender offer
materials free of charge. Stockholders may also contact their broker, dealer, commercial bank, trust company or other nominee for assistance.
This Offer to Purchase and the Letter of Transmittal contain important information, and you should read both carefully and in their
entirety before making a decision with respect to the Offer.
The Offer has not been approved or disapproved by the U.S. Securities
and Exchange Commission (SEC) or any state securities commission, nor has the SEC or any state securities commission passed upon the fairness or merits of or upon the accuracy or adequacy of the information contained in this Offer to
Purchase. Any representation to the contrary is unlawful.
TABLE OF CONTENTS
SUMMARY TERM SHEET
Securities Sought: |
All of the outstanding shares of common stock, par value $0.01 per share (the Shares), of ANADIGICS, Inc., a Delaware corporation (Anadigics). |
Price Offered Per Share: |
$0.35 per Share, net to the seller in cash, without interest, less any applicable withholding taxes (the Offer Price). |
Scheduled Expiration Date: |
11:59 P.M., New York City time, on December 23, 2015, unless the Offer is extended or terminated. |
Purchaser: |
Aloha Acquisition Sub, Inc., a Delaware corporation (Purchaser) and a wholly-owned subsidiary of Aloha Holding Company, Inc., a Delaware corporation (Aloha).
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Anadigics Board Recommendation: |
After careful consideration, the Board of Directors of Anadigics (the Anadigics Board) unanimously (1) determined that the Merger Agreement (as defined below) and the transactions contemplated
thereby, including the Offer and the Merger (each as defined below), are advisable, fair to and in the best interests of Anadigics and its stockholders, (2) approved, and declared advisable, the Merger Agreement, the Offer, the Merger and the
transactions contemplated by the Merger Agreement in accordance with the requirements of Delaware law and (3) resolved to recommend that Anadigicss stockholders accept the Offer and tender their Shares to Purchaser pursuant to the Offer.
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The following are answers to some questions that you, as a stockholder of Anadigics, may have about the Offer. This
summary term sheet highlights selected information from this offer to purchase (this Offer to Purchase) and may not contain all of the information that is important to you and is qualified in its entirety by the more
detailed descriptions and explanations contained in this Offer to Purchase and the related letter of transmittal (the Letter of Transmittal), which, together with any amendments or supplements hereto and thereto,
collectively constitute the Offer. To better understand the Offer and for a complete description of the terms of the Offer, you should read this Offer to Purchase, the Letter of Transmittal and the other documents to
which we refer you carefully and in their entirety. Questions or requests for assistance may be directed to Georgeson Inc., our information agent (the Information Agent), at the address and telephone numbers set
forth for the Information Agent on the back cover of this Offer to Purchase. Unless otherwise indicated in this Offer to Purchase or the context otherwise requires, all references in this Offer to Purchase to we,
our or us refer to Purchaser.
Who is offering to buy my Shares?
Our name is Aloha Acquisition Sub, Inc. and we are a wholly-owned subsidiary of Aloha. We were formed for the purpose of making the Offer and
thereafter consummating the merger (the Merger) with and into Anadigics, with Anadigics continuing as the surviving corporation in the Merger and as a wholly-owned subsidiary of Aloha. To date, we have not carried on any
activities other than those related to our formation, the Merger Agreement, the Offer and the Merger.
Aloha is a corporation incorporated
under the laws of the State of Delaware, and a wholly-owned subsidiary of GaAs Labs, LLC (GaAs Labs). GaAs Labs, a California limited liability company, is a private company focused on investing in companies supplying high
performance semiconductors and related devices for RF, microwave and related applications in commercial communications, satellite and defense-related markets. See the Introduction and Section 8 Certain Information
Concerning Purchaser, Aloha and GaAs Labs.
i
How many Shares are you offering to purchase in the Offer?
We are making the Offer to purchase all of the outstanding Shares of Anadigics on the terms and subject to the conditions set forth in this
Offer to Purchase and the Letter of Transmittal. See the Introduction and Section 1 Terms of the Offer.
Why
are you making the Offer?
We are making the Offer pursuant to the Agreement and Plan of Merger, dated as of November 11, 2015, by
and among Aloha, Anadigics and us (as it may be amended, modified or supplemented from time to time in accordance with its terms, the Merger Agreement), in order to acquire control of, and ultimately following the Merger,
the entire equity interest in, Anadigics, while allowing Anadigicss stockholders an opportunity to receive the Offer Price by tendering their Shares in the Offer. If the Offer is consummated, subject to the satisfaction or waiver of the
remaining conditions set forth in the Merger Agreement, we, Aloha and Anadigics will consummate the Merger as soon as practicable thereafter in accordance with the General Corporation Law of the State of Delaware (the
DGCL). At the effective time of the Merger (the Effective Time), Anadigics will become a wholly-owned subsidiary of Aloha. See Section 12 Purpose of the Offer; Plans for
Anadigics.
How much are you offering to pay and what is the form of payment? Will I have to pay any fees or commissions?
We are offering to pay $0.35 per Share, net to the seller in cash, without interest, less any applicable withholding taxes.
If you are the record owner of your Shares and you directly tender your Shares to us in the Offer, you will not have to pay brokerage fees,
commissions or similar expenses. If you own your Shares through a broker, dealer, commercial bank, trust company or other nominee and such nominee tenders your Shares on your behalf, such nominee may charge you a fee for doing so. You should consult
with your broker, dealer, commercial bank, trust company or other nominee to determine whether any charges will apply. See the Introduction, Section 1 Terms of the Offer and Section 2
Acceptance for Payment and Payment for Shares.
What does the Anadigics Board recommend?
After careful consideration, the Anadigics Board unanimously (1) determined that the Merger Agreement and the transactions contemplated
thereby, including the Offer and the Merger, are advisable, fair to and in the best interests of Anadigics and its stockholders, (2) approved, and declared advisable, the Merger Agreement, the Offer, the Merger and the transactions contemplated
by the Merger Agreement in accordance with the requirements of Delaware law and (3) resolved to recommend that Anadigicss stockholders accept the Offer and tender their Shares to Purchaser pursuant to the Offer.
A description of the reasons for the Anadigics Boards adoption of the Offer and the Merger is set forth in Anadigicss
Solicitation/Recommendation Statement on Schedule 14D-9 (the Schedule 14D-9) that is being filed with the Securities and Exchange Commission (the SEC) and, together with this Offer to
Purchase, the Letter of Transmittal and other related materials, mailed to Anadigicss stockholders in connection with the Offer. See the Introduction to this Offer to Purchase.
What are the most significant conditions to the Offer?
The Offer is subject to several customary conditions including, among others, satisfaction of the Minimum Condition.
The term Minimum Condition is defined in Section 15 Conditions to the Offer, and
generally requires that there is validly tendered and not withdrawn immediately prior to the Expiration Date (as defined
ii
below) of the Offer that number of Shares which, when added to the Shares owned by Aloha or any of its subsidiaries (if any), would represent at least a majority of the Shares outstanding of
Anadigics (assuming conversion or exercise of all derivative securities convertible or exercisable immediately prior to the Expiration Date, regardless of the conversion or exercise price), excluding for the purposes of this condition any Shares
tendered pursuant to guaranteed delivery procedures and not actually delivered prior to the Expiration Date. The Minimum Condition would be satisfied if at least 44,883,579 Shares are validly tendered and not properly withdrawn prior to the
Expiration Date.
The Offer is also subject to a number of other important conditions. A more detailed discussion of the conditions to
consummate the Offer is contained in Section 15 Conditions to the Offer.
Is the Offer subject to any financing condition?
No. The Offer is not subject to any financing condition.
What percentage of Shares do you or your affiliates currently own?
None of us, Aloha, GaAs Labs or any of their respective affiliates currently own any Shares.
Do you have the financial resources to make payment?
Yes. Aloha, through GaAs Labs, will provide us with sufficient funds to purchase all Shares validly tendered in the Offer and will provide
funding to consummate the Merger (which includes, among other things, payment to acquire the remaining Shares in the Merger and payment in respect of outstanding in-the-money options and certain restricted stock unit awards of Anadigics), and to pay
related transaction fees and expenses. Aloha and GaAs Labs expect to fund such cash requirements from their available cash on hand. In addition, GaAs Labs entered into a guarantee in favor of Anadigics pursuant to which GaAs Labs agreed to
unconditionally and irrevocably guarantee the payment obligations and liabilities of Aloha and Purchaser under the Merger Agreement up to $32.2 million. See Section 11 The Merger Agreement; Other Agreements Guarantee.
The Offer is not subject to any financing condition. We estimate that we will need approximately $33.5 million to purchase all
Shares pursuant to the Offer, to fund any payments to consummate the Merger and to pay related transaction fees and expenses. See Section 9 Source and Amount of Funds.
Is your financial condition relevant to my decision to tender my Shares in the Offer?
No. We do not think that our financial condition is relevant to your decision whether to tender Shares and accept the Offer because:
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the consummation of the Offer is not subject to any financing condition; |
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the Offer is being made for all outstanding Shares solely for cash; |
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we, through Aloha and its parent company, GaAs Labs, will have sufficient funds, through available cash, to purchase all Shares validly tendered and not properly withdrawn pursuant to the Offer, and to provide funding
to consummate the Merger and related transaction fees and expenses; and |
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if the Offer is consummated, we will acquire all remaining Shares in the Merger for the same cash price as was paid in the Offer (i.e., the Offer Price). |
See Section 9 Source and Amount of Funds and Section 11 The Merger Agreement; Other
Agreements.
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How long do I have to decide whether to tender my Shares in the Offer?
Unless we extend the Offer, you will have until 11:59 P.M., New York City time, on December 23, 2015 (the Expiration
Date, unless we extend the Offer pursuant to and in accordance with the terms of the Merger Agreement, in which event Expiration Date will mean the latest time and date at which the Offer, as so extended by us, will expire)
to tender your Shares in the Offer. Further, if you cannot deliver everything that is required in order to make a valid tender by that time, you may still participate in the Offer by using the guaranteed delivery procedure that is described later in
this Offer to Purchase by the Expiration Date. See Section 1 Terms of the Offer and Section 3 Procedures for Accepting the Offer and Tendering Shares.
Can the Offer be extended and under what circumstances?
Yes, the Offer can be extended. In some cases, we are required to extend the Offer beyond the initial Expiration Date, but in no event will we
be required to extend the Offer beyond the End Date (as defined below).
Pursuant to the Merger Agreement, we are required to extend the
Offer:
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for successive periods of ten business days each (or such shorter period as agreed by Aloha and Anadigics), but not beyond February 9, 2016 (the End Date), in order to permit the
satisfaction of all remaining conditions (subject to our right to waive any condition in the Offer, other than the Minimum Condition, in accordance with the Merger Agreement), if at any scheduled Expiration Date, any condition to the Offer has not
been satisfied or waived (other than the Minimum Condition, which we may not waive without the prior written consent of Anadigics); or |
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for any period or periods required by applicable law or any interpretation or position of the SEC or its staff or NASDAQ Stock Market, LLC (NASDAQ) or its staff, provided that we are not
obligated to extend the Offer beyond the End Date. |
If we extend the Offer, such extension will extend the time that you
will have to tender your Shares. See Section 1 Terms of the Offer.
How will I be notified if the Offer is extended?
If we extend the Offer, we will inform the Depositary of that fact and will make a public announcement of the extension no later than
9:00 a.m., New York City time, on the next business day after the previously scheduled Expiration Date.
If we elect to provide a
subsequent offering period as described below, a public announcement of such election will be made no later than 9:00 a.m., New York City time, on the next business day following the Expiration Date. See Section 1 Terms
of the Offer.
How do I tender my Shares?
To tender your Shares, you must deliver the certificates representing your Shares, together with a properly completed and duly completed Letter
of Transmittal (or, in the case of book-entry transfer of Shares, either such Letter of Transmittal or an Agents Message (as defined in Section 3 Procedures for Accepting the Offer and Tendering Shares Valid
Tender of Shares) in lieu of such Letter of Transmittal), and any other documents required by the Letter of Transmittal, to the Depositary prior to the Expiration Date. If your Shares are held in street name (i.e., through a broker, dealer,
commercial bank, trust company or other nominee), your Shares can be tendered by such nominee through the Depositary. If you are unable to deliver any required document or instrument to the Depositary prior to the Expiration Date, you may still
participate in the Offer by having a broker, a bank or any other fiduciary that is an eligible guarantor institution guarantee that the missing items will be received by the Depositary by using the enclosed notice of guaranteed delivery (the
Notice of Guaranteed Delivery). For the tender to be valid, however, the Depositary must receive the Notice of Guaranteed Delivery
iv
prior to the Expiration Date and must then receive the missing items within three NASDAQ trading days after the date of execution of such Notice of Guaranteed Delivery. See
Section 3 Procedures for Accepting the Offer and Tendering Shares.
Until what time may I withdraw previously tendered
Shares?
Shares tendered into the Offer may be withdrawn at any time prior to the Expiration Date. Thereafter, tenders of Shares are
irrevocable, except that they may also be withdrawn after January 23, 2016 which is the 60th day from the commencement of the Offer, unless such Shares have already been accepted for payment by us pursuant to the Offer. If you tendered
your Shares by giving instructions to a broker, dealer, commercial bank, trust company or other nominee, you must instruct such nominee to arrange for the withdrawal of your Shares. See Section 4 Withdrawal Rights. You
may not withdraw Shares tendered during any subsequent offering period that we may elect to provide. See Section 4 Withdrawal Rights.
How do I properly withdraw previously tendered Shares?
To properly withdraw any of your previously tendered Shares, you must deliver a written notice of withdrawal with the required information (as
specified in this Offer to Purchase and in the Letter of Transmittal) to the Depositary while you still have the right to withdraw Shares. If you tendered your Shares by giving instructions to a broker, dealer, commercial bank, trust company or
other nominee, you must instruct such nominee to arrange for the proper withdrawal of your Shares. You may not withdraw Shares tendered during any subsequent offering period that we may elect to provide. See Section 4
Withdrawal Rights.
Have any stockholders previously agreed to tender their Shares?
No. We have not entered into any agreements with any stockholders of Anadigics under which those stockholders have agreed to tender Shares in
the Offer.
Prior to the consummation of the Offer, will the Shares continue to be listed on NASDAQ?
Pursuant to a NASDAQ delisting notice received by Anadigics in June 2015, the Shares may be delisted from NASDAQ as early as December 15,
2015, prior to the consummation of the Offer, unless NASDAQ grants an extension or Anadigics regains compliance with the minimum bid price requirement prior to such date. See Section 13 Certain Effects of the Offer
Stock Listing.
Upon the successful consummation of the Offer, will Shares continue to be publicly traded?
If the Shares are not delisted from NASDAQ prior to the consummation of the Offer as described above, and if all of the conditions to the Offer
are satisfied or waived (see Section 15 Conditions to the Offer) and we purchase all tendered Shares, prior to the Merger becoming effective, there may then be so few remaining stockholders and publicly-held Shares that
such Shares will no longer be eligible to be traded on the NASDAQ or any other securities exchange and there may not be a public trading market for such Shares. Following the consummation of the Offer and subject to the satisfaction of the remaining
conditions set forth in the Merger Agreement, we, Aloha and Anadigics will consummate the Merger as soon as practicable in accordance with Section 251(h) of the DGCL. Following consummation of the Merger, no Shares will be publicly owned, and
Anadigics will deregister with the SEC and will no longer be a public company. See Section 13 Certain Effects of the Offer. Because the Merger will be governed by Section 251(h) of the DGCL, no stockholder vote will
be required to consummate the Merger. We do not expect there to be a significant period of time between the consummation of the Offer and the consummation of the Merger.
If you do not consummate the Offer, will you nevertheless consummate the Merger?
No. None of us, Aloha or Anadigics are under any obligation to pursue or consummate the Merger if the Offer has not been earlier consummated.
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Will there be a subsequent offering period?
Subject to the provisions of Section 251(h) of the DGCL and our obligation to consummate the Merger as soon as practicable following the
consummation of the Offer and satisfaction of the remaining conditions set forth in the Merger Agreement, we may elect to provide a subsequent offering period (and one or more extensions thereof) of not less than three business days nor more than
twenty business days, during which time Anadigicss stockholders whose Shares have not been tendered prior to the Expiration Date (or whose Shares were tendered and later withdrawn prior to the Expiration Date) may tender, but not withdraw,
their Shares and receive the Offer Price. See Section 1 Terms of the Offer and Section 4 Withdrawal Rights.
What is the difference between an extension of the Offer and a subsequent offering period?
If the Offer is extended, no Shares will be accepted or paid for until following the Expiration Date (as so extended), and you will be able to
withdraw your Shares until the Expiration Date.
A subsequent offering period, if one is provided, would occur after the time we accept
for payment Shares tendered in the Offer (the Acceptance Time) and after we have become obligated to pay for all Shares that were validly tendered and not properly withdrawn prior to the Expiration Date. Shares that are
validly tendered during a subsequent offering period will be accepted and paid for promptly after they are received and cannot be withdrawn. See Section 1 Terms of the Offer and Section 4
Withdrawal Rights.
If I object to the price being offered, will I have appraisal rights?
Appraisal rights are not available to the holders of Shares in connection with the Offer. However, if the Merger is consummated, the holders of
Shares immediately prior to the Effective Time who (i) did not tender their Shares in the Offer, (ii) follow the procedures set forth in Section 262 of the DGCL and (iii) do not thereafter withdraw their demand for appraisal of
such Shares or otherwise lose their appraisal rights, in each case in accordance with the DGCL, will be entitled to have their Shares appraised by the Delaware Court of Chancery and receive payment of the fair value of such Shares,
exclusive of any element of value arising from the accomplishment or expectation of the Merger, together with a fair rate of interest, as determined by such court. The fair value could be more or less than, or the same as, the Offer
Price or the consideration payable in the Merger (which is equivalent in amount to the Offer Price). See Section 16 Certain Legal Matters Appraisal Rights. Concurrently with the commencement of the Offer, Anadigics is
distributing the Schedule 14D-9, which contains important information regarding how a holder of Shares may exercise its appraisal rights.
If I decide
not to tender my Shares, how will the Offer affect my Shares?
Following the consummation of the Offer and subject to the satisfaction
or waiver of the remaining conditions set forth in the Merger Agreement, we, Aloha and Anadigics will consummate the Merger as soon as practicable. If the Merger is consummated, then stockholders who did not tender their Shares into the Offer will
receive the same amount of cash per Share that they would have received had they tendered their Shares into the Offer (i.e., the Offer Price), subject to any appraisal rights properly exercised by such stockholders in accordance with Delaware law.
Therefore, if the Merger takes place, the only difference to you between tendering your Shares into the Offer and not tendering your Shares into the Offer would be that, if you tender your Shares, you may be paid earlier and no appraisal rights will
be available. No interest will be paid for Shares acquired in the Merger.
Furthermore, following the consummation of the Offer until the
Effective Time, there may then be so few remaining stockholders and publicly held Shares that such Shares will no longer be eligible to be traded on the NASDAQ or any other securities exchange and there may not be a public trading market for such
Shares. See the Introduction and Section 13 Certain Effects of the Offer.
Because the Merger
will be governed by Section 251(h) of the DGCL, no stockholder vote will be required to consummate the Merger. We do not expect there to be a significant period of time between the consummation
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of the Offer and the consummation of the Merger. See Section 11 The Merger Agreement; Other Agreements and Section 12 Purpose of the Offer;
Plans for Anadigics Purpose of the Offer.
What is the market value of my Shares as of a recent date?
On November 11, 2015, the last full trading day before the execution of the Merger Agreement and the Offer was announced, the closing
price of the Shares on NASDAQ was $0.24 per Share. On November 23, 2015, the last full day of trading before the commencement of the Offer, the closing price of the Shares on NASDAQ was $0.34 per Share. We encourage you to obtain a recent
quotation for Shares in deciding whether to tender your Shares. See Section 6 Price Range of Shares; Dividends.
If I
tender my Shares, when and how will I get paid?
If the conditions to the Offer as set forth in Section 15
Conditions to the Offer are satisfied or waived and we consummate the Offer and accept your Shares for payment, you will be entitled to promptly receive an amount equal to the number of Shares you tendered into the Offer multiplied by
the Offer Price, net to you in cash, without interest, less any applicable withholding taxes. We will pay for your validly tendered and not properly withdrawn Shares by depositing the aggregate Offer Price therefor with the Depositary, which will
act as your agent for the purpose of receiving payments from us and transmitting such payments to you. In all cases, payment for tendered Shares will be made only after timely receipt by the Depositary of (i) certificates representing such
Shares or a confirmation of a book-entry transfer of such Shares as described in Section 3 Procedures for Accepting the Offer and Tendering Shares Book-Entry Transfer, (ii) a properly completed and duly
executed Letter of Transmittal, together with any required signature guarantees or, in the case of book-entry transfer of Shares, either such Letter of Transmittal or an Agents Message in lieu of such Letter of Transmittal and (iii) any
other required documents for such Shares. See Section 1 Terms of the Offer and Section 2 Acceptance for Payment and Payment for Shares.
What will happen to my equity awards in the Offer?
The Offer is being made for all outstanding Shares, and not for options to purchase Shares, restricted stock unit awards or other equity awards
(collectively, Equity Awards). Equity Awards may not be tendered into the Offer. If you wish to tender Shares underlying Equity Awards, you must first exercise such awards (to the extent exercisable) in accordance with
their terms in sufficient time to tender the Shares received into the Offer.
Pursuant to the Merger Agreement, each option to purchase
Shares granted under any equity plan of Anadigics (each, a Anadigics Option) that is outstanding immediately prior to the Effective Time, whether vested or unvested, will be cancelled and, in consideration for such
cancellation, the holder of such Anadigics Option will automatically receive (as soon as practicable but in no even more than 30 days following the Effective Time) an amount in cash equal to (i) the total number of Shares subject to such
Anadigics Option, multiplied by (ii) the excess, if any, of (A) the Offer Price over (B) the per share exercise price for such Anadigics Option (less all applicable tax deductions and withholdings required by law to be withheld in
respect of such payment and without interest).
Pursuant to the Merger Agreement, each time-based restricted stock unit award, whether
vested or unvested, and each performance-based restricted stock unit award earned for 2013 performance, in each case granted under any equity plan of Anadigics (each, a Anadigics Restricted Stock Unit Award), that is
outstanding immediately prior to the Effective Time will be cancelled and, in consideration for such cancellation, the holder of such Anadigics Restricted Stock Unit will automatically receive (as soon as practicable but in no even more than 30 days
following the Effective Time) an amount in cash equal to (i) the total number of Shares subject to such Anadigics Restricted Stock Unit, multiplied by (ii) the Offer Price (less all applicable tax deductions and withholdings required by
law to be withheld in respect of such payment and without interest).
See Section 11 The Merger Agreement; Other
Agreements The Merger Agreement Treatment of Anadigics Options and Anadigics Restricted Stock Unit Awards.
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What are the U.S. federal income tax consequences of the Offer and the Merger?
The receipt of cash by you in exchange for your Shares pursuant to the Offer or the Merger (or pursuant to the exercise of appraisal rights in
accordance with Delaware law) will be a taxable transaction for U.S. federal income tax purposes if you are a United States Holder (as defined in Section 5 Certain Material U.S. Federal Income Tax Consequences of the
Offer and the Merger United States Holders). In general, you will recognize gain or loss equal to the difference between your adjusted tax basis in Shares that you tender into the Offer or exchange in the Merger (or retain for exercise
of appraisal rights) and the amount of cash you receive for such Shares. If you are a United States Holder and you hold your Shares as a capital asset, the gain or loss that you recognize will be a capital gain or loss and will be treated as a
long-term capital gain or loss if you have held such Shares for more than one year. If you are a Non-United States Holder (as defined in Section 5 Certain Material U.S. Federal Income Tax Consequences of the Offer and the
Merger Non-United States Holders), you will generally not be subject to U.S. federal income tax on gain recognized on Shares you tender into the Offer or exchange in the Merger (or retain for exercise of appraisal rights). You
should consult your tax advisor about the particular tax consequences to you of tendering your Shares into the Offer, exchanging your Shares in the Merger or exercising appraisal rights. See Section 5 Certain
Material U.S. Federal Income Tax Consequences of the Offer and the Merger for a discussion of certain material U.S. federal income tax consequences of tendering Shares in the Offer or exchanging Shares in the Merger or exercising
appraisal rights.
To whom should I talk if I have additional questions about the Offer?
You may contact Georgeson, Inc., the Information Agent for the Offer, at the address and telephone numbers listed below if you have any
questions about the Offer.
The Information Agent for the Offer is:
Georgeson Inc.
480 Washington Blvd., 26th Floor
Jersey City, NJ 07310
All Holders
Call Toll Free: (866) 413-5899
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To the Holders of Shares of Common Stock of ANADIGICS, Inc.:
INTRODUCTION
Aloha Acquisition Sub, Inc., a Delaware corporation (Purchaser, we,
us, or our) and a wholly-owned subsidiary of Aloha Holding Company, Inc., a Delaware corporation (Aloha), which is a wholly-owned subsidiary of GaAs Labs, LLC
(GaAs Labs), hereby offers to purchase (the Offer) all of the outstanding shares of common stock, par value $0.01 per share (the Shares), of ANADIGICS, Inc., a Delaware
corporation (Anadigics), at a price of $0.35 per Share (the Offer Price), net to the seller in cash, without interest, less any applicable withholding taxes, upon the terms and conditions set forth
in this Offer to Purchase (as it may be amended and supplemented from time to time, the Offer to Purchase) and in the related Letter of Transmittal (as it may be amended or supplemented from time to time, the
Letter of Transmittal).
The Offer is being made pursuant to the Agreement and Plan of Merger, dated
November 11, 2015 (as it may be amended and supplemented from time to time, the Merger Agreement), by and among Aloha, Purchaser and Anadigics. Under the Merger Agreement, after the completion of the Offer and subject
to specified conditions, Purchaser will merge with and into Anadigics (the Merger), with Anadigics continuing as the surviving corporation and a wholly-owned subsidiary of Aloha (the Surviving
Corporation). At the effective time of the Merger (the Effective Time), each Share then outstanding (other than (i) Shares then held by Aloha, Purchaser, Anadigics or their respective subsidiaries, and
(ii) Shares that are held by any stockholders of Anadigics who properly demand appraisal in connection with the Merger as described in Section 16 Certain Legal Matters Appraisal Rights) will be converted into
the right to receive the Offer Price, without interest, less any applicable withholding taxes. The Merger Agreement is described in detail in Section 11 The Merger Agreement; Other Agreements of this Offer to Purchase.
The Offer is conditioned upon, among other things, satisfaction of the Minimum Condition (as defined below), and other customary
conditions. The term Minimum Condition is defined in Section 15 Conditions to the Offer, and generally requires that there is validly tendered and not withdrawn immediately prior to the
Expiration Date (as defined below) of the Offer that number of Shares which, when added to the Shares owned by Aloha or any of its subsidiaries (if any), would represent at least a majority of the Shares outstanding of Anadigics (assuming conversion
or exercise of all derivative securities convertible or exercisable immediately prior to the Expiration Date, regardless of the conversion or exercise price), excluding for the purposes of this condition Shares tendered pursuant to guaranteed
delivery procedures and not actually delivered prior to the Expiration Date. See Section 15 Conditions to the Offer. The Minimum Condition may not be waived without the prior written consent of Anadigics.
According to Anadigics, as of November 20, 2015, there were (a) 88,836,561 outstanding Shares, and (b) 930,595 Shares subject
to issuance pursuant to options to purchase Shares (Anadigics Options) exercisable under the Anadigics Equity Plans (as defined in Section 11 The Merger Agreement; Other Agreements The Merger
Agreement Treatment of Anadigics Options and Anadigics Restricted Stock Unit Awards). Assuming that all Shares described in clause (b) in the preceding sentence are issued and that (i) no other Shares were or are issued after
November 20, 2015 and (ii) no options have been granted or expired after November 20, 2015, the Minimum Condition would be satisfied if at least 44,883,579 Shares are validly tendered and not properly withdrawn prior to the Expiration
Date.
The Offer and the withdrawal rights will expire at 11:59 P.M., New York City time, on December 23, 2015 (the
Expiration Date), unless the Offer is extended or the Merger Agreement has been earlier terminated in accordance with its terms. Under no circumstances will interest be paid with respect to the purchase of Shares pursuant
to the Offer, regardless of any extension of the Offer or any delay in making payment for Shares.
After careful consideration, the
Board of Directors of Anadigics (the Anadigics Board) unanimously (1) determined that the Merger Agreement and the transactions contemplated thereby, including the Offer
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and the Merger, are advisable, fair to and in the best interests of Anadigics and its stockholders, (2) approved, and declared advisable, the Merger Agreement, the Offer, the Merger and the
transactions contemplated by the Merger Agreement in accordance with the requirements of Delaware law and (3) resolved to recommend that Anadigicss stockholders accept the Offer and tender their Shares to Purchaser pursuant to the Offer.
A more complete description of the Anadigics Boards reasons for authorizing and approving the Merger Agreement and the
transactions contemplated thereby, including the Offer and the Merger, is set forth in the Schedule 14D-9 that is being filed with the SEC and, together with this Offer to Purchase, the Letter of Transmittal and other related materials, mailed
to Anadigicss stockholders in connection with the Offer. Stockholders should carefully read the information set forth in the Schedule 14D-9 in its entirety.
If you are a record owner of Shares and you tender such Shares directly to the Depositary in accordance with the terms of this Offer, we will
not charge you brokerage fees, commissions or, except as set forth in Instruction 6 in the Letter of Transmittal, stock transfer taxes on the sale of Shares pursuant to the Offer. However, if you do not complete and sign the IRS Form W-9 that
is enclosed with the Letter of Transmittal (or other applicable form), you may be subject to backup withholding at the applicable statutory rate on the gross proceeds payable to you. See Section 3 Procedures for Accepting the
Offer and Tendering Shares Backup Withholding. Stockholders with Shares held in street name by a broker, dealer, bank, trust company or other nominee should consult with such nominee to determine if they will be charged any service
fees or commissions. We will pay all charges and expenses of the Depositary and the Information Agent incurred in connection with the Offer. See Section 17 Fees and Expenses.
The Merger will be governed by Section 251(h) of the DGCL. Accordingly, after the consummation of the Offer and subject to the
satisfaction or waiver of the remaining conditions set forth in the Merger Agreement, Aloha, we and Anadigics will cause the Merger to become effective as soon as practicable without a meeting of stockholders of Anadigics in accordance with
Section 251(h) of the DGCL. See Section 11 The Merger Agreement; Other Agreements The Merger Agreement Application of Section 251(h) of the DGCL.
No appraisal rights are available to the holders of Shares in connection with the Offer. However, if the Merger is consummated, the holders of
Shares immediately prior to the Effective Time who (i) did not tender their Shares in the Offer; (ii) follow the procedures set forth in Section 262 of the DGCL and (iii) do not thereafter withdraw their demand for appraisal of
such Shares or otherwise lose their appraisal rights, in each case in accordance with the DGCL, will be entitled to have their Shares appraised by the Delaware Court of Chancery and receive payment of the fair value of such holders
Shares, exclusive of any element of value arising from the accomplishment or expectation of the Merger, together with a fair rate of interest, as determined by such court. The fair value could be more or less than, or equal to, the Offer
Price or the consideration payable in the Merger (which is equivalent in amount to the Offer Price). See Section 16 Certain Legal Matters Appraisal Rights.
This Offer to Purchase and the Letter of Transmittal contain important information that should be read carefully before any decision is
made with respect to the Offer.
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THE TENDER OFFER
Upon the terms and subject to the conditions of the Offer
(including, if the Offer is extended or amended, the terms and conditions of such extension or amendment), we will accept for payment and pay for all Shares validly tendered and not properly withdrawn prior to the Expiration Date as permitted under
Section 4 Withdrawal Rights.
The Offer is not subject to any financing condition. The Offer is
conditioned upon the Minimum Condition, as well as other customary conditions. See Section 15 Conditions to the Offer.
We expressly reserve the right from time to time to waive any of the conditions described in Section 15 Conditions to
the Offer, to increase the Offer Price or to make any other changes in the terms and conditions of the Offer, except that we will not, without the prior written consent of Anadigics, (i) decrease the Offer Price, (ii) change the form
of consideration payable in the Offer, (iii) decrease the maximum number of Shares sought to be purchased in the Offer, (iv) impose additional conditions to the Offer, (v) amend or modify any of the conditions to the Offer in a manner
that adversely affects holders of Shares generally, (vi) amend or modify the Minimum Condition or (vii) extend or otherwise change the Expiration Date in a manner other than as required or permitted by the Merger Agreement.
Pursuant to the Merger Agreement and in accordance with Rule 14d-11 under the U.S. Securities Exchange Act of 1934, as amended (the
Exchange Act), but in all instances subject to the provisions of Section 251(h) of the DGCL and our obligation to consummate the Merger as soon as practicable following the consummation of the Offer and satisfaction or
waiver of the remaining conditions set forth in the Merger Agreement, we may elect to provide a subsequent offering period (and one or more extensions thereof) following the Expiration Date. Because the Merger will be governed by Section 251(h)
of the DGCL, no stockholder vote will be required to consummate the Merger. Following the consummation of the Offer and subject to the satisfaction or waiver of the remaining conditions set forth in the Merger Agreement, we, Aloha and Anadigics will
consummate the Merger as soon as practicable. We do not expect there to be a significant period of time between the consummation of the Offer and the consummation of the Merger. If we elect to provide a subsequent offering period, it will be an
additional period of time, following the Expiration Date, during which stockholders may tender any Shares not previously tendered into the Offer prior to the Expiration Date (or Shares previously tendered and later withdrawn prior to the Expiration
Date) and not withdrawn. If we elect to provide a subsequent offering period, (i) it will remain open for such period or periods as we will specify of neither less than three business days nor more than 20 business days, (ii) Shares may be
tendered in the same manner as was applicable to the Offer except that any Shares tendered during such period may not be withdrawn pursuant to Rule 14d-7(a)(2) under the Exchange Act, (iii) we will immediately accept and promptly
pay for Shares as they are tendered and (iv) the price per Share will be the same as the Offer Price. For purposes of the Offer as provided under the Exchange Act, a business day means any day other than a Saturday, Sunday or a
U.S. federal holiday and consists of the time period from 12:01 a.m. through 12:00 midnight, New York City time.
A subsequent
offering period, if one is provided, is not an extension of the Offer. If we do elect to provide a subsequent offering period, we will make a public announcement of such election no later than 9:00 a.m., New York City time, on the next business
day after the Expiration Date.
The Merger Agreement separately provides that we are required to extend the Offer (i) for successive
periods of ten business days each, or such other number of business days as we, Aloha and Anadigics may agree, in order to permit the satisfaction of all conditions that have not been satisfied as of the scheduled Expiration Date (subject to our
right to waive any condition to the Offer (other than the Minimum Condition) in accordance with the Merger Agreement), and (ii) for the minimum period required by applicable law or any interpretation or position of the SEC or its staff or the
NASDAQ Stock Market, LLC (NASDAQ) or its staff, provided that we are not, under any circumstances, obligated to extend the Offer beyond February 9, 2016 (the End Date).
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If we extend the Offer, are delayed in our acceptance for payment of Shares, are delayed in
payment after the time we accept for payment Shares tendered in the Offer (the Acceptance Time) or are unable to accept Shares for payment pursuant to the Offer for any reason, then, without prejudice to our rights under
the Offer, the Depositary may retain tendered Shares on our behalf, and such Shares may not be withdrawn except to the extent that tendering stockholders are entitled to withdrawal rights as described in this Offer to Purchase under
Section 4 Withdrawal Rights. However, our ability to delay the payment for Shares that we have accepted for payment is limited by Rule 14e-1(c) under the Exchange Act, which requires us to promptly pay the consideration
offered or return the securities deposited by or on behalf of stockholders promptly after the termination or withdrawal of the Offer.
If
we make a material change in the terms of the Offer or the information concerning the Offer or if we waive a material condition of the Offer, we will disseminate additional tender offer materials and extend the Offer if and to the extent required by
Rules 14d-4(d)(1), 14d-6(c) and 14e-1 under the Exchange Act and the interpretations thereunder. The minimum period during which an offer must remain open following material changes in the terms of an offer or information concerning an offer,
other than a change in price or a change in percentage of securities sought, will depend upon the facts and circumstances, including the relative materiality of the terms or information changes and the appropriate manner of dissemination. In a
published release, the SEC has stated that, in its view, an offer should remain open for a minimum of five business days from the date the material change is first published, sent or given to stockholders, and that if material changes are made with
respect to information that approaches the significance of price and the percentage of securities sought, a minimum period of 10 business days may be required to allow for adequate dissemination to stockholders and investor response. In accordance
with the foregoing view of the SEC and applicable law, if, prior to the Expiration Date, and subject to the limitations of the Merger Agreement, we change the number of Shares being sought or the consideration offered pursuant to the Offer, and if
the Offer is scheduled to expire at any time earlier than the 10th business day from the date that notice of such change is first published, sent or given to stockholders, the Offer will be extended at least until the expiration of such
10th business day.
If, prior to the Expiration Date, we increase the consideration being paid for Shares, such increased
consideration will be paid to all stockholders whose Shares are purchased in the Offer, whether or not such Shares were tendered before the announcement of such increase in consideration.
