Transaction Valuation(1)
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Amount of Filing Fee(2)
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$11,000,000
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$1,260.60
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¨
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Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
Amount Previously Paid:
Form or Registration No.:
Filing Party:
Date Filed:
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¨
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Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.
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Check the appropriate boxes below to designate any transactions to which the statement relates:
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¨
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third party tender offer subject to Rule 14d-1.
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ý
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issuer tender offer subject to Rule 13e-4.
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¨
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going private transaction subject to Rule 13e-3.
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¨
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amendment to Schedule 13D under Rule 13d-2.
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Check the following box if the filing is a final amendment reporting the results of a tender offer: ¨
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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)
¨Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)
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Item 1.
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SUMMARY TERM SHEET
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Item 2.
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SUBJECT COMPANY INFORMATION
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(a)
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The name of the subject company and issuer is Nathan’s Famous, Inc., a Delaware corporation. The address of the Company’s principal executive office is One Jericho Plaza, Jericho, New York 11753, and its telephone number is (516) 338-8500.
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(b)
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The information set forth in the Offer to Purchase under “Summary Term Sheet” and under “The Offer, Section 2, Number of Shares; Proration” is incorporated herein by reference. As of December 7, 2011, the Company had issued and outstanding approximately 4,947,964 shares of common stock.
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(c)
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Information about the trading market and price of the shares and dividends is set forth under ‘‘The Offer, Section 9, Price Range of Shares and Stockholders’’ of the Offer to Purchase and is incorporated herein by reference.
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Item 3.
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IDENTITY AND BACKGROUND OF FILING PERSON
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(a)
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The Company is the filing person and the subject company. The names of the executive officers and directors of the Company are as follows:
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Name
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Position with the Company
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Eric Gatoff
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Chief Executive Officer and Director
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Ronald G. DeVos
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Vice President - Finance, Chief Financial Officer and Secretary
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Howard M. Lorber
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Executive Chairman of the Board
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Wayne Norbitz
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President, Chief Operating Officer and Director
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Donald Perlyn
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Executive Vice President and Director
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Donald P. Schedler
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Vice President - Development, Architecture and Construction
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Randy K. Watts
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Vice President - Franchise Operations
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Robert J. Eide
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Director
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Brian S. Genson
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Director
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Barry Leistner
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Director
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A.F. Petrocelli
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Director
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Charles Raich
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Director
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Item 4.
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TERMS OF THE TRANSACTION
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(a)
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Information about the terms of the transaction under “Summary Term Sheet” and “The Offer, Sections 1 through 14” of the Offer to Purchase is incorporated herein by reference. There will be no material differences in the rights of security holders as a result of this transaction.
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(b)
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The information set forth in the Offer to Purchase under “The Offer, Section 8, Information Concerning the Company and Purposes of the Offer¾Beneficial Ownership of Common Stock by Directors and Executive Officers” and under “The Offer, Section 11, Transactions and Agreements Concerning Shares” is incorporated herein by reference.
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Item 5.
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PAST CONTRACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS
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(e)
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The information set forth in the Offer to Purchase under “The Offer, Section 11, Transactions and Agreements Concerning Shares” is incorporated herein by reference.
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Item 6.
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PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS
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(a)
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The information set forth in the Offer to Purchase under “The Offer, Section 8, Information Concerning the Company and Purposes of the Offer¾Purposes of the Offer; Certain Effects of the Offer” is incorporated herein by reference.
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(b)
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The information set forth in the Offer to Purchase under “The Offer, Section 8, Information Concerning the Company and Purposes of the Offer¾Purposes of the Offer; Certain Effects of the Offer” is incorporated herein by reference.
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(c)
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The information set forth in the Offer to Purchase under “The Offer, Section 8, Information Concerning the Company and Purposes of the Offer¾Purposes of the Offer; Certain Effects of the Offer” is incorporated herein by reference.
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Item 7.
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SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
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(a)
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The information set forth in the Offer to Purchase under “The Offer, Section 10, Source and Amount of Funds” is incorporated herein by reference.
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(b)
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Not applicable.
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(d)
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Not applicable.
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Item 8.
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INTEREST IN SECURITIES OF THE SUBJECT COMPANY
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(a)
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The information set forth in the Offer to Purchase under “The Offer, Section 8, Information Concerning the Company and Purposes of the Offer¾Beneficial Ownership of Common Stock by Directors and Executive Officers” is incorporated herein by reference.
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(b)
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The information set forth in the Offer to Purchase under “The Offer, Section 8, Information Concerning the Company and Purposes of the Offer¾Securities Transactions” is incorporated herein by reference.
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Item 9.
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PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED
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(a)
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The Company has retained MacKenzie Partners, Inc. (“MacKenzie”) as the Information Agent in connection with the Offer and will pay MacKenzie a fee for its services. In addition, MacKenzie is entitled to reimbursement of its reasonable out-of-pocket expenses. MacKenzie may contact stockholders by mail, telephone, facsimile, telex, telegraph or other electronic means, and may request brokers, dealers, commercial banks, trust companies and other nominee stockholders to forward material relating to the Offer to beneficial owners.
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Item 10.
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FINANCIAL STATEMENTS
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Item 11.
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ADDITIONAL INFORMATION
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(a)
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(1)
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The information set forth in the Offer to Purchase under “The Offer, Section 11, Transactions and Agreements Concerning Shares” of the Offer to Purchase is incorporated herein by reference
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(2)
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There are no applicable regulatory requirements or approvals needed for the Offer.
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(3)
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Not applicable.
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(4)
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Not applicable.
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(5)
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None.
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(c)
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The information in the Offer to Purchase and the related Letter of Transmittal, copies of which are filed with this Schedule TO as Exhibits (a)(1)(A) and (a)(1)(B), respectively, is incorporated herein by reference.
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Item 12.
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EXHIBITS
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(a)
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(1)
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(A)
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Offer to Purchase for Cash, dated December 8, 2011.
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(B)
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Letter of Transmittal (including Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9).
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(C)
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Notice of Guaranteed Delivery.
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(D)
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Form of letter to brokers, dealers, commercial banks, trust companies and other nominees.
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(E)
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Form of letter to be used by brokers, dealers, commercial banks, trust companies and other nominees to their clients.
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(F)
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Form of letter to stockholders.
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(5)
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Press Release dated December 5, 2011. Incorporated by reference to the Schedule TO-C filed by the Company on December 5, 2011.
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(b)
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Not applicable
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(d)
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(1)
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Rights Agreement dated as of June 4, 2008 between the Company and AST. Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed on June 6, 2008.
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(2)
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Nathan’s Famous, Inc. 2001 Stock Option Plan, as amended. Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on September 12, 2007.
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(3)
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Nathan’s Famous 2002 Stock Incentive Plan. Incorporated by reference to Exhibit 4 to the Company’s Registration Statement on Form S-8 (File No. 333-101355), filed on November 20, 2002.
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(4)
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Nathan’s Famous, Inc. 2010 Stock Incentive Plan. Incorporated by reference to Exhibit A to the Company’s Proxy Statement on Schedule 14A, filed on July 23, 2010.
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(5)
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10b5-1 Issuer Securities Repurchase Instructions, dated September 10, 2010, between the Company and Mutual Securities, Inc. Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on September 10, 2010.
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(6)
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First Amendment to 10b5-1 Issuer Securities Repurchase Instructions between the Company and Mutual Securities, Inc. dated February 3, 2011. Incorporated by reference to Exhibit 10.1 to Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended December 26, 2010, filed on February 4, 2011.
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(7)
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Third Amendment to 10b5-1 Issuer Securities Repurchase Instructions between the Company and Mutual Securities, Inc., dated August 4, 2011. Incorporated by reference to Exhibit 10.39 to Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 26, 2011, filed on August 5, 2011.
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(8)
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401K Plan and Trust. Incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form S-1 (File No. 33-56976).
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(9)
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Employment Agreement, dated as of December 15, 2006 and effective as of January 1, 2007, by and between the Company and Eric Gatoff. Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed on December 18, 2006.
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(10)
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Employment Agreement, dated as of December 15, 2006 and effective as of January 1, 2007, by and between the Company and Howard M. Lorber. Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on December 15, 2006.
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(11)
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Employment Agreement, dated December 28, 1992, by and between the Company and Wayne Norbitz. Incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-1 (File No. 33-56976).
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(12)
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Amendment, dated November 8, 1993, to the Employment Agreement, dated December 28, 1992, by and between the Company and Wayne Norbitz. Incorporated by reference to Exhibit 10.19 to the Company’s Annual Report filed on Form 10-K for the fiscal year ended March 27, 1994.
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(13)
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Modification Agreement, dated December 31, 1996, to the Employment Agreement, dated December 28, 1992, by and between the Company and Wayne Norbitz. Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report filed on Form 10-Q for the fiscal quarter ended December 29, 1996, filed on February 5, 1997.
