SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
SCHEDULE 14D-9/A
Amendment No. 2
Solicitation/Recommendation Statement Under
Section 14(d)(4) of the
Securities Exchange Act of 1934
SONIC SOLUTIONS
(Name of Subject Company)
SONIC SOLUTIONS
(Name of Person(s) Filing Statement)
Common Stock,
no par value per share
(Title of Class of Securities)
835460106
(CUSIP Number of Class of Securities)
David C. Habiger
President and Chief Executive Officer
Sonic Solutions
7250 Redwood Blvd., Suite 300
Novato, California 94945
(415) 893-8000
(Name, address and telephone numbers of person authorized to receive notices and communications on behalf of the person(s) filing statement)
With copies to:
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James R. Tanenbaum, Esq.
Nilene R. Evans, Esq.
Morrison & Foerster LLP
1290 Avenue of the Americas
New York, New York 10104
(212) 468-8000
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Paul F. Norris
Executive Vice President,
Chief Financial Officer
and General Counsel
Sonic Solutions
7250 Redwood Blvd., Suite 300
Novato, California 94945
(415) 893-8000
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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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This Amendment No. 2 amends and supplements the Solicitation/Recommendation Statement on Schedule 14D-9
initially filed with the Securities and Exchange Commission (the
SEC
) on January 14, 2011 and amended by Amendment No. 1 thereto filed on January 31, 2011 (as the same may further be amended or supplemented from
time to time, the
Schedule 14D-9
) by Sonic Solutions, a California corporation (
Sonic
), relating to the exchange offer by Sparta Acquisition Sub, Inc., a California corporation
(
Purchaser
) and a wholly owned subsidiary of Rovi Corporation, a Delaware corporation (
Rovi
), disclosed in the Tender Offer Statement on Schedule TO (together with the exhibits thereto, as amended, the
Schedule TO
), filed by Purchaser and Rovi with the Securities and Exchange Commission (the
SEC
) on January 14, 2011, as amended by Amendment No. 1 thereto filed on January 31, 2011, and pursuant
to which Purchaser is offering to exchange (the
Offer
) all outstanding shares of Common Stock (the
Shares
) for consideration per Share consisting of either $14.00 in cash (the
Per Share Cash Election
Consideration
) or 0.2489 shares of Rovi common stock, par value $0.001 per share (the
Rovi Stock
) (the
Per Share Stock Election Consideration
), upon the terms and subject to the conditions set forth in
the Offer to Purchase, dated January 14, 2011 (the
Offer to Purchase
), and the related Letter of Transmittal included in the Schedule TO. Sonic shareholders may elect to receive the Per Share Cash Election Consideration for
some Shares and the Per Share Stock Election Consideration for others. The Offer provides that such elections shall be prorated in order to result in the aggregate consideration paid in the Offer consisting of 55% cash and 45% Rovi Stock (with Rovi
Stock valued at the average closing price over the 20 trading days immediately preceding the date of the Merger Agreement (as defined below) for purposes of such allocation). The Offer to Purchase and the Letter of Transmittal filed as Exhibits
(a)(1)(A) and (a)(1)(B) to the Schedule 14D-9, respectively. Any capitalized term used and not otherwise defined herein shall have the meaning ascribed to such term in the Schedule 14D-9.
All information in the Schedule 14D-9 is incorporated into this Amendment No. 2 by reference, except that such information is
hereby amended to the extent specifically provided herein.
Item 6.
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Interest in Securities of the Subject Company.