Any extension, delay, termination, waiver or amendment of the Offer will be followed promptly by public announcement thereof, such
announcement in the case of an extension to be made no later than 9:00 a.m., New York City time, on the next business day after the previously scheduled Expiration Date. Subject to applicable law (including Rules 14d-4(d), 14d-6(c) and
14e-1 under the Exchange Act, which require that material changes be promptly disseminated to stockholders in a manner reasonably designed to inform them of such changes) and without limiting the manner in which we may choose to make any public
announcement, we will have no obligation to publish, advertise or otherwise communicate any such public announcement other than by issuing a press release to a national news service.
Anadigics has provided us with its stockholder list and security position listings for the purpose of disseminating the Offer to holders of
Shares. This Offer to Purchase and the Letter of Transmittal will be mailed to record holders of Shares whose names appear on Anadigicss stockholder list and will be furnished, for subsequent transmittal to beneficial owners of Shares, to
brokers, dealers, commercial banks, trust companies and other nominees whose names, or the names of whose nominees, appear on the stockholder list or, if applicable, who are listed as participants in a clearing agencys security position
listing.
2. |
Acceptance for Payment and Payment for Shares. |
Upon the terms and subject to the
conditions of the Offer (including, if the Offer is extended or amended, the terms and conditions of any such extension or amendment), we will promptly accept for payment and
4
promptly thereafter pay for all Shares validly tendered and not properly withdrawn prior to the Expiration Date pursuant to the Offer.
In all cases, payment for Shares accepted for payment pursuant to the Offer will be made only after timely receipt by the Depositary of:
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the certificates evidencing such Shares (Share Certificates) or confirmation of a book-entry transfer of such Shares (a Book-Entry Confirmation) into the
Depositarys account at The Depository Trust Company (the Book-Entry Transfer Facility) pursuant to the procedures set forth in Section 3 Procedures for Accepting the Offer and Tendering
Shares; |
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a properly completed and duly executed Letter of Transmittal, together with any required signature guarantees or, in the case of book-entry transfer of Shares, either such Letter of Transmittal or an Agents
Message (as defined below) in lieu of such Letter of Transmittal; and |
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any other documents required by the Letter of Transmittal. |
Accordingly, tendering
stockholders may be paid at different times depending upon when Share Certificates or Book-Entry Confirmations with respect to their Shares are actually received by the Depositary.
For purposes of the Offer, we will be deemed to have accepted for payment, and thereby purchased, Shares validly tendered and not properly
withdrawn, if and when we give oral or written notice to the Depositary of our acceptance for payment of such Shares pursuant to the Offer. Upon the terms and subject to the conditions to the Offer, payment for Shares accepted for payment pursuant
to the Offer will be made by deposit of the Offer Price therefor with the Depositary, which will act as agent for tendering stockholders for the purpose of receiving payments from us and transmitting such payments to tendering stockholders of record
whose Shares have been accepted for payment. If, for any reason whatsoever, acceptance for payment of any Shares tendered pursuant to the Offer is delayed, or we are unable to accept for payment Shares tendered pursuant to the Offer, then, without
prejudice to our rights under the Offer, the Depositary may, nevertheless, on our behalf, retain tendered Shares, and such Shares may not be withdrawn, except to the extent that the tendering stockholders are entitled to withdrawal rights as
described in Section 4 Withdrawal Rights and as otherwise required by Rule 14e-1(c) under the Exchange Act.
Under no circumstances will interest with respect to the Shares purchased pursuant to the Offer be paid, regardless of any extension of the
Offer or delay in making such payment.
All questions as to the validity, form, eligibility (including time of receipt) and
acceptance for payment of any tender of Shares will be determined by us in our sole discretion. We reserve the absolute right to reject any and all tenders determined by us not to be in proper form or the acceptance for payment of which may, in the
opinion of our counsel, be unlawful.
Shares tendered by a Notice of Guaranteed Delivery will not be deemed validly tendered for
purposes of satisfying the Minimum Condition unless and until Shares underlying such Notice of Guaranteed Delivery are delivered to the Depositary or unless otherwise mutually agreed by us and Anadigics.
If any tendered Shares are not accepted for payment for any reason pursuant to the terms and conditions of the Offer, or if Share Certificates
are submitted evidencing more Shares than are tendered, Share Certificates evidencing unpurchased or untendered Shares will be returned, without expense, to the tendering stockholder (or, in the case of Shares tendered by book-entry transfer into
the Depositarys account at the Book-Entry Transfer Facility pursuant to the procedure set forth in Section 3 Procedures for Accepting the Offer and Tendering Shares, such Shares will be credited to an account
maintained at the Book-Entry Transfer Facility), in each case, promptly following the expiration or termination of the Offer.
5
3. |
Procedures for Accepting the Offer and Tendering Shares. |
Valid Tender of
Shares. No alternative, conditional or contingent tenders will be accepted. In order for a Anadigics stockholder to validly tender Shares pursuant to the Offer, the stockholder must follow one of the following procedures:
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for Shares held as physical certificates, the certificates representing tendered Shares, a properly completed and duly executed Letter of Transmittal, together with any required signature guarantees, and any other
documents required by the Letter of Transmittal, must be received by the Depositary at one of its addresses set forth on the back cover of this Offer to Purchase before the Expiration Date (unless the tender is made during a subsequent offering
period, if one is provided, in which case the certificates representing Shares, the Letter of Transmittal and other documents must be received before the expiration of such subsequent offering period); |
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for Shares held in book-entry form, either a properly completed and duly executed Letter of Transmittal, together with any required signature guarantees, or an Agents Message in lieu of such Letter of Transmittal,
and any other required documents, must be received by the Depositary at one of its addresses set forth on the back cover of this Offer to Purchase, and such Shares must be delivered according to the book-entry transfer procedures described below
under Book-Entry Transfer and a Book-Entry Confirmation must be received by the Depositary, in each case before the Expiration Date (unless the tender is made during a subsequent offering period, if one is provided, in which case the
Letter of Transmittal or an Agents Message in lieu of such Letter of Transmittal, and other documents must be received before the expiration of such subsequent offering period); or |
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the tendering stockholder must comply with the guaranteed delivery procedures described below under Guaranteed Delivery before the Expiration Date. |
The term Agents Message means a message transmitted by the Book-Entry Transfer Facility to, and received by,
the Depositary and forming a part of a Book-Entry Confirmation that states that the Book-Entry Transfer Facility has received an express acknowledgment from the participant in the Book-Entry Transfer Facility tendering the Shares that are the
subject of such Book-Entry Confirmation, that such participant has received and agrees to be bound by the terms of the Letter of Transmittal and that we may enforce such agreement against such participant.
Book-Entry Transfer. The Depositary will establish an account with respect to the Shares at the Book-Entry Transfer Facility for
purposes of the Offer within two business days after the date of this Offer to Purchase. Any financial institution that is a participant in the system of the Book-Entry Transfer Facility may make a book-entry delivery of Shares by causing the
Book-Entry Transfer Facility to transfer such Shares into the Depositarys account at the Book-Entry Transfer Facility in accordance with the Book-Entry Transfer Facilitys procedures for such transfer. However, although delivery of Shares
may be effected through book-entry transfer at the Book-Entry Transfer Facility, either a properly completed and duly executed Letter of Transmittal, together with any required signature guarantees, or an Agents Message and any other required
documents (for example, in certain circumstances, a completed IRS Form W-9 that is included in the Letter of Transmittal) must, in any case, be received by the Depositary at one of its addresses set forth on the back cover of this Offer to
Purchase prior to the Expiration Date, or the tendering stockholder must comply with the guaranteed delivery procedure described below. Delivery of documents to the Book-Entry Transfer Facility does not constitute delivery to the
Depositary.
Signature Guarantees. No signature guarantee is required on the Letter of Transmittal if:
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the Letter of Transmittal is signed by the registered holder (which term, for purposes of this Section 3, includes any participant in the Book-Entry Transfer Facilitys systems whose name appears on a security
position listing as the owner of the Shares) of the Shares tendered therewith, unless such registered holder has completed either the box entitled Special Delivery Instructions or the box entitled Special Payment Instructions
on the Letter of Transmittal; or |
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Shares tendered pursuant to such Letter of Transmittal are for the account of a financial institution (including most commercial banks, savings and loan associations and brokerage houses) that is a member of or
participant in a recognized Medallion Program approved by the Securities Transfer Association Inc., including the Security Transfer Agents Medallion Program (STAMP), the Stock Exchange Medallion Program (SEMP) and the New York Stock
Exchange Medallion Signature Program (MSP), or any other eligible guarantor institution, as such term is defined in Rule 17Ad-15 under the Exchange Act (each, an Eligible Institution and, collectively, the
Eligible Institutions). |
In all other cases, all signatures on a Letter of Transmittal must be
guaranteed by an Eligible Institution. See Instructions 1 and 5 of the Letter of Transmittal. If a Share Certificate is registered in the name of a person or persons other than the signer of the Letter of Transmittal, or if payment is to be
made or delivered to, or a Share Certificate not accepted for payment or not tendered is to be issued in the name of or returned to, a person other than the registered holder(s), then the Share Certificate must be endorsed or accompanied by
appropriate duly executed stock powers, in either case signed exactly as the name(s) of the registered holder(s) appears on the Share Certificate, with the signature(s) on such Share Certificate or stock powers guaranteed by an Eligible Institution
as provided in the Letter of Transmittal. See Instructions 1 and 5 of the Letter of Transmittal.
Guaranteed Delivery. If
a stockholder desires to tender Shares pursuant to the Offer and the Share Certificates evidencing such stockholders Shares are not immediately available or such stockholder cannot deliver the Share Certificates and all other required
documents to the Depositary prior to the Expiration Date, or such stockholder cannot complete the procedure for delivery by book-entry transfer on a timely basis, such Shares may nevertheless be tendered; provided that all of the following
conditions are satisfied:
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such tender is made by or through an Eligible Institution; |
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a properly completed and duly executed Notice of Guaranteed Delivery, substantially in the form made available by us, is received prior to the Expiration Date by the Depositary as provided below; and
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the Share Certificates (or a Book-Entry Confirmation) evidencing all tendered Shares, in proper form for transfer, in each case together with a properly completed and duly executed Letter of Transmittal, together with
any required signature guarantees (or, in the case of book-entry transfer of Shares, either such Letter of Transmittal or an Agents Message in lieu of such Letter of Transmittal), and any other documents required by the Letter of Transmittal
are received by the Depositary within three NASDAQ trading days after the date of execution of such Notice of Guaranteed Delivery. |
A Notice of Guaranteed Delivery may be delivered by overnight courier or mailed to the Depositary and must include a guarantee by an Eligible
Institution in the form set forth in the form of Notice of Guaranteed Delivery made available by us. In the case of Shares held through the Book-Entry Transfer Facility, the Notice of Guaranteed Delivery must be delivered to the Depositary by a
participant by means of the confirmation system of the Book-Entry Transfer Facility.
Shares tendered by a Notice of Guaranteed
Delivery will not be deemed validly tendered for purposes of satisfying the Minimum Condition unless and until Shares underlying such Notice of Guaranteed Delivery are delivered to the Depositary unless otherwise mutually agreed by us and Anadigics.
The method of delivery of Shares, the Letter of Transmittal and all other required documents, including delivery through the
Book-Entry Transfer Facility, is at the election and risk of the tendering stockholder. Shares will be deemed delivered only when actually received by the Depositary (including, in the case of a book-entry transfer, by Book-Entry Confirmation). If
delivery is by mail, then registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to ensure timely delivery.
7
The tender of Shares pursuant to any one of the procedures described above will constitute the
tendering stockholders acceptance of the terms and conditions of the Offer, as well as the tendering stockholders representation and warranty that such stockholder has the full power and authority to tender and assign the Shares
tendered, as specified in the Letter of Transmittal, and that when the Acceptance Time occurs, we will acquire good and unencumbered title, free and clear of all liens, restrictions, charges and encumbrances and not subject to any adverse claims.
Our acceptance for payment of Shares tendered pursuant to the Offer will constitute a binding agreement between the tendering stockholder and us upon the terms and subject to the conditions to the Offer.
Determination of Validity. All questions as to the validity, form, eligibility (including time of receipt) and acceptance for
payment of any tender of Shares will be determined by us in our sole discretion. We reserve the absolute right to reject any and all tenders we determine not to be in proper form or the acceptance for payment of which may, in the opinion of our
counsel, be unlawful. We also reserve the absolute right to waive any defect or irregularity in the tender of any Shares of any particular stockholder, whether or not similar defects or irregularities are waived in the case of other stockholders. No
tender of Shares will be deemed to have been validly made until all defects and irregularities have been cured or waived to our satisfaction. None of us, the Depositary, the Information Agent or any other person will be under any duty to give
notification of any defects or irregularities in tenders or incur any liability for failure to give any such notification. Our interpretation of the terms and conditions of the Offer (including the Letter of Transmittal and the instructions thereto)
will be determined by us in our sole discretion.
Appointment as Proxy. By executing the Letter of Transmittal (or taking
action resulting in the delivery of an Agents Message) as set forth above, unless Shares relating to such Letter of Transmittal or Agents Message are properly withdrawn pursuant to the Offer, the tendering stockholder will irrevocably
appoint our designees, and each of them, as such stockholders attorneys-in-fact and proxies in the manner set forth in the Letter of Transmittal, each with full power of substitution, to the full extent of such stockholders rights with
respect to the Shares tendered by such stockholder and accepted for payment by us and with respect to any and all other Shares or other securities or rights issued or issuable in respect of such Shares. All such proxies will be considered coupled
with an interest in the tendered Shares. Such appointment will be effective if and when, and only to the extent that, we accept such Shares for payment pursuant to the Offer. Upon such appointment, all prior powers of attorney, proxies and consents
given by such stockholder with respect to such Shares or other securities or rights will, without further action, be revoked and no subsequent powers of attorney, proxies, consents or revocations may be given by such stockholder (and, if given, will
not be deemed effective) with respect thereto. Each of our designees will thereby be empowered to exercise all voting and other rights with respect to such Shares and other securities or rights, including in respect of any annual, special or
adjourned meeting of Anadigicss stockholders or otherwise, as such designee in its sole discretion deems proper. We reserve the right to require that, in order for Shares to be deemed validly tendered, immediately upon the occurrence of the
Acceptance Time, we must be able to exercise full voting, consent and other rights with respect to such Shares and other securities and rights, including voting at any meeting of stockholders.
The foregoing powers of attorney and proxies are effective only upon acceptance for payment of Shares pursuant to the Offer. The Offer does
not constitute a solicitation of proxies, absent a purchase of Shares, for any meeting of Anadigicss stockholders.
Anadigics
Options and Anadigics Restricted Stock Unit Awards. The Offer is made only for outstanding Shares and is not made for any Anadigics Options or Anadigics Restricted Stock Unit Awards (as defined in Section11 The Merger
Agreement; Other Agreements The Merger Agreement Treatment of Anadigics Options and Anadigics Restricted Stock Unit Awards). See Section 11 The Merger Agreement; Other Agreements The
Merger Agreement Treatment of Anadigics Options and Anadigics Restricted Stock Unit Awards for a description of the treatment of the Anadigics Options and Anadigics Restricted Stock Unit Awards.
Backup Withholding. To prevent federal backup withholding with respect to payment of the Offer Price of Shares
purchased pursuant to the Offer, each stockholder (including any stockholder that tenders Shares into the
8
Offer pursuant to the book-entry transfer procedures described above in this Section 3) must provide the Depositary with its correct taxpayer identification number and certify that it
is not subject to backup withholding by completing the IRS Form W-9 that is included in the Letter of Transmittal or by otherwise certifying such stockholders exemption from backup withholding. See Instruction 8 set forth in the
Letter of Transmittal and Section 5 Certain Material U.S. Federal Income Tax Consequences of the Offer and the Merger of this Offer to Purchase for a more detailed discussion of backup withholding.
Except as otherwise provided in this Section 4, tenders of
Shares made pursuant to the Offer are irrevocable. Shares tendered pursuant to the Offer may be withdrawn at any time prior to the Expiration Date. Thereafter, tenders of Shares are irrevocable, except that they may also be withdrawn after
January 23, 2016, which is the 60th day from the commencement of the Offer, unless such Shares have already been accepted for payment by us pursuant to the Offer.
For a withdrawal to be proper and effective, a written notice of withdrawal must be timely received by the Depositary at one of its addresses
set forth on the back cover page of this Offer to Purchase. Any such notice of withdrawal must specify the name of the person who tendered the Shares to be withdrawn, the number of Shares to be withdrawn and the name of the registered holder of such
Shares, if different from that of the person who tendered such Shares. If Share Certificates evidencing Shares to be withdrawn have been delivered or otherwise identified to the Depositary, then, prior to the physical release of such Share
Certificates, the serial numbers shown on such Share Certificates must be submitted to the Depositary and the signature(s) on the notice of withdrawal must be guaranteed by an Eligible Institution, unless such Shares have been tendered for the
account of an Eligible Institution. If Shares have been tendered pursuant to the procedure for book-entry transfer as set forth in Section 3 Procedures for Accepting the Offer and Tendering Shares Book-Entry
Transfer, any notice of withdrawal must also specify the name and number of the account at the Book-Entry Transfer Facility to be credited with the withdrawn Shares.
If we extend the Offer, are delayed in our acceptance for payment of Shares or are unable to accept Shares for payment pursuant to the Offer
for any reason, then, without prejudice to our rights under the Offer, the Depositary may, nevertheless, on our behalf, retain tendered Shares, and such Shares may not be withdrawn except to the extent that tendering stockholders are entitled to
withdrawal rights as described in this Section 4 and as otherwise required by Rule 14e-1(c) under the Exchange Act.
Withdrawals
of tendered Shares may not be rescinded, and any Shares properly withdrawn will thereafter be deemed not to have been validly tendered for purposes of the Offer. However, Shares that have been properly withdrawn may be re-tendered at any time prior
to the Expiration Date by following one of the procedures described in Section 3 Procedures for Accepting the Offer and Tendering Shares Valid Tender of Shares.
Shares previously tendered into the Offer and accepted for payment, or if we elect to provide a subsequent offering period, Shares tendered in
such subsequent offering period (as described in more detail in Section 1 Terms of the Offer), may not be withdrawn.
All questions as to the form and validity (including time of receipt) of any notice of withdrawal will be determined by us in our sole
discretion. We also reserve the absolute right to waive any defect or irregularity in the withdrawal of Shares by any stockholder, regardless of whether or not similar defects or irregularities are waived in the case of other stockholders. None of
us, the Depositary, the Information Agent or any other person will be under any duty to give notification of any defects or irregularities in any notice of withdrawal or incur any liability for failure to give any such notification.
5. |
Certain Material U.S. Federal Income Tax Consequences of the Offer and the Merger. |
The
following is a summary of certain material U.S. federal income tax consequences of the Offer and the Merger to holders whose Shares are purchased pursuant to the Offer or whose Shares are converted into the right
9
to receive cash in the Merger (or pursuant to the exercise of appraisal rights in accordance with Delaware law). This summary is based on the Internal Revenue Code of 1986, as amended, applicable
treasury regulations and administrative and judicial interpretations thereunder, each as in effect as of the date hereof, all of which may change, possibly with retroactive effect. This summary is not a comprehensive description of all
U.S. federal income tax consequences of the Offer and the Merger that may be relevant to particular holders in light of their individual circumstances. The discussion applies only to holders that hold their Shares as capital assets, and may not
apply to Shares received pursuant to the exercise of employee stock options or otherwise as compensation, Shares held as part of a straddle, hedge, conversion transaction, constructive sale or other integrated
transaction, holders that purchase or sell Shares as part of a wash sale for tax purposes, holders in special tax situations (such as dealers in securities or currencies, traders in securities that elect to use a mark-to-market method of accounting
for their securities holdings, banks, insurance companies, tax-exempt organizations, U.S. expatriates, controlled foreign corporations or passive foreign investment companies), or United States Holders (as defined below)
whose functional currency is not the U.S. dollar. This discussion does not address any aspect of U.S. federal gift or estate tax, or state, local or foreign taxation.
If a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax
treatment of a partner in the partnership generally will depend on the status of the partner and the tax treatment of the partnership. Accordingly, partnerships that hold Shares and partners in such partnerships should consult their tax advisors
with regard to the U.S. federal income tax consequences of exchanging Shares pursuant to the Offer or the Merger.
THE MATERIAL
U.S. FEDERAL INCOME TAX CONSEQUENCES SET FORTH BELOW ARE BASED ON CURRENT LAW. BECAUSE INDIVIDUAL CIRCUMSTANCES MAY DIFFER, EACH HOLDER SHOULD CONSULT SUCH HOLDERS OWN TAX ADVISOR TO DETERMINE THE APPLICABILITY OF THE RULES DISCUSSED
BELOW TO SUCH HOLDER AND THE PARTICULAR TAX EFFECTS OF THE OFFER AND THE MERGER TO SUCH HOLDER, INCLUDING THE APPLICATION AND EFFECT OF U.S. FEDERAL ESTATE AND GIFT, STATE, LOCAL AND OTHER TAX LAWS.
United States Holders. For purposes of this discussion, the term United States Holder means a beneficial owner of
Shares that is, for U.S. federal income tax purposes:
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a citizen or resident of the United States; |
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a domestic corporation; |
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an estate whose income is subject to United States federal income taxation regardless of its source; or |
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a trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial
decisions of the trust or (ii) the trust has validly elected to be treated as a United States person under applicable Treasury regulations. |
The receipt of cash for Shares pursuant to the Offer or the Merger (or pursuant to the exercise of appraisal rights) will be a taxable
transaction for U.S. federal income tax purposes. In general, a United States Holder will recognize gain or loss in an amount equal to the difference between the amount of cash received by such United States Holder pursuant to the Offer or
converted into the right to receive cash in the Merger (or appraised in an appraisal proceeding by the Delaware Court of Chancery) and such United States Holders adjusted federal income tax basis in such Shares therein. Gain or loss must be
determined separately for each block of Shares (i.e., Shares acquired at the same cost in a single transaction) sold pursuant to the Offer or converted into the right to receive cash in the Merger. Such gain or loss will be capital gain or loss
(other than, with respect to the exercise of appraisal rights, amounts, if any, that are or are deemed to be interest for federal income tax purposes, which amounts will be taxed as ordinary income) and will be long-term capital gain or loss if, on
the date of sale (or, if applicable, the date of the Merger), such Shares were held for more than one year. Long-term capital gains
10
recognized by an individual generally will be taxed at preferential rates. Capital losses may be subject to limits on deductibility.
An additional 3.8% tax is imposed on the net investment income of certain United States Holders. Among other items, net
investment income generally includes gain from the disposition of the Shares and interest income, less certain deductions. Each United States Holder that is an individual, estate or trust should consult such United States Holders tax
advisor with respect to the potential application of this additional tax.
Non-United States Holders. For purposes of this
discussion, the term Non-United States Holder means a beneficial owner of Shares that is not a United States Holder.
In
general, a Non-United States Holder will not be subject to U.S. federal income tax on gain recognized on Shares sold pursuant to the Offer or converted into the right to receive cash in the Merger (or appraised in an appraisal proceeding by the
Delaware Court of Chancery) unless:
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the gain is effectively connected with the Non-United States Holders conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, the gain is attributable
to a permanent establishment that such Non-United States Holder maintains in the United States); or |
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the Non-United States Holder is an individual present in the United States for 183 or more days in the taxable year of the sale and certain other conditions exist; or |
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the Non-United States Holder exercises appraisal rights and receives amounts that are or are deemed to be interest for federal income tax purposes, which amounts will be subject to tax at a 30% tax rate or at a lower
rate if such Non-United States Holder is eligible for the benefits of an income tax treaty that provides for a lower rate. |
Effectively connected gains that are recognized by a corporate Non-United States Holder also may be subject, under certain
circumstances, to an additional branch profits tax at a 30% rate or at a lower rate if such holder is eligible for the benefits of an income tax treaty that provides for a lower rate.
Information Reporting and Backup Withholding. Payments made to a noncorporate United States Holder in connection with the Offer or
the Merger generally will be subject to information reporting and may be subject to backup withholding. See Section 3 Procedures for Accepting the Offer and Tendering Shares Backup Withholding of
this Offer to Purchase.
Backup withholding generally applies if a United States Holder (i) fails to provide an accurate taxpayer
identification number or (ii) in certain circumstances, fails to comply with applicable certification requirements. A Non-United States Holder generally will be exempt from information reporting and backup withholding if it certifies on an
appropriate IRS Form W-8 that it is not a U.S. person, or otherwise establishes an exemption in a manner satisfactory to the Depositary.
Backup withholding is not an additional tax and may be refunded by the Internal Revenue Service to the extent it results in an overpayment of
tax. Certain persons generally are entitled to exemption from information reporting and backup withholding, including corporations. Certain penalties apply for failure to provide correct information and for failure to include reportable payments in
income. Each holder should consult with his or her own tax advisor as to his or her qualification for exemption from backup withholding and the procedure for obtaining such exemption. Tendering United States Holders may be able to prevent backup
withholding by completing the IRS Form W-9 that is included in the Letter of Transmittal or, in the case of Non-United States Holders, an IRS Form W-8BEN.
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6. |
Price Range of Shares; Dividends. |
The Shares are listed and principally traded on
NASDAQ under the symbol ANAD. The following table sets forth the high and low sales prices per Share for the periods indicated as reported on NASDAQ based on published financial sources:
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High |
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Low |
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Calendar Year 2013: |
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First Quarter |
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$ |
2.87 |
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$ |
1.74 |
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Second Quarter |
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2.34 |
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1.67 |
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Third Quarter |
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2.45 |
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1.71 |
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Fourth Quarter |
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2.20 |
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1.71 |
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Calendar Year 2014: |
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First Quarter |
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$ |
2.17 |
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$ |
1.66 |
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Second Quarter |
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1.76 |
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0.79 |
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Third Quarter |
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0.93 |
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0.57 |
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Fourth Quarter |
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0.86 |
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0.55 |
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Calendar Year 2015: |
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First Quarter |
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$ |
1.45 |
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$ |
0.75 |
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Second Quarter |
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1.55 |
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0.61 |
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Third Quarter |
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0.77 |
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0.19 |
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Fourth Quarter (through November 23, 2015) |
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0.34 |
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0.21 |
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On November 11, 2015, the last full trading day before the execution of the Merger Agreement and the
Offer was announced, the closing price of the Shares on NASDAQ was $0.24 per Share. On November 23, 2015, the last full day of trading before the commencement of the Offer, the closing price of the Shares on NASDAQ was $0.34 per Share.
We encourage you to obtain a recent quotation for Shares in deciding whether to tender your Shares
Anadigics has never declared or paid cash dividends with respect to the Shares. Under the terms of the Merger Agreement, Anadigics is not
permitted to declare or pay any dividend in respect of the Shares without Alohas prior written consent. See Section 11 The Merger Agreement; Other Agreements The Merger Agreement Conduct of
Business of Anadigics.
7. |
Certain Information Concerning Anadigics. |
Except as otherwise set forth in this Offer
to Purchase, the information concerning Anadigics contained in this Offer to Purchase has been taken from or based upon publicly available documents and records on file with the SEC and other public sources and is qualified in its entirety by
reference thereto. None of Purchaser, Aloha, the Information Agent or the Depositary take responsibility for the accuracy or completeness of the information contained in such documents and records or for any failure by Anadigics to disclose events
that may have occurred or may affect the significance or accuracy of any such information but that are unknown to Purchaser, Aloha, the Information Agent or the Depositary.
General. Anadigics was incorporated in Delaware in April 1984. The principal executive offices of Anadigics are located at 141 Mt.
Bethel Road, Warren, New Jersey 07059 and the telephone number is (908) 668-5000.
Anadigics is a global provider of technology,
design, and manufacturing of radio frequency (RF) semiconductor solutions for infrastructure and mobile communications and data transmission markets. Anadigicss product portfolio includes line amplifiers, reverse path
amplifiers, power amplifiers (PAs), and front-end integrated circuits (FEICs). Anadigics recently introduced foundry services provide the capacity for
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large scale vertical-cavity surface-emitting laser wafer processing and testing. Anadigicss cable television (CATV) solutions include line amplifiers, reverse path
amplifiers, and other RF products that provide the critical link within CATV infrastructure communications networks, as well as customer-premises equipment (CPE) devices, such as set-top boxes and cable modems.
Anadigicss wireless infrastructure products include PAs and FEICs that enable wireless connectivity for infrastructure and multimedia applications, including access points, routers, media gateways, and set-top boxes. Anadigicss wireless
infrastructure solutions include PAs that are crucial components in 3G and 4G small-cell base stations, including picocells, enterprise-class femtocells, and CPE devices that help carriers expand broadband network coverage and support greater levels
of data transmission. PAs are used in a variety of 3G and 4G internet applications, including automotive, machine-to-machine, and industrial devices.
The information concerning Anadigics contained in this Offer to Purchase has been taken from or is based upon information furnished by
Anadigics or its representatives or upon publicly available documents and records on file with the SEC. The foregoing summary of Anadigicss business is qualified in its entirety by reference to Anadigicss public filings with the SEC
(which may be obtained and reviewed as described below) and should be considered in conjunction with the more comprehensive financial and other information in such reports and other publicly available information.
Available Information. Anadigics files annual, quarterly and current reports, proxy statements and other information with the SEC.
Anadigicss SEC filings are available to the public over the Internet at the SECs website at www.sec.gov. You may also read and copy any document Anadigics files with the SEC at the SECs Public Reference Room at 100 F Street, N.E.,
Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms. Anadigics maintains a website at www.anadigics.com. These website addresses are not intended to function as hyperlinks, and the
information contained on Anadigicss website and on the SECs website is not incorporated by reference in this Offer to Purchase and you should not consider it a part of this Offer to Purchase.
8. |
Certain Information Concerning Purchaser, Aloha and GaAs Labs. |
General. Purchaser is a Delaware corporation and a wholly-owned subsidiary of Aloha, and Aloha is a Delaware corporation and
wholly-owned subsidiary of GaAs Labs. GaAs Labs, a California limited liability company, is a private company focused on investing in companies supplying high performance semiconductors and related devices for RF, microwave and related applications
in commercial communications, satellite and defense-related markets.
Both Purchaser and Aloha were formed solely for the purpose of
engaging in the transactions contemplated by the Merger Agreement, including the Offer and the Merger. To date, each of Purchaser and Aloha have not carried on any activities other than those related to their formation, the Merger Agreement, the
Offer and the Merger. Purchaser and Aloha have minimal assets and liabilities other than the contractual rights and obligations as set forth in the Merger Agreement. Following the consummation of the Offer and the satisfaction or waiver of the
remaining conditions set forth in the Merger Agreement, Purchaser will merge with and into Anadigics, with Anadigics continuing as the surviving corporation in the Merger and as a wholly-owned subsidiary of Aloha. The principal executive offices of
each of Purchaser, Aloha and GaAs Labs is located at 28013 Arastradero Road, Los Altos, California 94022, and their business telephone number is (408) 387-7756.
Additional Information. Certain information concerning the manager, directors and executive officers, as applicable, of Purchaser,
Aloha and GaAs Labs is set forth in Annex A to this Offer to Purchase.
Except as set forth elsewhere in this Offer to Purchase
(including Section 10 Background of the Offer; Past Contacts, Transactions, Negotiations and Agreements with Anadigics, Section 11 The Merger Agreement; Other Agreements and Annex A):
(i) none of Purchaser, Aloha or GaAs Labs, or to their knowledge
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after reasonable inquiry, any of the persons listed in Annex A, or any associate or affiliate of the foregoing, beneficially owns or has a right to acquire any Shares or any other equity
securities of Anadigics, (ii) none of Purchaser, Aloha or GaAs Labs, or to their knowledge after reasonable inquiry, any of the persons listed in Annex A, has effected any transaction in the Shares or any other equity securities of
Anadigics during the 60-day period preceding the date of this Offer to Purchase, (iii) none of Purchaser, Aloha or GaAs Labs, or to their knowledge after reasonable inquiry, any of the persons listed in Annex A, has any contract,
arrangement, understanding or relationship with any other person with respect to any securities of Anadigics, (iv) during the two years prior to the date of this Offer to Purchase, there have been no transactions between us, Aloha and GaAs
Labs, their subsidiaries, or to their knowledge after reasonable inquiry, any of the persons listed in Annex A, on the one hand, and Anadigics or any of its executive officers, directors or affiliates, on the other hand, (v) during the two
years prior to the date of this Offer to Purchase, there have been no negotiations, transactions or contracts between us, Aloha and GaAs Labs, their subsidiaries, or to their knowledge after reasonable inquiry, any of the persons listed in
Annex A, on the one hand, and Anadigics or any of its executive officers, directors or affiliates, on the other hand, concerning a merger, consolidation or acquisition, a tender offer or other acquisition of securities, an election of directors
or a sale or other transfer of a material amount of assets and (vi) there are no present or proposed material agreements, arrangements, understandings or relationships between us, Aloha, GaAs Labs or any of their respective executive officers,
directors or affiliates, on the one hand, and Anadigics or any of its executive officers, directors or affiliates, on the other hand. None of Purchaser, Aloha or GaAs Labs has, during the past five years, been convicted in a criminal proceeding
(excluding traffic violations and similar misdemeanors) or been a party to any judicial or administrative proceeding (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining
it from future violations of, or prohibiting activities subject to, U.S. federal or state securities laws, or a finding of any violation of U.S. federal or state securities laws.
Available Information. Pursuant to Rule 14d-3 under the Exchange Act, we, Aloha and GaAs Labs have filed with the SEC a
Tender Offer Statement on Schedule TO (as amended, which we refer to as the Schedule TO), of which this Offer to Purchase forms a part, and exhibits to the Schedule TO and such documents are available to the
public over the Internet at the SECs website at www.sec.gov. You may also read and copy any document filed by us, Aloha and/or GaAs Labs with the SEC at the SECs Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.
Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms.
9. |
Source and Amount of Funds. |
We estimate that we will need approximately $33.5 million
to purchase all Shares pursuant to the Offer and to consummate the Merger (which includes, among other things, payment to acquire the remaining Shares in the Merger and payment in respect of Anadigics Options and Anadigics Restricted Stock Unit
Awards (in each case as defined in Section11 The Merger Agreement; Other Agreements The Merger Agreement Treatment of Anadigics Options and Anadigics Restricted Stock Unit Awards), and to pay related
fees and expenses. Aloha, through GaAs Labs, will provide us with sufficient funds to purchase all Shares validly tendered in the Offer, and will provide funding to consummate the Merger and to pay related transaction fees and expenses. Aloha and
GaAs Labs expects to fund such cash requirements from its available cash on hand. In addition, GaAs Labs entered into a guarantee in favor of Anadigics pursuant to which GaAs Labs agreed to unconditionally and irrevocably guarantee the payment
obligations and liabilities of Aloha and Purchaser under the Merger Agreement up to $32.2 million. See Section 11 The Merger Agreement; Other Agreements Guarantee. The Offer is not conditioned upon obtaining financing.
We do not believe that our financial condition is relevant to a decision by a holder of Shares whether to tender Shares and accept the
Offer because: (i) the consummation of the Offer is not subject to any financing condition; (ii) the Offer is being made for all Shares solely for cash; (iii) if the Offer is consummated, we will acquire all remaining Shares in the
Merger for the same cash price as was paid in the Offer (i.e., the Offer
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Price); and (iv) we, through Aloha and GaAs Labs, will have sufficient funds, through available cash on hand, to purchase all Shares validly tendered and not properly withdrawn pursuant
to the Offer, and to provide funding to consummate the Merger and pay related transaction fees and expenses.
10. |
Background of the Offer; Past Contacts, Transactions, Negotiations and Agreements with Anadigics. |
Background of the Offer
GaAs Labs
regularly evaluates potential investments in other companies, including potential strategic acquisitions of other companies.
On or about
April 23, 2014, John Ocampo, President of GaAs Labs, met with Ron Michels, Chairman and Chief Executive Officer of Anadigics, to discuss that GaAs Labs might be interested in exploring a potential transaction with Anadigics.
On or about September 11, 2015, Mr. Ocampo spoke via telephone with Mr. Michels to again discuss a potential transaction between GaAs Labs and
Anadigics.
On September 15, 2015, Mr. Ocampo and Mr. Michels executed a Mutual Non-Disclosure and Standstill Agreement.
From September 16, 2015 through November 11, 2015, Messrs. Ocampo and Michels discussed via telephone various due diligence and transaction
matters.
From September 16, 2015 to September18, 2015, Mr. Michels sent Mr. Ocampo various information regarding Anadigics, including an
investor presentation, latest balance sheet and information regarding the Anadigicss fabrication facility.
On September 23, 2015, a
representative of GaAs Labs visited Anadigicss Warren, New Jersey fabrication facility and met with Anadigics senior management.
On
or about September 25, 2015, Messrs. Ocampo and Michels spoke via telephone to further discuss a potential transaction, including a possible acquisition of Anadigics by GaAs Labs.
On or about September 28, 2015, Messrs. Ocampo and Michels spoke via telephone concerning the potential transaction. Also, on or about
September 29, 2015, Mr. Ocampo advised Mr. Michels that he intended to send to Anadigics a written proposal on behalf of GaAs Labs concerning the contemplated transaction.