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(14)
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Employment Agreement, dated as of November 6, 2007 and effective as of May 31, 2007, by and between the Company and Donald L. Perlyn. Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 23, 2007, filed on November 6, 2007.
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(g)
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None.
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(h)
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Not applicable.
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Item 13.
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INFORMATION REQUIRED BY SCHEDULE 13E-3
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NATHAN’S FAMOUS, INC.
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By:
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/s/ Ronald DeVos
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Name:
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Ronald DeVos
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Title:
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Vice President - Finance and Chief Financial Officer
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(a)
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(1)
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(A)
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Offer to Purchase for Cash, dated December 8, 2011.
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(B)
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Letter of Transmittal (including Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9).
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(C)
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Notice of Guaranteed Delivery.
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(D)
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Form of letter to brokers, dealers, commercial banks, trust companies and other nominees.
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(E)
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Form of letter to be used by brokers, dealers, commercial banks, trust companies and other nominees to their clients.
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(F)
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Form of letter to stockholders.
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(5)
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Press Release dated December 5, 2011. Incorporated by reference to the Schedule TO-C filed by the Company on December 5, 2011.
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(b)
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Not applicable
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(d)
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(1)
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Rights Agreement dated as of June 4, 2008 between the Company and AST. Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed on June 6, 2008.
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(2)
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Nathan’s Famous, Inc. 2001 Stock Option Plan, as amended. Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on September 12, 2007.
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(3)
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Nathan’s Famous 2002 Stock Incentive Plan. Incorporated by reference to Exhibit 4 to the Company’s Registration Statement on Form S-8 (File No. 333-101355), filed on November 20, 2002.
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(4)
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Nathan’s Famous, Inc. 2010 Stock Incentive Plan. Incorporated by reference to Exhibit A to the Company’s Proxy Statement on Schedule 14A, filed on July 23, 2010.
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(5)
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10b5-1 Issuer Securities Repurchase Instructions, dated September 10, 2010, between the Company and Mutual Securities, Inc. Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on September 10, 2010.
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(6)
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First Amendment to 10b5-1 Issuer Securities Repurchase Instructions between the Company and Mutual Securities, Inc. dated February 3, 2011. Incorporated by reference to Exhibit 10.1 to Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended December 26, 2010, filed on February 4, 2011.
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(7)
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Third Amendment to 10b5-1 Issuer Securities Repurchase Instructions between the Company and Mutual Securities, Inc., dated August 4, 2011. Incorporated by reference to Exhibit 10.39 to Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 26, 2011, filed on August 5, 2011.
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(8)
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401K Plan and Trust. Incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form S-1 (File No. 33-56976).
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(9)
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Employment Agreement, dated as of December 15, 2006 and effective as of January 1, 2007, by and between the Company and Eric Gatoff. Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed on December 18, 2006.
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(10)
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Employment Agreement, dated as of December 15, 2006 and effective as of January 1, 2007, by and between the Company and Howard M. Lorber. Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on December 15, 2006.
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(11)
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Employment Agreement, dated December 28, 1992, by and between the Company and Wayne Norbitz. Incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-1 (File No. 33-56976).
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(12)
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Amendment, dated November 8, 1993, to the Employment Agreement, dated December 28, 1992, by and between the Company and Wayne Norbitz. Incorporated by reference to Exhibit 10.19 to the Company’s Annual Report filed on Form 10-K for the fiscal year ended March 27, 1994.
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(13)
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Modification Agreement, dated December 31, 1996, to the Employment Agreement, dated December 28, 1992, by and between the Company and Wayne Norbitz. Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report filed on Form 10-Q for the fiscal quarter ended December 29, 1996, filed on February 5, 1997.
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(14)
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Employment Agreement, dated as of November 6, 2007 and effective as of May 31, 2007, by and between the Company and Donald L. Perlyn. Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 23, 2007, filed on November 6, 2007.
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(g)
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None.
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(h)
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Not applicable.
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If delivering by mail:
American Stock Transfer & Trust Company
Operations Center
Attn: Reorganization Department
P.O. Box 2042
New York, New York 10272-2042
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If delivering by hand or courier:
American Stock Transfer & Trust Company
Operations Center
Attn: Reorganization Department
6201 15th Avenue
Brooklyn, New York 11219
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·
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(i) complete and sign the related Letter of Transmittal according to the instructions in the Letter of Transmittal and mail or deliver it, together with any required signature guarantee and any other required documents, including your share certificates, to American Stock Transfer & Trust Company, LLC (“AST”), the Depositary for the Offer, or (ii) tender the shares according to the procedure for book-entry transfer described in Section 3; or
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·
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request a broker, dealer, commercial bank, trust company or other nominee to effect the transaction for you. If your shares are registered in the name of a broker, dealer, commercial bank, trust company or other nominee, you should contact that nominee and have the nominee tender your shares for you.
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Page | ||
SUMMARY TERM SHEET
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5
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CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
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10
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THE OFFER
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11
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1.
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GENERAL TERMS OF THE OFFER
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11
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2.
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NUMBER OF SHARES; PRORATION
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11
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3.
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PROCEDURE FOR TENDERING STOCKHOLDERS
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14
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4.
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WITHDRAWAL RIGHTS
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19
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5.
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PURCHASE OF SHARES AND PAYMENT OF PURCHASE PRICE
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19
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6.
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CONDITIONAL TENDER OF STOCKHOLDERS
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20
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7.
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CERTAIN CONDITIONS OF THE OFFER
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21
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8.
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INFORMATION CONCERNING THE COMPANY AND PURPOSES OF THE OFFER
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24
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9.
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PRICE RANGE OF SHARES AND STOCKHOLDERS
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28
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10.
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SOURCE AND AMOUNT OF FUNDS
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29
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11.
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TRANSACTIONS AND AGREEMENTS CONCERNING SHARES
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29
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12.
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EXTENSION OF TENDER PERIOD; TERMINATION; AMENDMENTS; CONDITIONS
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33
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13.
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U.S. FEDERAL INCOME TAX CONSEQUENCES
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34
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14.
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ADDITIONAL INFORMATION; MISCELLANEOUS
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39
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WHO IS MAKING THE OFFER?
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Nathan’s Famous, Inc., a Delaware corporation, with principal executive offices at One Jericho Plaza, Jericho, New York 11753, telephone (516) 338-8500.
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WHAT ARE WE OFFERING TO PURCHASE?
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We are offering to purchase shares of common stock.
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WHAT WILL BE THE PURCHASE PRICE FOR THE SHARES?
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We are conducting the Offer through a procedure commonly called a modified “Dutch Auction.” This procedure allows you to select the price per share (in increments of $0.25) within a price range specified by us at which you are willing to sell your shares. The price range for the Offer is $20.00 to $22.00 per share. We will determine the Purchase Price that we will pay per share promptly after the Expiration Date. The Purchase Price will be the lowest price at which, based on the number of shares tendered and the prices specified by the tendering stockholders, we can purchase 500,000 shares. If fewer shares are properly tendered, we will select the lowest price that will allow us to buy all the shares that are properly tendered and not properly withdrawn prior to the Expiration Date.
The Purchase Price will not be less than $20.00 nor greater than $22.00 per share. The lower end of the price range for the Offer is greater than the closing sale price for the shares on December 2, 2011, the last full trading day before the public announcement of the commencement of the Offer, when the closing sale price on NASDAQ for a share was $19.0999. We will pay the same per share Purchase Price in cash, less any applicable withholding taxes and without interest, for all the shares we purchase in the Offer, even if some of the shares are tendered at a price below the Purchase Price. See Section 2. Under no circumstances will we pay interest on the Purchase Price, even if there is a delay in making payment.
If you wish to maximize the chance that your shares will be purchased in the Offer, you should check the box in the section of the Letter of Transmittal captioned “Shares Tendered at Price Determined in the Offer.” If you agree to accept the Purchase Price determined in the Offer, your shares will be deemed to be tendered at the minimum price of $20.00 per share. You should understand that this election could have the effect of decreasing the Purchase Price determined by us, which may result in your shares being purchased at the minimum price per share. See Section 2.
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WHAT IS THE MARKET PRICE OF OUR SECURITIES?
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Our shares of common stock are listed and traded on The NASDAQ Global Market under the symbol “NATH.” On December 2, 2011, the last full trading day before the announcement of the Offer, the reported closing price of the shares on NASDAQ was $19.0999 per share. See Section 9.
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HOW MANY SHARES WILL THE COMPANY PURCHASE IN THE OFFER?
