Item 5.01 Changes in Control of Registrant
As previously disclosed, on June 23, 2008, Barrier Therapeutics, Inc. (the
"Company"), Stiefel Laboratories, Inc. ("Stiefel") and Bengal Acquisition Inc.,
a wholly owned subsidiary of Stiefel ("Bengal"), entered into an Agreement and
Plan of Merger (the "Agreement"). Pursuant to the Agreement, Bengal commenced a
tender offer on July 8, 2008 (the "Offer") to purchase all of the outstanding
shares of common stock, par value $0.0001 per share, of the Company (the
"Shares") at a price of $4.15 per Share, net to the seller in cash, without
interest thereon, subject to reduction for (i) any dividends or other
distributions declared thereon between June 23, 2008 and the effective time of
the Merger and (ii) any applicable federal back-up withholding or other taxes
payable by such holder, if any, upon surrender of the certificate formerly
representing such share of common stock.
The Offer expired at 12:00 Midnight, New York City time, on August 4, 2008.
Pursuant to the Agreement and the Offer, on August 5, 2008, Bengal accepted for
payment 34,266,494 Shares which were validly tendered and not properly withdrawn
prior to the expiration of the Offer, which includes 621,093 Shares which were
tendered pursuant to notices of guaranteed delivery. The total number of Shares
tendered and accepted represented approximately 97% of the outstanding Shares.
The other information required by Item 5.01(a) of Form 8-K is contained in
(i) the Company's Solicitation/Recommendation Statement on Schedule 14D-9 filed
with the Securities and Exchange Commission (the "SEC") on July 8, 2008, as
subsequently amended, and (ii) the Tender Offer Statement on Schedule TO filed
by Stiefel and Bengal with the SEC on July 8, 2008, as subsequently amended,
which filings are each incorporated herein by reference.
As a result of Purchaser controlling more than 50% of the Company's voting
power and its ability to appoint directors to the Board, the Company qualifies
as a "controlled company" as defined in Rule 4350(c)(5) of the NASDAQ
Marketplace Rules. Therefore, the Company is exempt from the requirements of
Rule 4350(c) of the NASDAQ Marketplace Rules with respect to the Board being
comprised of a majority of "independent directors" as defined by the NASDAQ
Marketplace Rules.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
Exhibit No. Description
20.1 Solicitation/Recommendation Statement on Schedule 14D-9 of Barrier
Therapeutics, Inc. (incorporated by reference in its entirety as filed with
the Securities and Exchange Commission on July 8, 2008, and as amended).
99.1 Tender Offer Statement on Schedule TO filed by Stiefel Laboratories, Inc.
and Bengal Acquisition Inc. (incorporated by reference in its entirety as
filed with the Securities and Exchange Commission on July 8, 2008, and as
amended).
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BARRIER THERAPEUTICS, INC.
Date: August 5, 2008 By: /s/ Al Altomari
Name: Al Altomari
Title: Chief Executive Officer