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Item 6, Interest in Securities of the Subject Company, is amended to add the following information:
Other than as set forth below or in the original Schedule 14D-9 filed on January 14, 2011 and Amendment No. 1 thereto filed on January 31, 2011 no transactions in the Shares have been
effected during the past 60 days (ending February 14, 2011) by Sonic or, to Sonics knowledge, by any of Sonics directors, executive officers, affiliates or subsidiaries, except for the following transactions, which consisted of
exercises of Sonic Options and/or sales pursuant to pre-existing plans that meets the requirements of Rule 10b5-1(c) under the Exchange Act:
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Name
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Date of
Transaction
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Nature of Transaction
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Number
of Shares
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Price/Share
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Robert J. Doris
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1/14/2011
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Common Stock Disposition
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137,000
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15.33
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1
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1/26/2011
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Common Stock Disposition
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138,000
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14.66
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2
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2/4/2011
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Sonic Option Exercise
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20,313
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4.82
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2/4/2011
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Common Stock Disposition
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13,009
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14.80
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2/4/2011
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Sonic Option Exercise
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124,000
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6.89
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2/4/2011
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Common Stock Disposition
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82,384
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14.80
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2/4/2011
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Sonic Option Exercise
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78,125
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1.23
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2/4/2011
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Common Stock Disposition
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39,930
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14.80
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2/4/2011
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Sonic Option Exercise
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2,467
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11.48
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2/4/2011
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Common Stock Disposition
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2,171
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14.80
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2/4/2011
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Sonic Option Exercise
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36,300
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6.89
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2/4/2011
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Common Stock Disposition
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25,955
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14.80
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2/4/2011
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Sonic Option Exercise
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75,000
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1.23
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2/4/2011
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Common Stock Disposition
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38,644
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14.80
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2/4/2011
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Sonic Option Exercise
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24,600
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4.82
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2/4/2011
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Common Stock Disposition
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15,755
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14.80
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1
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Average price of multiple open market transactions during the day. Purchase prices for individual transactions ranged from $15.19 to $15.46.
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2
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Average price of multiple open market transactions during the day. Purchase prices for individual transactions ranged from $14.59 to $14.77.
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2
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Name
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Date of
Transaction
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Nature of Transaction
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Number
of Shares
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Price/Share
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Matthew S. DiMaria
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1/14/2011
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Sonic Option Exercise
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3,500
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4.82
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1/14/2011
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Common Stock Disposition
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3,500
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15.19
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3
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2/4/2011
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Sonic Option Exercise
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8,542
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4.82
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2/4/2011
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Common Stock Disposition
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4,949
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14.80
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2/4/2011
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Sonic Option Exercise
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100,000
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6.89
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2/4/2011
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Common Stock Disposition
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66,158
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14.80
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2/4/2011
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Sonic Option Exercise
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2,083
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1.23
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2/4/2011
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Common Stock Disposition
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976
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14.80
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Mary C. Sauer
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1/14/2011
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Common Stock Disposition
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137,000
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15.33
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4
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1/26/2011
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Common Stock Disposition
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138,000
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14.66
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5
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2/4/2011
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Sonic Option Exercise
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29,100
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6.89
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2/4/2011
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Common Stock Disposition
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19,564
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14.80
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2/4/2011
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Sonic Option Exercise
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60,000
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1.23
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2/4/2011
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Common Stock Disposition
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30,666
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14.80
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2/4/2011
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Sonic Option Exercise
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19,700
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4.82
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2/4/2011
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Common Stock Disposition
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12,616
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14.80
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2/4/2011
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Sonic Option Exercise
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1,974
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11.48
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2/4/2011
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Common Stock Disposition
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1,717
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14.80
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Peter J. Marguglio
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1/18/2011
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Common Stock Disposition
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8,000
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15.22
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2/4/2011
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Sonic Option Exercise
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19,700
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4.82
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2/4/2011
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Common Stock Disposition
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6,415
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14.80
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2/4/2011
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Sonic Option Exercise
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29,100
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6.89
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2/4/2011
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Common Stock Disposition
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13,547
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14.80
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2/4/2011
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Sonic Option Exercise
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1,974
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11.48
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2/4/2011
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Common Stock Disposition
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1,531
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14.80
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2/4/2011
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Sonic Option Exercise
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24,000
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14.18
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2/4/2011
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Common Stock Disposition
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22,994
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14.80
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David C. Habiger
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2/1/2011
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Sonic Option Exercise
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2,605
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4.82
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2/1/2011
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Sonic Option Exercise
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6,250
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1.23
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2/1/2011
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Sonic Option Exercise
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10,417
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6.89
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2/1/2011
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Common Stock Disposition
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19,272
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14.55
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6
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Paul F. Norris
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2/4/2011
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Sonic Option Exercise
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20,313
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4.82
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2/4/2011
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Common Stock Disposition
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13,009
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14.80
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2/4/2011
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Sonic Option Exercise
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124,000
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6.89
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2/4/2011
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Common Stock Disposition
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82,384
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14.80
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2/4/2011
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Sonic Option Exercise
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78,125
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1.23
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2/4/2011
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Common Stock Disposition
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39,930
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14.80
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Mark Ely
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2/1/2011
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Sonic Option Exercise
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2,240
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1.23
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2/1/2011
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Common Stock Disposition
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2,240
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14.54
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7
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2/2/2011
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Sonic Option Exercise
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885
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1.23
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2/2/2011
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Sonic Option Exercise
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1,354
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3.97
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2/2/2011
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Common Stock Disposition
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2,239
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14.75
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8
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2/4/2011
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Sonic Option Exercise
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15,731
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4.82
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2/4/2011
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Common Stock Disposition
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9,014
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14.80
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2/4/2011
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Sonic Option Exercise
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2,500
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11.48
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2/4/2011
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Common Stock Disposition
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2,144
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14.80
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2/4/2011
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Sonic Option Exercise
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4,478
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3.97
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2/4/2011
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Common Stock Disposition
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2,403
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14.80
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|
3
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Average multiple open market transactions during the day. Purchase prices for the shares ranged from $15.16 to $15.21.