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We are offering to purchase up to 500,000 shares or such lesser amount of shares as may be properly tendered and not properly withdrawn, on the terms and subject to the conditions of the Offer. As of December 7, 2011, we had issued and outstanding approximately 4,947,964 shares of our common stock. The 500,000 shares represent slightly in excess of 10% of our outstanding common stock as of December 7, 2011. Subject to certain limitations and legal requirements, we reserve the right to accept for payment, according to the terms and conditions of the Offer, up to an additional 2% of outstanding shares of our common stock (or 98,959 shares). In exercising this right, we may increase the Purchase Price to allow us to purchase all such additional shares. The Offer is not conditioned on any minimum number of shares being tendered. See Section 7.
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WHAT WILL HAPPEN IF MORE THAN 500,000 SHARES ARE TENDERED AT OR BELOW THE PURCHASE PRICE?
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If more than 500,000 shares are properly tendered at or below the Purchase Price and not properly withdrawn prior to the Expiration Date for the Offer, we will purchase shares as follows:
· first, from all holders of “small lots” of less than 500 shares who properly tender all of their shares at or below the Purchase Price and do not properly withdraw them before the Expiration Date for the Offer;
· second, from all other stockholders who properly tender shares at or below the Purchase Price and do not properly withdraw them before the applicable Expiration Date, on a pro rata basis (except for stockholders who tendered shares conditionally if the condition was not satisfied); and
· third, only if necessary to permit us to purchase 500,000 shares, from stockholders who have conditionally tendered shares at or below the Purchase Price and do not properly withdraw them (if the condition was not initially satisfied), by random lot, to the extent feasible. To be eligible for purchase by random lot, stockholders whose shares are conditionally tendered must have tendered all of their shares.
Because of the “small lot” priority, proration and conditional tender provisions described above, we may not purchase all of the shares that you tender even if you tender them at or below the Purchase Price. See Section 2.
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IF I OWN FEWER THAN 500 SHARES SUBJECT TO THE OFFER AND I TENDER ALL OF MY SHARES, WILL I BE SUBJECT TO PRORATION?
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If you beneficially own fewer than 500 shares, in the aggregate, and you properly tender all of these shares at or below the Purchase Price and do not properly withdraw them prior to the Expiration Date for the Offer and you complete the section entitled “Small Lots” in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery, we will purchase all of your shares without subjecting them to the proration procedure. See Section 2.
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WHY IS THE COMPANY MAKING THIS OFFER?
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We believe that the repurchase of shares is consistent with our long-term goal of maximizing stockholder value. Our Board of Directors, with the assistance of management and outside advisors, has evaluated our operations, financial condition, capital needs, strategy and expectations for the future and believes that the Offer is a prudent use of certain of our financial resources given our business profile, prospective capital requirements, and the current market price of our shares. Furthermore, we believe the Offer is an efficient means to provide liquidity to our stockholders. The Offer represents the opportunity for us to return cash to stockholders who elect to tender their shares, while at the same time increasing non-tendering stockholders’ proportionate interest in us. See Section 8.
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HOW WILL THE COMPANY PAY FOR THE SHARES?
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We anticipate that we will purchase shares in the Offer, and pay related fees and expenses, with our available cash resources. Financing is not a condition to the Offer. See Section 10.
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WHEN DOES THE OFFER EXPIRE?
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The Offer will expire at 12:00 Midnight, Eastern Time, on January 12, 2012, unless we extend it. If a broker, dealer, commercial bank, trust company or other nominee holds your shares, it is possible the nominee has established an earlier deadline for you to act to instruct the nominee to accept the Offer on your behalf. We urge you to contact the broker, dealer, commercial bank, trust company or other nominee to find out their deadline. We may choose to extend the Offer for any reason, subject to applicable laws. We cannot assure you that we will extend the Offer or indicate the length of any extension we may provide. See Section 12.
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HOW WILL I BE NOTIFIED IF THE COMPANY EXTENDS, AMENDS OR TERMINATES THE OFFER?
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If we decide to extend the Offer, we will issue a press release announcing the extension and the new expiration date by 9:00 a.m., New York City time, on the first business day after the previously scheduled Expiration Date. We will announce any amendment to the Offer by making a public announcement of the amendment. We can terminate the Offer under certain circumstances. See Section 12.
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ARE THERE ANY CONDITIONS TO THE OFFER?
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While the Offer is not conditioned upon any minimum number of shares being tendered or our receipt of financing, it is subject to customary conditions, such as the absence of court and governmental action prohibiting, challenging or restricting the Offer and the absence of changes in general market conditions or our business that, in our reasonable judgment, are or may be materially adverse to us, as well as other conditions. See Section 7.
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ONCE TENDERED, MAY I WITHDRAW MY TENDER?
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If you tender shares pursuant to this Offer, you may withdraw your tender at any time until the Expiration Date. If you wish to withdraw your tender, you must deliver, on a timely basis, a written or facsimile notice of your withdrawal to the Depositary at the address appearing on the back cover page of this Offer to Purchase. Your notice of withdrawal must specify your name, the number of shares to be withdrawn and the name of the registered holder of those shares. Some additional requirements apply if the share certificates to be withdrawn have been delivered to the Depositary or if your shares have been tendered under the procedure for book-entry transfer set forth in Section 3.
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WILL THE COMPANY’S DIRECTORS AND EXECUTIVE OFFICERS PARTICIPATE IN THE OFFER?
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Our directors and executive officers do not intend to participate in the Offer and do not intend to tender any of their shares.
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DO WE RECOMMEND THAT YOU TENDER YOUR SHARES IN THE OFFER?
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Our Board of Directors has approved the Offer. However, neither the Company nor any of its directors, officers or employees, nor the Information Agent, makes any recommendation to you as to whether to tender or refrain from tendering your shares. You must make your own decision as to whether to tender some or all of your shares.
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HOW DO I TENDER MY SHARES PURSUANT TO THE OFFER?
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1) You must properly complete and duly execute the Letter of Transmittal and deliver it with your share certificate(s) to the Depositary at the address appearing on the back cover page of this document; or
2) The Depositary must receive a confirmation of receipt of your shares by book-entry transfer and a properly completed and duly executed Letter of Transmittal; or
3) You must comply with the guaranteed delivery procedure.
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WHEN WILL THE COMPANY PAY FOR THE SHARES I TENDER?
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We will pay the applicable Purchase Price to you in cash, less any applicable withholding taxes and without interest, for the shares we purchase promptly after the Expiration Date of the Offer and the acceptance of the shares for payment; provided, however, that, if proration is required, we do not expect to announce the results of the proration and begin paying for tendered shares until up to approximately four (4) business days after the expiration of the Offer. See Section 5.
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IF I DECIDE NOT TO TENDER, HOW WILL THE OFFER AFFECT MY SHARES?
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Stockholders that choose not to tender their shares will own a greater percentage interest in our outstanding common stock following consummation of the Offer. See Section 8.
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WILL I HAVE TO PAY BROKERAGE COMMISSIONS IF I TENDER MY SHARES?
|
If you are a registered stockholder and you tender your shares directly to the Depositary, you will not incur any brokerage commissions. If you hold shares through a broker, dealer, commercial bank, trust company or other nominee, we recommend that you consult your broker, dealer, commercial bank, trust company or other nominee to determine whether transaction costs are applicable. See Section 3.
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|
WHAT ARE THE UNITED STATES FEDERAL INCOME TAX CONSEQUENCES IF I TENDER MY SHARES?
|
Generally, your receipt of cash from us in exchange for tendered shares will be a taxable transaction for United States federal income tax purposes. The cash you receive for your tendered shares will generally be treated for United States federal income tax purposes either as consideration received in respect of a sale or exchange of the shares purchased by us or as a distribution from us in respect of shares. We urge you to consult with your own tax advisor as to the particular tax consequences to you of the Offer. Non-United States Holders (as defined in Section 13) are urged to consult their tax advisors regarding the application of United States federal income tax withholding and backup withholding, including eligibility for a withholding tax reduction or exemption, and the refund procedures.
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|
WHO CAN RESPOND TO QUESTIONS OR PROVIDE ASSISTANCE REGARDING THE OFFER?
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Please direct questions or requests for assistance, or for additional copies of this Offer to Purchase, the Letter of Transmittal or other materials, in writing, to the Information Agent, MacKenzie Partners, Inc., at the address appearing on the back cover of this Offer to Purchase.
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1.
|
GENERAL TERMS OF THE OFFER
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2.