On September 30, 2015, representatives of GaAs Labs delivered a letter to Anadigics, indicating GaAs Labs willingness to acquire
Anadigics in an all cash transaction at a price range of $0.38 to $0.42 per Share and requesting a 60-day exclusivity period to negotiate a definitive merger agreement with Anadigics.
On October 2, 2015 and October 3, 2015, Messrs. Ocampo and Michels again discussed via telephone the potential transaction, including GaAs
Labss request for an exclusivity period in which to negotiate with Anadigics and the facilitation of GaAs Labss due diligence investigation of Anadigics.
On October 5, 2015, Messrs. Ocampo and Michels spoke via telephone. Among other things, Mr. Michels informed Mr. Ocampo that Anadigics had
engaged Needham & Company (Needham) as its financial advisor and that Needham had been directed to contact other likely potential buyers.
On October 7, 2015, representatives of GaAs Labs delivered a due diligence request list to Anadigics.
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On October 13, 2015, Needham provided GaAs Labs with a revised indication of interest, increasing
the all cash price range to $0.40 to $0.42 per Share and requesting a 25-day Go-Shop period following the announcement of the transaction.
On October 15, 2015, representatives of GaAs Labs met with members of Anadigics management team, including Mr. Michels, in Warren, New Jersey
to discuss various matters relating to the potential transaction and to conduct legal, financial and business due diligence.
On October
16, 2015, a revised indication of interest was delivered by GaAs Labs to Needham reflecting an all cash price range of $0.38 to $0.42 per Share and certain other changes. GaAs Labs also delivered a letter agreement providing GaAs Labs the exclusive
right to negotiate a potential transaction with Anadigics through November 11, 2015.
On October 16, 2015, representatives of Anadigics
and GaAs Labs held a due diligence call.
From October 16, 2015 through October 20, 2015, representatives of GaAs Labs and Needham
negotiated terms of the indication of interest, including the price per Share, Go-Shop terms, break-up fee and terms and timing of the exclusivity arrangement.
On October 21, 2015, GaAs Labs executed and delivered the non-binding indication of interest with a $0.40 price per Share, a 25 day
Go-Shop period and a provision providing for a 3.75% break-up fee payable by Anadigics in the event of certain permitted terminations of the proposed Merger Agreement by Anadigics. The parties also executed a letter agreement granting
GaAs Labs the exclusive right to negotiate a potential transaction with Anadigics through November 11, 2015 conditioned upon GaAs Labs providing Anadigics with a draft of the Merger Agreement on or before October 28, 2015.
On October 22, 2015, Anadigics granted GaAs Labs and its advisors access to its electronic data room containing legal, contractual and other
information regarding Anadigics.
On October 28, 2015, Perkins Coie LLP (Perkins Coie), legal counsel to GaAs
Labs, delivered an initial draft of the Merger Agreement to representatives of Greenbaum, Row, Smith & Davis LLP (Greenbaum), legal counsel to Anadigics.
From October 28, 2015 to November 11, 2015, Mr. Ocampo and Mr. Michels participated in various discussions regarding, among other things,
Anadigicss business and operations, and the offer price of the transaction.
From October 30, 2015 through November 11, 2015,
representatives of GaAs Labs, Anadigics, Needham and their respective legal advisors exchanged drafts of the Merger Agreement and disclosure schedules and engaged in continued discussions regarding due diligence matters and the terms of the Merger
Agreement.
From November 3, 2015 through November 5, 2015, representatives of GaAs Labs met with Anadigics management in Warren, New
Jersey regarding financial due diligence and representatives of GaAs Labs conducted customer due diligence in China and Hong Kong.
On
November 7, 2015, Mr. Ocampo spoke with Mr. Michels via telephone informing him that GaAs Labs proposed to decrease its purchase price to $0.35 per Share based on the potential for greater than expected future operating losses at Anadigics.
From November 8, 2015 through November 11, 2015, conversations and negotiations continued among Anadigics, GaAs Labs, Needham and their
respective legal counsels with respect to final aspects of the Merger Agreement and ancillary agreements. The parties also negotiated a guarantee of the purchase price by GaAs Labs. Discussions also commenced with respect to the proposed press
release and other public communications.
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On November 9, 2105, via telephone Mr. Michels asked Mr. Ocampo for a purchase price greater than
$0.35 per Share. Mr. Ocampo indicated to Mr. Michels that GaAs Labs would not offer more than $0.35 per Share.
On November 11, 2015,
Perkins Coie delivered a final copy of the Merger Agreement to Anadigics for its consideration.
On November 11, 2015, the manager of GaAs
Labs and the boards of directors of Aloha and Purchaser held a meeting attended by representatives of Perkins Coie to receive an update on the status of the due diligence and negotiations regarding the Merger Agreement. Following the meeting, the
boards of directors of each of Aloha and Purchaser approved the Merger Agreement and the transactions contemplated thereby by written consent.
On the afternoon of November 11, 2015, after the closing of trading on NASDAQ, Aloha, Purchaser and Anadigics executed the Merger Agreement.
On the morning of November 12, 2015, Anadigics issued a press release announcing the execution of the Merger Agreement.
11. |
The Merger Agreement; Other Agreements. |
The Merger Agreement
The following is a summary of certain provisions of the Merger Agreement. This summary does not purport to be complete and is qualified in its
entirety by reference to the full text of the Merger Agreement, a copy of which is filed as Exhibit (d)(1) to the Schedule TO, which is incorporated herein by reference. Copies of the Merger Agreement and the Schedule TO, and any other
filings that we make with the SEC with respect to the Offer or the Merger, may be obtained in the manner set forth in Section 8 Certain Information Concerning Purchaser, Aloha and GaAs Labs Available
Information. Stockholders and other interested parties should read the Merger Agreement for a more complete description of the provisions summarized below.
Explanatory Note Regarding the Merger Agreement
The Merger Agreement is included to provide you with information regarding its terms. Factual disclosures about Aloha, us and Anadigics or
any of their respective affiliates contained in this Offer to Purchase or in their respective public reports filed with the SEC, as applicable, may supplement, update or modify the factual disclosures about Aloha, us and Anadigics or any of their
respective affiliates contained in the Merger Agreement. The representations, warranties and covenants made in the Merger Agreement by Aloha, us and Anadigics were qualified and subject to important limitations agreed to by Aloha, us and Anadigics
in connection with negotiating the terms of the Merger Agreement. In particular, in your review of the representations and warranties contained in the Merger Agreement and described in this summary, it is important to bear in mind that the
representations and warranties were negotiated with the principal purposes of establishing the circumstances in which a party to the Merger Agreement may have the right not to consummate the Offer or the Merger if the representations and warranties
of the other party prove to be untrue, and allocating risk between the parties to the Merger Agreement, rather than establishing matters as facts. The representations and warranties may also be subject to a contractual standard of materiality
different from those generally applicable to stockholders and reports and documents filed with the SEC, and in some cases were qualified by disclosures set forth in schedules that were confidentially provided by Anadigics to us but are not publicly
filed as part of the Merger Agreement. Moreover, information concerning the subject matter of the representations and warranties, which do not purport to be accurate as of the date of this Offer to Purchase, may have changed since the date of the
Merger Agreement and subsequent developments or new information qualifying a representation or warranty may have been included in this Offer to Purchase.
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The Offer
The Merger Agreement provides that we will commence the Offer as promptly as practicable but in no event more than ten (10) business days
after the date of the Merger Agreement, and that, subject to the satisfaction of the Minimum Condition and the satisfaction or waiver by us of the other conditions that are described in Section 15 Conditions to the
Offer, Aloha will cause us to accept for payment, and we will accept for payment, all Shares validly tendered and not validly withdrawn pursuant to the Offer promptly after the Expiration Date. The initial Expiration Date shall be 11:59 P.M.,
New York City time, on the date that is the later of (i) twenty (20) business days (calculated in accordance with Rule 14d-1(g)(3) of the Exchange Act) after the date on which the Offer is first commenced and (ii) ten
(10) business days following the expiration of the go-shop period.
Terms and Conditions
of the Offer
Our obligations to accept for payment, and pay for, any Shares tendered pursuant to the Offer are subject to the
conditions set forth in Section 15 Conditions to the Offer (the Offer Conditions). The Offer Conditions are for the sole benefit of Aloha and us, and we expressly reserve the right to
(i) increase the Offer Price, (ii) waive any condition to the Offer from time to time other than the Minimum Condition, and (iii) make any other changes in the terms and conditions of the Offer not inconsistent with the terms of the
Merger Agreement; provided, however, we or Aloha cannot (A) decrease the Offer Price, (B) change the form of consideration payable in the Offer, (C) decrease the maximum number of Shares subject to the Offer, (D) impose
conditions to the Offer in addition to the Offer Conditions, (E) amend or modify any of the Offer Conditions in any manner than adversely affects Anadigics stockholders, (F) amend or modify the Minimum Condition, or (G) extend or
otherwise change the Expiration Date in a manner other than as request or permitted by the Merger Agreement, in each case without the prior written consent of Anadigics (which Anadigics may grant or withhold in its sole discretion).
Extensions of the Offer; Subsequent Offering Period
The Merger Agreement provides that we will extend the Offer (a) for successive extension periods of ten (10) business days each, or
such shorter periods as Aloha and Anadigics may agree, in order to permit the satisfaction of all remaining Offer Conditions (subject to our right to waive any condition to the Offer (other than the Minimum Condition) in accordance with the Merger
Agreement), if at any scheduled Expiration Date any condition to the Offer has not been satisfied or waived (other than the Minimum Condition, which we may not waive), and (b) for the minimum period required by applicable law or any
interpretation or position of the SEC or its staff or NASDAQ or its staff, provided that we are not obligated to extend the Offer beyond the End Date. We may also elect to provide a subsequent offering period (and one or more extensions thereof)
pursuant to Rule 14d-11 of the Exchange Act of neither less than three business days nor more than twenty (20) business days following the Expiration Date, during which time Anadigicss stockholders whose Shares have not been tendered
prior to the Expiration Date (or whose Shares were tendered and later withdrawn prior to the Expiration Date) may tender, but not withdraw, their Shares and receive the Offer Price.
Anadigics Board Recommendation
The Anadigics Board has, at a meeting duly called and held, unanimously (i) determined that the Merger Agreement and the transactions
contemplated by the Merger Agreement are advisable, fair to and in the best interests of Anadigics and its stockholders, (ii) approved and declared advisable the Merger Agreement, and the transactions contemplated by the Merger Agreement in
accordance with the requirements of the DGCL, (iii) resolved to recommend that Anadigicss stockholders accept the Offer and tender their Shares to us pursuant to the Offer (such recommendation, the Anadigics Board
Recommendation), and (iv) adopted a resolution having the effect of causing the anti-takeover provisions contained in Section 203 of the DGCL applicable to a business combination (as defined in Section 203 of
the DGCL) not apply to the transactions contemplated by the Merger Agreement.
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The Merger
The Merger Agreement provides that, as soon as practicable following the consummation of the Offer (and in any event not later than the second
business day after the satisfaction or waiver of the last Offer Condition to be satisfied or waived), subject to the terms and conditions of the Merger Agreement, and in accordance with the DGCL, at the Effective Time:
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we will be merged with and into Anadigics and, as a result of the Merger, our separate corporate existence will cease; |
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Anadigics will be the Surviving Corporation in the Merger and will become a wholly-owned subsidiary of Aloha; and |
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all of our rights, privileges, immunities, powers and franchises and those of Anadigics will vest in Anadigics as the Surviving Corporation. |
Certificate of Incorporation; Bylaws; Directors and Officers of the Surviving Corporation. Unless otherwise determined by
Aloha prior to the Effective Time, at the Effective Time, (i) the certificate of incorporation of the Surviving Corporation will be amended and restated in its entirety to be as set forth in Exhibit B to the Merger Agreement (which is
substantially similar to our certificate of incorporation), (ii) the bylaws of the Surviving Corporation will be amended and restated to be as set forth on Exhibit C to the Merger Agreement (which are substantially similar to our bylaws) and
(iii) the directors and officers of the Surviving Corporation immediately after the Effective Time will be the respective individuals who are designated as our directors and officers immediately prior to the Effective Time.
Merger Closing Conditions. Our obligations and the obligations of Aloha, on the one hand, and Anadigics, on the other hand, to
effect the Merger are each subject to the satisfaction of each of the following conditions (which are in addition to the Offer Conditions described below in Section 15 Conditions to the Offer):
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no temporary restraining order, preliminary or permanent injunction or other order preventing the consummation of the Merger shall have been issued by any governmental body of competent jurisdiction and remain in
effect, and there shall not be any applicable law or order, enacted or deemed applicable to the Merger that makes consummation of the Merger illegal; and |
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the acceptance for payment by Purchaser of all of the Shares validly tendered pursuant to the Offer and not validly withdrawn. |
Merger Consideration. At the Effective Time, each Share then outstanding (other than Shares that are held by any stockholders who
properly demand appraisal in connection with the Merger as described in Section 16 Certain Legal Matters Appraisal Rights) (each an Eligible Share) will be converted into the right to
receive the Offer Price, without interest, less any applicable withholding taxes, except for Shares then owned by Aloha, Purchaser, Anadigics or any of their respective wholly owned subsidiaries, which Shares will be cancelled without any
consideration delivered in exchange therefor.
Payment for Shares. Prior to the Acceptance Time, Aloha will designate
Computershare Trust Company, N.A. as paying agent to make payment of the consideration payable in the Merger (in such capacity, the Paying Agent). At the Closing, Aloha will deposit, or cause to be deposited, with the
Paying Agent sufficient funds to pay the aggregate merger consideration payable in respect of the Shares.
Promptly after the Effective
Time, the Paying Agent will mail to each holder of Shares (other than Shares then owned by Aloha, Anadigics or any of their respective wholly-owned subsidiaries) a Letter of Transmittal and instructions advising the stockholders how to surrender
Eligible Shares represented by Share Certificates or book entry (Book-Entry Shares) in exchange for the consideration payable in the Merger. The Paying Agent will pay the consideration payable in the Merger to the holders
of Eligible Shares upon (1) surrender of a Share Certificate for shares held in certificate form, together with a Letter of Transmittal, duly completed and validly executed in accordance with the instructions therein or (2) receipt by the
Paying Agent of an Agents Message in
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respect of such Book-Entry Shares (or such other evidence, if any, of transfer as the Paying Agent may reasonably request). Interest will not be paid or accrue in respect of the consideration
payable in the Merger.
If any cash deposited with the Paying Agent is not claimed within 180 days following the Effective Time, such
cash will be returned to the Surviving Corporation, upon its demand, and any stockholders who have not theretofore complied with the Share exchange procedures in the Merger Agreement will thereafter look only to the Surviving Corporation for payment
of their claims for the consideration payable in the Merger, without interest, less any applicable withholding taxes. Notwithstanding the foregoing, neither the Surviving Corporation nor the Paying Agent will be liable to any holder of Shares for
any consideration payable in the Merger delivered in respect of such Shares to a public official pursuant to abandoned property, escheat or other similar applicable law.
The transmittal instructions will include instructions regarding actions to be taken if the stockholder has lost a Share Certificate or if it
has been stolen or destroyed. In order to obtain the consideration payable in respect of the Shares evidenced by such lost, stolen or destroyed Share Certificate, the stockholder will have to provide an affidavit to that fact (which will include an
agreement to indemnify Aloha, the Surviving Corporation and the Paying Agent against all expenses, losses and claims that may be incurred in respect of such lost, stolen or destroyed Share Certificate) and, if required by Aloha, post a bond in a
customary amount and upon such terms as may be required by Aloha as indemnity against any claim that may be made against it in respect of such Share Certificate.
Treatment of Anadigics Options and Anadigics Restricted Stock Unit Awards
Anadigics Options. At the Effective Time, each Anadigics Option granted under any Anadigics Equity Plan (as defined below) other than
Anadigicss Employee Stock Purchase Plan, Amended and Restated (May 13, 2010) (the ESPP) that is outstanding immediately prior to the Effective Time and that is not then fully vested and exercisable will become fully
vested and exercisable as of immediately prior to the Effective Time. At the Effective Time, each outstanding Anadigics Option (after giving effect to the acceleration described above) will be cancelled and, in consideration for such cancellation,
the holders thereof will automatically receive, as soon as practicable but in no event more than thirty (30) days following the Effective Time, an amount in cash equal to (i) the total number of shares of subject to such Anadigics Option,
multiplied by (ii) the excess, if any of (A) the Offer Price over (B) the per share exercise price for such Anadigics Option, without interest and subject to any applicable tax withholding.
Anadigics Restricted Stock Unit Awards. Each time-based restricted stock unit award for Shares and each performance-based restricted
stock unit award for Shares granted and earned for 2013 performance, in each case granted under any Anadigics Equity Plan other than the ESPP (each, an Anadigics Restricted Stock Unit Award) that is outstanding immediately
prior to the Effective Time and that is not then fully vested will become fully vested as of immediately prior to the Effective Time. At the Effective Time, all Anadigics Restricted Stock Unit Awards outstanding immediately prior to the Effective
Time (after giving effect to the acceleration of vesting described above) will be cancelled and, in consideration for such cancellation, the holders thereof will automatically receive, as soon as practicable but in no event more than thirty
(30) days following the Effective Time, an amount in cash equal to (i) the total number of Shares subject to such Anadigics Restricted Stock Unit Award, multiplied by (ii) the Offer Price, without interest and subject to any
applicable tax withholding. Each performance-based restricted stock unit award for Shares under any Anadigics Equity Plan and that is not an Anadigics Restricted Stock Unit Award that is outstanding immediately prior to the Effective Time will be
cancelled without consideration as of the Effective Time.
Anadigics Equity Plans means, collectively,
Anadigicss 1995 Long-Term Incentive and Share Award Plan for Officer and Directors; Anadigicss 1997 Long Term Incentive and Share Award Plan; Anadigicss Amended and Restated 2005 Long Term Incentive and Share Award Plan;
Anadigicss 2015 Long Term Incentive and Share Award Plan and the ESPP, each as amended from time to time, including the programs and forms of agreement adopted thereunder.
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Representations and Warranties
The Merger Agreement contains representations and warranties of Aloha, us and Anadigics. Some of the representations and warranties in the
Merger Agreement made by Anadigics are qualified as to materiality or Material Adverse Effect. For purposes of the Merger Agreement, a Material Adverse Effect means any change, event, condition, occurrence, fact,
circumstance, effect, action or omission that, individually or in the aggregate, does or is reasonably expected to (i) result in a material adverse effect on the assets, liabilities, business, properties, financial condition, results of
operations or prospects of Anadigics and its subsidiaries, taken as a whole, (ii) prevent, materially impede or materially delay the consummation by Anadigics of the Merger or the other transactions contemplated by the Merger Agreement or
(iii) result in a material impairment of the ability of Aloha and its subsidiaries to continue operating the business of Anadigics and its subsidiaries after the closing of the Merger in substantially the same manner as it was operated
immediately prior to the date of the Merger Agreement; provided, however, that a Material Adverse Effect does not include any changes, events, conditions, occurrences, facts, circumstances, effects, actions or omissions (whether
individually or in the aggregate) resulting from, attributable or arising out of any of the following:
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general economic conditions in the United States or any other country or region in the world (or changes in such conditions), or conditions in the global economy generally, except to the extent such events
disproportionately impact Anadigics and its subsidiaries in any material respect relative to the other companies operating in the industries in which Anadigics and its subsidiaries operate; |
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political (or changes in such conditions) conditions in the United States or any other country or region in the world, or any act of terrorism, sabotage or war (including the escalation or worsening of such acts) in the
United States or any other country or region in the world, except to the extent such events disproportionately impact Anadigics and its subsidiaries in any material respect relative to the other companies operating in the industries in which
Anadigics and its subsidiaries operate; |
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any change in price or trading volume of Anadigicss stock, in and of itself, or any failure to meet analysts expectations or projections of Anadigicss revenue, earnings or other financial performance
or results of operations for any period, or the failure of Anadigics to meet its internal budgets, plans or forecasts of revenues, earnings or other financial performance or results of operations; provided that changes underlying or contributing to
any such failure will be considered in determining whether there has been or would reasonably be expected to be a Material Adverse Effect; |
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any change in applicable law or other legal or regulatory condition, GAAP or other accounting standards (or the interpretation thereof), except to the extent such events disproportionately impact Anadigics and its
subsidiaries in any material respect relative to the other companies operating in the industries in which Anadigics and its subsidiaries operate; |
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conditions (or changes in conditions) in the securities markets, capital markets, credit markets, currency markets or other financial markets in the United States or any other country or region in the world, including
changes in interest rates in the United States or any other country, or changes in currency exchange rates of any country, except to the extent such events disproportionately impact Anadigics and its subsidiaries in any material respect relative to
the other companies operating in the industries in which Anadigics and its subsidiaries operate; |
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conditions (or changes in conditions) generally affecting the industries in which Anadigics and its subsidiaries conduct business; except to the extent such events disproportionately impact Anadigics and its
subsidiaries in any material respect relative to the other companies operating in the industries in which Anadigics and its subsidiaries operate; or |
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earthquakes, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other nature disasters or other force majeure events in the United States or any other country or region in the world, except to the extent
such events disproportionately impact Anadigics and its subsidiaries in any material respect relative to the other companies operating in the industries in which Anadigics and its subsidiaries operate. |
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In the Merger Agreement, Anadigics has made customary representations and warranties to Aloha and
us with respect to, among other things:
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the due organization, valid existence, good standing and qualification to do business of Anadigics and its subsidiaries; |
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Anadigicss and its subsidiaries capitalization; |
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corporate authorization and enforceability of the Merger Agreement; |
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the absence of any conflict between the execution of the Merger Agreement and the consummation of the Offer and the Merger, on the one hand, and the organizational or governing documents or certain agreements of
Anadigics and its subsidiaries or applicable laws, on the other hand; |
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required government filings, approvals and notices; |
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Anadigicss SEC reports and financial statements; |
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the absence of certain changes or events; |
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real property and equipment; |
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intellectual property matters, including the absence of infringement of rights of others; |
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material contracts and the absence of any defaults under material contracts; |
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the absence of certain material undisclosed liabilities; |
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compliance with applicable laws; |
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compliance with permits necessary to conduct its business; |
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compliance with anti-bribery laws, supply chain laws, customs and import laws, and the use conflict minerals; |
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tax matters, including filings of material tax returns and payment of material taxes; |
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employee benefit matters, including the status of employee benefit plans, and labor matters; |
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environmental matters, including compliance with applicable environmental laws; |
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the absence of undisclosed transactions with affiliates; |
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the absence of any material litigation or other legal proceedings, claims or investigations; |
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the inapplicability of any anti-takeover law to the Merger Agreement and the Offer, the Merger and the other transactions contemplated by the Merger Agreement; |
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the inapplicability of a stockholder vote required to authorize the Merger Agreement or to consummate the transactions contemplated by the Merger Agreement; |
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the receipt by the Anadigics Board of a fairness opinion from Needham; |
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parties entitled to broker or finder fees based on Anadigicss arrangements; |
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the accuracy of information supplied by Anadigics for inclusion in this Offer to Purchase, and the absence of material untrue statements or omissions in the Schedule 14D-9; |
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Anadigicss relationships with its top customers and suppliers; and |
In the Merger Agreement, we and Aloha have made customary representations
and warranties to Anadigics with respect to, among other things:
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the organization, valid existence, good standing and qualification to do business of Aloha and us; |
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our formation and business; |
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corporate authorization and enforceability of the Merger Agreement; |
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the absence of any conflict between the execution of the Merger Agreement and the consummation of the Offer and the Merger, on the one hand, and our organizational or governing documents and those of Aloha, applicable
laws or certain of our agreements and those of Aloha, on the other hand; |
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the accuracy of information supplied by Aloha and us for inclusion in the Schedule 14D-9, and the absence of material untrue statements or omissions in this Offer to Purchase; |
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absence of material litigation affecting our or Alohas ability to consummate the transactions contemplated by the Merger Agreement; |
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availability of funds necessary to perform our respective obligations under the Merger Agreement, including the payment of the Offer Price and the aggregate consideration payable in the Merger; and |
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lack of ownership of Shares by Aloha, us or our subsidiaries and affiliates. |
None of the
representations and warranties contained in the Merger Agreement survive the consummation of the Merger.
Conduct of Business of
Anadigics
The Merger Agreement provides that, except (i) as required or otherwise contemplated under the Merger Agreement,
(ii) with the written consent of Aloha (not to be unreasonably withheld, conditioned or delayed), and (iii) as previously disclosed to Aloha in connection with entering into the Merger Agreement, during the period from the date of the
Merger Agreement until the Offer Acceptance Time (or the termination of the Merger Agreement, if earlier), Anadigics and its subsidiaries will conduct their business and operations in the ordinary course and use commercially reasonable efforts to
maintain compliance with applicable law and the requirements of their material contracts. Anadigics will also use reasonable efforts to preserve intact the components of its and its subsidiaries current business organization, including keeping
available the services of its current officers, employees and consultants, and will use all reasonable efforts to maintain relations and goodwill with their respective suppliers, distributors, manufacturers, customers and other business associates
and governmental bodies.
In addition, during the same period, except (i) as required or otherwise contemplated under the Merger
Agreement, (ii) with the written consent of Aloha (not to be unreasonably withheld, conditioned or delayed), or (iii) as previously disclosed to Aloha in connection with entering into the Merger Agreement, Anadigics will not, and will not
permit any of its subsidiaries to, take certain actions, including the following:
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declare, authorize, set aside or pay any dividend or make any other distribution in respect of any shares of Anadigicss capital stock, or repurchase, redeem or otherwise acquire any shares of Anadigicss
capital stock, other than (i) intercompany dividends or distributions, (ii) acquisitions by Anadigics of Shares in connection with the surrender by holders of Anadigics Options to pay the exercise price thereof, (iii) the withholding
of Shares to satisfy withholding taxes with respect to awards granted under the Anadigics Equity Plans, and (iv) acquisitions by Anadigics of Anadigics Options, other stock-based awards or ESPP purchase rights in connection with the forfeiture
of such awards; |
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sell, issue, grant or authorize the issuance or grant of, or accelerate the vesting or modify the terms of (i) any capital stock or other security, (ii) any option, call, warrant, share of phantom stock or
phantom stock right, stock purchase or stock appreciation right, restricted stock unit, performance stock unit or right to acquire any capital stock or other security, or (iii) any instrument convertible into or exchangeable for any capital
stock or other security; provided, however, that Anadigics may issue Shares upon the valid exercise of Anadigics Options, other stock-based awards or ESPP purchase rights, in each case outstanding as of the date of the Merger Agreement;
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split, combine or reclassify any outstanding shares of capital stock of Anadigics or enter into any agreement with respect to voting of Anadigicss or its subsidiaries capital stock or any securities
convertible into or exchangeable for such capital stock; |
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except as required by applicable law, (i) increase the compensation payable or that could become payable by Anadigics or any of its subsidiaries to directors, officers or employees, (ii) enter into or amend in
any material respect any existing employment, severance, retention or change in control agreement with any past or present officer or employee, (iii) promote any officer or employee, except in connection with Anadigicss regular
compensation review cycle or as a result of the termination or resignation of an employee or officer, or (iv) establish, adopt, enter into, amend, terminate, exercise any discretion under, or accelerate any rights under, any employee benefit
plan, or make any contribution to any employee benefit plan that is not required by law or the terms of such plan as of the date of the Merger Agreement; |
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enter into, adopt, amend, terminate or extend any collective bargaining contract, or any similar agreement with any union, works council or similar employee representative body; |
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make any widespread communication with employees of Anadigics or its subsidiaries regarding the compensation, benefits or other treatment they will receive in connection with the Offer or the Merger, or make any
commitment to employees regarding such matters, unless any such communications are consistent with prior directives or documentation approved by Aloha; |
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amend, modify or waive any provision of or permit the adoption of any amendment to the certificate of incorporation, bylaws or other organizational documents of Anadigics or its subsidiaries; |
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acquire any equity interest or other interest in any other entity or enter into any joint venture, partnership or similar arrangement providing for the sharing of profits and losses; |
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incur indebtedness for borrowed money or issue debt securities or other rights to acquire debt securities of Anadigics or any of its subsidiaries, or assume, guarantee or endorse the obligations of any other person,
other than draws on Anadigicss revolving line of credit with Silicon Valley Bank in the ordinary course of business consistent with past practice in an aggregate amount outstanding at any time prior to the closing of the Merger Agreement of up
to $4,000,000; provided that Anadigics provides Aloha with no fewer than three (3) business days prior written notice for any individual incurrence of indebtedness under such revolving line of credit in excess of $500,000;
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enter into, or amend, modify terminate or waive any provision of any contract relating to debt (whether incurred, assumed, guaranteed or secured by any asset); |
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make capital expenditures in excess of $25,000 individually or $100,000 in the aggregate, other than capital expenditures made in the ordinary course of business or otherwise consistent with Anadigicss capital
expenditure budget delivered to Aloha prior to the date of the Merger Agreement; |
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other than in the ordinary course of business, (i) acquire, lease, license or sublicense from any person any material right or other asset,
including intellectual property rights, or (ii) sell or otherwise dispose of, lease, license or sublicense, or grant any covenants not to assert or sue with respect to, any material right or other material asset, including intellectual property
rights, to any other person (other than sales of products and the granting of non-exclusive licenses in the ordinary course of business consistent with past practices), or (iii) waive, relinquish, abandon, allow to lapse or encumber (except for
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permitted encumbrance) any material right or material asset, including material intellectual property rights (except for patents that lapse or expire at the end of their statutory term);
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lend money or make capital contributions to, or make investments in, any person except in the ordinary course of business; |
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enter into, modify, amend or terminate any material contract, or waive, release or assign any rights or claims thereunder, in either case which would be reasonably likely to (i) result in a Material Adverse Effect
or (ii) limit or restrict the Surviving Corporation (or any of its affiliates, or their respective successors and assigns) from engaging or competing in any line of business or in any geographical area; |
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except as required by applicable law, make or change any material tax election, settle or compromise any material tax liability, claim or assessment, change any annual tax accounting period, change or consent to any
change in any tax accounting method, file any amended material tax return, enter into any closing agreement, surrender any right to claim a material tax refund, waive or extend or consent to any extension or waiver of the statute of limitations
period applicable to any material taxes, tax claim or assessment, or incur any material tax liability outside of the ordinary course of business; |
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hire or terminate any employee or independent contractor outside of the ordinary course of business or with annual aggregate compensation in excess of $100,000; |
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commence or settle any legal proceeding; |
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change any of its methods of accounting or accounting practices in any material respect unless required by GAAP or by applicable law; and |
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agree or commit to take any of the foregoing actions. |
Go-Shop Period; No Solicitation
During the period from the date of the Merger Agreement until 11:59:59 p.m. (New York City time) on December 6, 2015 (the
Go-Shop Period End Date), Anadigics, its subsidiaries and their representatives have the right to:
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solicit, initiate or encourage, any inquiry, indication of interest, proposal or offer that constitutes an Acquisition Proposal (as defined below); |
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waive or permit the waiver of, or terminate, any standstill or similar obligation of any person with respect to Anadigics or its subsidiaries to allow such person to submit an Acquisition Proposal;
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furnish any information (including non-public information) regarding Anadigics or any of its subsidiaries, or afford reasonable access during normal business hours to, the business, properties, assets, books, records
and personnel of Anadigics or any of its subsidiaries, to any person in connection with or in response to an Acquisition Proposal pursuant to (A) an executed confidentiality agreement that is no less restrictive to the other part, in the
aggregate, than the Non-Disclosure Agreement (as defined below) is to Aloha, or (B) to the extent applicable, the confidentiality agreement entered into with such person prior to the date of the Merger Agreement; provided, however, that
Anadigics will concurrently furnish all such information or access to Aloha or an inquiry, indication of interest, proposal or offer that could reasonably be expected to lead to an Acquisition Proposal; and |
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engage in, enter into, continue or otherwise participate in discussions or negotiations with any person with respect to any Acquisition Proposal or an inquiry, indication of interest, proposal or offer that could
reasonably be expected to lead to an Acquisition Proposal. |
As promptly as reasonably practical, and in any event within one
(1) business day following the Go-Shop Period End Date, Anadigics will deliver to Aloha a written notice setting forth: (A) the identity of each Excluded
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Party (as defined below) that, to the knowledge of Anadigics, has or is expected to have a material equity interest in the Acquisition Proposal as proposed; and (B) the material terms and
conditions of the pending Acquisition Proposal made, including the price per share thereof.
From and after the Go-Shop Period End Date
until the earlier of the Acceptance Time and the termination of the Merger Agreement, neither Anadigics nor its subsidiaries nor either of their representative, directly or indirectly, will:
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solicit, initiate or knowingly take any action to induce, facilitate or encourage the submission or announcement of any Acquisition Proposal or any inquiry, indication of interest, proposal or offer that could
reasonably be expected to lead to an Acquisition Proposal; |
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furnish any information regarding Anadigics or any of its subsidiaries, to any person (other than Aloha or us) in connection with or in response to an Acquisition Proposal or any inquiry, indication of interest,
proposal or offer that could reasonably be expected to lead to an Acquisition Proposal; |
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participate or engage in discussions or negotiations with any person (other than Aloha or us) with respect to any Acquisition Proposal or any inquiry, indication of interest, proposal, or offer that could reasonably be
expected to lead to an Acquisition Proposal; |
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adopt, approve, recommend, submit to stockholder or declare advisable any Acquisition Proposal (or grant nay waiver under Section 203 of the DGCL in connection with such Acquisition Proposal); |
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release or permit the release during the period prior to Acceptance Time of any person from, or waive or permit the waiver of any provision of any confidentiality, standstill, or similar provision of any
agreement to which Anadigics or any of its subsidiaries is a party; or |
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enter into any agreement in principal, letter of intent, term sheet, merger contract, acquisition contract, option contract or similar contract or any contract contemplating or otherwise relating to any Acquisition
Proposal (except for certain confidentiality agreements); |
provided, however, that Anadigics and its representatives will be
permitted to take actions described above with respect to any Excluded Party. Excluded Party means any person (other than Aloha, us and our respective affiliates) from which Anadigics received an Acquisition Proposal prior
to 11:59:59 p.m. (New York City time) on the Go-Shop Period End Date that (a) remains pending as of, and will not have been withdrawn prior to, 11:59:59 p.m. (New York City time) on the Go-Shop Period End Date; and (b) Anadigicss
Board reasonably determines in good faith, after consultation with Anadigicss financial and legal advisors, constitutes or is likely to lead to a Superior Offer (as defined below).
Notwithstanding the above, at any time after the Go-Shop Period End Date and prior to the Acceptance Time, Anadigics is not prohibited from
furnishing information regarding itself and its subsidiaries to, or participating in discussions or negotiations with, any person (other than an Excluded Party, which respect to which these restrictions will not apply) (and waiving such
Persons noncompliance with any confidentiality or standstill provision) in response to an unsolicited bona-fide written Acquisition Proposal that is submitted after the date of the Merger Agreement to Anadigics by such person (and
not withdrawn) if (1) such Acquisition Proposal did not result from the breach of Anadigicss non-solicitation obligations under the Merger Agreement, (2) the Anadigics Board concludes in good faith, after consultation with its
outside legal counsel and its financial advisor of nationally recognized reputation, that such bona-fide written Acquisition Proposal constitutes or could reasonably be expected to lead to a Superior Offer (as defined below) and that the failure to
take such action would constitute a breach of the fiduciary duties of the Anadigics Board to Anadigicss stockholders under applicable law, (3) prior to furnishing such information, Anadigics receives from such third party an executed
confidentiality agreement in customary form that is no less favorable to Anadigics than the confidentiality agreement entered into by Anadigics and Aloha (except that it need not contain any standstill provision), and (4) Anadigics
concurrently notifies Aloha that it is taking such action and, if it is furnishing information to such Person, furnishes all such information to Aloha (to the extent not previously furnished or made available to Aloha or its representatives).
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For purposes of the Merger Agreement, Acquisition Proposal means any
inquiry, offer or proposal (other than an inquiry, offer or proposal made or submitted by Aloha) relating to or that could reasonably be expected to lead to any Acquisition Transaction, which is defined as any transaction or series of transactions
(other than the transactions contemplated by the Merger Agreement), involving (1) any merger, consolidation, business combination (including by way of share exchange, joint venture or any similar transaction) or similar transaction involving
Anadigics pursuant to which any Person or group (other than Anadigics stockholders immediately prior to consummation of the transaction) would hold 15% or more of the outstanding shares of Anadigics common stock after consummation of such
transaction, or as a result of which Anadigics stockholders immediately prior to the consummation of such transaction would hold less than 85% of the outstanding shares of Anadigics common stock after consummation of such transaction, (2) any
direct or indirect sale, license, lease, transfer, exchange or other disposition of any business or tangible or intangible assets representing 15% or more of the consolidated assets of Anadigics and its subsidiaries (or assets accounting for 15% or
more of Anadigicss income or revenue), taken as a whole, (3) any direct or indirect issuance, sale or other disposition, of securities (or options, rights or warrants to purchase, or securities convertible into or exchangeable for, such
securities) representing 15% or more of the outstanding shares of capital stock or voting power of Anadigics or any of its subsidiaries, (4) any tender offer or exchange offer that if consummated would result in or would reasonably be expected
to result in any person or group beneficially owning 15% or more of the outstanding shares of common stock or voting power of Anadigics, or in which any person or group will acquire the right to acquire beneficial ownership of 15% or more of the
outstanding shares of common stock or voting power of Anadigics, or (5) any combination of the foregoing.