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4
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Average price of multiple open market transactions during the day. Purchase prices for individual transactions ranged from $15.19 to $15.46.
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5
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Average price of multiple open market transactions during the day. Purchase prices for individual transactions ranged from $14.59 to $14.77.
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6
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Average price of multiple open market transactions during the day. Purchase prices for individual transactions ranged from $14.46 to $14.61.
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7
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Average multiple open market transactions during the day. Purchase prices for the shares ranged from $14.50 to $14.58.
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8
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Average multiple open market transactions during the day. Purchase prices for the shares ranged from $14.75 to $14.77.
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3
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Name
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Date of
Transaction
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Nature of Transaction
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Number
of Shares
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Price/Share
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Robert Greber
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2/1/2011
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Sonic Option Exercise
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2,000
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1.23
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2/1/2011
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Common Stock Disposition
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2,000
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14.54
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9
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2/4/2011
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Sonic Option Exercise
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30,000
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14.18
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2/4/2011
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Common Stock Disposition
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28,743
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14.80
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2/4/2011
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Sonic Option Exercise
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24,600
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4.82
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2/4/2011
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Common Stock Disposition
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8,011
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14.80
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2/4/2011
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Sonic Option Exercise
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5,000
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1.23
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2/4/2011
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Common Stock Disposition
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|
415
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14.80
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2/4/2011
|
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Sonic Option Exercise
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2,467
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11.48
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2/4/2011
|
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Common Stock Disposition
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1,913
|
|
|
|
14.80
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|
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2/4/2011
|
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Sonic Option Exercise
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|
36,300
|
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|
|
6.89
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2/4/2011
|
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Common Stock Disposition
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16,899
|
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14.80
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|
A. Clay Leighton
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2/1/2011
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Sonic Option Exercise
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15,000
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|
1.17
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2/1/2011
|
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Common Stock Disposition
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15,000
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14.54
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10
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2/4/2011
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Sonic Option Exercise
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|
193,750
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|
|
6.89
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2/4/2011
|
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Common Stock Disposition
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137,473
|
|
|
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14.80
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|
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|
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2/4/2011