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NUMBER OF SHARES; PRORATION
|
|
·
|
increase the price to be paid for the shares above $22.00 per share, or decrease the price to be paid for the shares below $20.00 per share;
|
|
·
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increase the number of shares being sought in the Offer by more than 2% of our outstanding shares (or 98,959 shares); or
|
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·
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decrease the number of shares being sought in the Offer; and
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|
·
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First, upon the terms and subject to the conditions of the Offer, we will purchase all shares tendered by any Small Lot Holder (as defined below) of shares who:
|
|
o
|
tenders all shares beneficially owned by such Small Lot Holder at a price at or below the Purchase Price (tenders of less than all of the shares owned by such Small Lot Holder will not qualify for this preference); and
|
|
o
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completes the section entitled “Small Lots” in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery.
|
|
·
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Second, subject to the conditional tender provisions described in Section 6, we will purchase all other shares properly tendered at prices at or below the Purchase Price and not properly withdrawn on a pro rata basis with appropriate adjustments to avoid purchases of fractional shares, as described below.
|
|
·
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Third, only if necessary to permit us to purchase 500,000 shares from stockholders, shares conditionally tendered and not properly withdrawn (for which the condition requiring us to purchase a specified number of shares was not initially satisfied) at or below the Purchase Price determined in the Offer, will, to the extent feasible, be selected for purchase by random lot. To be eligible for purchase by random lot, stockholders whose shares are conditionally tendered must have tendered all of their shares.
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3.
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PROCEDURE FOR TENDERING STOCKHOLDERS
|
|
·
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the Depositary must receive, at the Depositary’s address set forth on the back cover page of this Offer to Purchase, share certificates (or confirmation of receipt of such shares under the procedure for book-entry transfer set forth below), together with a properly completed and duly executed Letter of Transmittal, including any required signature guarantees, or an “agent’s message,” and any other documents required by the Letter of Transmittal, before the Expiration Date, or
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·
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the tendering stockholder must comply with the guaranteed delivery procedure set forth below.
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·
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the stockholder makes the tender by or through an eligible guarantor institution;
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·
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the Depositary receives by hand, mail, overnight courier or facsimile transmission, before the Expiration Date, a properly completed and duly executed Notice of Guaranteed Delivery, including (where required) a signature guarantee by an eligible guarantor institution in the form set forth in such Notice of Guaranteed Delivery; and
|
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·
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the Depositary receives the share certificates, in proper form for transfer, or confirmation of book-entry transfer of the shares into the Depositary’s account at the book-entry transfer facility, together with a properly completed and duly executed Letter of Transmittal, or a manually signed facsimile thereof, and including any required signature guarantees, or an agent’s message, and any other documents required by the Letter of Transmittal, within three (3) NASDAQ trading days after the date of receipt by the Depositary of the Notice of Guaranteed Delivery.
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·
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the stockholder has a net long position in the shares or equivalent securities at least equal to the shares tendered within the meaning of Rule 14e-4 of the Exchange Act (“Rule 14e-4”), and
|
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·
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the tender of shares complies with Rule 14e-4.
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·
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has a net long position equal to or greater than the amount tendered in the shares, or has securities immediately convertible into, or exchangeable or exercisable for, the shares, and
|
|
·
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will deliver or cause to be delivered the shares in accordance with the terms of the Offer.
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4.
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WITHDRAWAL RIGHTS
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5.
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PURCHASE OF SHARES AND PAYMENT OF PURCHASE PRICE
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6.
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CONDITIONAL TENDER OF STOCKHOLDERS
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7.
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CERTAIN CONDITIONS OF THE OFFER
|
|
·
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there shall have been threatened, instituted or pending any action or proceeding by any government or governmental, regulatory or administrative agency, authority or tribunal or any other person, domestic, foreign or supranational, before any court, authority, agency or tribunal that directly or indirectly:
|
|
o
|
challenges or seeks to make illegal, or to delay or otherwise directly or indirectly to restrain, prohibit or otherwise affect the making or consummation of the Offer, the acquisition of some or all of the shares pursuant to the Offer or otherwise relates in any manner to the Offer;
|
|
o
|
in our reasonable judgment, could materially and adversely affect our and our subsidiaries’ business, condition (financial or otherwise), income, operations or prospects, taken as a whole, or otherwise materially impair our ability to purchase some or all of the Shares pursuant to the Offer;
|
|
o
|
materially and adversely affect our or our subsidiaries’ or our affiliates’ business, condition (financial or otherwise), income, operations or prospects;
|
|
·
|
there shall have been any action threatened, instituted, pending or taken, including any settlement, or approval withheld, or any statute, rule, regulation, judgment, order or injunction threatened, proposed, sought, promulgated, enacted, entered, amended, enforced or deemed to be applicable to the Offer or the Company or any of its subsidiaries, including any settlement, by any court or any government, authority, agency or tribunal, domestic, foreign or supranational, that, in the Company’s reasonable judgment, would or might, directly or indirectly:
|
|
o
|
make the acceptance for payment of, or payment for, some or all of the shares illegal or otherwise restrict or prohibit completion of the Offer; or
|
|
o
|
delay or restrict the ability of the Company, or render the Company unable, to accept for payment or pay for some or all of the shares;
|
|
·
|
there shall have occurred:
|
|
o
|
any general suspension of trading in, or limitation on prices for, securities on any national securities exchange or in the over-the-counter market in the United States,
|
|
o
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a declaration of a banking moratorium or any suspension of payments in respect of banks in the United States, whether or not mandatory,
|
|
o
|
a material change in United States or any other currency exchange rates or a suspension of or limitation on the markets therefor,
|
|
o
|
the commencement or escalation of a war, armed hostilities or other international or national calamity directly or indirectly involving the United States or any of its territories, including but not limited to an act of terrorism,
|
|
o
|
any limitation (whether or not mandatory) by any governmental, regulatory or administrative agency or authority on, or any event, or any disruption or adverse change in the financial or capital markets generally or the market for loan syndications in particular, that, in our reasonable judgment, might affect the extension of credit by banks or other lending institutions in the United States,
|
|
o
|
any change in the general political, market, economic or financial conditions in the United States or abroad that could, in our reasonable judgment, have a material adverse effect on our business, conditions (financial or other), assets, income, operations or prospects or that of any of our subsidiaries or the trading in shares of our common stock, or otherwise materially impair in any way the contemplated future conduct of our business or that of any of our subsidiaries,
|
|
o
|
in the case of any of the foregoing existing at the time of the commencement of the Offer, a material acceleration or worsening thereof,
|
|
o
|
any change (or condition, event or development involving a prospective change) in the business, properties, assets, liabilities, capitalization, stockholders’ equity, financial condition, operations, licenses, results of operations or prospects of us or any of our subsidiaries or affiliates, that, in our reasonable judgment, does or is reasonably likely to have a materially adverse effect on us, our subsidiaries and our affiliates, taken as a whole, or we have become aware of any fact that, in our reasonable judgment, does or is reasonably likely to have a material adverse effect on the value of the shares, or
|
|
o
|
any decline in the market price of the shares or the Dow Jones Industrial Average or the Standard and Poor’s Index of 500 Industrial Companies or the New York Stock Exchange or the Nasdaq Composite Index by a material amount (including, without limitation, an amount greater than 10%) from the close of business on December 2, 2011;
|
|
·
|
legislation amending the Internal Revenue Code of 1986, as amended, has been passed by either the U.S. House of Representatives or the Senate or any committee thereof, the effect of which, in our reasonable judgment, would be to change the tax consequences of the transaction contemplated by the tender offer in any manner that would adversely affect us or any of our affiliates or stockholders;
|
|
·
|
a tender offer or exchange offer for any or all of the shares (other than this Offer), or any merger, acquisition, business combination or other similar transaction with or involving the Company, or any of its subsidiaries or affiliates, shall have been proposed, announced or made by any person or has been publicly disclosed; or
|
|
·
|
we learn that:
|
|
o
|
any entity, “group” (as that term is used in Section 13(d)(3) of the Exchange Act) or person has acquired or proposes to acquire beneficial ownership of more than 5% of our outstanding shares, whether through the acquisition of stock, the formation of a group, the grant of any option or right, or otherwise (other than as and to the extent disclosed in a Schedule 13D or Schedule 13G filed with the SEC on or before December 2, 2011);
|
|
o
|
any approval, permit, authorization, favorable review or consent of any governmental entity required to be obtained in connection with the Offer shall not have been obtained on terms satisfactory to us in our reasonable judgment;
|
|
o
|
any entity, group or person who has filed a Schedule 13D or Schedule 13G with the SEC on or before December 2, 2011, has acquired or proposes to acquire, whether through the acquisition of stock, the formation of a group, the grant of any option or right, or otherwise (other than by virtue of the Offer made hereby), beneficial ownership of an additional 2% or more of our outstanding shares;
|
|
o
|
any person, entity or group has filed a Notification and Report Form under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, reflecting an intent to acquire us or any of our shares, or has made a public announcement reflecting an intent to acquire us or any of our subsidiaries or any of our or their respective assets or securities;
|
|
o
|
any change or changes have occurred or are threatened in our or our subsidiaries’ or affiliates’ business, condition (financial or otherwise), properties, assets, income, operations or prospects that, in our reasonable judgment, has or could have a material adverse effect on us or any of our subsidiaries or affiliates or the benefits of the Offer to us; or
|
|
o
|
we determine that the consummation of the Offer and the purchase of the shares may (1) cause the shares to be held of record by fewer than 300 persons, or (2) cause the shares to be delisted from NASDAQ or to be eligible for deregistration under the Exchange Act.