For purposes of the Merger
Agreement, Superior Offer means an unsolicited (unless such solicitation is permitted under the Merger Agreement), bona-fide written Acquisition Proposal (substituting each reference above in the definition of
Acquisition Proposal to 15% with 80%) made by a third party after the date of the Merger Agreement and not resulting from a breach of Anadigicss non-solicitation obligations described above, and which the Anadigics Board
determines, in good faith, after consultation with its outside legal counsel and its financial advisor of nationally recognized reputation, to be more favorable to Anadigicss stockholders from a financial point of view than the terms of the
Offer and the Merger and that is reasonably capable of being completed on the terms proposed, taking into account all relevant factors, and for which financing, if a cash transaction, is not a condition to the consummation of the purchase
transaction and is reasonably determined to be available by the Anadigics Board.
During the period from the date of the Merger Agreement
until the earlier of the Acceptance Time and the termination of the Merger Agreement, Anadigics has agreed to promptly (and in no event later than 24 hours after receipt thereof) advise Aloha orally and in writing of any Acquisition Proposal, any
inquiry, indication of interest, proposal, offer or request that could reasonably be expected to lead to an Acquisition Proposal, including (a) the identity of the person making or submitting such Acquisition Proposal, inquiry, indication of
interest, proposal, offer or request, (b) the material terms and conditions of such Acquisition Proposal, inquiry, indication of interest, proposal, offer or request, and (c) an unredacted copy of all written materials provided in
connection therewith. Anadigics must keep Aloha promptly informed of any material change in the status, terms and pertinent details of any such Acquisition Proposal, inquiry, indication of interest, proposal, offer or request, including by providing
(within 24 hours of receipt) an unredacted copy of all written materials subsequently provided in connection with such Acquisition Proposal, inquiry, indication of interest, proposal, offer or request.
Immediately following the Go-Shop Period End Date, except as otherwise permitted by the Merger Agreement, Anadigics agreed to immediately
cease and cause to be terminated any existing discussions with any person (other than Excluded Parties) that relate to any Acquisition Proposal or any inquiry, indication of interest, proposal, offer or request that could reasonably be expected to
lead to an Acquisition Proposal, and will terminate such persons access to any physical or electronic data rooms in connection with such Acquisition Proposal. Following the Go-Shop Period End Date, except as permitted by the Merger Agreement,
Anadigics agreed to promptly (but in no event later than one (1) business day following the Go Shop Period End Date) demand that each person (other than Excluded Parties) that has executed a confidentiality agreement with
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Anadigics or any of its affiliates or any of its or their representatives with respect to such persons consideration of a possible Acquisition Proposal to immediately return or destroy all
confidential information furnished by Anadigics, any of its subsidiaries or any of its or their affiliates or representatives to such person, such persons subsidiaries or any of their respective affiliates or representatives.
Anadigics Boards Recommendation; Adverse Change Recommendation
The Anadigics Board has made the Anadigics Board Recommendation that the holders of the Shares accept the Offer and tender their Shares into
the Offer. The Anadigics Board has also agreed to include the Anadigics Board Recommendation in the Schedule 14D-9 and consented to the inclusion of the Anadigics Board Recommendation in this Offer to Purchase and documents related to the
Offer.
In addition, except as expressly permitted by the non-solicitation provisions of the Merger Agreement, neither Anadigics, the
Anadigics Board nor any committee thereof may (i) withhold, fail to include in (or remove from) the Schedule 14D-9, withdraw, qualify or modify the Anadigics Board Recommendation in any manner adverse to Aloha or us, (ii) approve,
recommend, submit to stockholders for approval and adoption or declare advisable any Acquisition Proposal, (iii) fail to publicly reaffirm the Anadigics Board Recommendation within five (5) business days after receipt of a written request
by Aloha to provide such reaffirmation following the commencement by a third part of a tender offer or exchange offer related to the Shares or public disclosure of an Acquisition Proposal other than a commenced tender offer or commenced exchange
offer, or (iv) within five (5) business days following the commencement by a third party of any tender offer or exchange offer related to the Shares, fail to file a Schedule 14D-9 disclosing that Anadigics recommends rejection of such
tender offer or exchange offer (any such action, an Adverse Change Recommendation)
However, at any time prior
to the Acceptance Time, the Anadigics Board may make an Adverse Change Recommendation or terminate the Merger Agreement to enter into a binding written definitive acquisition agreement providing for the consummation of a transaction constituting a
Superior Offer (a Specified Agreement) if and only if (in the event of a Superior Offer):
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such Superior Offer did not result from a breach of Anadigicss non-solicitation obligations discussed above; |
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the Anadigics Board determines in good faith, after consultation with Anadigicss outside legal counsel, that the failure to make the Adverse Change Recommendation or terminate the Merger Agreement to enter into a
Specified Agreement would constitute a breach of the fiduciary duties of the Anadigics Board to Anadigicss stockholders under applicable law; |
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Aloha shall have received from Anadigics prior written notice of Anadigicss intention to make an Adverse Change Recommendation or terminate the Merger Agreement to enter into a Specified Agreement at least five
(5) business days prior to making any Adverse Change Recommendation or terminating the Merger Agreement to enter into a Specified Agreement (a Change of Recommendation Notice); |
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Anadigics shall have negotiated in good faith with Aloha during such five (5) business day period with respect to any proposed revisions to the Merger Agreement or other proposals made by Aloha, if any, so that the
Acquisition Proposal would no longer constitute a Superior Offer; |
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after considering the results of negotiations with Aloha and taking into account Alohas proposals, if any, and after consulting with its outside legal counsel and its financial advisor of nationally recognized
reputation, the Anadigics Board shall have determined in good faith that such Acquisition Proposal remains a Superior Offer and that the failure to make the Adverse Change Recommendation or terminate the Merger Agreement to enter into a Specified
Agreement would constitute a breach of the fiduciary duties of the Anadigics Board to its stockholders under applicable law; and |
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if Anadigics intends to terminate the Merger Agreement to enter into a Specified Agreement, it must have paid the termination fee described in Termination Fees below. |
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The requirements described above also apply to any material amendment to any Acquisition Proposal
or any successive Acquisition Proposals, in which case references to five (5) business days will instead be two (2) business days.
In addition, under certain circumstances, the Anadigics Board may make an Adverse Change Recommendation with respect to an
Intervening Event, which is defined as any material development or event, or material change in circumstances that occurs or arises after the date of the Merger Agreement and that (i) was not known or reasonably
foreseeable by the Anadigics Board as of the date of the Merger Agreement, (ii) occurs or arises after the date of the Merger Agreement, (iii) did not result from the breach of any of Anadigicss obligations under the Merger Agreement
(including its non-solicitation obligations, described above), and (iv) is neither remote nor speculative. Neither the receipt, existence or terms of any Acquisition Proposal (or any matter relating to any Acquisition Proposal) may be
considered an Intervening Event. The Anadigics Board may make an Adverse Change Recommendation with respect to an Intervening Event if and only if:
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the Anadigics Board determines in good faith, after consulting with its outside legal counsel, that the failure to make the Adverse Change Recommendation in connection with an Intervening Event would constitute a breach
of its fiduciary duties to its stockholders under applicable law; |
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Aloha shall have received from Anadigics a Change of Recommendation Notice at least five (5) business days prior to making any such Adverse Change of Recommendation, describing the Intervening Event in reasonable
detail; |
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during such five (5) business day period, Anadigics shall have negotiated in good faith with Aloha with respect to any proposed revisions to the Merger Agreement or other proposals made by Aloha, if any, that would
obviate the need to make an Adverse Change Recommendation; and |
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after considering the results of negotiations with Aloha and taking into account the proposals made by Aloha, if any, and after consulting with its outside legal counsel, the Anadigics Board shall have determined in
good faith that the failure to make the Adverse Change Recommendation would constitute a breach of the fiduciary duties of the Anadigics Board its stockholders under law. |
In the event of any material change to the facts and circumstances relating to an Intervening Event, such change would require Anadigics to
deliver a new Change of Recommendation Notice to Aloha and to comply again with the procedures described above.
Nothing contained in the
procedures described in the paragraph above will prohibit the Anadigics Board from taking and disclosing to the Anadigics stockholders a position contemplated by Rule 14e-2(a) under the Exchange Act, making a statement contemplated by
Item 1012(a) of Regulation M-A or Rule 14d-9(f) promulgated under the Exchange Act, or otherwise making any disclosure to Anadigicss stockholders if the Anadigics Board determines in good faith (after consulting with outside legal
counsel) that the failure to make such disclosure would constitute a breach of its fiduciary duties under applicable law; provided, however, that no such disclosure may not contain an Adverse Change Recommendation. Neither Anadigics nor the
Anadigics Board is permitted to recommend that Anadigicss stockholders tender any securities in connection with any tender or exchange offer or otherwise approve, endorse or recommend any Acquisition Proposal, unless in each case, in
connection therewith, the Anadigics Board effects an Adverse Change Recommendation in accordance with the terms of the Merger Agreement.
Application of Section 251(h) of the DGCL
The Merger will be governed by Section 251(h) of the DGCL. Accordingly, after the consummation of the Offer, Aloha, we and Anadigics have
agreed to take all necessary and appropriate action to cause the Merger to become effective as soon as practicable without a meeting of stockholders of Anadigics in accordance with Section 251(h) of the DGCL.
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Employee Matters
ESPP. As soon as administratively practicable after the date of the Merger Agreement, and in any case prior to the date on which the
first offering period under the ESPP after the date of the Merger Agreement is regularly scheduled to commence, Anadigics will take all actions necessary or required under the ESPP (including, if appropriate, amending the terms of the ESPP) and
applicable law to (i) suspend the ESPP and Anadigicss 2016 Employee Stock Purchase Plan (the 2016 ESPP) so that no further offering periods commence after the date of the Merger Agreement; (ii) limit the
number of participation increases during any offering period to zero; (iii) cause the purchase of shares subject to outstanding participation elections for the purchase period ongoing under the ESPP as of the date of the Merger Agreement to
take place on the business day immediately preceding the day on which the Effective Time occurs and (iv) cause the ESPP and the 2016 ESPP to terminate as of immediately prior to the Effective Time.
Other Matters. Anadigics has agreed to take all actions necessary or required under the applicable plan or other legal regulations to
cause, as of immediately prior to the Effective Time, the termination of each Anadigics Equity Plan and Anadigicss Severance Pay Plan. Furthermore, Anadigics has agreed to obtain written acknowledgement satisfactory to Aloha from each holder
of Anadigics Options that have an exercise price greater than the Offer Price, indicating that such holder agrees that such award will be cancelled and extinguished as of the Effective Time without payment of any consideration.
Rule 14d-10(d) Matters
Anadigics has agreed that, prior to the Acceptance Time, it will (acting through the Anadigics Board or its compensation committee) cause to be
exempt under Rule 14d10(d) of the Exchange Act any employment compensation, severance or other employee benefit arrangement entered into on or after the date of the Merger Agreement by Anadigics, Aloha or any of their respective affiliates
with current or future directors, officers or employees of Anadigics and its affiliates and to ensure that any such arrangements fall within the safe harbor provisions of such rule.
Efforts to Close the Transaction
Each of Aloha, us and Anadigics have agreed to cooperate with one another and use reasonable best efforts to take all actions, and do all
things reasonably necessary, proper or advisable on its part under the Merger Agreement and applicable law to consummate and make effective the transactions contemplated by the Merger Agreement as soon as reasonably practicable, including preparing
and filing as promptly as reasonably practicable all documentation to effect all necessary notices, reports and other filings and to obtain as promptly as practicable all consents, registrations, approvals, permits and authorizations necessary or
advisable to be obtained from any governmental body in order to consummate the transactions contemplated by the Merger Agreement.
Neither
Aloha nor any of its affiliates is required to agree, consent or commit to any divestitures or licenses or other undertakings or to proffer to, or agree to, sell or license or hold separate and agree to sell, license transfer or assign, before or
after the Effective Time, (i) propose, negotiate, commit to or effect, by consent decree, hold separate order or otherwise, before or after the Effective Time, the sale, divestiture, licensing or disposition of any assets or businesses of Aloha
or its subsidiaries and affiliates, or of Anadigics or its subsidiaries, (ii) otherwise take or commit to take any action that would limit the freedom of action of Aloha, its subsidiaries or affiliates with respect to, or would limit
Alohas or its affiliates ability to retain, any of the businesses, product lines or assets of Aloha or its subsidiaries, in each case as may be required to avoid the entry of, or to effect the dismissal or termination of, any injunction,
temporary restraining order or other order in any legal proceeding, or (iii) defend any lawsuit or other legal proceeding, whether judicial or administrative, challenging the Merger Agreement or the consummation of the Offer, the Merger or any
of the other transactions contemplated by the Merger Agreement (other than the defense against any request for preliminary relief).
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We and Aloha, on the one hand, and Anadigics, on the other hand, have agreed to (i) give the
other parties prompt notice of the making or commencement of any request, inquiry, investigation, action or legal proceeding by or before any governmental body with respect to the transactions contemplated by the Merger Agreement of which such party
had knowledge, (ii) keep the other parties reasonably informed as to the status of any such request, inquiry, investigation, action or legal proceeding, and (iii) promptly inform the other parties of any communication to or from the United
States Federal Trade Commission (FTC), the United States Department of Justice (DOJ) or any other governmental body to the extent regarding the transactions contemplated by the Merger Agreement, or
regarding any such request, inquiry, investigation, action or legal proceeding, and provide a copy of all written communications.
Each of
Anadigics and Aloha have the right to review in advance, and to the extent practicable each will consult the other on (and consider in good faith all comments reasonably proposed by the other party with respect to) all material information relating
to such party and any of its subsidiaries that appears in any filing made with, or written materials submitted to, any governmental body in connection with the Offer and the transactions contemplated by the Merger Agreement. Anadigics and Aloha have
further agreed to, as circumstances reasonably permit, consult with the other party in advance of any meeting or conference with a governmental body relating to the transactions contemplated by the Merger Agreement and give the other party the
opportunity to attend and participate in such meetings and conferences.
Takeover Statute
Anadigics has agreed that if any state takeover law or similar law may become, or may purport to be, applicable to the transactions
contemplated by the Merger Agreement, Anadigics and the Anadigics Board will grant such approvals and take such reasonable actions as are necessary so that the transactions contemplated by the Merger Agreement may be consummated as promptly as
practicable on the terms and conditions contemplated by the Merger Agreement and otherwise act to eliminate the effect of any such takeover law or similar law on any of the transactions contemplated by the Merger Agreement.
Indemnification and Insurance
Aloha has agreed that, it will, and will cause the Surviving Corporation to, from the Effective Time until the sixth anniversary of the
Effective Time:
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to the fullest extent that Anadigics and its subsidiaries would have been permitted to under applicable law and their respective certificates of incorporation or bylaws or other organizational documents or
indemnification agreements in effect as of the date of the Merger Agreement, indemnify, defend and hold harmless (and advance expenses to) each individual who at any time prior to the Effective Time was a director or officer of Anadigics or any of
its subsidiaries, with respect to actions or omissions occurring or alleged to have occurred prior the Effective Time; and |
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maintain in effect the existing policy of directors and officers liability insurance maintained by Anadigics as of the date of the Merger Agreement for the benefit of such indemnified persons and any other
employees, agents or individuals covered by such insurance policies, with respect to matters occurring or alleged to have occurred prior to the Effective Time, or such other insurance policy with substantially similar coverage and with terms and
conditions not less advantageous in any material respect than the existing policy; provided, however, that in lieu of Aloha purchasing such insurance, Anadigics may purchase a six-year tail policy for the existing policy with the annual
premium for such tail policy capped at 150% of the annual premium paid for Anadigicss existing directors and officers insurance policy. |
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Other Covenants
The Merger Agreement contains other customary covenants, including covenants relating to securityholder litigation, third party consents,
public announcements and access, confidentiality, matters with respect to Section 16 of the Exchange Act, the resignation of Anadigics and its subsidiaries directors, notification of certain changes and developments (including changes
that would result in any Offer Conditions not being capable of satisfaction prior to the End Date), stock exchange delisting and deregistration and payoff of Anadigicss indebtedness.
Termination of the Merger Agreement
The Merger Agreement may be terminated at any time prior to the Effective Time:
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by mutual written consent of Aloha and Anadigics; |
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by either Aloha or Anadigics by written notice to the other if a court of competent jurisdiction or other governmental body issues a final and nonappealable order, decree or ruling, or takes any other action, having the
effect of permanently restraining, enjoining or otherwise prohibiting the acceptance for payment of Shares pursuant to the Offer or the Merger or making consummation of the Offer or the Merger illegal; |
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by Aloha by written notice to Anadigics at any time prior to the Acceptance Time, if, whether or not permitted to do so, (a) Anadigics, the Anadigics Board or any committee thereof has made an Adverse Change
Recommendation, (b) Anadigics has entered into any definitive agreement, agreement in principle, letter of intent, term sheet, option agreement or similar contract with a third party that contemplates or requires an Acquisition Transaction
(other than a permitted confidentiality agreement), or (c) Anadigics violates any of its obligations described under Go Shop Period; No Solicitation above; |
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by either Aloha or Anadigics by written notice to the other if the Acceptance Time does not occur on or prior to the close of business on the date that is the End Date; provided that neither Aloha nor Anadigics may
exercise such termination right if it breached any provision of the Merger Agreement and such breach proximately caused the failure of the Acceptance Time to have occurred by such time (such termination, an End Date
Termination); |
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by Anadigics by written notice to Aloha at any time prior to the Acceptance Time, in order to accept a Superior Offer and enter into the Specified Agreement relating to such Superior Offer, if (i) such Superior
Offer did not result from any breach by Anadigics of its obligations described under Go Shop Period; No Solicitation above, (ii) the Anadigics Board, after satisfying all of applicable requirements with respect to an Adverse Change
Recommendation, authorizes Anadigics to enter into the Specified Agreement and (iii) Anadigics pays the termination fee described below and enters into the Specified Agreement concurrently with the termination of the Merger Agreement (such
termination, a Superior Offer Termination); |
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by Aloha by written notice to Anadigics prior to the Acceptance Time, if a breach of any representation or warranty or failure to perform any covenant or obligation contained in the Merger Agreement on the part of
Anadigics has occurred that would cause a failure of the conditions in Annex I to the Merger Agreement to be satisfied, including any change, development, event, occurrence, fact, condition, circumstance or effect that would cause a failure of the
condition set forth in Section 2(d) of Annex I to have occurred; provided, however, that, for purposes of this Section 8.1(f) of the Merger Agreement, if such a breach is curable by Anadigics within the earlier of the End Date and thirty
(30) days following the date on which Aloha gives Anadigics notice of such breach and Anadigics is continuing to use commercially reasonable efforts to cure such breach, then Aloha may not terminate the Merger Agreement under this section on
account of such breach unless such breach remains uncured upon the earlier of the End Date and the expiration of such thirty (30)-day period; or |
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by Anadigics by written notice to Aloha at any time prior to the Acceptance Time if (i) a breach of any representation or warranty has had or would reasonably be expected to have a material and adverse effect on
Alohas or Purchasers ability to consummate the transactions contemplated by the Merger Agreement or (ii) a failure to perform in any material respect any covenant or obligation contained in the Merger Agreement on the part of Aloha
has occurred; provided, however, that, for purposes of this Section 8.1(g), if such a breach is curable by Aloha within the earlier of the End Date and thirty (30) days following the date on which Anadigics gives Aloha notice of such
breach and Aloha is continuing to use commercially reasonable efforts to cure such breach, then Anadigics may not terminate the Merger Agreement under this section on account of such breach unless such breach remains uncured upon the earlier of the
End Date and the expiration of such thirty (30)-day period. |
Effect of Termination. If the Merger Agreement is
terminated in accordance with its terms, the Merger Agreement will be of no further force or effect, subject to certain designated provisions of the Merger Agreement that survive, including the effect of termination, expenses and termination fee and
other miscellaneous provisions and the confidentiality agreement between Aloha and Anadigics, which will remain in full force and effect in accordance with its terms. The termination of the Merger Agreement does not relieve any party from any
liability for any willful and intentional breach of the Merger Agreement prior to the date of the termination.
Termination Fees.
Anadigics has agreed to pay Aloha a termination fee of $1.2 million (the Termination Fee), if:
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(i) (A) the Merger Agreement is terminated by Aloha or Anadigics pursuant to an End Date Termination, (B) after the date of the Merger Agreement and prior to the termination of the Merger Agreement, an
Acquisition Proposal is publicly made, commenced, submitted or announced and not withdrawn prior to the 5th business day prior to such termination, and (C) Anadigics consummates or signs
a definitive agreement with respect to a Specified Acquisition Transaction (as defined below) within 12 months after such termination; |
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(ii) the Merger Agreement is terminated by Aloha pursuant to an Adverse Change Recommendation Termination; or |
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(iii) the Merger Agreement is terminated by Anadigics pursuant to a Superior Offer Termination. |
A Specified Acquisition Transaction is defined as an Acquisition Transaction (described above in Go Shop Period; No
Solicitation) except that all references to 15% or to 85% are deemed references to 50%.
Any Termination Fee will be paid as
follows: (A) in the case of clause (i) above, substantially concurrently with the consummation of a Specified Acquisition Transaction, (B) in the case of clause (ii) above, within two (2) business days following termination
of the Merger Agreement, or (C) in the case of clause (iii) above, concurrently with the termination of the Merger Agreement.
Specific Performance
We,
Aloha and Anadigics are entitled to seek an injunction or injunctions to prevent breaches of the Merger Agreement and to enforce specifically the terms and provisions thereof in addition to any other remedy to which they are entitled under the terms
of the Merger Agreement, at law or in equity.
Fees and Expenses
Except as provided in this Section 11 The Merger Agreement; Other Agreements The Merger Agreement Termination
Fees, all fees and expenses incurred in connection with the Merger Agreement and the transactions contemplated by the Merger Agreement will be paid by the party incurring such fees and expenses.
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Governing Law
The Merger Agreement is governed by Delaware law.
Guarantee
To induce Anadigics to
enter into the Merger Agreement, GaAs Labs executed a Guarantee, dated as of November 11, 2015 (the Guarantee), in favor of Anadigics. Pursuant to, and subject to the terms, limitations and conditions of, the
Guarantee, GaAs Labs agreed to absolutely, unconditionally and irrevocably guarantee to Anadigics the due and punctual performance and discharge of the payment obligations and liabilities of Aloha and Purchaser of under Section 2.7(a) of the
Merger Agreement (collectively, the Payment Obligations); provided that, in no event will GaAs Labss liability under the Guarantee exceed an amount equal to $32.2 million (the
Cap), and GaAs Labs will in no event be required to pay Anadigics or any other person, pursuant to the Guarantee, more than the Cap. The Guarantee expires and will have no further force or effect, and Anadigics will have no
rights under the Guarantee, upon the closing of the Merger. Notwithstanding anything to the contrary set forth in the Guarantee, to the extent that Aloha is relieved from the Payment Obligations by satisfaction thereof or pursuant to any agreement
with Anadigics, GaAs Labs will be similarly relieved, to such extent, of its obligations under the Guarantee. The Guarantee contains customary representations, warranties, covenants and other provisions.
The foregoing summary of the Guarantee does not purport to be complete and is subject to, and qualified in its entirety by, reference to the
full text of the Guarantee, a copy of which is filed as Exhibit (d)(2) to the Schedule TO, which is incorporated herein by reference.
Mutual
Non-Disclosure and Standstill Agreement
GaAs Labs and Anadigics entered into a Mutual Non-Disclosure and Standstill Agreement,
dated as of September 15, 2015 (the Non-Disclosure Agreement). Under the terms of the Non-Disclosure Agreement, the parties agreed that, subject to certain exceptions, any confidential information regarding either
party or any of their respective subsidiaries, affiliates or divisions furnished to the other party or its representatives would be kept confidential for a period of two (2) years, and such confidential information should be used by such
parties and their respective representatives solely for the purpose of evaluating a possible transaction between GaAs Labs and Anadigics. The Non-Disclosure Agreement also includes a standstill provision subject to certain exceptions and a
non-solicitation provision of certain employees, in each case for the period of twelve (12) months from the date of the Non-Disclosure Agreement.
The foregoing summary of the Non-Disclosure Agreement does not purport to be complete and is subject to, and qualified in its entirety by,
reference to the full text of the Non-Disclosure Agreement, a copy of which is filed as Exhibit (d)(3) to the Schedule TO, which is incorporated herein by reference.
Exclusivity Agreement
GaAs Labs
and Anadigics entered into a letter agreement on October 20, 2015 (the Exclusivity Agreement). Pursuant to the Exclusivity Agreement, in recognition of the substantial amount of time and resources that GaAs Labs may
expend in evaluating and negotiating the terms of a possible acquisition transaction between GaAs Labs and Anadigics, for a period beginning as of the date of the Exclusivity Agreement and ending as of the earlier of (a) 11:59 p.m. (Pacific
Time) on November 11, 2015 or (b) such earlier time and date on which the parties agree in writing to discontinue discussions regarding the possible acquisition transaction (the Exclusivity Period), Anadigics
agreed not to, and cause its subsidiaries, affiliates and representatives not to, take any action to solicit, initiate, seek, encourage or support any inquiry, proposal or offer from, or furnish any information to, any person other than GaAs Labs in
connection with a possible acquisition transaction or any other transaction the consummation of which could prevent or materially delay the
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consummation of a possible acquisition transaction with GaAs Labs. In addition, Anadigics agreed to terminate or suspend any negotiations with any party other than GaAs Labs regarding a possible
acquisition transaction, and promptly (and in any event within 24 hours) notify GaAs Labs regarding any contact by any third party regarding any offer, proposal, inquiry or other communication regarding any competing transaction, subject to certain
limitations and conditions. Anadigics also agreed not to accept or enter into any competing transaction during the Exclusivity Period.
The foregoing summary of the Exclusivity Agreement does not purport to be complete and is subject to, and qualified in its entirety by,
reference to the full text of the Exclusivity Agreement, a copy of which is filed as Exhibit (d)(4) to the Schedule TO, which is incorporated herein by reference.
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Purpose of the Offer; Plans for Anadigics. |
Purpose of the Offer. We are making
the Offer pursuant to the Merger Agreement in order to acquire control of, and ultimately following the Merger, the entire equity interest in, Anadigics. The purpose of the Merger is to acquire all outstanding Shares not tendered and purchased
pursuant to the Offer. If the Offer is successful, subject to the satisfaction or waiver of the conditions to the obligations of Aloha and Purchaser to effect the Merger contained in the Merger Agreement, Purchaser intends to consummate the Merger
as soon as practicable following the Acceptance Time.
Holders of Shares who tender their Shares into the Offer will cease to have any
equity interest in Anadigics and will no longer participate in the future growth of Anadigics. If the Merger is consummated, the current holders of Shares will no longer have an equity interest in Anadigics and instead will only have the right to
receive an amount in cash equal to the Offer Price or, to the extent that holders of Shares are entitled to and have properly demanded appraisal in connection with the Merger, the amounts to which such holders of Shares are entitled in accordance
with Delaware law.
Merger Without a Vote. If the Offer is consummated, we do not anticipate seeking the approval of
Anadigicss remaining public stockholders before effecting the Merger. Section 251(h) of the DGCL provides that following consummation of a successful tender offer for a public corporation, and subject to certain statutory provisions, if
the acquiring corporation owns at least the amount of shares of each class of stock of the target corporation that would otherwise be required to adopt a merger agreement for the target corporation, and the other stockholders receive the same
consideration for their stock in the merger as was payable in the tender offer, the acquiring corporation can effect a merger without the action of the other stockholders of the target corporation. Accordingly, if we consummate the Offer, we intend
to effect the closing of the Merger without a vote of the stockholders of Anadigics in accordance with Section 251(h) of the DGCL.
Plans for Anadigics. The Merger Agreement provides that, following the consummation of the Offer and subject to the conditions set
forth in the Merger Agreement, we will be merged with and into Anadigics, with Anadigics becoming the Surviving Corporation and a wholly-owned subsidiary of Aloha, and that, following the Merger and until thereafter amended, our certificate of
incorporation as in effect immediately prior to the Effective Time will be the certificate of incorporation of the Surviving Corporation and at the Effective Time, our bylaws will be the bylaws of the Surviving Corporation until thereafter amended.
Our directors immediately prior to the Effective Time will become the only directors of the Surviving Corporation at the Effective Time
and our officers at such time will become the only officers of the Surviving Corporation. See Section 11 The Merger Agreement; Other Agreements The Merger Agreement Certificate of Incorporation; Bylaws;
Directors and Officers of the Surviving Corporation.
We will continue to evaluate the business and operations of Anadigics during
the pendency of the Offer and the Merger and will take such actions as we deem appropriate under the circumstances then existing. Thereafter, we intend to review such information as part of a comprehensive review of Anadigicss business,
operations,
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capitalization and management with a view to optimizing development of Anadigicss potential. Plans may change based on further analysis including changes in Anadigicss business,
corporate structure, charter, bylaws, capitalization, board of directors, management, officers, indebtedness or dividend policy, although, except as disclosed in this Offer to Purchase, we and Aloha have no current plans with respect to any of such
matters.
Except as described elsewhere in this Offer to Purchase, none of Purchaser, Aloha or GaAs Labs has any present plans or
proposals that would relate to or result in (i) any extraordinary transaction involving Anadigics or any of its subsidiaries (such as a merger, reorganization or liquidation), (ii) any purchase, sale or transfer of a material amount of
assets of Anadigics or any of its subsidiaries, (iii) any change in the Anadigics Board or management of Anadigics, (iv) any material change in Anadigicss capitalization or dividend rate or policy or indebtedness, (v) any other
material change in Anadigicss corporate structure or business, (vi) any class of equity securities of Anadigics being delisted from a national securities exchange or ceasing to be authorized to be quoted in an automated quotation system
operated by a national securities association or (vii) any class of equity securities of Anadigics becoming eligible for termination of registration pursuant to Section 12(g) of the Exchange Act.
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Certain Effects of the Offer. |
Because the Merger will be governed by
Section 251(h) of the DGCL, no stockholder vote will be required to consummate the Merger. Following the consummation of the Offer and subject to the satisfaction of the remaining conditions set forth in the Merger Agreement, we, Aloha and
Anadigics will consummate the Merger as soon as practicable. We do not expect there to be a significant period of time between the consummation of the Offer and the consummation of the Merger.
Market for Shares. The purchase of Shares pursuant to the Offer will reduce the number of holders of Shares and the number of
Shares that might otherwise trade publicly, which could adversely affect the liquidity and market value of the remaining Shares held by stockholders other than Aloha and its affiliates. Neither Aloha nor its affiliates can predict whether the
reduction in the number of Shares that might otherwise trade publicly would have an adverse or beneficial effect on the market price for, or marketability of, Shares or whether such reduction would cause future market prices to be greater or less
than the Offer Price.
Stock Listing. Depending upon the number of Shares purchased pursuant to the Offer, the Shares may no
longer meet the requirements for continued listing on NASDAQ. According to NASDAQs published guidelines, NASDAQ would consider delisting the Shares if, among other things, the total number of holders of Shares falls below 400 or the number of
publicly held Shares falls below 750,000. Shares held by officers or directors of Anadigics or their immediate families, or by any beneficial owner of 10% or more of such Shares, ordinarily will not be considered as being publicly held
for this purpose. According to Anadigics, as of November 20, 2015, 88,836,561 Shares were issued and outstanding. If, as a result of the purchase of Shares pursuant to the Offer or otherwise, the Shares no longer meet the requirements of NASDAQ
for continued listing and such listing is discontinued, the market for Shares could be adversely affected.
In addition, on June 18,
2015, Anadigics announced that it had received a NASDAQ delisting notice, which provided notification that Anadigicss share price was not in compliance with the minimum bid price requirement of $1.00 per share for continued listing on the
NASDAQ Global Select Market under the applicable NASDAQ listing rule. Anadigics was provided an initial period of 180 calendar days, or until December 15, 2015, to regain compliance with the minimum bid price requirement. Based on the NASDAQ
delisting notice, the Shares may be delisted from NASDAQ as early as December 15, 2015 unless NASDAQ grants an extension or Anadigics regains compliance with the minimum bid price requirement prior to such date.
If NASDAQ were to delist the Shares, it is possible that Shares would continue to trade on another securities exchange or in the
over-the-counter market and that price or other quotations would be reported by such exchange or other sources. The extent of the public market for Shares and the availability of such quotations
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would depend, however, upon such factors as the number of stockholders and/or the aggregate market value of the publicly traded Shares remaining at such time, the interest in maintaining a market
in Shares on the part of securities firms, the possible termination of registration under the Exchange Act (as described below), and other factors. We cannot predict whether the reduction in the number of Shares that might otherwise trade publicly
would have an adverse or beneficial effect on the market price or marketability of Shares or whether it would cause future market prices to be greater or less than the Offer Price. Trading in Shares will cease upon the Effective Time if trading has
not ceased earlier as discussed above.
After the consummation of the Offer, Aloha may cause Anadigics to take all action necessary to be
treated as a controlled company, as defined by Rule 5615(c) of the NASDAQ Rules (or any successor provision), which means that Anadigics would be exempt from the requirement that the Anadigics Board be composed of a majority of
independent directors and the related rules covering the independence of directors serving on the nominating and corporate governance committee and the compensation committee of the Anadigics Board. The controlled company exemption does
not modify the independence requirements for Anadigicss audit committee or the requirements of the Merger Agreement relating to independent directors and the independent director committee. See Section 11 The Merger
Agreement; Other Agreements The Merger Agreement Anadigicss Board of Directors.
Exchange Act
Registration. The Shares are currently registered under the Exchange Act. Following the purchase of Shares in the Offer and subject to the satisfaction or waiver of the remaining conditions set forth in the Merger Agreement, we, Aloha and
Anadigics will consummate the Merger as soon as practicable, following which the Shares will no longer be publicly owned. Following the consummation of the Merger, we intend to take steps to cause the termination of the registration of Shares under
the Exchange Act as promptly as practicable and may in the future take steps to cause the suspension of all of Anadigicss reporting obligations under the Exchange Act. Pursuant to the rules of the SEC and the views expressed by the SEC staff,
Anadigics may terminate its Exchange Act registration and suspend its reporting obligations if (i) the outstanding Shares are not listed on a national securities exchange, (ii) there are fewer than 300 holders of record of Shares and
(iii) Anadigics is not otherwise required to furnish or file reports under the Exchange Act. Such termination and suspension, once effective, would reduce the information that Anadigics must furnish to its stockholders and to the SEC. The
deregistration of the Shares, once effective, would make certain provisions of the Exchange Act, including the short-swing profit recovery provisions of Section 16(b) of the Exchange Act and the requirement of furnishing a proxy statement or
information statement in connection with stockholders meetings or actions in lieu of a stockholders meeting pursuant to Section 14(a) or 14(c) of the Exchange Act and the related requirement to furnish an annual report to
stockholders, no longer applicable with respect to the Shares. In addition, if the Shares are no longer registered under the Exchange Act, the requirements of Rule 13e-3 under the Exchange Act with respect to going private
transactions would no longer be applicable to Anadigics. Furthermore, the ability of Anadigicss affiliates and persons holding restricted securities to dispose of such securities pursuant to Rule 144 or Rule 144A under the Securities
Act of 1933, as amended, could be impaired or eliminated. If registration of the Shares under the Exchange Act were terminated, the Shares would no longer be eligible for NASDAQ reporting or for continued inclusion on the list of the Board of
Governors of the Federal Reserve System (the Federal Reserve Board) for margin securities.
Margin
Regulations. The Shares are currently margin securities under the regulations of the Federal Reserve Board, which has the effect, among other things, of allowing brokers to extend credit using the Shares as collateral. Depending upon
factors similar to those described above regarding listing and market quotations, it is possible that, following the Offer, the Shares may no longer constitute margin securities for the purposes of the margin regulations of the Federal
Reserve Board, in which event the Shares would be ineligible as collateral for margin loans made by brokers.
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Dividends and Distributions. |
As discussed in Section 11 The
Merger Agreement; Other Agreements The Merger Agreement Conduct of Business of Anadigics, the Merger Agreement provides that, from the date of the Merger Agreement to the Acceptance Time, without the prior written consent of
Aloha or otherwise permitted by the Merger Agreement, Anadigics will not, and will not permit any of its subsidiaries to declare, authorize, set aside or pay any dividend or make any other distribution in respect of any shares of its capital stock,
or purchase or repurchase, redeem or otherwise acquire any shares of its capital stock, other than (i) dividends or distributions between or among Anadigics and its subsidiaries; (ii) acquisitions by Anadigics of its capital stock in
connection with the surrender by holders of Anadigics Options in order to pay the exercise price of such Anadigics Options; (iii) the withholding of shares of its capital stock to satisfy tax obligations with respect to awards granted pursuant
to Anadigics Equity Plans; and (iv) the acquisition by Anadigics of Anadigics Options and Anadigics Restricted Stock Unit Awards or purchase rights under the ESPP in accordance with the terms thereof in effect as of the date of the Merger
Agreement, as applicable, in connection with the forfeiture of such awards. Neither we nor Aloha anticipate waiving this restriction or otherwise consenting to the payment of any dividend on Anadigicss capital stock. Accordingly, it is
anticipated that no dividends will be declared or paid on the Shares following the date of the Merger Agreement.