|
|
|
Sonic Option Exercise
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|
75,775
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|
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1.23
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|
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|
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2/4/2011
|
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Common Stock Disposition
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38,729
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|
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14.80
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|
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2/4/2011
|
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Sonic Option Exercise
|
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|
29,688
|
|
|
|
4.82
|
|
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2/4/2011
|
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Common Stock Disposition
|
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19,013
|
|
|
|
14.80
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|
|
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2/4/2011
|
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|
Sonic Option Exercise
|
|
|
48,060
|
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|
|
6.33
|
|
|
|
|
2/4/2011
|
|
|
Common Stock Disposition
|
|
|
30,644
|
|
|
|
14.80
|
|
|
|
|
2/4/2011
|
|
|
Sonic Option Exercise
|
|
|
11,392
|
|
|
|
1.17
|
|
|
|
|
2/4/2011
|
|
|
Common Stock Disposition
|
|
|
5,797
|
|
|
|
14.80
|
|
Warren R. Langley
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|
|
2/4/2011
|
|
|
Sonic Option Exercise
|
|
|
29,100
|
|
|
|
6.89
|
|
|
|
|
2/4/2011
|
|
|
Common Stock Disposition
|
|
|
13,547
|
|
|
|
14.80
|
|
|
|
|
2/4/2011
|
|
|
Sonic Option Exercise
|
|
|
1,974
|
|
|
|
11.48
|
|
|
|
|
2/4/2011
|
|
|
Common Stock Disposition
|
|
|
1,531
|
|
|
|
14.80
|
|
|
|
|
2/4/2011
|
|
|
Sonic Option Exercise
|
|
|
24,000
|
|
|
|
14.18
|
|
|
|
|
2/4/2011
|
|
|
Common Stock Disposition
|
|
|
22,994
|
|
|
|
14.80
|
|
|
|
|
2/4/2011
|
|
|
Sonic Option Exercise
|
|
|
30,000
|
|
|
|
1.23
|
|
|
|
|
2/4/2011
|
|
|
Common Stock Disposition
|
|
|
2,493
|
|
|
|
14.80
|
|
|
|
|
2/4/2011
|
|
|
Sonic Option Exercise
|
|
|
19,700
|
|
|
|
4.82
|
|
|
|
|
2/4/2011
|
|
|
Common Stock Disposition
|
|
|
6,415
|
|
|
|
14.80
|
|
James C. Brailean
|
|
|
2/4/2011
|
|
|
Sonic Option Exercise
|
|
|
1,974
|
|
|
|
11.48
|
|
|
|
|
2/4/2011
|
|
|
Common Stock Disposition
|
|
|
1,531
|
|
|
|
14.80
|
|
Kevin Hell
|
|
|
2/4/2011
|
|
|
Sonic Option Exercise
|
|
|
1,974
|
|
|
|
11.48
|
|
|
|
|
2/4/2011
|
|
|
Common Stock Disposition
|
|
|
1,531
|
|
|
|
14.80
|
|
In addition, in
connection with the expiration of the Offer, as described below under Item 8, and as required by their respective Shareholder Agreements, all shares then owned by Sonics directors and executive officers were tendered by them in the Offer
and were acquired by Rovi.
9
|
Average price of multiple open market transactions during the day. Purchase prices for individual transactions ranged from $14.50 to $14.58.
|
10
|
Average price of multiple open market transactions during the day. Purchase prices for individual transactions ranged from $14.45 to $14.61.
|
4
Item 8.
|
Additional Information.
|
Item 8, Additional Information, is amended as follows:
Add the following at the end of the new second paragraph under the section entitled Litigation on page 37 (originally added
in Amendment No. 1 to the Schedule 14D-9):
On February 4, 2011, Thompson applied to the court for an order
temporarily restraining Rovi from accepting tendered shares on the ground that the Offer and Merger allegedly violate a provision of the California Corporation Code. The Court denied the application that same day.
The following is added immediately before the subsection entitled Dissenters Rights:
Completion of the Offer
. The Offer expired as scheduled at one minute following 11:59 p.m., Eastern time (midnight),
on February 11, 2011. Based on preliminary information from the depositary for the Offer, 45,790,080 shares, representing over 89.3 percent of the outstanding shares of common stock of Sonic as of the close of business on February 11,
2011, were validly tendered and not withdrawn prior to the expiration of the tender offer. All of such shares have been accepted for payment in accordance with the terms of the offer, including 6,429,921 of such shares that were tendered pursuant to
the tender offers guaranteed delivery procedure. If necessary in order to accomplish the merger as a short form merger, Rovi has announced that it intends to exercise the Top-Up Option granted pursuant to the Merger Agreement,
which permits Rovi or a subsidiary to purchase from Sonic, at a price per share equal to $14.00 per share (the same cash purchase price paid in the Offer), a number of shares of Sonic Common Stock sufficient to result in Rovi or a subsidiary holding
at least 90% of the outstanding shares immediately after the exercise of the Top-Up Option. Rovi also announced that it expects to cause the merger to be completed within a few days, with Sonic becoming a wholly owned subsidiary of Rovi. The press
release issued by Rovi regarding the expiration of the Offer is set forth as Exhibit (a)(5)(D) hereto and is incorporated herein by reference.
Item 9
is hereby amended and supplemented by adding the following exhibit:
(a)(5)(D) Press Release issued by Rovi Corporation, dated February 14, 2011
(incorporated by reference to Exhibit (a)(5)(C) to Amendment No. 2 to the Tender Offer Statement on Schedule TO filed with the Securities and Exchange Commission by Rovi Corporation and Sparta Acquisition Sub, Inc. on February 14, 2011)
5
SIGNATURES
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: February 14, 2011
|
|
|
SONIC SOLUTIONS
|
|
|
By:
|
|
/s/ Paul F. Norris
|
|
|
Paul F. Norris
Executive
Vice President, Chief Financial Officer and General Counsel
|
6
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