|
8.
|
INFORMATION CONCERNING THE COMPANY AND PURPOSES OF THE OFFER
|
Name and Address
|
Amount and Nature
of Beneficial Ownership(1)
|
Percent of
Class
|
||||||
Howard M. Lorber
|
981,600 | (2) | 19.7 | % | ||||
A. F. Petrocelli
|
146,000 | (3) | 2.9 | % | ||||
Donald L. Perlyn
|
117,519 | (4) | 2.4 | % | ||||
Wayne Norbitz
|
114,476 | (5) | 2.3 | % | ||||
Robert J. Eide
|
100,053 | (6) | 2.0 | % | ||||
Eric Gatoff
|
100,000 | (7) | 2.0 | % | ||||
Brian S. Genson
|
49,500 | (8) | 1.0 | % | ||||
Ronald G. DeVos
|
44,300 | (9) | * | |||||
Charles Raich
|
30,510 | (10) | * | |||||
Barry Leistner
|
25,000 | (11) | * | |||||
Donald P. Schedler
|
28,360 | (12) | * | |||||
Randy K. Watts
|
19,100 | (13) | * | |||||
Directors and officers as a group (12 persons)(14)
|
1,681,418 | 31.1 | % |
(1)
|
Except as otherwise indicated, the beneficial owner has sole voting and investment power.
|
(2)
|
Includes options exercisable within 60 days to purchase an aggregate of 25,000 shares. Also includes 75,000 shares owned by the Howard M. Lorber Irrevocable Trust, as to which Mr. Lorber disclaims beneficial ownership. Includes 186,500 shares pledged as collateral to secure certain personal indebtedness including under a personal margin account.
|
(3)
|
Includes options exercisable within 60 days to purchase 45,000 shares. Includes 48,500 shares owned by United Capital Corp., as to which shares Mr. Petrocelli shares voting and investment power.
|
(4)
|
Includes options exercisable within 60 days to purchase 40,000 shares.
|
(5)
|
Includes options exercisable within 60 days to purchase 55,000 shares. Includes 3,000 shares held in the estates of Mr. Norbitz’s parents, for which he serves as executor.
|
(6)
|
Includes options exercisable within 60 days to purchase 25,000 shares and 75,000 shares owned by the Howard M. Lorber Irrevocable Trust, for which Mr. Eide is trustee. Includes 53 shares pledged as collateral to secure certain personal indebtedness including under a personal margin account.
|
(7)
|
Consists of options exercisable within 60 days to purchase 100,000 shares.
|
(8)
|
Includes options exercisable within 60 days to purchase 45,000 shares.
|
(9)
|
Includes options exercisable within 60 days to purchase 30,000 shares.
|
(10)
|
Includes 5,510 shares owned by Raich Ende Malter & Co., LLP, of which Mr. Raich is Co-Managing Partner; Mr. Raich shares voting and investment power over such shares. Includes options exercisable within 60 days to purchase 25,000 shares.
|
(11)
|
Consists of options exercisable within 60 days to purchase 25,000 shares.
|
(12)
|
Includes options exercisable within 60 days to purchase 17,500 shares.
|
(13)
|
Includes options exercisable within 60 days to purchase 17,500 shares.
|
(14)
|
Consists of 1,231,418 shares beneficially owned by Messrs. Eide, Genson, Lorber, Perlyn, Petrocelli, Raich, Leistner, Norbitz, DeVos, Schedler, Gatoff and Watts without duplication of shares as to which beneficial ownership is shared by more than one member of this group (see notes 2 and 6, above), and 450,000 shares subject to stock options exercisable within 60 days.
|
|
·
|
On October 20, 2011, a trust for the benefit of Mr. Genson’s son of which Mr. Genson was the trustee transferred 1,567 shares of our common stock to Mr. Genson’s son in accordance with the terms of the trust.
|
|
·
|
On October 20, 2011, a trust for the benefit of Mr. Genson’s daughter of which Mr. Genson was the trustee transferred 1,567 shares of our common stock to Mr. Genson’s daughter in accordance with the terms of the trust.
|
Date of Transaction
|
Number of Shares
|
Price Per Share
(including brokerage commissions)
|
||
10/10/2011
|
100
|
$18.67
|
||
10/11/2011
|
25
|
$18.67
|
||
10/12/2011
|
937
|
$18.74
|
||
10/13/2011
|
500
|
$18.99
|
||
10/18/2011
|
683
|
$19.03
|
||
10/21/2011
|
1,000
|
$18.97
|
||
10/24/2011
|
12,500
|
$18.98
|
||
10/25/2011
|
1,241
|
$18.98
|
||
10/26/2011
|
1,241
|
$18.72
|
||
10/27/2011
|
900
|
$18.90
|
||
11/02/2011
|
1,523
|
$19.03
|
||
11/03/2011
|
18,500
|
$18.95
|
9.
|
PRICE RANGE OF SHARES AND STOCKHOLDERS
|
Closing Share Prices
|
||||||||
High
|
Low
|
|||||||
Fiscal Year Ending March 25, 2012:
|
||||||||
First Quarter
|
$ | 18.50 | $ | 17.02 | ||||
Second Quarter
|
19.35 | 18.25 | ||||||
Third Quarter*
|
19.25 | 18.40 | ||||||
Fiscal Year Ended March 27, 2011:
|
||||||||
First Quarter
|
$ | 15.81 | $ | 14.70 | ||||
Second Quarter
|
16.09 | 15.07 | ||||||
Third Quarter
|
17.00 | 15.60 | ||||||
Fourth Quarter
|
19.32 | 16.07 | ||||||
Fiscal Year Ended March 28, 2010:
|
||||||||
First Quarter
|
$ | 14.90 | $ | 12.39 | ||||
Second Quarter
|
14.75 | 12.08 | ||||||
Third Quarter
|
15.35 | 14.12 | ||||||
Fourth Quarter
|
15.79 | 14.70 |
10.
|
SOURCE AND AMOUNT OF FUNDS
|
11.
|
TRANSACTIONS AND AGREEMENTS CONCERNING SHARES
|
|
12.
|
EXTENSION OF TENDER PERIOD; TERMINATION; AMENDMENTS; CONDITIONS
|
13.
|
U.S. FEDERAL INCOME TAX CONSEQUENCES
|
|
·
|
a citizen or resident of the United States;
|
|
·
|
a corporation (or other entity taxable as a corporation for United States federal income tax purposes) created or organized in or under the laws of the United States or any State or the District of Columbia;
|
|
·
|
an estate, the income of which is subject to United States federal income taxation regardless of its source; or
|
|
·
|
a trust if 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 has the authority to control all substantial decisions of the trust, or certain other trusts considered United States Holders for United States federal income tax purposes.
|
|
·
|
as a result of the purchase, there is a “complete redemption” of the United States Holder’s equity interests in us;
|
|
·
|
as a result of the purchase, there is a “substantially disproportionate” reduction in the United States Holder’s equity interest in us; or
|
|
·
|
the receipt of cash by the United States Holder is “not essentially equivalent to a dividend.”
|
|
·
|
Complete Redemption. The purchase of shares pursuant to the Offer will result in a “complete redemption” of a United States Holder’s equity interest in the Company, if, immediately after such purchase, such holder owns, actually and constructively, no shares of our common stock. In applying the “complete redemption” test, a United States Holder may be able to waive the application of constructive ownership through the family attribution rules, provided that such holder complies with the provisions of Section 302(c) of the Code and applicable Treasury Regulations. A United States Holder wishing to satisfy the “complete redemption” test through satisfaction of the special conditions set forth in Section 302(c) of the Code should consult their tax advisors concerning the mechanics and desirability of those conditions. A United States Holder who holds shares or options to acquire shares of our common stock will be treated as the constructive owner of such shares of our common stock, and therefore will not be eligible for “complete redemption” treatment.
|
|
·
|
Substantially Disproportionate. In general, our purchase of a United States Holder’s shares pursuant to the Offer will be “substantially disproportionate” as to a United States Holder if, immediately after the purchase, the percentage of the outstanding shares of our common stock that the United States Holder actually and constructively owns (including shares of our common stock constructively owned as a result of the ownership of options) is less than 80% of the percentage of the outstanding shares of our common stock actually and constructively owned by the United States Holder immediately before the purchase.