15. |
Conditions to the Offer. |
Notwithstanding any other provisions of the Offer or the
Merger Agreement, we will not be obligated to accept for payment, and subject to the rules and regulations of the SEC, including Rule 14e-1(c) under the Exchange Act (relating to our obligation to pay for or return tendered Shares promptly
after termination or withdrawal of the Offer), will not be obligated to pay for, and may delay acceptance or payment for, any validly tendered Shares pursuant to the Offer if:
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the Minimum Condition shall not have been satisfied prior to the Expiration Date; |
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the representations and warranties of Anadigics set forth in the Merger Agreement shall not be accurate in all respects as of the date of the Merger Agreement, and shall not be accurate in all respects at and as of the
Expiration Date as if made on and as of such Expiration Date, except that any inaccuracies in such representations and warranties will be disregarded if the circumstances giving rise to all such inaccuracies (considered collectively) do not
constitute, and would not reasonably be expected to have, a Material Adverse Effect (it being understood that, for purposes of determining the accuracy of such representations and warranties, (i) all Material Adverse Effect
qualifications and other materiality qualifications contained in such representations and warranties shall be disregarded and (ii) the truth and correctness of those representations or warranties that address matters only as of a specific date
shall be measured only as of such date); |
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Anadigics shall not have performed or complied in all material respects with all covenants and obligations it is required to comply with or to perform under the Merger Agreement prior to the Expiration Date;
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Aloha shall not have received a certificate signed on behalf of Anadigics by the Chief Executive Officer or Chief Financial Officer of Anadigics to the effect that the conditions stated above have been satisfied;
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since the date of the Merger Agreement, there shall have occurred a Material Adverse Effect; |
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any court of competent jurisdiction issues any temporary restraining order, preliminary or permanent injunction or other order (or such order remains in effect) preventing the consummation of the Offer or the Merger or
an action is taken, or any applicable law or order promulgated, entered, enforced, enacted, issued or deemed applicable to the Offer or the Merger by any governmental body which prohibits, or makes illegal, the acceptance for payment of or payment
for Shares or the consummation of the Offer or the Merger; |
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a legal proceeding by a governmental body having authority over us, Aloha, Anadigics or any of its subsidiaries is pending which (i) challenges or seeks to restrain or prohibit the consummation of the Offer or
the Merger, (ii) seeks to restrain or prohibit Alohas or its affiliates ownership or operation of the business of Anadigics or its subsidiaries, or of Aloha or its affiliates, or to compel Aloha or any of its affiliates to dispose
of or hold separate all or any portion of the business or assets of Anadigics or its subsidiaries or of Aloha or its affiliates or (iii) seeks to impose or confirm material limitations on the ability of Aloha or any of its affiliates to
effectively exercise full rights of ownership of the Shares; or |
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the Merger Agreement is validly terminated in accordance with its terms and the Offer is terminated in accordance with the terms of the Merger Agreement. |
The foregoing conditions are for the sole benefit of Aloha and us and may be waived by Aloha and us, in whole or in part at any time and from
time to time prior to the Expiration Date, in the sole discretion of Aloha and us; provided that the Minimum Condition may be waived by Aloha and us only with the prior written consent of Anadigics, which may be granted or withheld in
Anadigicss sole discretion. The failure by Aloha or us at any time to exercise any of the foregoing rights will not be deemed a waiver of any such right and each such right will be deemed an ongoing right which may be asserted at any time and
from time to time.
16. |
Certain Legal Matters. |
General
Except as described in this Section 16, we are not aware of any pending legal proceeding relating to the Offer. Except as described in
this Section 16, based on our and Alohas review of publicly available filings by Anadigics with the SEC and other information regarding Anadigics, we are not aware of any governmental license or regulatory permit that appears to be
material to Anadigicss business that might be adversely affected by our acquisition of Shares as contemplated in this Offer to Purchase or of any approval or other action by any governmental, administrative or regulatory authority or agency,
domestic or foreign, that would be required for the acquisition or ownership of Shares by us as contemplated in this Offer to Purchase. However, there can be no assurance that any such approval or other action, if needed, would be obtained or would
be obtained without substantial conditions or that if such approvals were not obtained or such other actions were not taken, adverse consequences might not result to Anadigicss business, or certain parts of Anadigicss business might not
have to be disposed of, any of which could cause us to elect to terminate the Offer without the purchase of Shares thereunder under certain conditions. See Section 15 Conditions to the Offer.
Litigation Related to the Offer
As of
the date of this Offer to Purchase, we are not aware of any material pending legal proceeding relating to the Offer or the Merger.
State Takeover
Statutes
A number of states (including Delaware, where Anadigics is incorporated) have adopted takeover laws and regulations that
purport, to varying degrees, to be applicable to attempts to acquire securities of corporations that are incorporated in such states or that have substantial assets, stockholders, principal executive offices or principal places of business therein.
To the extent that certain provisions of certain of these state takeover statutes purport to apply to the Offer or the Merger, we believe there are reasonable bases for contesting such laws. In Edgar v. MITE Corp., the Supreme Court
of the United States invalidated on constitutional grounds the Illinois Business Takeover Statute that, as a matter of state securities law, made takeovers of corporations meeting certain requirements more difficult. However, in 1987, in CTS
Corp. v. Dynamics Corp. of America, the Supreme Court held that the State of Indiana could, as a matter of corporate law, constitutionally disqualify a potential acquiror from voting shares of a target corporation without the prior approval
of the remaining stockholders where, among other things, the corporation is incorporated in, and has a substantial number of
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stockholders in, the state. Subsequently, in TLX Acquisition Corp. v. Telex Corp., a Federal District Court in Oklahoma ruled that the Oklahoma statutes were unconstitutional
insofar as they apply to corporations incorporated outside Oklahoma in that they would subject such corporations to inconsistent regulations. Similarly, in Tyson Foods, Inc. v. McReynolds, a Federal District Court in Tennessee ruled
that four Tennessee takeover statutes were unconstitutional as applied to corporations incorporated outside Tennessee. This decision was affirmed by the United States Court of Appeals for the Sixth Circuit.
Section 203 of the DGCL restricts an interested stockholder (including a person who owns or has the right to acquire 15% or
more of the corporations outstanding voting stock) from engaging in a business combination (defined to include mergers and certain other actions) with certain Delaware corporations for a period of three years following the time
such person became an interested stockholder. These restrictions will not be applicable to us and Aloha because the Anadigics Board has unanimously approved the Offer, the Merger, the Merger Agreement and the other transactions contemplated thereby,
including for purposes of Section 203.
We are not aware of any other state takeover laws or regulations that are applicable to the
Offer or the Merger and have not attempted to comply with any state takeover laws or regulations. If any government official or third party should seek to apply any such state takeover law to the Offer or the Merger or any of the other transactions
contemplated by the Merger Agreement, we will use our reasonable best efforts to take, or cause to be taken, all action reasonably necessary so that the Offer, the Merger and the other transactions contemplated by the Merger Agreement may be
consummated as promptly as practicable on the terms contemplated by the Merger Agreement and otherwise act to eliminate or minimize the effects of such statute or regulation on the Offer, the Merger or the other transactions contemplated by the
Merger Agreement. In the event it is asserted that one or more state takeover statutes are applicable to the Offer or the Merger and an appropriate court does not determine that it is or they are inapplicable or invalid as applied to the Offer or
the Merger, we might be required to file certain information with, or to receive approvals from, the relevant state authorities or holders of Shares, and we might be unable to accept for payment or pay for Shares tendered pursuant to the Offer, or
might be delayed in continuing or consummating the Offer or the Merger. In such case, we might not be obligated to accept for payment or pay for any tendered Shares. See Section 15 Conditions to the Offer.
Going Private Transactions
The SEC has
adopted Rule 13e-3 under the Exchange Act, which is applicable to certain going private transactions, and which may under certain circumstances be applicable to the Merger or other business combination following the purchase of
Shares pursuant to the Offer in which we seek to acquire the remaining Shares not then held by us. We believe that Rule 13e-3 under the Exchange Act will not be applicable to the Merger because we were not, at the time the Merger Agreement was
executed, and are not, an affiliate of Anadigics (for purposes of the Exchange Act); it is anticipated that the Merger will be effected within one year following the consummation of the Offer; and, in the Merger, stockholders will receive the same
price per Share as the Offer Price.
Rule 13e-3 under the Exchange Act would otherwise require, among other things, that certain
financial information concerning Anadigics and certain information relating to the fairness of the proposed transaction and the consideration offered to minority stockholders be filed with the SEC and disclosed to stockholders before the completion
of a transaction.
Appraisal Rights
No appraisal rights are available to the holders of Shares in connection with the Offer. However, if the Merger is consummated, the holders of
Shares immediately prior to the Effective Time who (i) did not tender their Shares in the Offer; (ii) follow the procedures set forth in Section 262 of the DGCL and (iii) do not thereafter withdraw their demand for appraisal of
such Shares or otherwise lose their appraisal rights, in each case in accordance with the DGCL, will be entitled to have their Shares appraised by the Delaware Court of
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Chancery and receive payment of the fair value of such Shares, exclusive of any element of value arising from the accomplishment or expectation of the Merger, together with a fair
rate of interest, as determined by such court.
The fair value of any Shares could be based upon considerations other than, or
in addition to, the price paid in the Offer and the market value of such Shares. Holders of Shares should recognize that the value so determined could be higher or lower than, or the same as, the Offer Price or the consideration payable in the
Merger (which is equivalent in amount to the Offer Price). Moreover, we may argue in an appraisal proceeding that, for purposes of such proceeding, the fair value of such Shares is less than such amount.
Under Section 262 of the DGCL, where a merger is approved under Section 251(h), either a constituent corporation before the
effective date of the merger, or the surviving corporation within ten days thereafter, shall notify each of the holders of any class or series of stock of such constituent corporation who are entitled to appraisal rights of the approval of the
merger or consolidation and that appraisal rights are available for any or all shares of such class or series of stock of such constituent corporation, and shall include in such notice a copy of Section 262 of the DGCL. The Schedule
14d-9 constitutes the formal notice of appraisal rights under Section 262 of the DGCL.
As described more fully in
the Schedule 14D-9, if a stockholder elects to exercise appraisal rights under Section 262 of the DGCL, such stockholder must do all of the following:
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within the later of the consummation of the Offer, which will occur at the Acceptance Time, and December 14, 2015, deliver to Anadigics a written demand for appraisal of Shares held, which demand must reasonably
inform Anadigics of the identity of the stockholder and that the stockholder is demanding appraisal; |
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not tender their Shares in the Offer; and |
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continuously hold of record the Shares from the date on which the written demand for appraisal is made through the Effective Time. |
The foregoing summary of the appraisal rights of stockholders under the DGCL does not purport to be a complete statement of the procedures
to be followed by stockholders desiring to exercise any appraisal rights available thereunder and is qualified in its entirety by reference to Section 262 of the DGCL. The proper exercise of appraisal rights requires strict and timely adherence
to the applicable provisions of Delaware law. A copy of Section 262 of the DGCL is included as Annex A to the Schedule 14D-9.
The information provided above is for informational purposes only with respect to your alternatives if the Merger is consummated. If you
tender your Shares into the Offer, you will not be entitled to exercise appraisal rights with respect to your Shares but, instead, subject to the conditions to the Offer, you will receive the Offer Price for your Shares.
Stockholder Approval Not Required
Section 251(h) of the DGCL provides that stockholder approval of a merger is not required if certain requirements are met, including that
(1) the acquiring company consummates a tender offer for any and all of the outstanding common stock of the company to be acquired that, absent Section 251(h) of the DGCL, would be entitled to vote on the merger, (2) following the
consummation of such tender offer, the acquiring company owns at least such percentage of the stock of the company to be acquired that, absent Section 251(h) of the DGCL, would be required to adopt the merger, and (3) at the time that the
board of directors of the company to be acquired approves the merger, no other party to the merger agreement is an interested stockholder under the DGCL. If the Minimum Condition is satisfied and we accept Shares for payment pursuant to the Offer,
we will
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hold a sufficient number of Shares to ensure that Anadigics will not be required to submit the adoption of the Merger Agreement to a vote of the stockholders of Anadigics. Following the
consummation of the Offer and subject to the satisfaction of the remaining conditions set forth in the Merger Agreement, we, Aloha and Anadigics will take all necessary and appropriate action to effect the Merger as promptly as practicable without a
meeting of stockholders of Anadigics in accordance with Section 251(h) the DGCL.
We have retained the Depositary and the Information Agent in
connection with the Offer. Each of the Depositary and the Information Agent will receive customary compensation, and the Depositary and the Information Agent will each receive, subject to certain limits, reimbursement for reasonable out-of-pocket
expenses.
As part of the services included in such retention, the Information Agent may contact holders of Shares by personal interview,
mail, electronic mail, telephone and other methods of electronic communication and may request brokers, dealers, commercial banks, trust companies and other nominees to forward the Offer materials to beneficial holders of Shares.
Except as set forth above, none of Purchaser, Aloha or GaAs Labs will pay any fees or commissions to any broker or dealer or other person for
soliciting tenders of Shares pursuant to the Offer. Brokers, dealers, commercial banks, trust companies or other nominees will, upon request, be reimbursed by us for customary mailing and handling expenses incurred by them in forwarding the Offer
materials to their customers.
The Offer is not being made to (nor will tenders be accepted from or on
behalf of) holders of Shares in any state in which the making of the Offer or the acceptance thereof would be prohibited by administrative or judicial action pursuant to the laws of such state after a good faith effort by us to make the Offer comply
with the laws of such state.
No person has been authorized to give any information or to make any representation on behalf of us not
contained herein or in the Letter of Transmittal, and, if given or made, such information or representation must not be relied upon as having been authorized.
We, Aloha and GaAs Labs have filed with the SEC a Tender Offer Statement on Schedule TO pursuant to Rule 14d-3 under the Exchange
Act, furnishing certain additional information with respect to the Offer, and may file amendments thereto. In addition, a Solicitation/Recommendation Statement on Schedule 14D-9 is being filed with the SEC by Anadigics pursuant to
Rule 14d-9 under the Exchange Act, setting forth the recommendation of the Anadigics Board with respect to the Offer and the reasons for such recommendation and furnishing certain additional related information, and Anadigics may file
amendments thereto. The Schedule TO and the Schedule 14D-9, including their respective exhibits, and any amendments to any of the foregoing, may be examined and copies may be obtained from the SECs Public Reference Room at 100 F
Street, N.E., Washington, D.C. 20549, or may be accessed electronically on the SECs website at www.sec.gov and are available from the Information Agent at the address and telephone number set forth on the back cover of this Offer to Purchase.
ALOHA ACQUISITION SUB, INC.
November 24, 2015
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ANNEX A
MANAGER, DIRECTORS AND EXECUTIVE OFFICERS OF PURCHASER,
ALOHA AND GAAS LABS
Set
forth in the table below are the name, current principal occupation and material positions held during the past five years of each of the manager, directors and executive officers, as applicable, of Purchaser, Aloha and GaAs Labs. The business
address of each manager, director and executive officer of Purchaser, Aloha and GaAs Labs is 28013 Arastradero Road, Los Altos, California 94022. Each manager, director and executive officer, as applicable, of Purchaser, Aloha and GaAs Labs is a
citizen of the United States of America.
During the past five years, to the best of our knowledge, none of the persons listed below has
been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been a party to any judicial or administrative proceeding (except for matters that were dismissed without sanction or settlement) that resulted in a
judgment, decree or final order enjoining him, her or it from future violations of, or prohibiting activities subject to, U.S. federal or state securities laws, or a finding of any violation of U.S. federal or state securities laws.
Directors and Executive Officers of Purchaser:
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Name and Position(s) |
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Present Principal Occupation or Employment; Material Positions Held During the Last
Five (5) Years; Certain Other Information |
John Ocampo
Director and President |
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Chairman of the Board and a director of M/A-COM Technology Solutions Holdings, Inc. (MACOM) since its inception in March 2009; Manager and President of GaAs Labs since co-founding it in February 2008;
Co-founded Sirenza Microdevices, Inc. (Sirenza), a supplier of radio frequency semiconductors and related components for the commercial communications, consumer and aerospace, defense and homeland security equipment
markets, in 1984, and served as a director of Sirenza from its inception in 1984 through its sale to RF Micro Devices, Inc. (RFMD) in November 2007; Chairman of the Board of Sirenza from December 1998 through November 2007;
Director of RFMD from November 2007 to November 2008; Director of Ubiquiti Networks, Inc. (Ubiquiti), a network communications technology company, from October 2010 to October 2013. |
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Susan Ocampo
Vice President, Treasurer
and Secretary |
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Director of MACOM since December 2010; Vice President, Secretary and Treasurer of GaAs Labs since co-founding it in February 2008; Co-founded Sirenza in 1984; Treasurer of Sirenza from November 1999 through its sale to RFMD in
November 2007. |
Directors and Executive Officers of Aloha:
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Name and Position(s) |
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Present Principal Occupation or Employment; Material Positions Held During the Last
Five (5) Years; Certain Other Information |
John Ocampo
Director and President |
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Chairman of the Board and a director of MACOM since its inception in March 2009; Manager and President of GaAs Labs since co-founding it in February 2008; Co-founded Sirenza in 1984, and served as a director of Sirenza from its
inception in 1984 through its sale to RFMD in November 2007; Chairman of the Board of Sirenza from December 1998 through November 2007; Director of RFMD from November 2007 to November 2008; Director of Ubiquiti from October 2010 to October
2013. |
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Susan Ocampo
Vice President, Treasurer
and Secretary |
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Director of MACOM since December 2010; Vice President, Secretary and Treasurer of GaAs Labs since co-founding it in February 2008; Co-founded Sirenza in 1984; Treasurer of Sirenza from November 1999 through its sale to RFMD in
November 2007. |
A-1
Manager and Executive Officers of GaAs Labs:
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Name and Position(s) |
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Present Principal Occupation or Employment; Material Positions Held During the Last
Five (5) Years; Certain Other Information |
John Ocampo
Manager and President |
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Chairman of the Board and a director of MACOM since its inception in March 2009; Manager and President of GaAs Labs since co-founding it in February 2008; Co-founded Sirenza in 1984, and served as a director of Sirenza from its
inception in 1984 through its sale to RFMD in November 2007; Chairman of the Board of Sirenza from December 1998 through November 2007; Director of RFMD from November 2007 to November 2008; Director of Ubiquiti from October 2010 to October
2013. |
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Susan Ocampo
Vice President, Treasurer
and Secretary |
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Director of MACOM since December 2010; Vice President, Secretary and Treasurer of GaAs Labs since co-founding it in February 2008; Co-founded Sirenza in 1984; Treasurer of Sirenza from November 1999 through its sale to RFMD in
November 2007. |
A-2
The Letter of Transmittal, Certificates and any other required documents should be sent or
delivered by each stockholder of Anadigics or such stockholders broker, dealer, commercial bank, trust company or other nominee to the Depositary at one of its addresses set forth below:
The Depositary for the Offer is:
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By Mail:
Computershare Trust Company, N.A.
c/o Voluntary Corporate Actions
P.O. Box 43011 Providence, RI
02940-3011 |
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By Hand or Courier:
Computershare Trust Company, N.A.
c/o Voluntary Corporate Actions, Suite V
250 Royall Street Canton, MA
02021 |
You may direct questions and requests for assistance to the Information Agent at the address and telephone
number set forth below. You may obtain additional copies of this Offer to Purchase, the related Letter of Transmittal and other tender offer materials from the Information Agent as set forth below, and they will be furnished promptly at our expense.
You also may contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offer.
The
Information Agent for the Offer is:
Georgeson Inc.
480 Washington Blvd., 26th Floor
Jersey City, NJ 07310
All Holders
Call Toll Free: (866) 413-5899
Exhibit (a)(1)(B)
LETTER OF TRANSMITTAL
To
Tender Shares of Common Stock
of
ANADIGICS, INC.
at
$0.35 NET PER SHARE
Pursuant to the Offer to Purchase dated November 24, 2015
by
ALOHA ACQUISITION
SUB, INC.,
a wholly-owned subsidiary of
ALOHA HOLDING COMPANY, INC.
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 11:59 P.M.,
NEW YORK CITY TIME, ON DECEMBER 23, 2015, UNLESS THE OFFER IS EXTENDED
(THE EXPIRATION DATE).
The Depositary for the Offer is:
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By Registered or Certified Mail: |
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By Hand or Overnight Courier: |
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Computershare Trust Company, N.A.
c/o Voluntary Corporate Actions
P.O. Box 43011 Providence, RI
02940-3011 |
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Computershare Trust Company, N.A.
c/o Voluntary Corporate Actions 250
Royall Street, Suite V Canton, MA 02021 |
Delivery of this Letter of Transmittal to an address other than as set forth above will not constitute a
valid delivery to the Depositary. You must sign this Letter of Transmittal in the appropriate space provided below, with signature guaranteed if required, and complete the IRS Form W-9 included in this Letter of Transmittal, if required. The
instructions set forth in this Letter of Transmittal should be read carefully before you tender any of your Shares (as defined below) into the Offer (as defined below).
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DESCRIPTION OF SHARES TENDERED |
Name(s) and Address(es) of Registered Holder(s)
(Please Fill in, if Blank, Exactly as Name(s)
Appear(s) on Share Certificate(s)) |
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Shares Tendered (Attach
additional signed list, if necessary) |
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Share Certificate
Number(s)* |
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Total Number of
Shares Represented
by
Share Certificate(s)* |
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Total Number
of Shares
Represented by Book
Entry (Electronic Form)
Tendered |
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Total
Number of
Shares
Tendered** |
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Total Shares |
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* Certificate numbers are not required if tender is made by book-entry transfer.
** Unless a lower number of Shares to be tendered is otherwise indicated, it will be assumed that all
Shares described above are being tendered. See Instruction 4. |
ANADC01
The Offer is not being made to (and no tenders will be accepted from or on behalf of) holders of
Shares in any state in which the making of the Offer or acceptance thereof would be prohibited by administrative or judicial action pursuant to the laws of such state after a good faith effort by Purchaser (as defined below) to make the Offer comply
with the laws of such state.
This Letter of Transmittal is to be used by stockholders of ANADIGICS, Inc., a Delaware corporation
(Anadigics), (i) if certificates for Shares (Share Certificates) are to be forwarded herewith or (ii) if delivery of Shares is to be made by book-entry transfer to an account maintained
by the Depositary at The Depository Trust Company (DTC), unless an Agents Message (as defined in Instruction 2 below) is utilized in lieu of this Letter of Transmittal, and in any case in accordance with the
procedures set forth in Section 3 of the Offer to Purchase. Delivery of documents to DTC does not constitute delivery to the Depositary.
Stockholders whose Share Certificates are not immediately available, or who cannot complete the procedure for book-entry transfer on a timely
basis, or who cannot deliver all other required documents to the Depositary prior to the Expiration Date, must tender their Shares according to the guaranteed delivery procedures set forth in Section 3 of the Offer to Purchase in order to
participate in the Offer. See Instruction 2 below.
IF ANY OF THE SHARE CERTIFICATES THAT YOU OWN HAVE BEEN LOST OR DESTROYED, SEE
INSTRUCTION 11 OF THIS LETTER OF TRANSMITTAL.
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CHECK HERE IF CERTIFICATES REPRESENTING TENDERED SHARES ARE BEING DELIVERED HEREWITH. |
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CHECK HERE IF YOUR TENDERED SHARES ARE REGISTERED IN YOUR NAME AND HELD IN DIRECT REGISTRATION FORM BY THE TRANSFER AGENT. |
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CHECK HERE IF YOU HAVE LOST YOUR SHARE CERTIFICATE(S) AND REQUIRE ASSISTANCE IN OBTAINING REPLACEMENT CERTIFICATE(S). BY CHECKING THIS BOX, YOU UNDERSTAND THAT YOU MUST OBTAIN INSTRUCTIONS FOR REPLACING LOST
CERTIFICATES. SEE INSTRUCTION 11 BELOW. |
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CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER MADE TO AN ACCOUNT MAINTAINED BY THE DEPOSITARY WITH DTC AND COMPLETE THE FOLLOWING (NOTE THAT ONLY FINANCIAL INSTITUTIONS THAT ARE
PARTICIPANTS IN THE SYSTEM OF DTC MAY DELIVER SHARES BY BOOK-ENTRY TRANSFER): |
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Name of Tendering Institution: |
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CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE DEPOSITARY AND COMPLETE THE FOLLOWING: |
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Name(s) of Tendering Stockholder(s): |
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Window Ticket Number (if any): |
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Date of Execution of Notice of Guaranteed Delivery: |
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Name of Eligible Institution that Guaranteed Delivery: |
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ANADC01
NOTE: SIGNATURES MUST BE PROVIDED BELOW.
PLEASE READ THE INSTRUCTIONS SET FORTH IN THIS LETTER OF TRANSMITTAL CAREFULLY.
Ladies and Gentlemen:
The undersigned hereby
tenders to Aloha Acquisition Sub, Inc., a Delaware corporation (Purchaser) and a wholly-owned subsidiary of Aloha Holding Company, Inc., a Delaware corporation (Aloha), the above described shares
of common stock, par value $0.01 per share (the Shares), of ANADIGICS, Inc. (Anadigics), pursuant to Purchasers offer to purchase all outstanding Shares, at a purchase price of $0.35 per
Share, net to the holder thereof in cash, without interest, less any applicable withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 24, 2015 (as it may be amended or supplemented
from time to time, the Offer to Purchase), receipt of which is hereby acknowledged, and in this Letter of Transmittal (as it may be amended or supplemented from time to time, this Letter of
Transmittal and, together with the Offer to Purchase, the Offer).
Upon the terms and subject to
the conditions of the Offer (and if the Offer is extended or amended, the terms and conditions of the Offer as so extended or amended) and subject to, and effective upon, acceptance for payment of Shares validly tendered herewith and not properly
withdrawn prior to the Expiration Date in accordance with the terms of the Offer, the undersigned hereby sells, assigns and transfers to or upon the order of Purchaser all right, title and interest in and to all Shares that are being tendered hereby
(and all dividends, distributions, rights, other Shares or other securities issued or issuable in respect thereof on or after the date hereof (Distributions)) and irrevocably constitutes and appoints Computershare Trust
Company, N.A. (the Depositary) the true and lawful agent and attorney-in-fact of the undersigned with respect to such Shares (and all Distributions), with full power of substitution (such power of attorney being deemed to
be an irrevocable power coupled with an interest in the Shares tendered by this Letter of Transmittal), to (i) deliver Share Certificates representing such Shares (and all Distributions) or transfer ownership of such Shares (and all
Distributions) on the account books maintained by DTC, together, in any such case, with all accompanying evidences of transfer and authenticity, to or upon the order of Purchaser, (ii) present such Shares (and all Distributions) for transfer on
the books of Anadigics, and (iii) receive all benefits and otherwise exercise all rights of beneficial ownership of such Shares (and all Distributions), all in accordance with the terms and subject to the conditions of the Offer.
By executing this Letter of Transmittal (or taking action resulting in the delivery of an Agents Message), the undersigned hereby
irrevocably appoints each of the designees of Purchaser as the true and lawful agent, attorney, attorney-in-fact and proxy of the undersigned, each with full power of substitution, (i) to vote at any annual or special meeting of
Anadigicss stockholders or any adjournment or postponement thereof or otherwise in such manner as each such attorney-in-fact and proxy or its, his or her substitute shall in its, his or her sole discretion deem proper with respect to, and
(ii) to otherwise act as each such attorney-in-fact and proxy or its, his or her substitute shall in its, his or her sole discretion deem proper with respect to, all Shares (and all Distributions) tendered hereby and accepted for payment by
Purchaser. This appointment will be effective if and when, and only to the extent that, Purchaser accepts such Shares for payment pursuant to the Offer. This power of attorney and proxy are irrevocable and are granted in consideration of the
acceptance for payment of such Shares in accordance with the terms of the Offer. Such acceptance for payment shall, without further action, revoke any prior powers of attorney and proxies granted by the undersigned at any time with respect to such
Shares (and all Distributions), and no subsequent powers of attorney, proxies, consents or revocations may be given by the undersigned with respect thereto (and, if given, will not be deemed effective). Purchaser reserves the right to require that,
in order for Shares to be deemed validly tendered, immediately upon Purchasers acceptance for payment of such Shares, Purchaser or its designees must be able to exercise full voting, consent and other rights with respect to such Shares (and
all Distributions), including voting at any meeting of Anadigicss stockholders.
The undersigned hereby represents and warrants that
the undersigned has full power and authority to tender, sell, assign and transfer any and all Shares tendered hereby (and all Distributions) and that, when the same are accepted for payment by Purchaser, Purchaser will acquire good, valid and
unencumbered title to such Shares
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(and all Distributions), free and clear of all liens, restrictions, charges and encumbrances, and the same will not be subject to any adverse claims. The undersigned hereby represents and
warrants that the undersigned is the registered owner of the Shares, or the Share Certificate(s) have been endorsed to the undersigned in blank, or the undersigned is a participant in DTC whose name appears on a security position listing as the
owner of the Shares. The undersigned will, upon request, execute and deliver any additional documents deemed by the Depositary or Purchaser to be necessary or desirable to complete the sale, assignment and transfer of any and all Shares tendered
hereby (and all Distributions). In addition, the undersigned shall promptly remit and transfer to the Depositary for the account of Purchaser all Distributions in respect of any and all Shares tendered hereby, accompanied by appropriate
documentation of transfer, and, pending such remittance and transfer or appropriate assurance thereof, Purchaser shall be entitled to all rights and privileges as owner of each such Distribution and may deduct from the purchase price of Shares
tendered hereby the amount or value of such Distribution as determined by Purchaser in its sole discretion.
The authority conferred or
agreed to be conferred in this Letter of Transmittal shall not be affected by, and all such authority shall survive, the death or incapacity of the undersigned. All obligations of the undersigned under this Letter of Transmittal shall be binding
upon the heirs, executors, administrators, personal representatives, trustees in bankruptcy, successors and assigns of the undersigned. Except as stated in the Offer to Purchase, this tender is irrevocable. See
Section 4 Withdrawal Rights of the Offer to Purchase.
Delivery of any Share Certificate shall be effected,
and risk of loss and title to such Share Certificate shall pass, only upon the proper delivery of such Share Certificate to the Depositary.
The valid tender of Shares pursuant to any of the procedures described in the Offer to Purchase and in the Instructions in this Letter of
Transmittal will constitute the undersigneds acceptance of the terms and conditions of the Offer. Purchasers acceptance of such Shares for payment will constitute a binding agreement between the undersigned and Purchaser upon the terms
and subject to the conditions of the Offer (and if the Offer is extended or amended, the terms of or the conditions of any such extension or amendment). Under certain circumstances set forth in the Offer to Purchase, Purchaser may not be required to
accept for payment any of the Shares tendered by this Letter of Transmittal.
Unless otherwise indicated under Special Payment
Instructions below, please issue the check for the purchase price of all of Shares purchased and, if appropriate, return any Share Certificates not tendered or accepted for payment in the name(s) of the registered holder(s) appearing above
under Description of Shares Tendered. Similarly, unless otherwise indicated under Special Delivery Instructions below, please mail the check for the purchase price of all Shares purchased and, if appropriate, return any
Share Certificates not tendered or not accepted for payment (and any accompanying documents, as appropriate) to the address(es) of the registered holder(s) appearing above under Description of Shares Tendered. In the event that the
boxes entitled Special Payment Instructions and Special Delivery Instructions are both completed, please issue the check for the purchase price of all Shares purchased and, if appropriate, return any Share Certificates not
tendered or not accepted for payment (and any accompanying documents, as appropriate) in the name(s) of, and deliver such check and, if appropriate, return any such Share Certificates (and any accompanying documents, as appropriate) to, the
person(s) so indicated. Unless otherwise indicated herein in the box entitled Special Payment Instructions below, please credit any Shares tendered by this Letter of Transmittal by book-entry transfer that are not accepted for payment by
crediting the account at DTC. Purchaser has no obligation, pursuant to the Special Payment Instructions, to transfer any Shares from the name of the registered holder thereof if Purchaser does not accept for payment any of the Shares
tendered by this Letter of Transmittal.
LOST SHARE CERTIFICATES: PLEASE CALL COMPUTERSHARE TRUST COMPANY, N.A. AT (855) 396-2084 TO OBTAIN
NECESSARY DOCUMENTS TO REPLACE YOUR LOST SHARE CERTIFICATES.
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SPECIAL PAYMENT INSTRUCTIONS
(See Instructions 1, 5, 6 and 7) |
To be completed ONLY if the check for the purchase price of Shares
accepted for payment and/or Share Certificates not tendered or not accepted for payment are to be issued in the name of someone other than the undersigned. |
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(Taxpayer Identification or Social Security No.)
(Also complete IRS Form W-9 below or the appropriate IRS Form W-8, as applicable) |
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SPECIAL DELIVERY INSTRUCTIONS
(See Instructions 1, 5, 6 and 7) |
To be completed ONLY if the check for the purchase price of Shares
accepted for payment and/or Share Certificates not tendered or not accepted are to be mailed to someone other than the undersigned or to the undersigned at an address other than that shown above.
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(Taxpayer Identification or Social Security No.)
(Also complete IRS Form W-9 below or the appropriate IRS Form W-8, as applicable) |
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IMPORTANT
STOCKHOLDER: SIGN HERE
(Please also complete IRS Form W-9 included in this Letter of Transmittal or the
appropriate IRS Form W-8, as applicable)
Signature(s) of Holder(s) of Shares |
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Must be signed by registered holder(s) exactly as name(s) appear(s) on Share Certificate(s) or on a security position listing or by person(s) authorized to become registered holder(s) by Share Certificates and documents transmitted
with this Letter of Transmittal. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, agent, officer of a corporation or other person acting in a fiduciary or representative capacity, please set forth full title. See
Instructions 1 and 5 below. |
GUARANTEE OF SIGNATURE(S)
(IF REQUIRED SEE INSTRUCTIONS 1 AND 5)
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Address |
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INSTRUCTIONS
Forming Part of the Terms and Conditions of the Offer
1. Guarantee of Signatures. No signature guarantee is required on this Letter of Transmittal (a) if this Letter of
Transmittal is signed by the registered holder(s) (which term, for purposes of this Instruction 1, includes any participant in DTCs systems whose name(s) appear(s) on a security position listing as the owner(s) of Shares) of Shares
tendered herewith, unless such registered holder(s) has completed either the box entitled Special Payment Instructions or the box entitled Special Delivery Instructions on this Letter of Transmittal or (b) if such Shares
are tendered for the account of a financial institution (including most commercial banks, savings and loan associations and brokerage houses) that is a member of or participant in a recognized Medallion Program approved by the Securities
Transfer Association Inc., including the Security Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Signature Program, or any other eligible guarantor institution, as such
term is defined in Rule 17Ad-15 under the U.S. Securities Exchange Act of 1934, as amended (each, an Eligible Institution). In all other cases, all signatures on this Letter of Transmittal must be guaranteed
by an Eligible Institution. See Instruction 5 below.
2. Requirements of Tender. No alternative, conditional or
contingent tenders will be accepted. In order for Shares to be validly tendered pursuant to the Offer, one of the following procedures must be followed:
For Shares held as physical certificates, the Share Certificates representing tendered Shares, a properly completed and duly executed Letter of
Transmittal, together with any required signature guarantees, and any other documents required by this Letter of Transmittal, must be received by the Depositary at one of its addresses set forth on the front page of this Letter of Transmittal before
the Expiration Date (unless the tender is made during a subsequent offering period, if one is provided, in which case the Share Certificates representing Shares, this Letter of Transmittal and other documents must be received before the expiration
of the subsequent offering period).
For Shares held in book-entry form, either a properly completed and duly executed Letter of
Transmittal, together with any required signature guarantees, or an Agents Message in lieu of this Letter of Transmittal, and any other required documents, must be received by the Depositary at one of its addresses set forth on the front page
of this Letter of Transmittal, and such Shares must be delivered according to the book-entry transfer procedures (as set forth in Section 3 of the Offer to Purchase) and a timely confirmation of a book-entry transfer of Shares into the
Depositarys account at DTC (a Book-Entry Confirmation) must be received by the Depositary, in each case before the Expiration Date (unless the tender is made during a subsequent offering period, if one is provided, in
which case this Letter of Transmittal or an Agents Message in lieu of this Letter of Transmittal, and other documents must be received before the expiration of the subsequent offering period).
Stockholders whose Share Certificates are not immediately available, or who cannot complete the procedure for delivery by book-entry transfer
on a timely basis or who cannot deliver all other required documents to the Depositary prior to the Expiration Date, may tender their Shares by properly completing and duly executing a Notice of Guaranteed Delivery pursuant to the guaranteed
delivery procedure set forth in Section 3 of the Offer to Purchase. Pursuant to such procedure: (i) such tender must be made by or through an Eligible Institution, (ii) a properly completed and duly executed notice of guaranteed
delivery (a Notice of Guaranteed Delivery), substantially in the form made available by Purchaser, must be received by the Depositary prior to the Expiration Date and (iii) Share Certificates (or a Book-Entry
Confirmation) evidencing all tendered Shares, in proper form for transfer, in each case together with this Letter of Transmittal, properly completed and duly executed, together with any required signature guarantees (or, in the case of book-entry
transfer of Shares, either this Letter of Transmittal or an Agents Message in lieu of this Letter of Transmittal), and any other documents required by this Letter of Transmittal, must be received by the Depositary within three NASDAQ Stock
Market trading days after the date of execution of such Notice of Guaranteed Delivery. A Notice of Guaranteed Delivery may be delivered by overnight courier or mailed to the Depositary and must include a guarantee by an Eligible Institution in the
form set forth in the form of Notice of Guaranteed Delivery made available by Purchaser. In the case of Shares held through DTC, the Notice of Guaranteed Delivery must be delivered to the Depositary by a participant by means of the confirmation
system of DTC.
