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| VNTV > SEC Filings for VNTV > Form 8-K on 31-Oct-2012 | All Recent SEC Filings |
31-Oct-2012
Entry into a Material Definitive Agreement
On October 26, 2012, Vantiv, LLC and National Processing Company, each an
indirect subsidiary of Vantiv, Inc. (collectively, "Vantiv"), entered into a
Membership Interest Purchase Agreement (the "Purchase Agreement") with Litle &
Co. LLC ("Litle"), Litle Holdings LLC ("Seller"), the members of Seller and
Thomas J. Litle IV, as members' representative, pursuant to which Vantiv agreed
to acquire all of the membership interests of Litle (the "Acquisition"). The
Acquisition is expected to close in the fourth calendar quarter of 2012.
Under the Purchase Agreement, Vantiv will acquire Litle on a cash free, debt
free basis for an aggregate purchase price of $361 million, subject to certain
adjustments, including a customary working capital adjustment (the "Purchase
Price"). Vantiv expects to pay the Purchase Price utilizing cash on hand and
funds available under its existing revolving credit facility.
The Purchase Agreement contains customary representations, warranties and
covenants made by Vantiv, Litle and Seller and customary indemnification
provisions pursuant to which the parties agree to indemnify each other for
breaches of representations, warranties, covenants and other matters.
Indemnification claims are generally capped at $25 million, except for
indemnification claims relating to breaches of certain fundamental
representations and warranties, certain specified bases for indemnification and
fraud, which are capped at the Purchase Price. Indemnification claims are also
subject to a $1.75 million aggregate threshold.
The Purchase Agreement may be terminated at any time prior to the closing by the
mutual written consent of Vantiv and Seller, by Vantiv or Seller upon certain
breaches of the Purchase Agreement (subject to certain customary limitations)
and by Vantiv or Seller if the transactions contemplated by the Purchase
Agreement have not been consummated on or before December 31, 2012 (subject to
certain customary exceptions). The closing of the Acquisition is subject to
certain customary closing conditions, including the expiration or termination of
any applicable waiting periods under competition laws, including, without
limitation, the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended.
Item 7.01 Regulation FD Disclosure.
On October 31, 2012, Vantiv issued a press release announcing the Acquisition
and plans to discuss the Acquisition during its third quarter 2012 earnings
conference call on November 1, 2012. A copy of the press release is furnished as
Exhibit 99.1 to this Form 8-K and is incorporated by reference herein. The
information furnished as a part of this Item of Form 8-K, including the exhibit
attached as Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as expressly set forth by specific
reference in such filing.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K and the exhibit furnished herewith contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include, among
others, statements about the benefits of the Acquisition and the expected timing
for closing the Acquisition and statements of a general economic or industry
specific nature. Forward-looking statements are based on the current beliefs and
expectations of Vantiv's management and involve risks, uncertainties (many of
which are beyond our control) and assumptions. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, estimated, or
projected. Factors that could cause actual results to differ materially from
those contemplated by our forward-looking statements include, but are not
limited to, general economic conditions, that Vantiv's planned acquisition of
Litle may not close or may not close when planned, the expected benefits from
the Acquisition may not be realized or may not be realized within the expected
time period, the Acquisition may disrupt Vantiv's current business operations,
Vantiv may not be able to retain key personnel, customers may not react
favorably to the Acquisition, and those discussed under the headings "Risk
Factors" and "Management's Discussion and Analysis of Financial Condition and
Results of Operations" in Vantiv's most recently filed Quarterly Report on Form
10-Q and in Vantiv's other reports filed with the Securities and Exchange
Commission hereafter. Forward-looking statements speak only as of the date on
which they were originally made, and Vantiv undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release issued on October 31, 2012
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