|
|
·
|
Not Essentially Equivalent to a Dividend. Our purchase of a United States Holder’s shares pursuant to the Offer will be treated as “not essentially equivalent to a dividend” if it results in a “meaningful reduction” in the United States Holder’s proportionate interest in us, given the United States Holder’s particular facts and circumstances. The IRS has indicated in a published ruling that even a small reduction in the percentage interest of a stockholder whose relative stock interest in a publicly held corporation is minimal and who exercises no control over corporate affairs should constitute a “meaningful reduction.” A United States Holder who intends to qualify for sale treatment by demonstrating that the proceeds received from us are “not essentially equivalent to a dividend” are strongly urged to consult their tax advisor because this test will be met only if the reduction in such holder’s proportionate interest in us is “meaningful” given the particular facts and circumstances of the holder in the context of the Offer. In particular, depending on the total number of shares purchased pursuant to the Offer, it is possible that a tendering stockholder’s percentage interest in us (including any interest attributable to shares of our common stock constructively owned by the stockholder as a result of the ownership of shares or options) could increase even though the total number of shares of our common stock beneficially owned by such stockholder decreases.
|
|
·
|
the gain is effectively connected with a trade or business of the Non-United States Holder in the United States and, if certain tax treaties apply, is attributable to a permanent establishment in the United States maintained by such holder;
|
|
·
|
in the case of an individual Non-United States Holder who holds the stock as a capital asset, the individual is present in the United States for 183 days in the taxable year of the disposition and certain other conditions are met; or
|
|
·
|
in the case of a Non-United States Holder who owns or has owned, directly or indirectly, during the relevant statutory period more than 5% of our stock, we are or have been a “United Sates real property holding corporation” and certain other requirements are met.
|
14.
|
ADDITIONAL INFORMATION; MISCELLANEOUS
|
|
·
|
Our Annual Report on Form 10-K for the year ended March 27, 2011;
|
|
·
|
Our Quarterly Report on Form 10-Q for the quarter ended June 26, 2011;
|
|
·
|
Our Current Report on Form 8-K, filed September 15, 2011; and
|
|
·
|
Our Quarterly Report on Form 10-Q for the quarter ended September 25, 2011.
|
If delivering by mail:
American Stock Transfer & Trust Company
Operations Center
Attn: Reorganization Department
P.O. Box 2042
New York, New York 10272-2042
|
If delivering by hand or courier:
American Stock Transfer & Trust Company
Operations Center
Attn: Reorganization Department
6201 15th Avenue
Brooklyn, New York 11219
|
THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, EASTERN TIME, ON JANUARY 12, 2012, UNLESS EXTENDED (THE “EXPIRATION DATE”). |
If delivering by mail:
American Stock Transfer & Trust Company
Operations Center
Attn: Reorganization Department
P.O. Box 2042
New York, New York 10272-2042
|
|
If delivering by hand or courier:
American Stock Transfer & Trust Company
Operations Center
Attn: Reorganization Department
6201 15th Avenue
Brooklyn, New York 11219
|
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 certificate(s))
|
Certificate(s) Tendered
(Attach and sign additional list if necessary)
|
||||||
Certificate
Number(s)*
|
Number of
Shares
Represented
by
Certificates(s)
|
Number of
Shares
Tendered**
|
|||||
Total
Shares Tendered
|
|||||||
Indicate below the order (by certificate number) in which shares are to be purchased in the event of proration. If you do not designate an order, if less than all shares tendered are purchased due to proration, shares will be selected for purchase by the Depositary. You are not required to complete this box.
1st ____________2nd ___________3rd ____________4th ____________5th ____________
|
|||||||
*
|
Do not need to complete if shares are delivered by book-entry transfer.
|
||||||
**
|
If you desire to tender fewer than all shares evidenced by any certificate(s) listed above, please indicate in this column the number of shares you wish to tender. Otherwise, all shares evidenced by such certificate(s) will be deemed to have been tendered. See Instruction 4.
|
o
|
Check here if you are delivering tendered shares pursuant to a notice of guaranteed delivery that you previously sent to the Depositary and complete the following:
Names(s) of Tendering Stockholder(s):
|
Date of Execution of Notice of Guaranteed Delivery:
|
|
Name of Institution that Guaranteed Delivery:
|
|
o
|
Check here if you are a financial institution that is a participating institution in the book-entry transfer facility’s system and you are delivering the tendered shares by book-entry transfer to an account maintained by the Depositary at the book-entry transfer facility, and complete the following:
|
Names(s) of Tendering Institution:
|
|
Account Number:
|
|
Transaction Code Number:
|
|
|
(a)
|
deliver certificates for shares, or transfer ownership of such shares on the account books maintained by the book-entry transfer facility, together in either such case with all accompanying evidences of transfer and authenticity, to or upon the order of the Company, upon receipt by the Depositary, as the undersigned’s agent, of the Purchase Price with respect to such shares;
|
|
(b)
|
present certificates for such shares for cancellation and transfer on the Company’s books; and
|
|
(c)
|
receive all benefits and otherwise exercise all rights of beneficial ownership of such shares, subject to the next paragraph, all in accordance with the terms of the Offer.
|
|
(a)
|
the undersigned has a net long position in the shares at least equal to the number of shares being tendered within the meaning of Rule 14e-4 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is tendering the shares in compliance with Rule 14e-4 under the Exchange Act;
|
|
(b)
|
has full power and authority to tender, sell, assign and transfer the shares tendered hereby;
|
|
(c)
|
when and to the extent the Company accepts the shares for purchase, the Company will acquire good and marketable title to them, free and clear of all security interests, liens, restrictions, claims, charges, encumbrances, conditional sales agreements or other obligations relating to their sale or transfer, and the shares will not be subject to any adverse claims or rights;
|
|
(d)
|
the undersigned will, upon request, execute and deliver any additional documents deemed by the Depositary or the Company to be necessary or desirable to complete the sale, assignment and transfer of the shares tendered hereby and accepted for purchase; and
|
|
(e)
|
the undersigned agrees to all of the terms of the Offer.
|
o
|
Check here if certificates for tendered shares are enclosed herewith.
|
|||
o
|
Check here if certificates for tendered shares are being delivered pursuant to Notice of Guaranteed Delivery previously sent to the Depositary and complete the following:
|
|||
Name of Tendering Stockholder(s):
|
Date of Execution of Notice of Guaranteed Delivery:
|
Name of Institution that Guaranteed Delivery:
|
|
o |
is the beneficial or record owner of an aggregate of fewer than 500 shares, all of which are being tendered; or
|
|
o |
is a broker, dealer, commercial bank, trust company or other nominee that (a) is tendering for the beneficial owner(s) shares with respect to which it is the record holder and (b) believes, based upon representations made to it by the beneficial owner(s), that each such person is the beneficial owner of an aggregate of fewer than 500 shares and is tendering all of those shares.
|
|
o |
at the Purchase Price, as the same shall be determined by the Company in accordance with the terms of the Offer (persons checking this box need not indicate the price per share below); or
|
|
o |
at the price per share indicated under the caption “Shares Tendered at Price Determined by Stockholder” in the box entitled “Price (in Dollars) Per Share at Which Shares are Being Tendered” below in this Letter of Transmittal.
|
o
|
The minimum number of shares that must be purchased, if any are purchased, is:
|
|
shares.
|
o
|
The tendered shares represent all shares held by the undersigned.
|
1.
|
Shares Tendered at Price Determined in the Offer
|
o
|
The undersigned wants to maximize the chance of having the Company accept for purchase all of the shares that the undersigned is tendering (subject to the possibility of proration). Accordingly, BY CHECKING THIS BOX INSTEAD OF ONE OF THE PRICE BOXES BELOW, the undersigned hereby tenders shares at, and is willing to accept, the Purchase Price determined by the Company in accordance with the terms of the Offer and resulting from the Offer process. This action may have the effect of lowering the Purchase Price and could result in receiving a price per share as low as $20.00 per share.
|
2.
|
Shares Tendered at Price Determined by Stockholder
|
o
|
By checking ONE of the following boxes below INSTEAD OF THE BOX UNDER “Shares Tendered at Price Determined in the Offer”, the undersigned hereby tenders shares at the Purchase Price checked. This action could result in none of the shares being purchased if the Purchase Price determined by the Company for the shares is less than the Purchase Price checked below. A stockholder who desires to tender shares at more than one Purchase Price must complete a separate Letter of Transmittal for each price at which shares are tendered. The same shares cannot be tendered, unless previously properly withdrawn as provided in Section 4 of the Offer to Purchase, at more than one Purchase Price.
|
||||||||
o |
$20.00
|
o |
$20.25
|
o |
$20.50
|
||||
o |
$20.75
|
o |
$21.00
|
o |
$21.25
|
||||
o |
$21.50
|
o |
$21.75
|
o |
$22.00
|
SPECIAL PAYMENT INSTRUCTIONS
(SEE INSTRUCTIONS 1, 4, 8, 9 AND 11)
|
||||||||||||
Special Payment Instructions
To be completed ONLY if the check for the Purchase Price of shares purchased and Share Certificates evidencing shares not tendered or not purchased are to be issued in the name of someone other than the undersigned.