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The term Agents Message means a message transmitted by DTC to,
and received by, the Depositary and forming part of a Book-Entry Confirmation that states that DTC has received an express acknowledgment from the participant in DTC tendering the Shares that are the subject of such Book-Entry Confirmation that such
participant has received and agrees to be bound by the terms of this Letter of Transmittal and that Purchaser may enforce such agreement against the participant.
The method of delivery of Shares, this Letter of Transmittal and all other required documents, including delivery through DTC, is at the
election and risk of the tendering stockholder. Shares will be deemed delivered (and the risk of loss of Share Certificates will pass) only when actually received by the Depositary (including, in the case of a book-entry transfer, by Book-Entry
Confirmation). If delivery is by mail, then registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to ensure timely delivery.
No fractional Shares will be purchased. By executing this Letter of Transmittal, the tendering stockholder waives any right to receive any
notice of the acceptance for payment of Shares.
3. Inadequate Space. If the space provided in this Letter of Transmittal under
Description of Shares Tendered is inadequate, Share Certificate numbers, the number of Shares represented by such Share Certificates and/or the number of Shares tendered should be listed on a signed separate schedule attached to this
Letter of Transmittal.
4. Partial Tenders (Not Applicable to Stockholders who Tender by Book-Entry Transfer). If fewer than all
Shares represented by any Share Certificate delivered to the Depositary are to be tendered, fill in the number of Shares that are to be tendered in the box entitled Total Number of Shares Tendered. In such case, a new certificate
for the remainder of Shares represented by the old certificate will be sent to the person(s) signing this Letter of Transmittal, unless otherwise provided in the appropriate box on this Letter of Transmittal, as promptly as practicable following the
expiration or termination of the Offer. All Shares represented by Share Certificates delivered to the Depositary will be deemed to have been tendered unless otherwise indicated.
5. Signatures on Letter of Transmittal; Stock Powers and Endorsements.
(a) Exact Signatures. If this Letter of Transmittal is signed by the registered holder(s) of Shares tendered by this Letter of
Transmittal, the signature(s) must correspond with the name(s) as written on the face of such Share Certificates for such Shares without alteration, enlargement or any change whatsoever.
(b) Holders. If any Shares tendered hereby are held of record by two or more persons, all such persons must sign this Letter of
Transmittal.
(c) Different Names on Share Certificates. If any Shares tendered hereby are registered in different names on
different Share Certificates, it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations of Share Certificates.
(d) Endorsements. If this Letter of Transmittal is signed by the registered holder(s) of Shares tendered by this Letter of
Transmittal, no endorsements of Share Certificates for such Shares or separate stock powers are required, unless payment of the purchase price is to be made, or Shares not tendered or not purchased are to be returned, in the name of any person other
than the registered holder(s). Signatures on any such Share Certificates or stock powers must be guaranteed by an Eligible Institution.
If this Letter of Transmittal is signed by a person other than the registered holder(s) of Shares tendered hereby, the Share Certificates for
such Shares must be endorsed or accompanied by appropriate stock powers, in either case, signed exactly as the name(s) of the registered holder(s) appear(s) on such Share Certificates for such Shares. Signature(s) on any such Share Certificates or
stock powers must be guaranteed by an Eligible Institution. See Instruction 1 above.
If this Letter of Transmittal or any Share
Certificate or stock power is signed by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other legal entity or other person acting in a
ANADC01
fiduciary or representative capacity, such person should so indicate when signing, and proper evidence satisfactory to the Depositary of the authority of such person so to act must be submitted.
Proper evidence of authority includes a power of attorney, a letter testamentary or a letter of appointment.
6. Stock Transfer
Taxes. Except as otherwise provided in this Instruction 6, Purchaser will pay all stock transfer taxes with respect to the transfer and sale of any Shares to it or its order pursuant to the Offer (for the avoidance of doubt, transfer taxes
do not include U.S. federal income tax or backup withholding taxes). If, however, payment of the purchase price is to be made to, or if Share Certificate(s) for Shares not tendered or not accepted for payment are to be registered in the name of, any
person(s) other than the registered holder(s), or if tendered Shares Certificate(s) are registered in the name of any person(s) other than the person(s) signing this Letter of Transmittal, the amount of any stock transfer taxes or other taxes
required by reason of the payment to a person other than the registered holder(s) of such Share Certificate (in each case whether imposed on the registered holder(s) or such other person(s)) payable on account of the transfer to such other person(s)
will be deducted from the purchase price of such Shares purchased unless evidence satisfactory to Purchaser of the payment of such taxes, or exemption therefrom, is submitted.
Except as provided in this Instruction 6, it will not be necessary for transfer tax stamps to be affixed to the Share Certificate(s)
evidencing the Shares tendered by this Letter of Transmittal.
7. Special Payment and Delivery Instructions. If a check is to
be issued for the purchase price of any Shares tendered by this Letter of Transmittal in the name of, and, if appropriate, Share Certificates for Shares not tendered or not accepted for payment are to be issued to, any person(s) other than the
signer of this Letter of Transmittal or if a check and, if appropriate, such Share Certificates are to be returned to any person(s) other than the person(s) signing this Letter of Transmittal or to an address other than that shown in this Letter of
Transmittal, then the appropriate boxes on this Letter of Transmittal must be completed.
8. IRS Form W-9 or Form W-8. To
avoid backup withholding, a tendering stockholder that is a United States person (as defined for United States federal income tax purposes) is required to provide the Depositary with a correct Taxpayer Identification Number
(TIN) on IRS Form W-9, which is enclosed, and to certify, under penalties of perjury, that such number is correct, that such stockholder is not subject to backup withholding of federal income tax, and that such
stockholder is a United States person. If the tendering stockholder has been notified by the United States Internal Revenue Service (IRS) that such stockholder is subject to backup withholding, such stockholder must cross
out item (2) of the Certification section of the IRS Form W-9, unless such stockholder has since been notified by the IRS that such stockholder is no longer subject to backup withholding. Failure to provide the information on the IRS
Form W-9 may subject the tendering stockholder to backup withholding on the payment of the purchase price of all Shares purchased from such stockholder. If the tendering stockholder has not been issued a TIN and has applied for one or intends
to apply for one in the near future, such stockholder should write Applied For in the space for the TIN on the IRS Form W-9, sign and date the IRS Form W-9 and sign and date the Certificate of Awaiting Taxpayer Identification
Number under Important Tax Information below. If you write Applied For in the space for the TIN and the Depositary is not provided with a TIN by the time of payment, the Depositary will withhold a portion of all payments of
the purchase price to such stockholder until a TIN is provided to the Depositary.
Certain stockholders (including, among others,
corporations) may not be subject to backup withholding. Foreign stockholders that are not United States persons should submit an appropriate and properly completed applicable IRS Form W-8, a copy of which may be obtained from the Depositary or
the IRS at www.irs.gov, in order to avoid backup withholding. Such stockholders should consult a tax advisor to determine which Form W-8 is appropriate. See the instructions enclosed with the IRS Form W-9 enclosed with this Letter of
Transmittal for more instructions.
9. Irregularities. All questions as to the validity, form, eligibility (including time of
receipt) and acceptance for payment of any tender of Shares will be determined by Purchaser in its sole discretion. Purchaser reserves the absolute right to reject any and all tenders determined by it not to be in proper form or the acceptance for
payment of which may, in the opinion of its counsel, be unlawful. Purchaser also reserves the absolute right to
ANADC01
waive any of the conditions to the Offer (other than the Minimum Condition (as defined in the Offer to Purchase), which may only be waived with the consent of Anadigics) and any defect or
irregularity in the tender of any Shares of any particular stockholder, whether or not similar defects or irregularities are waived in the case of other stockholders. No tender of Shares will be deemed to have been validly made until all defects and
irregularities have been cured or waived to the satisfaction of Purchaser. Unless waived, any defects or irregularities in connection with tenders must be cured within such time as Purchaser shall determine. None of Purchaser, the Depositary, the
Information Agent or any other person will be under any duty to give notification of any defects or irregularities in tenders or incur any liability for failure to give any such notification. Purchasers interpretation of the terms and
conditions of the Offer (including this Letter of Transmittal and the instructions hereto) will be determined by Purchaser in its sole discretion.
10. Questions and Requests for Additional Copies. The Information Agent may be contacted at the address and telephone number set
forth on the last page of this Letter of Transmittal for questions and/or requests for additional copies of the Offer to Purchase, this Letter of Transmittal, the Notice of Guaranteed Delivery and other tender offer materials. You may also contact
your broker, dealer, commercial bank, trust company or other nominee for assistance. Such copies will be furnished promptly at Purchasers expense.
11. Lost, Destroyed or Stolen Certificates. If any Share Certificate representing Shares has been lost, destroyed or stolen, then
the stockholder should promptly notify Computershare Trust Company, N.A., as transfer agent (the Transfer Agent), at (855) 396-2084, regarding the requirements for replacement. The stockholder will then be instructed
as to the steps that must be taken in order to replace such Share Certificate(s). You may be required to post a bond to secure against the risk that the Share Certificate(s) may be subsequently recirculated. You are urged to contact the
Transfer Agent immediately in order to receive further instructions and for a determination of whether you will need to post a bond and to permit timely processing of this documentation. This Letter of Transmittal and related documents cannot be
processed until the procedures for replacing lost, destroyed or stolen Share Certificates have been followed.
IMPORTANT: SHARE CERTIFICATES
EVIDENCING TENDERED SHARES, OR A BOOK-ENTRY CONFIRMATION INTO THE DEPOSITARYS ACCOUNT AT DTC, AS WELL AS THIS LETTER OF TRANSMITTAL, PROPERLY COMPLETED AND DULY EXECUTED, WITH ANY REQUIRED SIGNATURE GUARANTEES, OR AN AGENTS MESSAGE (IF
UTILIZED IN LIEU OF THIS LETTER OF TRANSMITTAL IN CONNECTION WITH A BOOK-ENTRY TRANSFER), AND ANY OTHER DOCUMENTS REQUIRED BY THIS LETTER OF TRANSMITTAL, MUST BE RECEIVED BEFORE THE EXPIRATION DATE, OR THE TENDERING STOCKHOLDER MUST COMPLY WITH THE
PROCEDURES FOR GUARANTEED DELIVERY.
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IMPORTANT TAX INFORMATION
Under United States federal income tax law, a stockholder who is a United States person (as defined for United States federal income tax
purposes) surrendering Shares must, unless an exemption applies, provide the Depositary (as payer) with the stockholders correct TIN on IRS Form W-9, a copy of which is enclosed with this Letter of Transmittal. If the stockholder is an
individual, then the stockholders TIN is such stockholders Social Security number. If the correct TIN is not provided, then the stockholder may be subject to a $50 penalty imposed by the IRS and payments of cash to the stockholder (or
other payee) pursuant to the Offer may be subject to backup withholding of a portion of all payments of the purchase price.
Certain
stockholders (including, among others, corporations) may not be subject to backup withholding and reporting requirements. In order for an exempt foreign stockholder to avoid backup withholding, such person should complete, sign and submit an
appropriate IRS Form W-8 signed under penalties of perjury, attesting to his, her or its exempt status. An IRS Form W-8 can be obtained from the Depositary or the IRS at www.irs.gov. Such stockholders should consult a tax advisor to
determine which IRS Form W-8 is appropriate. Exempt stockholders, other than foreign stockholders, should furnish their TIN, check the Exempt payee box on the IRS Form W-9 and sign, date and return the IRS Form W-9 to the
Depositary in order to avoid erroneous backup withholding. See the instructions with the IRS Form W-9 enclosed with this Letter of Transmittal for additional instructions.
If backup withholding applies, the Depositary is required to withhold and pay over to the IRS a portion of any payment made to a stockholder.
Backup withholding is not an additional tax. Rather, the United States federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If backup withholding results in an overpayment of taxes, a
refund may be obtained from the IRS if required information is timely furnished to the IRS.
What Number to Give the Depositary
The tendering stockholder is required to give the Depositary the TIN, generally the Social Security number or employer identification number,
of the record holder of all Shares tendered by this Letter of Transmittal. If such Shares are in more than one name or are not in the name of the actual owner, consult the instructions with the IRS Form W-9 enclosed with this Letter of
Transmittal for additional guidance on which number to report.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT YOUR TAX CONSULTANT OR THE INTERNAL REVENUE
SERVICE.
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YOU MUST COMPLETE THE
FOLLOWING CERTIFICATE IF YOU WROTE
APPLIED FOR IN PART 1 OF IRS FORM W-9
CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER
I certify under penalties of perjury that a TIN has not been issued to me, and that I
mailed or delivered an application to receive a TIN to the appropriate IRS Center or Social Security Administration Office (or I intend to mail or deliver an application in the near future). I understand that if I do not provide a TIN by the time
payment is made, 28% of all cash payments made to me pursuant to the Offer will be withheld.
ANADC01
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Form W-9
(Rev. December 2014) Department of the Treasury
Internal Revenue Service |
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Request for Taxpayer
Identification Number and Certification |
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Give Form to the
requester. Do not
send to the IRS. |
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Print or type
See Specific Instructions
on page 2. |
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1 Name (as shown on your income tax return). Name is required on this line; do
not leave this line blank. |
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2 Business name/disregarded entity name, if different from above
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3 Check appropriate box for federal tax classification; check only one of the following seven boxes: |
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4 Exemptions (codes apply only to certain entities, not individuals;
see instructions on page 3): Exempt payee code (if
any)
Exemption from FATCA reporting code (if
any)
(Applies to accounts maintained outside the
U.S.) |
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Individual/sole proprietor or single-member LLC |
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C Corporation |
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S Corporation |
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Partnership ¨
Trust/estate |
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¨ Limitedliability company. Enter the tax classification
(C=C corporation, S=S corporation,
P=partnership) u
Note. For a single-member LLC that is disregarded,
do not check LLC; check the appropriate box in the line above for the tax classification of the single-member owner. ¨ Other(see instructions) u
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5 Address (number, street, and apt. or suite no.) |
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Requesters name and address (optional) |
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6 City,
state, and ZIP code |
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7 List
account number(s) here (optional) |
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Part I |
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Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For
individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other entities, it is your employer identification number (EIN). If
you do not have a number, see How to get a TIN on page 3. Note. If the
account is in more than one name, see the instructions for line 1 and the chart on page 4 for guidelines on whose number to enter. |
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Social security number |
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Employer identification number |
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Under penalties of perjury, I certify that:
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The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and |
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I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a
failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and |
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I am a U.S. citizen or other U.S. person (defined below); and |
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The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. |
Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding
because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to
an individual retirement arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions on page 3.
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Signature of U.S.
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General Instructions
Section references are to the Internal Revenue Code unless otherwise noted.
Future developments. Information about developments affecting Form W-9 (such as legislation enacted after we
release it) is at www.irs.gov/fw9.
Purpose of Form
An individual or entity (Form W-9 requester) who is required to file an information return with the IRS must obtain your correct taxpayer identification
number (TIN) which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount
paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following:
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Form 1099-INT (interest earned or paid)
● Form 1099-DIV (dividends, including those from stocks or mutual funds)
● Form 1099-MISC (various types of income, prizes, awards, or gross proceeds)
● Form 1099-B (stock or mutual fund sales and certain other transactions by brokers)
● Form 1099-S (proceeds from real estate transactions)
● Form 1099-K (merchant card and third party network transactions)
● Form 1098 (home mortgage interest), 1098-E (student loan interest), 1098-T (tuition)
● Form 1099-C (canceled debt)
● Form 1099-A
(acquisition or abandonment of secured property)
Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your
correct TIN.
If you do not
return Form W-9 to the requester with a
TIN, you might be subject to backup withholding.
See What is backup withholding? on page 2.
By signing the filled-out form, you:
1. Certify that the TIN you are giving is correct (or you are waiting for a number to be issued),
2. Certify that you are not subject to backup withholding, or
3. Claim exemption from backup withholding if you are a U.S. exempt payee. If applicable, you are also certifying that as a U.S. person,
your allocable share of any partnership income from a U.S. trade or business is not subject to the withholding tax on foreign partners share of effectively connected income, and
4. Certify that FATCA code(s) entered on this form (if any) indicating that you are exempt from the FATCA reporting, is correct. See
What is FATCA reporting? on page 2 for further information.
Note. If
you are a U.S. person and a requester gives you a form other than Form W-9 to request your TIN, you must use the requesters form if it is substantially similar to this Form W-9.
Definition of a U.S. person. For federal tax purposes, you are considered a U.S. person if you are:
● An individual who is a U.S. citizen or U.S. resident alien;
● A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States;
● An estate (other than a foreign estate); or
● A
domestic trust (as defined in Regulations section 301.77017).
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Cat. No. 10231X |
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Form W-9 (Rev.
12-2014) ANADC01 |
Form W-9 (Rev. 12-2014) |
Page 2 |
Special rules for partnerships. Partnerships that conduct a trade or business in the United States are
generally required to pay a withholding tax under section 1446 on any foreign partners share of effectively connected taxable income from such business. Further, in certain cases where a Form W-9 has not been received, the rules under
section 1446 require a partnership to presume that a partner is a foreign person, and pay the section 1446 withholding tax. Therefore, if you are a U.S. person that is a partner in a partnership conducting a trade or business in the United States,
provide Form W-9 to the partnership to establish your U.S. status and avoid section 1446 withholding on your share of partnership income.
In the cases below, the following person must give Form W-9 to the partnership for purposes of establishing its U.S. status and avoiding
withholding on its allocable share of net income from the partnership conducting a trade or business in the United States:
● In the case of a
disregarded entity with a U.S. owner, the U.S. owner of the disregarded entity and not the entity;
● In the case of a grantor trust with a U.S.
grantor or other U.S. owner, generally, the U.S. grantor or other U.S. owner of the grantor trust and not the trust; and
● In the case of a U.S.
trust (other than a grantor trust), the U.S. trust (other than a grantor trust) and not the beneficiaries of the trust.
Foreign person. If you are
a foreign person or the U.S. branch of a foreign bank that has elected to be treated as a U.S. person, do not use Form W-9. Instead, use the appropriate Form W-8 or Form 8233 (see Publication 515, Withholding of Tax on Nonresident Aliens and
Foreign Entities).
Nonresident alien who becomes a resident alien. Generally, only a nonresident alien individual may use the terms of a
tax treaty to reduce or eliminate U.S. tax on certain types of income. However, most tax treaties contain a provision known as a saving clause. Exceptions specified in the saving clause may permit an exemption from tax to continue for
certain types of income even after the payee has otherwise become a U.S. resident alien for tax purposes.
If you are a U.S. resident
alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on certain types of income, you must attach a statement to Form W-9 that specifies the following five items:
1. The treaty country. Generally, this must be the same treaty under which you claimed exemption from tax as a nonresident alien.
2. The treaty article addressing the income.
3. The article number (or location) in the tax treaty that contains the saving clause and its exceptions.
4. The type and amount of income that qualifies for the exemption from tax.
5. Sufficient facts to justify the exemption from tax under the terms of the treaty article.
Example. Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a
Chinese student temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if his or her stay in the United States exceeds 5 calendar years. However, paragraph 2 of the first Protocol to the
U.S.-China treaty (dated April 30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of
the first protocol) and is relying on this exception to claim an exemption from tax on his or her scholarship or fellowship income would attach to Form W-9 a statement that includes the information described above to support that exemption.
If you are a nonresident alien or a foreign entity, give the requester the appropriate completed Form W-8 or Form 8233.
Backup Withholding
What is backup withholding?
Persons making certain payments to you must under certain conditions withhold and pay to the IRS 28% of such payments. This is called backup withholding. Payments that may be subject to backup withholding include interest, tax-exempt
interest, dividends, broker and barter exchange transactions, rents, royalties, nonemployee pay, payments made in settlement of payment card and third party network transactions, and certain payments from fishing boat operators. Real estate
transactions are not subject to backup withholding.
You will not be subject to backup withholding on payments you receive if you give the
requester your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return.
Payments you
receive will be subject to backup withholding if:
1. You do not furnish your TIN to the requester,
2. You do not certify your TIN when required (see the Part II instructions on page 3 for details),
3. The IRS tells the requester that you furnished an incorrect TIN,
4. The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return
(for reportable interest and dividends only), or
5. You do not certify to the requester that you are not subject to backup withholding
under 4 above (for reportable interest and dividend accounts opened after 1983 only).
Certain payees and payments are exempt from backup
withholding. See Exempt payee code on page 3 and the separate Instructions for the Requester of Form W-9 for more information.
Also see Special rules for partnerships above.
What is FATCA reporting?
The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all United States account holders that are
specified United States persons. Certain payees are exempt from FATCA reporting. See Exemption from FATCA reporting code on page 3 and the Instructions for the Requester of Form
W-9 for more information.
Updating Your Information
You must provide updated information to any person to whom you claimed to be an exempt payee if you are no longer an exempt payee and anticipate
receiving reportable payments in the future from this person. For example, you may need to provide updated information if you are a C corporation that elects to be an S corporation, or if you no longer are tax exempt. In addition, you must furnish a
new Form W-9 if the name or TIN changes for the account; for example, if the grantor of a grantor trust dies.
Penalties
Failure to furnish TIN. If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless your
failure is due to reasonable cause and not to willful neglect.
Civil penalty for false information with respect to withholding. If you make a
false statement with no reasonable basis that results in no backup withholding, you are subject to a $500 penalty.
Criminal penalty for falsifying
information. Willfully falsifying certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment.
Misuse
of TINs. If the requester discloses or uses TINs in violation of federal law, the requester may be subject to civil and criminal penalties.
Specific Instructions
Line 1
You must enter one of the following on this line; do not leave this line blank. The name should match the name on your tax return.
If this Form W-9 is for a joint account, list first, and then circle, the name of the person or entity whose number you entered in Part I of
Form W-9.
a. Individual. Generally, enter the name shown on your tax return. If you have changed your last name without informing
the Social Security Administration (SSA) of the name change, enter your first name, the last name as shown on your social security card, and your new last name.
Note. ITIN applicant: Enter your individual name as it was entered on your Form W-7 application, line 1a. This should also be the same as the name you
entered on the Form 1040/1040A/1040EZ you filed with your application.
b. Sole proprietor or single-member LLC. Enter your
individual name as shown on your 1040/1040A/1040EZ on line 1. You may enter your business, trade, or doing business as (DBA) name on line 2.
c. Partnership, LLC that is not a single-member LLC, C Corporation, or S Corporation. Enter the entitys name as shown on the
entitys tax return on line 1 and any business, trade, or DBA name on line 2.
d. Other entities. Enter your name as shown on
required U.S. federal tax documents on line 1. This name should match the name shown on the charter or other legal document creating the entity. You may enter any business, trade, or DBA name on line 2.
e. Disregarded entity. For U.S. federal tax purposes, an entity that is disregarded as an entity separate from its owner is treated as
a disregarded entity. See Regulations section 301.7701-2(c)(2)(iii). Enter the owners name on line 1. The name of the entity entered on line 1 should never be a disregarded entity. The name on line 1 should be the name shown on the
income tax return on which the income should be reported. For example, if a foreign LLC that is treated as a disregarded entity for U.S. federal tax purposes has a single owner that is a U.S. person, the U.S. owners name is required to be
provided on line 1. If the direct owner of the entity is also a disregarded entity, enter the first owner that is not disregarded for federal tax purposes. Enter the disregarded entitys name on line 2, Business name/disregarded entity
name. If the owner of the disregarded entity is a foreign person, the owner must complete an appropriate Form W-8 instead of a Form W-9. This is the case even if the foreign person has a U.S. TIN.
Line 2
If you have a business name, trade name, DBA
name, or disregarded entity name, you may enter it on line 2.
Line 3
Check the appropriate box in line 3 for the U.S. federal tax classification of the person whose name is entered on line 1. Check only one box in line 3.
Limited Liability Company (LLC). If the name on line 1 is an LLC treated as a partnership for U.S. federal tax purposes, check the Limited
Liability Company box and enter P in the space provided. If the LLC has filed Form 8832 or 2553 to be taxed as a corporation, check the Limited Liability Company box and in the space provided enter C
for C corporation or S for S corporation. If it is a single-member LLC that is a disregarded entity, do not check the Limited Liability Company box; instead check the first box in line 3 Individual/sole proprietor or
single-member LLC.
ANADC01
Form W-9 (Rev. 12-2014) |
Page 3 |
Line 4, Exemptions
If you are exempt from backup withholding and/or FATCA reporting, enter in the appropriate space in line 4 any code(s) that may apply to you.
Exempt payee code.
● Generally, individuals
(including sole proprietors) are not exempt from backup withholding.
● Except as provided below, corporations are exempt from backup withholding
for certain payments, including interest and dividends.
● Corporations are not exempt from backup withholding for payments made in settlement of
payment card or third party network transactions.
● Corporations are not exempt from backup withholding with respect to attorneys fees or
gross proceeds paid to attorneys, and corporations that provide medical or health care services are not exempt with respect to payments reportable on Form 1099-MISC.
The following codes identify payees that are exempt from backup withholding. Enter the appropriate code in the space in line 4.
1An organization exempt from tax under section 501(a), any IRA, or a custodial account under section 403(b)(7) if the account satisfies
the requirements of section 401(f)(2)
2The United States or any of its agencies or instrumentalities
3A state, the District of Columbia, a U.S. commonwealth or possession, or any of their political subdivisions or instrumentalities
4A foreign government or any of its political subdivisions, agencies, or instrumentalities
5A corporation
6A
dealer in securities or commodities required to register in the United States, the District of Columbia, or a U.S. commonwealth or possession
7A futures commission merchant registered with the Commodity Futures Trading Commission
8A real estate investment trust
9An entity registered at all times during the tax year under the Investment Company Act of 1940
10A common trust fund operated by a bank under section 584(a)
11A financial institution
12A middleman known in the investment community as a nominee or custodian
13A trust exempt from tax under section 664 or described in section 4947
The following chart shows types of payments that may be exempt from backup withholding. The chart applies to the exempt payees listed above, 1
through 13.
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IF the payment is for . . . |
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THEN the payment is exempt
for . . . |
Interest and dividend payments |
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All exempt payees except for 7 |
Broker transactions |
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Exempt payees 1 through 4 and 6 through 11 and all C corporations. S corporations must not enter an exempt payee code because they are exempt only for sales of noncovered securities
acquired prior to 2012. |
Barter exchange transactions and
patronage dividends |
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Exempt payees 1 through 4 |
Payments over $600 required to be reported and direct sales over $5,0001 |
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Generally, exempt payees
1 through 52 |
Payments made in settlement of payment card or third party network transactions |
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Exempt payees 1 through 4 |
1 |
See Form 1099-MISC, Miscellaneous Income, and its instructions. |
2 |
However, the following payments made to a corporation and reportable on Form 1099-MISC are not exempt from backup withholding: medical and health care payments, attorneys fees, gross proceeds paid to an attorney
reportable under section 6045(f), and payments for services paid by a federal executive agency. |
Exemption from FATCA reporting code.
The following codes identify payees that are exempt from reporting under FATCA. These codes apply to persons submitting this form for accounts maintained outside of the United States by certain foreign financial institutions. Therefore, if you are
only submitting this form for an account you hold in the United States, you may leave this field blank. Consult with the person requesting this form if you are uncertain if the financial institution is subject to these requirements. A requester may
indicate that a code is not required by providing you with a Form W-9 with Not Applicable (or any similar indication) written or printed on the line for a FATCA exemption code.
AAn organization exempt from tax under section 501(a) or any individual retirement plan as defined in section 7701(a)(37)
BThe United States or any of its agencies or instrumentalities
CA state, the District of Columbia, a U.S. commonwealth or possession, or any of their political subdivisions or instrumentalities
DA corporation the stock of which is regularly traded on one or more established
securities markets, as described in Regulations section 1.1472-1(c)(1)(i)
EA corporation
that is a member of the same expanded affiliated group as a corporation described in Regulations section 1.1472-1(c)(1)(i)
FA
dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any state
GA real estate investment trust
HA regulated investment company as defined in section 851 or an entity registered at all times during the tax year under the Investment
Company Act of 1940
IA common trust fund as defined in section 584(a)
JA bank as defined in section 581
KA broker
LA trust
exempt from tax under section 664 or described in section 4947(a)(1)
MA tax exempt trust under a section 403(b) plan or
section 457(g) plan
Note. You may wish to consult with the financial institution requesting this form to determine whether the FATCA code and/or
exempt payee code should be completed.
Line 5
Enter
your address (number, street, and apartment or suite number). This is where the requester of this Form W-9 will mail your information returns.
Line 6
Enter your city, state, and ZIP code.
Part I.
Taxpayer Identification Number (TIN)
Enter your TIN in the appropriate box. If you are a resident alien and you do not have and are not
eligible to get an SSN, your TIN is your IRS individual taxpayer identification number (ITIN). Enter it in the social security number box. If you do not have an ITIN, see How to get a TIN below.
If you are a sole proprietor and you have an EIN, you may enter either your SSN or EIN. However, the IRS prefers that you use your SSN.
If you are a single-member LLC that is disregarded as an entity separate from its owner (see Limited Liability Company (LLC) on this
page), enter the owners SSN (or EIN, if the owner has one). Do not enter the disregarded entitys EIN. If the LLC is classified as a corporation or partnership, enter the entitys EIN.
Note. See the chart on page 4 for further clarification of name and TIN combinations.
How to get a TIN. If you do not have a TIN, apply for one immediately. To apply for an SSN, get Form SS-5, Application for a Social Security Card, from
your local SSA office or get this form online at www.ssa.gov. You may also get this form by calling 1-800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN, or Form SS-4, Application for Employer Identification Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS website at www.irs.gov/businesses and clicking on Employer Identification Number
(EIN) under Starting a Business. You can get Forms W-7 and SS-4 from the IRS by visiting IRS. gov or by calling 1-800-TAX-FORM (1-800-829-3676).
If you are asked to complete Form W-9 but do not have a TIN, apply for a TIN and write Applied For in the space for the TIN, sign
and date the form, and give it to the requester. For interest and dividend payments, and certain payments made with respect to readily tradable instruments, generally you will have 60 days to get a TIN and give it to the requester before you are
subject to backup withholding on payments. The 60-day rule does not apply to other types of payments. You will be subject to backup withholding on all such payments until you provide your TIN to the requester.
Note. Entering Applied For means that you have already applied for a TIN or that you intend to apply for one soon.
Caution: A disregarded U.S. entity that has a foreign owner must use the appropriate Form W-8.
Part II. Certification
To establish to the
withholding agent that you are a U.S. person, or resident alien, sign Form W-9. You may be requested to sign by the withholding agent even if items 1, 4, or 5 below indicate otherwise.
For a joint account, only the person whose TIN is shown in Part I should sign (when required). In the case of a disregarded entity, the person
identified on line 1 must sign. Exempt payees, see Exempt payee code earlier.
Signature requirements. Complete the certification as
indicated in items 1 through 5 below.
1. Interest, dividend, and barter exchange accounts opened before 1984 and broker
accounts considered active during 1983. You must give your correct TIN, but you do not have to sign the certification.
2.
Interest, dividend, broker, and barter exchange accounts opened after 1983 and broker accounts considered inactive during 1983. You must sign the certification or backup withholding will apply. If you are subject to backup withholding and you
are merely providing your correct TIN to the requester, you must cross out item 2 in the certification before signing the form.
ANADC01
Form W-9 (Rev. 12-2014) |
Page 4 |
3. Real estate transactions. You must sign the certification. You may cross out
item 2 of the certification.
4. Other payments. You must give your correct TIN, but you do not have to sign the
certification unless you have been notified that you have previously given an incorrect TIN. Other payments include payments made in the course of the requesters trade or business for rents, royalties, goods (other than bills for
merchandise), medical and health care services (including payments to corporations), payments to a nonemployee for services, payments made in settlement of payment card and third party network transactions, payments to certain fishing boat crew
members and fishermen, and gross proceeds paid to attorneys (including payments to corporations).
5. Mortgage interest paid by
you, acquisition or abandonment of secured property, cancellation of debt, qualified tuition program payments (under section 529), IRA, Coverdell ESA, Archer MSA or HSA contributions or distributions, and pension distributions. You must give
your correct TIN, but you do not have to sign the certification.
What Name and Number To Give the Requester
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For this type of account: |
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Give name and SSN of: |
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Individual |
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The individual |
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Two or more individuals (joint account) |
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The actual owner of the account or, if combined funds, the first individual on the account 1 |
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Custodian account of a minor (Uniform Gift to Minors Act) |
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The minor 2 |
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a. The usual revocable savings trust (grantor is also trustee) |
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The grantor-trustee 1 |
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b. So-called trust account that is not a legal or valid trust under state law |
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The actual owner 1 |
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Sole proprietorship or disregarded entity owned by an individual |
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The owner 3 |
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Grantor trust filing under Optional Form 1099 Filing Method 1 (see Regulations section 1.671-4(b)(2)(i)(A)) |
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The grantor * |
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For this type of account: |
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Give name and EIN of: |
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Disregarded entity not owned by an individual |
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The owner |
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A valid trust, estate, or pension trust |
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Corporation or LLC electing corporate status on Form 8832 or Form 2553 |
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The corporation |
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Association, club, religious, charitable, educational, or other tax-exempt organization |
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The organization |
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11. |
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Partnership or multi-member LLC |
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The partnership |
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12. |
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A broker or registered nominee |
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The broker or nominee |
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13. |
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Account with the Department of Agriculture in the name of a public entity (such as a state or local government, school district, or prison) that receives agricultural program payments |
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The public entity |
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Grantor trust filing under the Form 1041 Filing Method or the Optional Form 1099 Filing Method 2 (see Regulations section 1.671-4(b)(2)(i)(B)) |
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The trust |
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List first and circle the name of the person whose number you furnish. If only one person on a joint account has an SSN, that persons number must be furnished. |
2 |
Circle the minors name and furnish the minors SSN.
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3 |
You must show your individual name and you may also enter your business or DBA name on the Business name/disregarded entity name line. You may use either your SSN or EIN (if you have one), but the IRS
encourages you to use your SSN. |
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List first and circle the name of the trust, estate, or pension trust. (Do not furnish the TIN of the personal representative or trustee unless the legal entity itself is not designated in the account title.)
Also see Special rules for partnerships on page 2. |
* |
Note. Grantor also must provide a Form W-9 to trustee of trust. |
Note. If no name is circled
when more than one name is listed, the number will be considered to be that of the first name listed.
Secure Your Tax Records from Identity Theft
Identity theft occurs when someone uses your personal information such as your name, SSN, or other identifying information, without your permission,
to commit fraud or other crimes. An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund.
To reduce your risk:
● Protect your SSN,
● Ensure your employer is protecting your SSN, and
● Be careful when choosing a tax preparer.
If your tax records are affected by identity theft and you receive a notice from the IRS, respond right away to the name and phone number
printed on the IRS notice or letter.
If your tax records are not currently affected by identity theft but you think you are at risk due
to a lost or stolen purse or wallet, questionable credit card activity or credit report, contact the IRS Identity Theft Hotline at 1-800-908-4490 or submit Form 14039.
For more information, see Publication 4535, Identity Theft Prevention and Victim Assistance.
Victims of identity theft who are experiencing economic harm or a system problem, or are seeking help in resolving tax problems that have not
been resolved through normal channels, may be eligible for Taxpayer Advocate Service (TAS) assistance. You can reach TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059.
Protect yourself from suspicious emails or phishing schemes. Phishing is the creation and use of email and websites designed to mimic legitimate
business emails and websites. The most common act is sending an email to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft.
The IRS does not initiate contacts with taxpayers via emails. Also, the IRS does not request personal detailed information through email
or ask taxpayers for the PIN numbers, passwords, or similar secret access information for their credit card, bank, or other financial accounts.
If you receive an unsolicited email claiming to be from the IRS, forward this message to
phishing@irs.gov. You may also report misuse of the IRS name, logo, or other IRS property to the Treasury Inspector General for
Tax Administration (TIGTA) at 1-800-366-4484. You can forward suspicious emails to the Federal Trade Commission at: spam@uce.gov or contact them at
www.ftc.gov/idtheft or 1-877-IDTHEFT (1-877-438-4338).
Visit IRS.gov to learn more about identity theft and how to reduce your risk.
Privacy Act Notice
Section 6109 of the Internal Revenue
Code requires you to provide your correct TIN to persons (including federal agencies) who are required to file information returns with the IRS to report interest, dividends, or certain other income paid to you; mortgage interest you paid; the
acquisition or abandonment of secured property; the cancellation of debt; or contributions you made to an IRA, Archer MSA, or HSA. The person collecting this form uses the information on the form to file information returns with the IRS, reporting
the above information. Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation and to cities, states, the District of Columbia, and U.S. commonwealths and possessions for use in administering
their laws. The information also may be disclosed to other countries under a treaty, to federal and state agencies to enforce civil and criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. You must provide your
TIN whether or not you are required to file a tax return. Under section 3406, payers must generally withhold a percentage of taxable interest, dividend, and certain other payments to a payee who does not give a TIN to the payer. Certain penalties
may also apply for providing false or fraudulent information.