Issue Check and Share Certificates to:
|
Special Delivery Instructions
To be completed ONLY if the check for the Purchase Price of shares purchased and Share Certificates evidencing shares not tendered or not purchased are to be mailed to someone other than the undersigned, or to the undersigned at an address other than that shown under “Description of Shares Tendered.”
Mail Check and share Certificates to:
|
|||||||||||
Name:
|
||||||||||||
(Please Print)
|
Name:
|
|||||||||||
(Please Print)
|
||||||||||||
Address:
|
||||||||||||
Address:
|
||||||||||||
Id. No.:
|
||||||||||||
(Tax Identification or
|
Id. No.:
|
|||||||||||
Social Security Number)
|
(Tax Identification or
|
|||||||||||
Social Security Number)
|
||||||||||||
Account No.:
|
||||||||||||
(See Substitute Form W-9)
|
IMPORTANT
|
|
STOCKHOLDER(S) MUST SIGN HERE
AND
COMPLETE SUBSTITUTE FORM W-9,
FORM W-8BEN OR FORM W-8ECI, AS APPLICABLE
|
|
(See Instructions 1 and 8)
|
|
This Letter of Transmittal must be signed by registered holder(s) exactly as the name(s) appear(s) on the 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 herewith. If a signature is by an officer on behalf of a corporation or by an executor, administrator, trustee, guardian, attorney-in-fact, agent or other person acting in a fiduciary or representative capacity, please provide full title and see Instruction 8.
|
|
Signature(s) of Stockholder(s)
|
|
Dated: _______________, 20___
|
|
Name(s):
|
|
Please Print
|
|
Capacity (full title):
|
|||||||||||
Address
|
|||||||||||
Please Include Zip Code
|
|||||||||||
(Area Code) Telephone Number:
|
|||||||||||
Taxpayer Identification or Social Security No.:
|
|||||||||||
GUARANTEE OF SIGNATURE(S)
(If Required, See Instructions 1 and 8)
|
|||||||||||
Authorized Signature:
|
|||||||||||
Name(s):
|
|||||||||||
Name of Firm:
|
|||||||||||
Address:
|
|||||||||||
Address Line 2:
|
|||||||||||
(Area Code) Telephone Number:
|
|||||||||||
Dated: , 20___
|
|
(a)
|
this Letter of Transmittal is signed by the registered holder of the shares exactly as the name of the registered holder appears on the certificate tendered with this Letter of Transmittal and such owner has not completed the box entitled “Special Delivery Instructions” or “Special Issuance Instructions”; or
|
|
(b)
|
such shares are tendered for the account of a member firm of a registered national securities exchange, a member of the National Association of Securities Dealers, Inc. or a commercial bank or trust company (not a savings bank or savings and loan association) having an office, branch or agency in the United States which is a participant in an approval Signature Guarantee Medallion Program (each such entity, an “Eligible Institution”).
|
|
·
|
certificates for shares are delivered with it to the Depositary; or
|
|
·
|
the certificates will be delivered pursuant to a Notice of Guaranteed Delivery previously sent to the Depositary; or
|
|
·
|
an exercise of shares pursuant to the procedure for tender and exercise by book-entry transfer set forth in Section 3 of the Offer to Purchase.
|
|
(i)
|
such tender must be made by or through an Eligible Institution;
|
|
(ii)
|
a properly completed and duly executed Notice of Guaranteed Delivery substantially in the form provided by the Company (with any required signature guarantees) must be received by the Depositary prior to the expiration of the Offer; and
|
|
(iii)
|
the certificates for all physically delivered shares in proper form for transfer by delivery, or a confirmation of a book-entry transfer into the Depositary’s account at DTC of all shares delivered electronically, in each case together with a properly completed and duly executed Letter of Transmittal (or manually signed facsimile thereof) with any required signature guarantees (or, in the case of a book-entry transfer, an Agent’s Message), and any other documents required by this Letter of Transmittal, must be received by the Depositary within three (3) NASDAQ Global Market trading days after the date the Depositary receives such Notice of Guaranteed Delivery, all as provided in the Offer to Purchase. |
Form W-9
(Rev. December 2011)
Department of the Treasury
Internal Revenue Service
|
Request for Taxpayer
Identification Number and Certification
|
Give Form to the
requester. Do not
send to the IRS.
|
||||
Print or type
See Specific Instructions on page 2.
|
Name (as shown on your income tax return)
|
|||||
Business name/disregarded entity name, if different from above
|
||||||
Check appropriate box for federal tax classification:
|
oExempt payee
|
|||||
o Individual/sole proprietor o C Corporation o S Corporation o Partnership o Trust/estate
|
||||||
o Limited liability company. Enter the tax classification (C=C corporation, S=S corporation, P=partnership)
|
▶
|
|||||
o Other (see instructions) ▶
|
|||
Address (number, street, and apt. or suite no.)
|
Requester’s name and address (optional)
|
||
City, state, and ZIP code
|
|||
List account number(s) here (optional)
|
Part I Taxpayer Identification Number (TIN)
|
||||||||
Enter your TIN in the appropriate box. The TIN provided must match the name given on the “Name” line to avoid backup withholding. For individuals, this is 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.
|
Social security number
¨¨¨-¨¨-¨¨¨¨
|
|||||||
Note. If the account is in more than one name, see the chart on page 4 for guidelines on whose number to enter.
|
Employer identification number
¨¨-¨¨¨¨¨¨¨
|
|||||||
Part II Certification
|
||||||||
Under penalties of perjury, I certify that:
1. 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
2. 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
3. I am a U.S. citizen or other U.S. person (defined below).
|
||||||||
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 4.
|
||||||||
Sign
Here
|
Signature of
U.S. person ▶
|
Date ▶
|
||||||
General Instructions
Section references are to the Internal Revenue Code unless otherwise noted.
Purpose of Form
A person who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) to report, for example, income paid to you, real estate transactions, mortgage interest you paid, acquisition or abandonment of secured property, cancellation of debt, or contributions you made to an IRA.
Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN to the person requesting it (the requester) and, when applicable, to:
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.
|
Note. If a requester gives you a form other than Form W-9 to request your TIN, you must use the requester’s 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 301.7701-7).
Special rules for partnerships. Partnerships that conduct a trade or business in the United States are generally required to pay a withholding tax on any foreign partners’ share of income from such business. Further, in certain cases where a Form W-9 has not been received, a partnership is required to presume that a partner is a foreign person, and pay the 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 withholding on your share of partnership income.
|
Form W-9 (Rev. 12-2011)
|
Page 2
|
The person who gives 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 is in the following cases:
• The U.S. owner of a disregarded entity and not the entity,
• The U.S. grantor or other owner of a grantor trust and not the trust, and
• The U.S. trust (other than a grantor trust) and not the beneficiaries of the trust.
Foreign person. If you are a foreign person, do not use Form W-9. Instead, use the appropriate Form W-8 (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 not subject to backup withholding, give the requester the appropriate completed Form W-8.
What is backup withholding? Persons making certain payments to you must under certain conditions withhold and pay to the IRS a percentage 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, 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 the instructions below and the separate Instructions for the Requester of Form W-9.
Also see Special rules for partnerships on page 1.
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
Name
If you are an individual, you must generally enter the name shown on your income tax return. However, if you have changed your last name, for instance, due to marriage without informing the Social Security Administration of the name change, enter your first name, the last name shown on your social security card, and your new last name.
If the account is in joint names, list first, and then circle, the name of the person or entity whose number you entered in Part I of the form.
Sole proprietor. Enter your individual name as shown on your income tax return on the “Name” line. You may enter your business, trade, or “doing business as (DBA)” name on the “Business name/disregarded entity name” line.
Partnership, C Corporation, or S Corporation. Enter the entity's name on the “Name” line and any business, trade, or “doing business as (DBA) name” on the “Business name/disregarded entity name” line.
Disregarded entity. Enter the owner's name on the “Name” line. The name of the entity entered on the “Name” line should never be a disregarded entity. The name on the “Name” line must be the name shown on the income tax return on which the income will be reported. For example, if a foreign LLC that is treated as a disregarded entity for U.S. federal tax purposes has a domestic owner, the domestic owner's name is required to be provided on the “Name” line. 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 entity's name on the “Business name/disregarded entity name” line. If the owner of the disregarded entity is a foreign person, you must complete an appropriate Form W-8.
Note. Check the appropriate box for the federal tax classification of the person whose name is entered on the “Name” line (Individual/sole proprietor, Partnership, C Corporation, S Corporation, Trust/estate).