ANADC01
The Depositary for the Offer is:
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By Registered or Certified Mail:
Computershare Trust Company, N.A.
c/o Voluntary Corporate Actions
P.O. Box 43011 Providence, RI
02940-3011 |
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By Hand or Overnight Courier:
Computershare Trust Company, N.A.
c/o Voluntary Corporate Actions 250
Royall Street, Suite V Canton, MA 02021 |
The Information Agent may be contacted at the address and telephone number listed below for questions and/or requests for
additional copies of the Offer to Purchase, this Letter of Transmittal, the notice of guaranteed delivery and other tender offer materials. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance.
Such copies will be furnished promptly at Purchasers expense.
The Information Agent for the Offer is:
Georgeson Inc.
480 Washington Blvd., 26th Floor
Jersey City, NJ 07310
All Holders
Call Toll Free: (866) 413-5899
ANADC01
Exhibit (a)(1)(C)
NOTICE OF GUARANTEED DELIVERY
To Tender Shares of Common Stock
of
ANADIGICS, INC.
at
$0.35 NET
PER SHARE
Pursuant to the Offer to Purchase dated November 24, 2015
by
ALOHA ACQUISITION
SUB, INC.,
a wholly-owned subsidiary of
ALOHA HOLDING COMPANY, INC.
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 11:59 P.M.,
NEW YORK CITY TIME, ON DECEMBER 23, 2015, UNLESS THE OFFER IS EXTENDED
(THE EXPIRATION DATE).
This Notice of Guaranteed Delivery, or one substantially in the form hereof, must be used to accept the Offer (as defined below) if
(i) certificates representing shares of common stock, par value $0.01 per share (the Shares), of ANADIGICS, Inc., a Delaware corporation (Anadigics), are not immediately available,
(ii) the procedure for book-entry transfer cannot be completed prior to the Expiration Date or (iii) time will not permit all required documents to reach Computershare Trust Company, N.A. (the Depositary) prior to
the Expiration Date. This Notice of Guaranteed Delivery may be delivered or transmitted to the Depositary by facsimile transmission, overnight courier or mailed as set forth below. See Section 3 Procedures for Accepting the
Offer and Tendering Shares of the Offer to Purchase (as defined below).
The Depositary for the Offer is:
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By Registered or Certified Mail: |
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By Facsimile Transmission: |
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By Hand or Overnight Courier: |
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Computershare Trust Company, N.A. c/o Voluntary Corporate Actions
P.O. Box 43011 |
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For Eligible Institutions Only: (617) 360-6810 |
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Computershare Trust Company, N.A.
c/o Voluntary Corporate Actions 250 Royall Street, Suite V |
Providence, RI 02940-3011 |
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For Confirmation Only Telephone:
(781) 575-2332 |
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Canton, MA 02021 |
DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION
OF INSTRUCTIONS VIA FACSIMILE TO A NUMBER OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY TO THE DEPOSITARY.
THIS NOTICE OF GUARANTEED DELIVERY IS NOT TO BE USED TO GUARANTEE SIGNATURES. IF A SIGNATURE ON A LETTER OF TRANSMITTAL IS REQUIRED TO BE
GUARANTEED BY AN ELIGIBLE INSTITUTION UNDER THE INSTRUCTIONS TO THE LETTER OF TRANSMITTAL, SUCH SIGNATURE GUARANTEE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED IN THE SIGNATURE BOX ON THE LETTER OF TRANSMITTAL.
The Eligible Institution that completes this Notice of Guaranteed Delivery must communicate the guarantee to the Depositary and must
deliver the Letter of Transmittal (as defined below) or an Agents Message (as defined in Section 3 of the Offer to Purchase) and certificates for Shares (or Book-Entry Confirmation, as defined in Section 2 of the Offer to Purchase)
to the Depositary within the time period shown herein. Failure to do so could result in a financial loss to such Eligible Institution.
Ladies and Gentlemen:
The undersigned hereby tenders to Aloha Acquisition Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Aloha Holding Company,
Inc., a Delaware corporation, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 24, 2015 (as it may be amended or supplemented from time to time, the Offer to Purchase),
and the related Letter of Transmittal (as it may be amended or supplemented from time to time, the Letter of Transmittal, and together with the Offer to Purchase, the Offer), receipt of which is
hereby acknowledged, the number of Shares of Anadigics specified below, pursuant to the guaranteed delivery procedures set forth in Section 3 Procedures for Accepting the Offer and Tendering Shares of the Offer to Purchase.
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Name(s) of Record Holder(s) |
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Number of Shares |
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Certificate Nos. (if available) |
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Address(es) |
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Zip Code |
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Indicate name of tendering institution and DTC account number at if Shares will be tendered by book-entry transfer: |
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(Area Code) Telephone No. |
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Tendering Institution/DTC Account Number |
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X |
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Dated: |
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Dated: |
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Signatures(s) of Record Holder(s) |
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GUARANTEE
(NOT TO BE USED FOR SIGNATURE GUARANTEE)
The undersigned, a bank, broker, dealer, credit union, savings association or other entity that is a member in good standing of the Securities
Transfer Agents Medallion Program or any other eligible guarantor institution, as defined in Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (each, an Eligible Institution), hereby guarantees
the delivery to the Depositary, at one of its addresses set forth above, of the certificates evidencing all Shares tendered by this Notice of Guaranteed Delivery in proper form for transfer, or confirmation of the book-entry transfer of Shares into
the Depositarys account at The Depository Trust Company, in either case, together with delivery of a properly completed and duly executed Letter of Transmittal (or a facsimile of the Letter of Transmittal) with any required signature
guarantee, or an Agents Message (as defined in the Letter of Transmittal), and any other documents required by the Letter of Transmittal, within three NASDAQ Stock Market trading days after the date of execution of this Notice of Guaranteed
Delivery.
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Name of Firm |
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Authorized Signature |
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Address(es) |
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Name (Please Print) |
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Zip Code |
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Title |
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(Area Code) Telephone No. |
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Dated: |
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NOTE: DO NOT SEND CERTIFICATES REPRESENTING TENDERED SHARES WITH THIS NOTICE. CERTIFICATES REPRESENTING TENDERED SHARES
SHOULD BE SENT WITH YOUR LETTER OF TRANSMITTAL.
Exhibit (a)(1)(D)
OFFER TO PURCHASE FOR CASH
All Outstanding Shares of Common Stock
of
ANADIGICS, INC.
at
$0.35 NET
PER SHARE
by
ALOHA ACQUISITION SUB, INC.,
a wholly-owned subsidiary of
ALOHA HOLDING COMPANY, INC.
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 11:59 P.M., NEW YORK CITY TIME, ON DECEMBER
23, 2015, UNLESS THE OFFER IS EXTENDED (THE EXPIRATION DATE).
November 24, 2015
To Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees:
We have been appointed by Aloha Acquisition Sub, Inc., a Delaware corporation (Purchaser) and a wholly-owned
subsidiary of Aloha Holding Company, Inc., a Delaware corporation (Aloha), to act as Information Agent in connection with Purchasers offer to purchase all of the outstanding shares of common stock, par value $0.01 per
share (the Shares), of ANADIGICS, Inc., a Delaware corporation (Anadigics), at a price of $0.35 per Share (the Offer Price), net to the seller in cash, without interest,
less any applicable withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 24, 2015 (as it may be amended or supplemented from time to time, the Offer to
Purchase), and the related Letter of Transmittal (as it may be amended or supplemented from time to time, the Letter of Transmittal and, together with the Offer to Purchase, the
Offer) enclosed herewith. Please furnish copies of the enclosed materials to those of your clients for whom you hold Shares registered in your name or in the name of your nominee.
THE BOARD OF DIRECTORS OF ANADIGICS (THE ANADIGICS BOARD) UNANIMOUSLY RECOMMENDS THAT
STOCKHOLDERS TENDER ALL OF THEIR SHARES IN THE OFFER.
The Offer is not subject to any financing condition. The conditions of
the Offer are described in Section 15 of the Offer to Purchase.
For your information and for forwarding to your clients for whom
you hold Shares registered in your name or in the name of your nominee, we are enclosing the following documents:
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The Offer to Purchase; |
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The Letter of Transmittal for your use in accepting the Offer and tendering Shares and for the information of your clients, together with the included IRS Form W-9; |
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A Notice of Guaranteed Delivery to be used to accept the Offer if share certificates and all other required documents are not immediately available, cannot be delivered to Computershare Trust Company, N.A. (the
Depositary) by the Expiration Date or if the procedure for book-entry transfer cannot be completed by the Expiration Date (the Notice of Guaranteed Delivery); |
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A printed form of letter that may be sent to your clients for whose accounts you hold Shares registered in your name or in the name of your nominee, with space provided for obtaining such clients instructions with
regard to the Offer; and |
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A return envelope addressed to the Depositary for your use only. |
Your prompt action is
requested. We urge you to contact your clients as promptly as possible. Please note that the Offer and withdrawal rights will expire at 11:59 P.M., New York City time, on December 23, 2015, unless the Offer is extended.
The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of
November 11, 2015 (as it may be amended or supplemented from time to time in accordance with its terms, the Merger Agreement), by and among Aloha, Purchaser and Anadigics, pursuant to which, following the consummation
of the Offer and the satisfaction or waiver of the remaining conditions set forth therein, Purchaser will merge with and into Anadigics (the Merger), with Anadigics continuing as the surviving corporation and as a
wholly-owned subsidiary of Aloha. At the effective time of the Merger, each Share then outstanding (other than (i) Shares then held by Aloha, Purchaser, Anadigics or their respective subsidiaries and (ii) Shares that are held by
stockholders of Anadigics who properly demand appraisal in connection with the Merger as described in the Offer to Purchase) will be converted into the right to receive the Offer Price, without interest, less any applicable withholding taxes.
After careful consideration, the Anadigics Board unanimously (1) determined that the Merger Agreement and the transactions
contemplated thereby, including the Offer and the Merger, are advisable, fair to and in the best interests of Anadigics and its stockholders, (2) approved, and declared advisable, the Merger Agreement, the Offer, the Merger and the transactions
contemplated by the Merger Agreement in accordance with the requirements of Delaware law and (3) resolved to recommend that Anadigicss stockholders accept the Offer and tender their Shares to Purchaser pursuant to the Offer.
In all cases, Purchaser will pay for Shares tendered in the Offer only after timely receipt by the Depositary of (i) share certificates
representing such Shares or timely confirmation of a book-entry transfer of such Shares into the Depositarys account at The Depository Trust Company pursuant to the procedures set forth in Section 3 Procedures for
Accepting the Offer and Tendering Shares of the Offer to Purchase, (ii) a Letter of Transmittal, properly completed and duly executed, with any required signature guarantees or an Agents Message (as defined in Section 3
Procedures for Accepting the Offer and Tendering Shares of the Offer to Purchase) in connection with a book-entry transfer and (iii) any other documents required by the Letter of Transmittal. Holders of Shares whose share
certificates are not immediately available or who cannot deliver their share certificates and all other required documents to the Depositary prior to the Expiration Date, or who cannot complete the procedure for delivery by book-entry transfer prior
to the Expiration Date, must tender their Shares according to the guaranteed delivery procedures set forth in Section 3 Procedures for Accepting the Offer and Tendering Shares of the Offer to Purchase.
Purchaser will not pay any fees or commissions to any broker, dealer, commercial bank, trust company or other nominee (other than to Georgeson
Inc., the Information Agent) for soliciting tenders of Shares pursuant to the Offer. Brokers, dealers, commercial banks, trust companies or other nominees will, upon request, be reimbursed by Purchaser for customary mailing and handling expenses
incurred by them in forwarding the Offer materials to their customers. Purchaser will pay all stock transfer taxes applicable to its purchase of Shares pursuant to the Offer, subject to Instruction 6 of the Letter of Transmittal.
Any inquiries you may have with respect to the Offer should be addressed to, and additional copies of the enclosed materials may be obtained
from, the Information Agent at the address and telephone number set forth on the back cover of the Offer to Purchase.
Very truly yours,
Georgeson Inc.
Nothing contained herein or in the enclosed documents shall make you or any other person, the agent of Purchaser, Aloha, Anadigics, the
Depositary, the Information Agent or any affiliate of any of them, or authorize you or any other person to use any document or make any statement on behalf of any of them in connection with the Offer other than the enclosed documents and the
statements contained therein.
Exhibit (a)(1)(E)
OFFER TO PURCHASE FOR CASH
All Outstanding Shares of Common Stock
of
ANADIGICS, INC.
at
$0.35 NET
PER SHARE
by
ALOHA ACQUISITION SUB, INC.,
a wholly-owned subsidiary of
ALOHA HOLDING COMPANY, INC.
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 11:59 P.M.,
NEW YORK CITY TIME, ON DECEMBER 23, 2015, UNLESS THE OFFER IS EXTENDED
(THE EXPIRATION DATE).
November 24, 2015
To Our Clients:
Enclosed for your consideration are the Offer to Purchase, dated November 24, 2015 (as it may be amended or supplemented from time to
time, the Offer to Purchase), and the related Letter of Transmittal (as it may be amended or supplemented from time to time, the Letter of Transmittal and, together with the Offer to Purchase, the
Offer) in connection with the offer by Aloha Acquisition Sub, Inc., a Delaware corporation (Purchaser) and a wholly-owned subsidiary of Aloha Holding Company, Inc., a Delaware corporation
(Aloha), to purchase all of the outstanding shares of common stock, par value $0.01 per share (the Shares), of ANADIGICS, Inc., a Delaware corporation (Anadigics), at a
price of $0.35 per Share (the Offer Price), net to the seller in cash, without interest, less any applicable withholding taxes, upon the terms and subject to the conditions of the Offer.
THE BOARD OF DIRECTORS OF ANADIGICS (THE ANADIGICS BOARD) UNANIMOUSLY RECOMMENDS THAT
STOCKHOLDERS TENDER ALL OF THEIR SHARES IN THE OFFER.
We or our nominees are the holder of record of Shares held for your
account. A tender of such Shares can be made only by us as the holder of record and pursuant to your instructions. The Letter of Transmittal accompanying this letter is furnished to you for your information only and cannot be used by you to
tender Shares held by us for your account.
We request instructions as to whether you wish to have us tender any or all of the
Shares held by us for your account, upon the terms and subject to the conditions set forth in the enclosed Offer to Purchase and the Letter of Transmittal.
Your attention is directed to the following:
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The Offer Price for the Offer is $0.35 per Share, net to you in cash, without interest, less any applicable withholding taxes. |
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The Offer is being made for all outstanding Shares. |
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The Offer is being made in connection with the Agreement and Plan of Merger, dated as of November 11, 2015 (as it may be amended or supplemented
from time to time in accordance with its terms, the Merger Agreement), by and among Aloha, Purchaser and Anadigics, pursuant to which, as soon as practicable following the consummation of the Offer and subject to the
satisfaction or waiver of the remaining conditions set forth therein, Purchaser will merge with and into Anadigics (the Merger), with Anadigics continuing as the surviving corporation and as a wholly-owned subsidiary of
Aloha. At the effective time of the Merger, each Share then outstanding (other than (i) Shares then held by Aloha, Purchaser, Anadigics or their respective subsidiaries, and (ii) Shares that are held by
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stockholders of Anadigics who properly demand appraisal in connection with the Merger as described in the Offer to Purchase) will be converted into the right to receive the Offer Price, without
interest, less any applicable withholding taxes. |
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After careful consideration, the Anadigics Board unanimously (i) determined that the Merger Agreement and the transactions contemplated thereby, including the Offer and the Merger, are advisable, fair to and in the
best interests of Anadigics and its stockholders, (ii) approved, and declared advisable, the Merger Agreement, the Offer, the Merger and the transactions contemplated by the Merger Agreement in accordance with the requirements of Delaware law
and (iii) resolved to recommend that Anadigicss stockholders accept the Offer and tender their Shares to Purchaser pursuant to the Offer. |
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The Offer and withdrawal rights will expire at 11:59 P.M., New York City time, on December 23, 2015, unless the Offer is extended. |
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Tendering stockholders will not be obligated to pay brokerage fees or commissions and, subject to Instruction 6 of the Letter of Transmittal, stock transfer taxes on the purchase of Shares pursuant to the Offer.
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The Offer is not subject to any financing condition. The Offer is conditioned upon, among other things, there being validly tendered and not withdrawn immediately prior to the Expiration Date that number of Shares
which, when added to the Shares owned by Aloha or any of its subsidiaries, would represent at least a majority of the Shares outstanding of Anadigics (assuming conversion or exercise of all derivative securities convertible or exercisable
immediately prior to the Expiration Date, regardless of the conversion or exercise price), excluding for the purposes of this condition as Shares tendered pursuant to guaranteed delivery procedures and not actually delivered prior to the Expiration
Date. The foregoing condition is referred to as the Minimum Condition. The Minimum Condition may not be amended or waived without the prior written approval of Anadigics. The Offer is also subject to other conditions having expired or
been terminated prior to the expiration of the Offer. See Section 15 Conditions of the Offer in the Offer to Purchase, which sets forth the full conditions of the Offer. |
If you wish to have us tender any or all of the Shares held by us for your account, please instruct us by completing, executing, detaching and
returning to us the Instruction Form contained in this letter. If you authorize a tender of your Shares, all such Shares will be tendered unless otherwise specified on the Instruction Form. An envelope to return your instructions to us is
enclosed.
Your prompt action is requested. Your Instruction Form should be forwarded to us in ample time to permit us to submit
the tender on your behalf before the Expiration Date.
The Offer is not being made to (and no tenders will be accepted from or on
behalf of) holders of Shares in any state in which the making of the Offer or acceptance thereof would be prohibited by administrative or judicial action pursuant to the laws of such state after a good faith effort by Purchaser to make the Offer
comply with the laws of such state.
INSTRUCTION FORM
With Respect to the Offer to Purchase for Cash
All Outstanding Shares of Common Stock
of
ANADIGICS, INC.
at
$0.35 NET
PER SHARE
Pursuant to the Offer to Purchase dated November 24, 2015
by
ALOHA ACQUISITION
SUB, INC.,
a wholly-owned subsidiary of
ALOHA HOLDING COMPANY, INC.
The undersigned acknowledge(s) receipt of your letter and the enclosed Offer to Purchase, dated November 24, 2015 (as it may be amended
or supplemented from time to time, the Offer to Purchase), and the related Letter of Transmittal (as it may be amended or supplemented from time to time, and together with the Offer to Purchase, the
Offer), in connection with the offer by Aloha Acquisition Sub, Inc., a Delaware corporation (Purchaser) and a wholly-owned subsidiary of Aloha Holding Company, Inc., a Delaware corporation, to
purchase all of the outstanding shares of common stock, par value $0.01 per share (the Shares), of ANADIGICS, Inc., a Delaware corporation, at a price of $0.35 per Share, net to the seller in cash, without interest, less
any applicable withholding taxes, upon the terms and subject to the conditions of the Offer.
The undersigned hereby instruct(s) you to
tender to Purchaser the number of Shares indicated below (or, if no number is indicated, all Shares) which are held by you for the account of the undersigned, upon the terms and subject to the conditions set forth in the Offer. The undersigned
understands and acknowledges that all questions as to the validity, form and eligibility (including time of receipt) and acceptance for payment of any tender of Shares made on my behalf will be determined by Purchaser in its sole discretion.
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ACCOUNT NUMBER: |
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NUMBER OF SHARES BEING TENDERED HEREBY: SHARES** |
The method of delivery of this Instruction Form is at the election and risk of the tendering stockholder. If
delivery by mail, then registered mail with return receipt requested, properly insured, is recommended. In all cases, this Instruction Form should be delivered to us in ample time to permit us to submit the tender on your behalf prior to the
Expiration Date.
Dated:
SIGN HERE
Signature(s)
Print Name(s)
Address(es)
(Area Code) Telephone No.
Taxpayer Identification or Social
Security Number(s)
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Unless otherwise indicated, it will be assumed that all of your Shares held by us for your account are to be tendered. |
Exhibit (a)(1)(f)
This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below). The Offer (as defined
below) is made solely by the Offer to Purchase (as defined below) and the related Letter of Transmittal (as defined below), and any amendments or supplements thereto. Purchaser (as defined below) is not aware of any state where the making of the
Offer is prohibited by administrative or judicial action pursuant to any valid state statute. If Purchaser becomes aware of any valid state statute prohibiting the making of the Offer, Purchaser will make a good faith effort to comply with such
statute. If, after such good faith effort, Purchaser cannot comply with such state statute, the Offer will not be made to, nor will tenders be accepted from or on behalf of, the holders of Shares in such state. In any jurisdiction where the
securities, blue sky or other laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of Purchaser by one or more registered brokers or dealers that are licensed under the laws of
such jurisdiction to be designated by Purchaser.
Notice of Offer to Purchase For Cash
All Outstanding Shares of Common Stock
of
ANADIGICS, INC.
at
$0.35 Net
Per Share
by
ALOHA ACQUISITION SUB, INC.,
a wholly-owned subsidiary of
ALOHA HOLDING COMPANY, INC.
Aloha Acquisition Sub, Inc., a Delaware corporation (Purchaser) and a wholly-owned subsidiary of Aloha Holding Company, Inc., a
Delaware corporation (Parent), which is a wholly-owned subsidiary of GaAs Labs, LLC, a California limited liability company, is offering to purchase all of the outstanding shares of common stock, par value $0.01 per share (the
Shares), of ANADIGICS, Inc., a Delaware corporation (Anadigics), at a price of $0.35 per Share (the Offer Price), net to the seller in cash, without interest and less any applicable withholding taxes, upon the
terms and subject to the conditions set forth in the Offer to Purchase, dated November 24, 2015 (as it may be amended or supplemented from time to time, the Offer to Purchase), and in the related Letter of Transmittal (as it may be
amended or supplemented from time to time, the Letter of Transmittal, and together with the Offer to Purchase, the Offer). Tendering stockholders who have Shares registered in their names and who tender directly to
Computershare Trust Company, N.A. (the Depositary) will not be charged brokerage fees or commissions or, except as set forth in the Letter of Transmittal, stock transfer taxes on the sale of Shares to Purchaser pursuant to the Offer.
Stockholders who hold their Shares through a broker, dealer, commercial bank, trust company or other nominee should consult with such institution as to whether it charges any such fees or commissions.
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 11:59 P.M., NEW YORK CITY TIME, ON
DECEMBER 23, 2015, UNLESS THE OFFER IS EXTENDED (THE EXPIRATION DATE).
The Offer is being made pursuant to an Agreement and Plan of Merger, dated as of November 11, 2015 (as it may be amended or supplemented
from time to time in accordance with its terms, the Merger Agreement), by and among Parent, Purchaser and Anadigics. The Merger Agreement provides, among other things, that, following the completion of the Offer, upon the terms and
subject to the conditions set forth in the Merger Agreement, and in accordance with the Delaware General Corporation Law (the DGCL), Purchaser will merge with and into Anadigics (the Merger), with Anadigics continuing as the
surviving corporation and a wholly-owned subsidiary of Parent. Because the Merger will be governed by Section 251(h) of the DGCL, no stockholder vote will be required to consummate the Merger. At the effective time of the Merger, each Share
then outstanding (other than (i) Shares then held by Parent, Purchaser, Anadigics or their respective subsidiaries and (ii) Shares that are held by any stockholder of Anadigics who properly demands appraisal in connection with the Merger
as described in the Offer to Purchase) will be converted into the right to receive the Offer Price, without interest, less any applicable withholding taxes. The Merger Agreement is more fully described in Section 11 The Merger
Agreement; Other Agreements of the Offer to Purchase.
The Offer is not subject to any financing condition. The Offer is
conditioned upon, among other things, there being validly tendered and not withdrawn immediately prior to the Expiration Date that number of Shares which, when added to the Shares owned by Parent or any of its subsidiaries, would represent at least
a majority of the Shares outstanding of Anadigics (assuming conversion or exercise of all derivative securities convertible or exercisable immediately prior to the Expiration Date, regardless of the conversion or exercise price), excluding for the
purposes of this condition any Shares tendered pursuant to guaranteed delivery procedures and not actually delivered prior to the Expiration Date. The foregoing condition is referred to as the Minimum Condition. The Minimum Condition may
not be amended or waived without the prior written approval of Anadigics. The Offer is also subject to other customary conditions. See Section 15 Conditions to the Offer in the Offer to Purchase, which sets forth the full
conditions of the Offer.
THE BOARD OF DIRECTORS OF ANADIGICS UNANIMOUSLY RECOMMENDS THAT YOU TENDER
ALL OF YOUR SHARES IN THE OFFER.
After careful consideration, the Board of Directors of Anadigics (the Anadigics Board) unanimously (1) determined that the
Merger Agreement and the transactions contemplated thereby, including the Offer and the Merger, are advisable, fair to and in the best interests of Anadigics and its stockholders, (2) approved, and declared advisable, the Merger Agreement, the
Offer, the Merger and the transactions contemplated by the Merger Agreement in accordance with the requirements of Delaware law and (3) recommended that Anadigicss stockholders accept the Offer and tender their Shares to Purchaser
pursuant to the Offer.
The Offer to Purchase, the Letter of Transmittal and Anadigicss Solicitation/Recommendation Statement
on Schedule 14D-9 (which contains the recommendation of the Anadigics Board and the reasons therefor) contain important information. Stockholders should carefully read these documents in their entirety before making a decision with respect to the
Offer.
Pursuant to the Merger Agreement and in accordance with Rule 14d-11 under the Securities Exchange Act of 1934, as amended
(the Exchange Act), but in all instances subject to the provisions of Section 251(h) of the DGCL and Purchasers obligation to consummate the Merger as soon as practicable following the consummation of the Offer and
satisfaction or waiver of the remaining conditions set forth in the Merger Agreement, Purchaser may elect to provide a subsequent offering period (and one or more extensions thereof) following the Expiration Date. Because the Merger will be governed
by Section 251(h) of the DGCL, Purchaser does not expect there to be a significant period of time between the consummation of the Offer and the consummation of the Merger. If Purchaser elects to provide a subsequent offering period, it will be
an additional period of time, following the Expiration Date, during which stockholders may tender any Shares not previously tendered into the Offer prior to the Expiration Date (or Shares previously tendered and later withdrawn prior to the
Expiration Date) and not withdrawn. If Purchaser elects to provide a subsequent offering period, (i) it will remain open for such period or periods as Purchaser will specify of neither less than three business days nor more than 20 business
days, (ii) Shares may be tendered in the same manner as was applicable to the Offer except that any Shares tendered during such period may not be withdrawn pursuant to Rule 14d-7(a)(2) under the Exchange Act, (iii) Purchaser
will immediately accept and promptly pay for Shares as they are tendered and (iv) the price per Share will be the same as the Offer Price.
Any extension, delay, termination, waiver or amendment of the Offer will be followed promptly by public announcement thereof, such
announcement in the case of an extension to be made no later than 9:00 a.m., New York City time, on the next business day after the previously scheduled Expiration Date.
For purposes of the Offer, Purchaser will be deemed to have accepted for payment, and thereby purchased, Shares validly tendered and not
properly withdrawn as, if and when Purchaser gives oral or written notice to the Depositary of Purchasers acceptance for payment of such Shares pursuant to the Offer. Upon the terms and subject to the conditions of the Offer, payment for
Shares accepted for payment pursuant to the Offer will be made by deposit of the Offer Price with the Depositary, which will act as agent for tendering stockholders of Anadigics for the purpose of receiving payments from Purchaser and transmitting
such payments, less applicable withholding taxes, to stockholders of Anadigics whose Shares have been accepted for payment. Under no circumstances will interest on the Offer Price be paid by Purchaser, regardless of any extension of the
Offer or any delay in making such payment.
No alternative, conditional or contingent tenders will be accepted. In all cases, payment
for Shares tendered and accepted for payment pursuant to the Offer will be made only after timely receipt by the Depositary of (i) certificates representing such Shares, or timely confirmation of a book-entry transfer of such Shares into the
Depositarys account at The Depository Trust Company pursuant to the procedures set forth in Section 3 Procedures for Accepting the Offer and Tendering Shares of the Offer to Purchase, (ii) a Letter of Transmittal,
properly completed and duly executed, with any required signature guarantees or an Agents Message (as defined in Section 3 Procedures for Accepting the Offer and Tendering Shares of the Offer to Purchase) in connection
with book-entry transfer and (iii) any other documents required by the Letter of Transmittal.
Pursuant to the Merger Agreement,
Purchaser is required to extend the Offer (i) for successive periods of ten business days each, or such other number of business days as Parent, Purchaser and Anadigics may agree, in order to permit the satisfaction of all conditions that have
not been satisfied as of the scheduled Expiration Date (subject to Purchasers right to waive any condition to the Offer (other than the Minimum Condition) in accordance with the Merger Agreement), and (ii) for the minimum period required
by applicable law or any interpretation or position of the SEC or its staff or the NASDAQ Stock Market or its staff, provided that Purchaser is not under any circumstance obligated to extend the Offer beyond February 9, 2016.
Shares tendered pursuant to the Offer may be withdrawn at any time prior to the Expiration Date. Thereafter, tenders of Shares are
irrevocable. Shares may also be withdrawn after January 23, 2016, which is the 60th day from the commencement of the Offer, unless such Shares have already been accepted for payment by Purchaser pursuant to the Offer. For a withdrawal of Shares
to be effective, a written notice of withdrawal must be timely received by the Depositary at one of its addresses set forth on the back cover of the Offer to Purchase. Any such notice of withdrawal must specify the name of the person who tendered
the Shares to be withdrawn, the number of Shares to be withdrawn and the name of the registered holder of such Shares, if different from that of the person who tendered such Shares. If certificates evidencing the Shares to be withdrawn have been
delivered or otherwise identified to
the Depositary, then, prior to the physical release of such certificates, the serial numbers shown on such certificates must be submitted to the Depositary and the signature(s) on the notice of
withdrawal must be guaranteed by an Eligible Institution (as defined in the Offer to Purchase) unless such Shares have been tendered for the account of an Eligible Institution. If Shares have been tendered pursuant to the procedure for book-entry
transfer as set forth in the Offer to Purchase, any notice of withdrawal must also specify the name and number of the account at The Depository Trust Company to be credited with the withdrawn Shares. All questions as to the form and validity
(including time of receipt) of any notice of withdrawal will be determined by Purchaser in its sole discretion. None of Parent, Purchaser or any of their respective affiliates or assigns, the Depositary, the Information Agent (as defined below) or
any other person or entity will be under any duty to give any notification of any defects or irregularities in any notice of withdrawal or incur any liability for failure to give any such notification. Any Shares properly withdrawn will be
considered not to have been validly tendered for purposes of the Offer. However, Shares that have been properly withdrawn may be re-tendered at any time prior to the Expiration Date or during a subsequent offering period by following one of the
procedures described in the Offer to Purchase.
The information required to be disclosed by Rule 14d-6(d)(1) under the Exchange Act is
contained in the Offer to Purchase and is incorporated herein by reference.
Anadigics has provided Purchaser with Anadigicss
stockholder list and security position listing for the purpose of disseminating the Offer to holders of Shares. The Offer to Purchase and the related Letter of Transmittal and, if required, other relevant materials will be mailed by Purchaser to
record holders of Shares and furnished to brokers, dealers, commercial banks, trust companies and other nominees whose names appear on the stockholder list or, if applicable, who are listed as participants in a clearing agencys security
position listing, for subsequent transmittal to beneficial owners of Shares.
The receipt of cash for Shares in the Offer or the Merger
(or pursuant to the exercise of appraisal rights in accordance with the DGCL) will be a taxable transaction for United States federal income tax purposes and may also be a taxable transaction under applicable state, local or foreign tax laws.
Stockholders should consult with their tax advisors as to the particular tax consequences of the Offer and the Merger to them, including the applicability and effect of the alternative minimum tax and any state, local or foreign income and other tax
laws and of changes in such tax laws. For a more complete description of material United States federal income tax consequences of the Offer and the Merger, see Section 5 Certain Material U.S Federal Income Tax Consequences of the
Offer and the Merger of the Offer to Purchase.
Any questions and requests for assistance may be directed to Georgeson Inc. (the
Information Agent) as set forth below. Requests for copies of the Offer to Purchase and the related Letter of Transmittal and all other tender offer materials may be directed to the Information Agent, and copies will be furnished
promptly at Parents expense. Parent and Purchaser will not pay any fees or commissions to any broker, dealer, commercial bank, trust company or other nominee (other than the Information Agent) for soliciting tenders of Shares pursuant to the
Offer. Brokers, dealers, commercial banks, trust companies or other nominees will, upon request, be reimbursed by Purchaser for customary mailing and handling expenses incurred by them in forwarding the Offer materials to their customers.
The Information Agent for the Offer is:
Georgeson Inc.
480 Washington Blvd., 26th Floor
Jersey City, NJ 07310
All Holders
Call Toll Free: (866) 413-5899
November 24, 2015
Exhibit (d)(2)
GUARANTEE
Guarantee,
dated as of November 11, 2015 (this Guarantee), by GaAs Labs, LLC, a Delaware limited liability company (Guarantor), in favor of Anadigics, Inc., a Delaware corporation (the Guaranteed
Party).
1. GUARANTEE. To induce the Guaranteed Party to enter into that certain Agreement and Plan of Merger, dated as
of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the Merger Agreement; capitalized terms used herein but not defined will have the meanings given thereto in the Merger
Agreement), by and among Aloha Holding Company, Inc., a Delaware corporation (Parent), Aloha Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (Merger Sub), and the Guaranteed
Party, pursuant to which, subject to the terms and conditions set forth therein, Merger Sub will merge with and into the Guaranteed Party, Guarantor hereby absolutely, unconditionally and irrevocably guarantees to the Guaranteed Party the due and
punctual performance and discharge of the payment obligations and liabilities of Parent and Merger Sub under Section 2.7(a) of the Merger Agreement, when due in accordance with the terms of the Merger Agreement, and subject to the limitations
set forth in the Merger Agreement (collectively, the Obligations); provided that, in no event will Guarantors liability under this Guarantee exceed an amount equal to $32,200,000 (the Cap), and the
Guaranteed Party hereby agrees that Guarantor will in no event be required to pay the Guaranteed Party or any other Person, pursuant to this Guarantee, more than the Cap, and that this Guarantee may not be enforced against Guarantor without giving
effect to the Cap. It is acknowledged and agreed that this Guarantee will expire and will have no further force or effect, and the Guaranteed Party will have no rights hereunder, upon the Closing. Notwithstanding anything to the contrary set forth
in this Guarantee, the Guaranteed Party hereby agrees that to the extent that Parent is relieved from its payment obligations under the Merger Agreement by satisfaction thereof or pursuant to any agreement with the Guaranteed Party, Guarantor will
be similarly relieved, to such extent, of its obligations under this Guarantee.
2. NATURE OF GUARANTEE. The Guaranteed Party will
not be obligated to file any claim relating to any Obligation in the event that Parent or Merger Sub becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Guaranteed Party to so file will not affect
Guarantors obligations hereunder. In the event that any payment to the Guaranteed Party in respect of any Obligation is rescinded or must otherwise be returned for any reason whatsoever, Guarantor will remain liable hereunder with respect to
the Obligations as if such payment had not been made. This is an unconditional guarantee of payment and not of collectibility.
3.
CHANGES IN OBLIGATIONS, CERTAIN WAIVERS. Guarantor agrees that the Guaranteed Party may at any time and from time to time, without notice to or further consent of Guarantor, extend the time of payment of any Obligation, and may also make any
agreement with Parent, Merger Sub or any other Person interested in the transactions contemplated by the Merger Agreement for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of
the terms thereof or of any agreement between the Guaranteed Party and Parent, Merger Sub or any such other Person without in any way impairing or affecting Guarantors obligations under this Guarantee. Guarantor agrees that
the obligations of Guarantor hereunder will not be released or discharged, in whole or in part, or otherwise affected by (a) the failure of the Guaranteed Party to assert any claim or demand
or to enforce any right or remedy against Parent, Merger Sub or any other Person interested in the transactions contemplated by the Merger Agreement, (b) any release or discharge of any obligation of Parent or Merger Sub contained in the Merger
Agreement resulting from any change in the corporate existence, structure or ownership of Parent or Merger Sub, (c) any insolvency, bankruptcy, reorganization or other similar proceeding affecting Parent or Merger Sub, (d) any amendment or
modification of the Merger Agreement, or change in the manner, place or terms of payment or performance, or any change or extension of the time of payment or performance of, renewal or alteration of, any Obligation, any escrow arrangement or other
security therefor, any liability incurred directly or indirectly in respect thereof, or any amendment or waiver of or any consent to any departure from the terms of the Merger Agreement or the documents entered into in connection therewith,
(e) the existence of any claim, set-off or other right that Guarantor may have at any time against Parent, Merger Sub or the Guaranteed Party, whether in connection with any Obligation or otherwise, (f) the adequacy of any other means the
Guaranteed Party may have of obtaining repayment of any of the Obligations, (g) the addition or substitution or release of any Person interested in the transactions contemplated by the Merger Agreement, or (h) any other act or omission
that may or might in any manner or to any extent vary the risk of Guarantor or otherwise operate as a discharge of Guarantor as a matter of law or equity. To the fullest extent permitted by law, Guarantor hereby irrevocably and expressly waives any
and all rights or defenses arising by reason of any law which would otherwise require any election of remedies by the Guaranteed Party. Guarantor hereby irrevocably and expressly waives promptness, diligence, notice of the acceptance of this
Guarantee and of any Obligation, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of the incurrence of any Obligation and all other notices of any kind, all defenses which may be available by virtue
of any valuation, stay, moratorium law or other similar law now or hereafter in effect, any right to require the marshalling of assets of Parent, Merger Sub or any other Person interested in the transactions contemplated by the Merger Agreement, and
all suretyship defenses generally (other than fraud and willful misconduct by the Guaranteed Party or any of its Affiliates, defenses to the payment of the Obligations under the Merger Agreement or breach by the Guaranteed Party of this Guarantee).