Limited Liability Company (LLC). If the person identified on the “Name” line is an LLC, check the “Limited liability company” box only and enter the appropriate code for the tax classification in the space provided. If you are an LLC that is treated as a partnership for federal tax purposes, enter “P” for partnership. If you are an LLC that has filed a Form 8832 or a Form 2553 to be taxed as a corporation, enter “C” for C corporation or “S” for S corporation. If you are an LLC that is disregarded as an entity separate from its owner under Regulation section 301.7701-3 (except for employment and excise tax), do not check the LLC box unless the owner of the LLC (required to be identified on the “Name” line) is another LLC that is not disregarded for federal tax purposes. If the LLC is disregarded as an entity separate from its owner, enter the appropriate tax classification of the owner identified on the “Name” line.
|
Form W-9 (Rev. 12-2011)
|
Page 3
|
Other entities. Enter your business name as shown on required federal tax documents on the “Name” line. 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 the “Business name/ disregarded entity name” line.
Exempt Payee
If you are exempt from backup withholding, enter your name as described above and check the appropriate box for your status, then check the “Exempt payee” box in the line following the “Business name/ disregarded entity name,” sign and date the form.
Generally, individuals (including sole proprietors) are not exempt from backup withholding. Corporations are exempt from backup withholding for certain payments, such as interest and dividends.
Note. If you are exempt from backup withholding, you should still complete this form to avoid possible erroneous backup withholding.
The following payees are exempt from backup withholding:
1. An 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),
2. The United States or any of its agencies or instrumentalities,
3. A state, the District of Columbia, a possession of the United States, or any of their political subdivisions or instrumentalities,
4. A foreign government or any of its political subdivisions, agencies, or instrumentalities, or
5. An international organization or any of its agencies or instrumentalities.
Other payees that may be exempt from backup withholding include:
6. A corporation,
7. A foreign central bank of issue,
8. A dealer in securities or commodities required to register in the United States, the District of Columbia, or a possession of the United States,
9. A futures commission merchant registered with the Commodity Futures Trading Commission,
10. A real estate investment trust,
11. An entity registered at all times during the tax year under the Investment Company Act of 1940,
12. A common trust fund operated by a bank under section 584(a),
13. A financial institution,
14. A middleman known in the investment community as a nominee or custodian, or
15. A 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 15.
|
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 page 2), enter the owner’s SSN (or EIN, if the owner has one). Do not enter the disregarded entity’s EIN. If the LLC is classified as a corporation or partnership, enter the entity’s 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 Social Security Administration 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, 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 domestic 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 item 1, below, and items 4 and 5 on page 4 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 the “Name” line must sign. Exempt payees, see Exempt Payee on page 3.
Signature requirements. Complete the certification as indicated in items 1 through 3, below, and items 4 and 5 on page 4.
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.
3. Real estate transactions. You must sign the certification. You may cross out item 2 of the certification.
|
||
IF the payment is for . . .
|
THEN the payment is exempt
|
||
Interest and dividend payments
|
All exempt payees except for 9
|
||
Broker transactions
|
Exempt payees 1 through 5 and 7 through 13. Also, C corporations.
|
||
Barter exchange transactions and patronage dividends
|
Exempt payees 1 through 5
|
||
Payments over $600 required to be reported and direct sales over $5,0001
|
Generally, exempt payees
1 through 72
|
||
1See Form 1099-MISC, Miscellaneous Income, and its instructions.
2However, 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, and payments for services paid by a federal executive agency.
|
Form W-9 (Rev. 12-2011)
|
Page 4
|
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 requester’s 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 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.
|
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, social security number (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 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.
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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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1.Individual
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The individual
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2.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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3.Custodian account of a minor (Uniform Gift to Minors Act)
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The minor 2
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4.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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5.Sole proprietorship or disregarded entity owned by an individual
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The owner 3
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6.Grantor trust filing under Optional Form 1099 Filing Method 1 (see Regulation 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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7.Disregarded entity not owned by an individual
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The owner
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8.A valid trust, estate, or pension trust
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Legal entity 4
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9.Corporation or LLC electing corporate status on Form 8832 or Form 2553
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The corporation
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10.Association, club, religious, charitable, educational, or other tax-exempt organization
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The organization
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11.Partnership or multi-member LLC
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The partnership
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12.A broker or registered nominee
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The broker or nominee
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13.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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14.Grantor trust filing under the Form 1041 Filing Method or the Optional Form 1099 Filing Method 2 (see Regulation section 1.671-4(b)(2)(i)(B))
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The trust
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1List first and circle the name of the person whose number you furnish. If only one person on a joint account has an SSN, that person’s number must be furnished.
2Circle the minor’s name and furnish the minor’s SSN.
3You 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.
4List 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 1.
*Note. Grantor also must provide a Form W-9 to trustee of trust.
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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. 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.
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If delivering by mail:
American Stock Transfer & Trust Company
Operations Center
Attn: Reorganization Department
P.O. Box 2042
New York, New York 10272-2042
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If delivering by hand or courier:
American Stock Transfer & Trust Company
Operations Center
Attn: Reorganization Department
6201 15th Avenue
Brooklyn, New York 11219
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·
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Shares are not immediately available or stockholders cannot deliver shares to American Stock Transfer & Trust Company, LLC (the “Depositary”) prior to the Expiration Date, or
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·
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Time will not permit all required documents, including a properly completed and duly executed Letter of Transmittal (or a manually signed facsimile of the Letter of Transmittal) and any other required documents, to reach the Depositary prior to the Expiration Date.
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If delivering by mail:
American Stock Transfer & Trust Company
Operations Center
Attn: Reorganization Department
P.O. Box 2042
New York, New York 10272-2042
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If delivering by hand or courier:
American Stock Transfer & Trust Company
Operations Center
Attn: Reorganization Department
6201 15th Avenue
Brooklyn, New York 11219
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Number of shares to be tendered.
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C | |||||||||
o |
$20.00
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o |
$20.25
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o |
$20.50
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o |
$20.75
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o |
$21.00
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o |
$21.25
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o |
$21.50
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o |
$21.75
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o |
$22.00
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o
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The undersigned wants to maximize the chance of having the Company purchase all of the shares the undersigned is tendering (subject to the possibility of proration). Accordingly, by checking this box instead of one of the price boxes above, the undersigned hereby tenders shares at, and is willing to accept, the purchase price determined by the Company in accordance with the terms of the Offer. THIS ACTION COULD LOWER THE PURCHASE PRICE AND COULD RESULT IN RECEIVING THE MINIMUM PRICE OF $20.00 PER SHARE.
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o
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is the beneficial or record owner of an aggregate of fewer than 500 shares, all of which are being tendered; or
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o
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is a broker, dealer, commercial bank, trust company or other nominee that (a) is tendering for the beneficial owner(s) shares with respect to which it is the record holder and (b) believes, based upon representations made to it by the beneficial owner(s), that each such person is the beneficial owner of an aggregate of fewer than 500 shares and is tendering all of those shares.
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o
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at the Purchase Price, as the same shall be determined by the Company in accordance with the terms of the Offer (persons checking this box need not indicate the price per share below); or
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o
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at the price per share indicated under the caption “Shares Tendered at Price Determined by Stockholder” in the box entitled “Price (in Dollars) Per Share at Which Shares are Being Tendered” below in this Letter of Transmittal.
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o
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The minimum number of shares that must be purchased, if any are purchased, is:
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o
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The tendered shares represent all shares held by the undersigned:
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Signatures:
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Name(s) of Stockholders(s):
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(please type or print)
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Certificate Nos.:
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Address:
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(Include Zip Code)
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Daytime Area Code and Telephone Number:
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Date: ___________________, 20___
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If shares will be delivered by book-entry transfer, provide the Account Number.
|
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Account Number:
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Name of Firm:
|
||||||
Authorized Signature:
|
||||||
Name:
|
||||||
(please print)
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Title:
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||||||
Address:
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(Include Zip Code)
|
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Area Code and Telephone Number:
|
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Date: _____________, 20___
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Very truly yours,
|
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MacKenzie Partners, Inc.
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o |
$20.00
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o |
$20.25
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o |
$20.50
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o |
$20.75
|
o |
$21.00
|
o |
$21.25
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||||
o |
$21.50
|
o |
$21.75
|
o |
$22.00
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Signature(s):
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Name(s):
|
||||
(Please Print)
|
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Taxpayer Identification or
Social Security
|
||||
Number:
|
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Address(es):
|
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(Including Zip Code)
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Area Code/Phone Number:
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Date:
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·
|
(i) complete and sign the related Letter of Transmittal according to the instructions in the Letter of Transmittal and mail or deliver it, together with any required signature guarantee and any other required documents, including your share certificates, to American Stock Transfer & Trust Company, LLC, the Depositary for the Offer, or (ii) tender the shares according to the procedure for book-entry transfer described in Section 3 of the Offer to Purchase; or
|
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·
|
request a broker, dealer, commercial bank, trust company or other nominee to effect the transaction for you. If your shares are registered in the name of a broker, dealer, commercial bank, trust company or other nominee, you should contact that nominee and have the nominee tender your shares for you.
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Sincerely,
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/s/ Eric Gatoff
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Eric Gatoff
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Chief Executive Officer
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Nathan’s Famous, Inc.
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