The Guaranteed Party hereby covenants and agrees that it will not institute, and will cause its Affiliates not to institute, any Legal Proceeding or
bring any other claim arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby, against Guarantor or any of its former, current or future officers, agents, Affiliates or employees, or against any former,
current or future general or limited partner, member or stockholder of Guarantor or any Affiliate thereof or against any former, current or future director, officer, employee, Affiliate, general or limited partner, stockholder, manager or member of
any of the foregoing, except for (i) claims against Guarantor under this Guarantee, and (ii) claims against Parent and Merger Sub under the Merger Agreement in accordance with and subject to the terms and conditions thereof. Guarantor
hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against Parent, Merger Sub or any other Person interested in the transactions contemplated by the Merger Agreement that arise from the
existence, payment, performance or enforcement of Guarantors obligation under or in respect of this Guarantee or any other agreement in connection therewith, including any right of subrogation, reimbursement, exoneration, contribution or
indemnification and any right to
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participate in any claim or remedy of the Guaranteed Party against Parent, Merger Sub or such other Person, whether or not such claim, remedy or right arises in equity or under contract, statute
or common law, including the right to take or receive from Parent, Merger Sub or such other Person, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or
right, unless and until the Obligations and all other amounts payable under this Guarantee will have been paid in full in cash. If any amount will be paid to Guarantor in violation of the immediately preceding sentence at any time prior to the
payment in full in cash of the Obligations and all other amounts payable under this Guarantee, such amount will be received and held in trust for the benefit of the Guaranteed Party, will be segregated from other property and funds of Guarantor and
will forthwith be paid or delivered to the Guaranteed Party in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Obligations and all other amounts payable under this Guarantee, in
accordance with the terms of the Merger Agreement, whether matured or unmatured, or to be held as collateral for the Obligations or other amounts payable under this Guarantee thereafter arising.
4. NO WAIVER; CUMULATIVE RIGHTS. No failure on the part of the Guaranteed Party to exercise, and no delay in exercising, any right,
remedy or power hereunder will operate as a waiver thereof, nor will any single or partial exercise by the Guaranteed Party of any right, remedy or power hereunder or under the Merger Agreement or otherwise preclude any other or future exercise of
any right, remedy or power hereunder. Each and every right, remedy and power hereby granted to the Guaranteed Party or allowed it by law or other agreement will be cumulative and not exclusive of any other, and may be exercised by the Guaranteed
Party at any time or from time to time.
5. REPRESENTATIONS AND WARRANTIES. Guarantor hereby represents and warrants that:
(a) the execution, delivery and performance of this Guarantee have been duly authorized by all necessary action and do not
contravene any provision of Guarantors certificate of formation or operating agreement or any Legal Requirement or contractual restriction binding on Guarantor or its assets;
(b) all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Body or other
Person necessary for the due execution, delivery and performance of this Guarantee by Guarantor have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any
Governmental Body or other Person is required in connection with the execution, delivery or performance of this Guarantee;
(c) this Guarantee constitutes a legal, valid and binding obligation of Guarantor enforceable against Guarantor in accordance
with its terms, subject to (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors, and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies; and
(d) Guarantor has the financial capacity to pay and perform its obligations under this Guarantee, and all funds necessary for
Guarantor to fulfill its Obligations under this Guarantee will be available to Guarantor for so long as this Guarantee remains in effect in accordance with Section 8.
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6. NO ASSIGNMENT. Neither Guarantor nor the Guaranteed Party may assign its rights,
interests or obligations hereunder to any other Person (except by operation of law) without the prior written consent of the Guaranteed Party (in the case of an assignment by Guarantor) or Guarantor (in the case of an assignment by the Guaranteed
Party); provided, however, that Guarantor may assign its rights and interests hereunder, without the prior written consent of the Guaranteed Party, to any Affiliate (other than Parent or any Subsidiary thereof, including Merger
Sub); provided, further, that, notwithstanding any other provision hereof, no assignment of any of Guarantors rights or interests hereunder will relieve Guarantor of any of its obligations hereunder.
7. NOTICES. All notices, requests, demands, waivers and other communications required or permitted to be given under this Guarantee
will be in writing and will be given (a) on the date of delivery if delivered Personally, (b) on the first business day following the date of dispatch if delivered by a nationally recognized next-day courier service, (c) on the fifth
business day following the date of mailing if delivered by registered or certified mail (postage prepaid, return receipt requested) or (d) if sent by facsimile or electronic transmission, when transmitted and receipt is confirmed. All notices
to Guarantor hereunder will be delivered as set forth below:
|
(a) |
if to the Guaranteed Party, to it at: |
Anadigics, Inc.
Attention: Terrence G. Gallagher, Executive Vice President and
CFO
141 Mt. Bethel Road
Warren, New Jersey 07059
Facsimile: (908) 791-6017
Email: tgallagher@anadigics.com
with a copy (which will not constitute notice) to:
Greenbaum, Rowe, Smith & Davis LLP
Attention: W. Raymond Felton
P.O. Box 5600
Woodbridge, New
Jersey 07095
Facsimile: (732) 476-2671
Email: rfelton@greenbaumlaw.com
|
(b) |
if to Guarantor, to it at: |
GaAs Labs, LLC
Attention: Susan Ocampo
28013
Arastradero Road
Los Altos Hills, California 94022
Facsimile: (650) 493-1143
Email: Socampo@gaaslabs.com
4
with a copy to (which will not constitute notice):
Perkins Coie LLP
Attention:
Jason Day and Jeffrey Beuche
1900 16th Street, Suite 1400
Denver, Colorado 80202
Facsimile: (303) 291-2400
Email: jday@perkinscoie.com and jbeuche@perkinscoie.com
or to such other Person or address as a party will specify by notice in writing to the other party. All such notices, requests, demands, waivers and
communications will be deemed to have been given on the date of personal receipt or proven delivery.
8. CONTINUING GUARANTEE.
Unless terminated pursuant to this Section 8, this Guarantee will remain in full force and effect and will be binding on Guarantor, its successors and assigns until the Obligations (as such Obligations may be modified pursuant to the
last sentence of Section 1) are satisfied in full. Notwithstanding the foregoing, this Guarantee will terminate, other than Section 7 and Sections 9 through 16, all of which will survive the termination of this
Guarantee, and Guarantor will have no further obligations under this Guarantee as of the earlier to occur of (a) the Closing or (b) the termination of the Merger Agreement in accordance with its terms. In the event that the Guaranteed
Party or any of its Subsidiaries asserts in any Legal Proceeding relating to this Guarantee that the provisions of Section 1 limiting Guarantors monetary obligation to the Cap or that the provisions of Section 9 are
illegal, invalid or unenforceable in whole or in part or asserts any theory of liability or seeks any remedies against any Guarantor/Parent Affiliate, other than those remedies expressly provided against Parent and Merger Sub under the Merger
Agreement or against Guarantor under this Guarantee, then, in each case, (i) all obligations of Guarantor under this Guarantee will terminate and thereupon be null and void and (ii) if Guarantor has previously made any payments under this
Guarantee it will be entitled to have such payments refunded by the Guaranteed Party.
9. NO RECOURSE. Notwithstanding anything
that may be expressed or implied in this Guarantee or any document or instrument delivered contemporaneously herewith, and notwithstanding the fact that Guarantor is a limited liability company, the Guaranteed Party, by its acceptance of the
benefits hereof, covenants, agrees and acknowledges that no Person other than Guarantor will have any obligation hereunder or in respect of any oral representations made or alleged to be made in connection herewith, and that it has no rights of
recovery against, and no recourse hereunder or under any documents or instruments delivered in connection herewith will be had against, and no Personal liability will attach to, any former, current or future director, officer, agent, Affiliate
(other than Parent, any subsidiary of Parent (including Merger Sub)), manager, assignee or employee of Guarantor, Parent or Merger Sub (or any of their successors or permitted assignees), against any former, current or future general or
limited partner, manager, member or stockholder of Guarantor, Parent or Merger Sub (or any of their successors or permitted assignees) or any Affiliate thereof or against any former, current or future director, officer, agent, employee,
Affiliate, assignee, general or limited partner, stockholder, manager or member of any of the foregoing, but in each case not including Parent or any subsidiary of Parent (including Merger Sub) (collectively, but excluding for the avoidance of
doubt, Parent and any
5
Subsidiaries of Parent (including Merger Sub), the Guarantor/Parent Affiliates), whether by or through attempted piercing of the corporate veil, by or through a claim (whether
in tort, contract or otherwise) by or on behalf of Parent or Merger Sub against Guarantor/Parent Affiliates, by the enforcement of any judgment or assessment or by any Legal Proceeding, or by virtue of any Legal Requirement, or otherwise. The
Guaranteed Party (for itself and its Affiliates) acknowledges and agrees that Parent and Merger Sub have no assets and that no funds are expected to be contributed to Parent and Merger Sub unless the Closing occurs. The Guaranteed Party further
agrees that neither it nor any of its Affiliates have any right of recovery against Guarantor or any of its stockholders, partners, members, directors, officers or agents through Parent or Merger Sub, or otherwise, whether by piercing of the
corporate veil, by a claim on behalf of Parent or Merger Sub against Guarantor, Parent or Merger Subs stockholders or Affiliates, or otherwise, except for the rights against Guarantor under this Guarantee and subject to the Cap and the other
limitations described herein. Recourse against Guarantor under this Guarantee will be the sole and exclusive remedy of the Guaranteed Party and its Affiliates against Guarantor and any Guarantor/Parent Affiliates in respect of any liabilities or
obligations arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby. The Guaranteed Party hereby covenants and agrees that it will not institute, and it will cause its Affiliates not to institute, any
Legal Proceeding or bring any other claim arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby, or in respect of any oral representations made or alleged to made in connection therewith, against
Guarantor or any of Guarantor/Parent Affiliates except for claims against Guarantor under this Guarantee. Nothing set forth in this Guarantee will affect or be construed to affect or be construed to confer or give any Person other than the
Guaranteed Party (including any Person acting in a representative capacity) any rights or remedies against any Person other than Guarantor as set forth herein.
10. ENTIRE AGREEMENT. This Guarantee constitutes the entire agreement with respect to the subject matter hereof and supersedes any and
all prior discussions, negotiations, proposals, undertakings and agreements, whether written or oral, among Parent, Merger Sub and Guarantor or any of their Affiliates, on the one hand, and the Guaranteed Party and any of its Affiliates, on the
other hand, except for the Merger Agreement and the other agreements related thereto and entered into on the date hereof.
11.
GOVERNING LAW. This Guarantee will be governed by, and construed in accordance with, the Legal Requirements of the State of Delaware. All actions arising out of or relating to this Guarantee will be heard and determined exclusively in the
Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (unless the Delaware Court of Chancery will decline to accept jurisdiction over a particular matter, in which case, in any Delaware state or federal
court within the State of Delaware). Each of the parties hereto (i) consents to submit itself to the personal jurisdiction of the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (unless the
Delaware Court of Chancery will decline to accept jurisdiction over a particular matter, in which case, in any Delaware state or federal court within the State of Delaware) in the event any dispute arises out of this Guarantee or any of the
transactions contemplated by this Guarantee, (ii) agrees that it will not attempt to deny or defeat such Personal jurisdiction or venue by motion or other request for leave from any such court and (iii) agrees that it will not bring any
action relating to this Guarantee or any of the transactions contemplated by this Guarantee in any court other than such
6
courts sitting in the State of Delaware. THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THEM AGAINST THE OTHER IN ANY MATTERS ARISING
OUT OF OR IN ANY WAY CONNECTED WITH THIS GUARANTEE.
12. AMENDMENTS AND WAIVERS. No amendment or waiver of any provision of this
Guarantee will be valid and binding unless it is in writing and signed, in the case of an amendment, by Guarantor and the Guaranteed Party or, in the case of a waiver, by the party against whom the waiver is to be effective.
13. NO THIRD PARTY BENEFICIARIES. Except for the rights of Guarantor/Parent Affiliates provided under Section 9, the
parties hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other party hereto, in accordance with and subject to the terms of this Guarantee, and this Guarantee is not
intended to, and does not, confer upon any Person other than the parties hereto any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein.
14. CONFIDENTIALITY. This Guarantee will be treated as confidential by the Guaranteed Party and is being provided to the Guaranteed
Party solely in connection with the transactions contemplated by the Merger Agreement. This Guarantee may not be used, circulated, quoted or otherwise referred to in any document, except with the written consent of Guarantor; provided that no
such written consent will be required (and the Guaranteed Party and its Affiliates will be free to release such information) for disclosures to employees, agents, legal, financial, accounting or other advisors or representatives, so long as such
Persons agree to keep such information confidential; provided, further, that the Guaranteed Party may disclose such information to the extent required by law, the applicable rules of any national securities exchange or in connection
with any SEC filings relating to the transactions contemplated by the Merger Agreement.
15. INTERPRETATION. All parties
acknowledge that each party and its counsel have reviewed this Guarantee and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting party will not be employed in the interpretation of this Guarantee.
16. COUNTERPARTS. This Guarantee may be executed in any number of counterparts, each of which will be deemed to be an original,
and all of which together will be deemed to be one and the same instrument.
[Remainder of page intentionally left blank]
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IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be executed and
delivered as of the date first written above by its officer thereunto duly authorized.
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Accepted and agreed to by: |
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ANADIGICS, INC. |
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|
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By: |
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/s/ Terrence G. Gallagher |
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Name: |
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Terrence G. Gallagher |
|
|
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Title: |
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Chief Financial Officer |
Exhibit (d)(3)
MUTUAL NON-DISCLOSURE
AND STANDSTILL AGREEMENT
THIS MUTUAL NON-DISCLOSURE AND STANDSTILL AGREEMENT (this Agreement), dated as of September 15, 2015, is
between Gaas Labs, LLC, a limited liability company organized under the laws of the State of California (GAAS), and ANADIGICS, Inc., a Delaware corporation (ANADIGICS), and is entered into to ensure the
protection and preservation of the confidential and/or proprietary nature of information that the Parties (as hereinafter defined) contemplate disclosing to one another in connection with certain transactions or other business arrangements under
discussion by the Parties, including, but not limited to, business combination transactions, merger transactions, asset sales, stock purchases, consolidations, strategic alliances, joint ventures, technology transfers, and similar transactions or
arrangements involving or between the Parties (any such transaction or arrangement is herein referred to as the Transaction), and to provide for certain other arrangements and agreements with respect to any potential Transaction
between GAAS and ANADIGICS.
As used in this Agreement, the Party disclosing Confidential Information (as hereinafter defined) is the
Disclosing Party and the Party receiving the Confidential Information is the Receiving Party. Each of GAAS and ANADIGICS and their respective subsidiaries and controlled affiliates shall be referred to herein
individually as a Party and collectively as the Parties.
NOW THEREFORE, in reliance upon and in
consideration of the following mutual undertakings and agreements and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, each of the Parties agree as follows:
1. Confidential Information. For purposes of this Agreement, the term Confidential Information shall include the
following information, whether communicated in tangible form, electronically or orally and regardless of whether specifically identified as proprietary or confidential: (i) all business information, plans, tactics or
materials of the Parties, including, but not limited to, business plans, practices and strategies, product plans and product roadmaps, employee lists, employee benefit programs, customer lists, market analyses, compilations and information, pricing
policies, financial information or information regarding research and development, engineering, quality assurance, regulatory matters, sales and marketing, accounting, legal matters, product resources, supply resources, financing plans, information,
plans or proposals relating to capital structure, owned or leased assets and liquidity needs, directors, officers, employees, financing sources, customers, vendors, strategic partners, stockholders, affiliates, customer contracts or proposals for
customer contracts, contracts with vendors or suppliers or plans or proposals for strategic alliances or other business relations with third parties; (ii) all trade secrets, technical know-how, formulae, methods, processes, frameworks, ideas,
inventions (whether or not patentable), schematics, systems writings, hardware and software designs and code (source and object), product specifications, prototypes, product samples; (iii) all manuals, systems documentation, reports, notes,
analyses, compilations, studies, interpretations, correspondence, memoranda or other materials related to any of the items described in clauses (i) and (ii) above; (iv) all other written or electronic information which is submitted or
disclosed by the Disclosing Party to the Receiving Party hereunder, whether or not designated by the Disclosing Party as being confidential or proprietary at the time of its first disclosure; and (v) all verbal
information which the Disclosing Party designates as confidential or proprietary at the time of its first disclosure and thereafter designates as such in a writing delivered to the Receiving
Party within 30 days after its first disclosure.
2. Non-Disclosure and Use Restrictions. Each Party shall keep the
Confidential Information of the other Party strictly confidential for a period of two (2) years from the date hereof and shall not disclose such Confidential Information to any third parties, other than its Representatives, without the prior
written consent of the Disclosing Party. Each Party shall use the Confidential Information received from the other Party only for the purpose of evaluating the Transaction (including the effects of its consummation), and in no event for any other
commercial, business or other purpose or for any other purpose competitively, strategically or otherwise disadvantageous, directly or indirectly, to the Disclosing Party. Each Party represents and warrants that in considering a possible Transaction
and reviewing the Confidential Information, such Party (i) is acting solely on its own behalf and not as part of a group with any unaffiliated parties, and (ii) has not entered into any exclusivity arrangements with any potential providers
of debt or related financing for a possible Transaction that would preclude such providers from providing debt or related financing to any other parties proposing to enter into a transaction with either Party reasonably comparable to the
Transaction. No other rights, and particularly licenses, to trademarks, inventions, copyrights, patents, mask work rights, or any other intellectual property rights are implied or granted under this Agreement or by the delivery of Confidential
Information by one Party to the other Party.
3. Copying. Confidential Information supplied by one Party shall not be reproduced by
the other Party in any form except to the extent reasonably necessary to enable such other Party to evaluate the Transaction.
4.
Care. The Receiving Party shall treat Confidential Information of the Disclosing Party as proprietary and confidential and shall use the same degree of care to avoid disclosure or unauthorized use of Confidential Information of the Disclosing
Party as the Receiving Party provides to protect its own Confidential Information. The Receiving Party shall maintain the Confidential Information received from the Disclosing Party in confidence and shall retain such Confidential Information in a
secure place. The Receiving Party shall disclose and permit access to such Confidential Information only to those of its directors, officers, employees, affiliates, consultants, agents and legal, financial and accounting advisors and sources of
financing (in each such case, a Representative) who reasonably need to know such information in order to evaluate the Transaction and with whom the Receiving Party has established practices or procedures to maintain the confidence
of such Confidential Information, who are informed of the confidential and proprietary nature of such information and the provisions of this Agreement, and who agree to be bound by the confidentiality and non-use provisions hereof or substantially
similar confidentiality and non-use restrictions. The Receiving Party shall be responsible for any breach of the provisions of this Agreement by any of its Representatives.
5. Ownership. All Confidential Information shall remain the property of the Disclosing Party, and all documents or other tangible or
electronic media embodying such Confidential Information (including those prepared by the Receiving Party) shall be, at the option of the Receiving Party, either promptly returned to the Disclosing Party or destroyed after the Receiving Partys
need for it has expired or upon the request of the Disclosing Party. If destroyed, the Receiving Party shall so certify in writing to the Disclosing Party.
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6. Limitation. It is understood that the term Confidential Information
does not include information that:
(a) has been published, as evidenced by written documentation, or is now or becomes in
the public domain without breach of this Agreement by the Receiving Party;
(b) prior to disclosure hereunder is properly
within the legitimate possession of the Receiving Party;
(c) subsequent to disclosure hereunder is lawfully received from
a third party having a right to disclose the information in such partys possession and is not restricted from further disseminating the information; or
(d) is independently developed by the Receiving Party through persons (including the employees of the Receiving Party) who have
not had access to or knowledge of such Confidential Information and where such independent development can be documented by the Receiving Party.
7. Legally Required Disclosure. If either Party is required by law or by any court of competent authority or governmental agency or
authority or in connection with any legal or administrative proceeding to disclose any of the Confidential Information of the other Party, then the Party so required to disclose the Confidential Information (the Requested Party)
will provide such other Party (the Owning Party) with prompt written notice of such requirement prior to such disclosure. The Owning Party receiving such notice may then either seek appropriate protective relief from all or part
of such requirement (including confidential treatment of any such disclosure if required) or waive the Requested Partys compliance with the provisions of this Agreement with respect to all or part of such requirement. Each Party agrees that if
it is the Requested Party, it will reasonably cooperate with the Owning Party to attempt to obtain any protective relief that the Owning Party chooses to seek. If the Owning Party fails to obtain such relief, and, in the opinion of counsel for the
Requested Party, the Requested Party is legally compelled to disclose any of the Confidential Information, then the Requested Party may disclose that portion of the Confidential Information which counsel to such Requested Party advises that it is
compelled to disclose, but no more than what is legally required.
8. Relief. Because monetary damages will not be an adequate
remedy for any breach of this Agreement and may be difficult to ascertain, the Parties agree that in the event of a violation of this Agreement, without limiting any other rights and remedies of each other, specific performance and/or other
injunctive relief may be obtained against any Party who has breached or threatened to breach this Agreement and that such Party seeking equitable relief may do so without the necessity to post any bond therefor.
9. Right to Disclose. Each of the Parties warrants that it has the right to disclose all of the Confidential Information that it
previously has disclosed or will disclose to the other Party pursuant to this Agreement, and each of the Parties shall indemnify and hold harmless the other Party from all claims by a third party relating to the wrongful disclosure of such
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third partys information. Otherwise, neither of the Parties makes any representation or warranty, express or implied, with respect to any Confidential Information, except as set forth in
Section 2 above, or as may be provided in definitive agreements, if any, that may be executed after the date hereof in connection with the Transaction or otherwise. Neither of the Parties shall be liable for indirect, incidental, consequential
or punitive damages of any nature or kind resulting from or arising in connection with this Agreement or its violation.
10.
Disclosure. Except as required by law, all media releases and public announcements or disclosures by either of the Parties relating to this Agreement, its subject matter or the purpose of this Agreement shall be coordinated by the Parties in
writing prior to the release thereof. It is understood and agreed that, except in accordance with Section 7 of this Agreement, neither Party shall disclose to any third party (other than its Representatives) the fact that the Parties are in
discussions concerning the Transaction, or the status or terms of such discussions, without the prior written consent of the other Party.
11. Standstill. Each Party agrees that, for a period of twelve (12) months from the date hereof, without the prior written consent
of the other Party, which shall be approved by such other Partys Board of Directors, neither Party nor any of its controlled affiliates or Representatives, acting on its behalf, will in any manner, directly or indirectly, effect, publicly or
privately propose to effect, or cause or in any way assist or encourage any other person to effect or publicly or privately propose to: (i) acquire, offer to acquire, or agree to acquire, directly or indirectly, beneficially or otherwise, by
purchase or otherwise, any voting securities or direct or indirect rights to acquire any voting securities of the other Party or any subsidiary thereof, or any assets of the other Party or any subsidiary or division thereof; (ii) make any
tender or exchange offer, merger or other business combination involving the other Party or its subsidiaries; (iii) make any recapitalization, restructuring, liquidation, dissolution or other extraordinary transactions with respect to the other
Party or its subsidiaries; (iv) make, or in any way participate in, directly or indirectly (including by providing financing to another party) any solicitation of proxies (as such terms are defined in Rule 14a-1 of the
Securities Exchange Act of 1934, as amended) to vote, or seek to advise or influence any person or entity with respect to the voting of, any voting securities of the other Party; (v) otherwise act, alone or in concert with others, to seek to
control or influence the management, board of directors, or policies of the other Party; (vi) make any public announcement with respect to, or submit a proposal for, or offer of (with or without conditions) any of the foregoing or any other
extraordinary transaction involving the other Party or its securities or assets; (vii) form, join or in any way participate in a group (as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) in
connection with any of the foregoing; or (viii) request the other Party or any of its Representatives, directly or indirectly, to amend or waive any provision of this paragraph; provided, however, that nothing in this paragraph shall a
Party from presenting a proposal on a confidential basis to the Board of Directors of the other Party, including with respect to a merger, asset purchase or other business combination with the other Party. Notwithstanding the foregoing, this
paragraph shall no longer be binding upon a Party upon the execution of a definitive agreement between he other Party and any third party with respect to a merger, asset sale, consolidation or other business combination, in which the former
stockholders of the transacting Party immediately prior to the closing of the transaction would own less than 50% of the voting securities or assets of the surviving, resulting or parent entity.
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12. Term. This Agreement shall continue in full force and effect for a period of two
(2) years from the date hereof and then shall automatically expire and terminate. The obligations of the Parties described in Sections 2, 3, 4, 5, 11 and 14, however, shall continue after the termination of this Agreement.
13. Right to Continue Activities. Subject to the nondisclosure and use restrictions set forth in this Agreement, each Partys
right to develop, use and market products and services similar to or competitive with those of the other Party shall remain unimpaired. Each Party acknowledges that the other Party may already possess or have developed products or services similar
to or competitive with those of the other Party disclosed in the Confidential Information.
14. Access to and Solicitation of
Employees.
(a) GAAS hereby agrees that neither it nor any of its Representatives will, without the express prior
written permission of ANADIGICS, initiate or maintain contact with any officer, director or employee of ANADIGICS or any of its subsidiaries regarding the Confidential Information or the Transaction. GAAS shall submit or direct all communications
regarding the Transaction and Confidential Information to Ronald Michels, Chairman and Chief Executive Officer of ANADIGICS or, at Ronald Michels direction to, Terrence G. Gallagher, Executive Vice President and Chief Financial Officer of
ANADIGICS.
(b) Each Party agrees that for a period of twelve (12) months from the date hereof, it will not (and it
will not assist, advise or encourage others to), directly or indirectly, unless specifically consented to in advance in writing by the other Party, solicit for employment (other than advertising or public solicitation that is not a targeted
solicitation of the other Partys employees) (i) any executive officer of the other Party, (ii) any officer with the title of Vice President or higher of the other Party, (iii) any Director-level of more senior sales personnel of
the other Party, and (iv) any Director-level or more senior engineering personnel of the other Party, in each case solely to the extent that the soliciting Party was first introduced to such individual in the course of discussions between the
Parties with respect to the Transaction.
15. Governing Law; Whole Agreement. This Agreement shall be governed by and
construed under the laws of the State of Delaware without giving effect to any choice-of-law rules that may require the application of the laws of another jurisdiction. There are no understandings, agreements or representations relating to the
subject matter hereof, express or implied, not specified herein.
16. Securities Laws. Each Party hereby acknowledges that it is
aware and that it will advise its Representatives who are informed of the matters that are the subject of this Agreement, that the United States securities laws restrict persons with material non-public information about a company from purchasing or
selling securities of such company or from communicating such information to a third party under circumstances in which it is reasonably foreseeable that such third party is likely to purchase or sell such securities in reliance upon such
information.
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17. Amendment and Waiver. The terms and provisions of this Agreement may be amended or
modified, and the observance of any term or provision hereof may be waived, only by a written instrument executed by the Parties. No failure or delay by either Party in exercising any right, power or privilege hereunder will operate as a waiver
thereof, nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege granted hereunder.
18. Successors and Assigns. This Agreement shall inure to, and be binding upon, the Parties hereto and their respective successors
(including, without limitation, any successor to a Party) and permitted assigns. Neither Party shall assign this Agreement without the prior express written consent of the other Party; provided, however, that assignments by operation
of law, merger or other change of control transaction shall be expressly permitted.
19. Entire Agreement. This Agreement sets
forth the entire agreement and understanding of the Parties relating to the subject matter herein and supersedes all prior discussions between them whether written or oral. This Agreement may be modified only in writing, signed by each Party.
20. Counterparts. This Agreement may be executed in multiple identical counterparts, each of which shall be an original and all of
which shall be deemed to be one and the same instrument.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date
first above written.
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GAAS LABS, LLC |
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By: |
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/s/ John Ocampo |
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Name: John Ocampo |
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Title: President |
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ANADIGICS, INC. |
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By: |
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/s/ Ronald L. Michels |
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Exhibit (d)(4)
October 20, 2015
CONFIDENTIAL
Anadigics, Inc.
141 Mt. Bethel Road
Warren, New Jersey 07059
Attention: Mr. Ronald Michels,
Chairman
Ladies and Gentlemen:
This letter
agreement (this Agreement) sets forth the terms upon which GaAs Labs, LLC, a California limited liability company (GaAs Labs), agrees to continue discussions and other activities regarding a potential
acquisition of Anadigics, Inc., a Delaware corporation (the Company) (such acquisition, the Transaction) and certain related matters.
In consideration of the substantial amount of resources GaAs Labs will expend in evaluating and negotiating the terms of the Transaction and
of the mutual covenants set forth below, GaAs Labs and the Company agree as follows:
1. Other Negotiations. During the period
beginning on the date of this Agreement and ending as of the earlier of (a) 11:59 p.m. (Pacific time) on November 11, 2015 or (b) such earlier time and date on which GaAs Labs and the Company mutually agree in writing to discontinue
discussions regarding the Transaction (the Exclusivity Period), the Company will not and will cause its subsidiaries and affiliates, and its and their respective directors, officers, employees, agents, and advisors (including,
without limitation, financial advisors, attorneys, accountants and their respective directors, officers, employees, agents, and advisors) (Representatives) not to take any action to solicit, initiate, seek, encourage or support
any inquiry, proposal or offer from, furnish any information to, or participate in any negotiations with, any corporation, partnership, person or other entity or group (other than GaAs Labs) regarding (i) the sale, purchase, or transfer,
directly or indirectly, including any license, of all or any material portion of the capital stock, business, or assets of the Company or any of its subsidiaries or affiliates, by way of merger, recapitalization, tender or exchange offer, asset
sale, or otherwise, other than sales of inventory made and non-exclusive licenses granted in in the ordinary course of business or (ii) any other transaction the consummation of which could prevent or materially delay the consummation of the
Transaction (any transaction described in (i) or (ii), a Competing Transaction). It shall be a condition to continuing the Exclusivity Period beyond October 28, 2015 that, on or before that date, GaAs Labs deliver to the
Company a draft of an agreement with respect to the Transaction consistent with the Indication of Interest of even date herewith submitted to the Company by GaAs Labs with respect to the Transaction (Indication). The Company will
immediately terminate or suspend (or cause to be terminated or suspended) any such negotiations in progress as of the date hereof. The Company will promptly, and in any event within 24 hours, notify GaAs Labs regarding any contact (with the Company,
its Representatives, any of its subsidiaries or affiliates or any of their respective Representatives) by any third party after the date hereof regarding any offer, proposal, inquiry or other communication regarding any Competing Transaction,
including in any such notice a summary of such inquiry or communication and the material terms of such offer or proposal, if any, except that in the event the Company is a party to a confidentiality or nondisclosure agreement to which the Company
became a party prior to the date of this Agreement with the party making the offer or proposal, the Company will provide only a summary of the material terms of such offer or proposal and will not disclose the name of such party. In no event will
the
Company or any subsidiary or affiliate accept or enter into an agreement concerning any Competing Transaction during the Exclusivity Period. The Company represents and warrants that it (or its
applicable subsidiary, affiliate or Representative) has the legal right to terminate or suspend any such pending negotiations. Throughout the Exclusivity Period, the Company will provide GaAs Labs with all records and information relating to the
business, assets, and affairs of the Company and its subsidiaries and affiliates as may reasonably be requested by GaAs Labs and will permit GaAs Labs reasonable access to all properties, premises, books, accounts, records, employees and documents
of the Company and its subsidiaries and affiliates. If, at any time during the Exclusivity Period, GaAs Labs determines that it is not going to proceed with the Transaction on the proposed terms set forth in the Indication, it will promptly notify
the Company of that determination and the Exclusivity Period will terminate at that time.
2. Notices. Any notices made hereunder
will be in writing and will be deemed received (a) on the date of delivery if delivered personally or by messenger service, (b) on the date of transmission by email or (c) on the date of confirmation of delivery if delivered by a
nationally recognized courier service, to (x) the Company, at the address set forth above or (y) GaAs Labs at the following address (or at such other address for a party as may be specified by like notice):
GaAs Labs, LLC
471 El Camino
Real, Ste. 210
Santa Clara, CA 95050
Attention: John Ocampo
Email
Address: johnocampo@gaaslabs.com
with a copy to:
Perkins Coie LLP
1900 16th
Street, Suite 1400
Denver, Colorado 80202
Attention: Jason Day
Email
Address: jday@perkinscoie.com
3. Governing Law. This Agreement and all disputes or controversies arising hereunder or relating
hereto will be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts wholly executed and performed therein. With respect to any action or proceeding between the parties arising out of or
relating to this Agreement, each party: (a) irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware or, to the extent such court does not have subject matter
jurisdiction, the Superior Court of the State of Delaware or the United States District Court for the District of Delaware; (b) agrees that all claims in respect of such action or proceeding will be heard and determined exclusively in
accordance with the preceding clause (a); (c) waives any objection to laying venue in any such action or proceeding in such courts; and (d) waives any objection that such courts are an inconvenient forum or do not have jurisdiction over
any party. Each party irrevocably waives any and all rights to trial by jury in any action or proceeding between the parties arising out of or relating to this Agreement.
4. Amendment; Non-Waiver. No amendment, modification, or waiver of any provision of this Agreement will be effective unless in writing
and signed by duly authorized signatories of both parties (or, solely in the case of a waiver, the party granting such waiver). The waiver by either party of a breach of or a default under any provision of this Agreement will not be construed as a
waiver of any subsequent breach of or default under the same or any other provision of this Agreement, nor will any delay or omission on the part of either party to exercise or avail itself of any right, power, privilege, or remedy that it has or
may have hereunder operate as a waiver thereof, nor will any single or partial exercise thereof preclude any further exercise of any such right, power, privilege, or remedy hereunder.
5. Nature of Obligations. The parties will have no obligation to consummate the
Transaction unless and until a definitive agreement with respect thereto is reached, and in such case such obligation will be subject in all respects to the satisfaction of the conditions contained therein, and neither party hereto will have any
liability to the other if the party fails for any reason to execute such a definitive agreement, except with respect to the matters set forth in this Agreement.
The Company agrees that GaAs Labs would be irreparably harmed by a violation of this Agreement, that monetary damages would be an insufficient
remedy for such a violation, and that, accordingly, GaAs Labs would be entitled to equitable relief (including by way of injunction and specific performance) to remedy or prevent further violations of this Agreement, without prejudice to the rights
and remedies otherwise available to it. In the event of a violation of this Agreement by the Company, GaAs Labs will be entitled to seek, without limitation of any other remedy, reimbursement of its expenses incurred in connection with the
Transaction.
In the event that any of the provisions of this Agreement are determined by a court or other tribunal of competent
jurisdiction to be invalid or unenforceable, the remaining portions hereof will remain in full force and effect and such provisions will be enforced to the maximum extent possible so as to effect the intent of the parties, and will in no way be
affected, impaired, or invalidated.
This Agreement constitutes the entire agreement between the parties concerning the subject matter
hereof and supersedes all prior or contemporaneous representations, discussions, proposals, negotiations, conditions, communications, and agreements, whether oral or written, between the parties relating to the same and all past courses of dealing
or industry custom. Notwithstanding the foregoing, the parties acknowledge and agree that they will continue to be bound by that certain letter agreement regarding confidentiality, dated as of September 15, 2015, by and between them.
[Remainder of page intentionally blank.]
Each party represents that the person signing this Agreement on its behalf is authorized to bind
it by so doing. This Agreement may be executed in two counterparts, which will together be deemed a binding agreement. Any such signature page will be effective as a counterpart signature page hereto without regard to page, document or version
numbers or other identifying information thereon, which are for convenience of reference only. Copies of executed signature pages hereto in .PDF or other electronic format will be deemed binding originals. Please indicate the Companys
agreement to the terms of this Agreement by executing it in the space provided below and returning a .PDF copy to me by email at the address set forth in Section 2 hereof.
I look forward to the successful completion of the discussions contemplated by this Agreement.
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Very truly yours, |
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GaAs Labs, LLC |
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By: |
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/s/ John Ocampo |
Name: John Ocampo |
Title: President |
Date: October 20, 2015 |
[Signature Page to Exclusivity Letter Agreement]
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AGREED TO AND ACCEPTED: |
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Anadigics, Inc. |
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By: |
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/s/ Ron Michels |
Name: Ron Michels |
Title: Chairman & CEO |
Date: October 21, 2015 |
[Signature Page to Exclusivity Letter Agreement]
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