UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule TO
Tender Offer Statement under Section 14(d)(1) or
13(e)(1)
of the Securities Exchange Act of 1934
(Amendment No. 4)
CSS Industries, Inc.
(Name of Subject Company (Issuer))
Tom Merger Sub Inc.
(Offeror)
IG Design Group Americas, Inc.
(Direct Parent of Offeror)
IG Design Group Plc
(Indirect Parent of Offeror)
(Names
of Filing Persons)
Common Stock, $0.10 par value
(Title of Class of Securities)
125906107
(CUSIP Number of Class of Securities)
Gideon Schlessinger,
President and CEO
IG Design Group Americas, Inc.
555 Glenridge Connector, Suite 300
Atlanta, Georgia 30342
Telephone: (770) 551-9727
(Name, Address and Telephone Numbers
of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)
With copies to:
Andrew Hough
Seyfarth Shaw LLP
1075 Peachtree St., Suite 2500
Atlanta, GA 30309
(404) 885-6700
CALCULATION OF FILING FEE
Transaction Valuation(1)
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Amount of Filing Fee(2)
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$90,230,402.60
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$11,711.91
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(1)
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Calculated solely for purposes of determining the filing fee. The calculation assumes the purchase of 8,880,297 shares of voting common stock, par value $0.10 per share, at an offer price of $9.40 per share. The transaction value also includes (i) 263,000 shares issuable pursuant to outstanding Company Stock Options, and (ii) 455,682 shares issuable pursuant to outstanding Company restricted stock units and performance-based stock units, assuming satisfaction of any performance-based vesting criteria at target levels, multiplied by the offer price of $9.40 per share. The calculation of the filing fee is based on information provided by CSS Industries, Inc. as of the close of business on January 17, 2020.
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(2)
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The amount of the filing fee was calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory #1 for fiscal year 2020, issued August 23, 2019, by multiplying the transaction value by 0.0001298.
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x
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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.
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Amount Previously Paid: $11,711.91
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Filing Party: IG Design Group Americas, Inc.
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Form of Registration No.: Schedule TO
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Date Filed: January 31, 2020
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¨ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.
Check the appropriate boxes below to designate any transactions
to which the statement relates:
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x
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Third-party tender offer subject to Rule 14d-1.
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¨
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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 the tender offer. ☐
If applicable, check the appropriate box(es) below to designate
the appropriate rule provision(s) relied upon:
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¨
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Rule 13e-4(i) (Cross-Border Issuer Tender Offer)
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☐
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Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)
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This Amendment
No. 4 (this “Amendment”) amends and supplements the Tender Offer Statement on Schedule TO filed by
(i) IG Design Group Americas, Inc., a Georgia corporation (“Parent”), (ii) TOM MERGER SUB INC., a
Delaware corporation and a direct, wholly owned subsidiary of Parent (“Purchaser”), and (iii) IG
Design Group Plc, a public limited company incorporated and registered in England and Wales and the sole stockholder of
Parent (“IG Design”), with the Securities and Exchange Commission (the “Commission”) on
January 31, 2020, as previously amended by Amendment No. 1 as filed with the Commission on February 4, 2020, Amendment No. 2
as filed with the Commission on February 11, 2020 and Amendment No. 3 as filed with the Commission on February 18, 2020
(together with any subsequent amendments and supplements thereto, including this Amendment, the “Schedule
TO”). The Schedule TO relates to the tender offer for all of the outstanding shares of common stock, par value
$0.10 per share (the “Shares”) of CSS Industries, Inc., a Delaware corporation (the
“Company”), at a price of $9.40 per Share, net to the seller in cash, subject to reduction for any
applicable withholding taxes in respect thereof, without interest, upon the terms and conditions set forth in the offer to
purchase, dated January 31, 2020 (the “Offer to Purchase”), a copy of which is attached as Exhibit
(a)(1)(A), and in the related letter of transmittal, a copy of which is attached as Exhibit (a)(1)(B), which, together
with any amendments or supplements, collectively constitute the “Offer.” This Schedule TO is
being filed on behalf of Purchaser, Parent and IG Design.
All the information
set forth in the Offer to Purchase, including Schedule I thereto, is incorporated by reference herein in response to Items 1 through
9 and Item 11 of this Schedule TO, except that such information is amended and supplemented to the extent specifically provided
in this Amendment.
Capitalized terms
used but not defined in this Amendment shall have the meanings assigned to such terms in the Schedule TO.
Items 1-9 and Item 11.
Items 1-9 and Item 11 of the Schedule TO
are hereby amended and supplemented by adding the following paragraphs at the end thereof:
“Consummation of the Offer and the
Merger.
The Offer and withdrawal rights expired
as scheduled at one minute after 11:59 p.m., Eastern Standard Time, on February 28, 2020. The Offer was not extended. The Depositary
has advised IG Design, Parent and Purchaser that, as of the expiration of the Offer, 7,778,729 Shares, representing approximately
87.6 percent of the Shares issued and outstanding as of the expiration of the Offer, had been validly tendered and not validly
withdrawn pursuant to the Offer (excluding Shares with respect to which Notices of Guaranteed Delivery were delivered but the Shares
represented thereby were not yet delivered). In addition, Notices of Guaranteed Delivery had been delivered for 500 Shares, representing
less than 0.01 percent of the Shares issued and outstanding as of the expiration of the Offer. The number of Shares tendered (excluding
Shares delivered pursuant to Notices of Guaranteed Delivery that have not yet been “received” (within the meaning of
Section 251(h)(6) of the DGCL) by the Depositary in the Offer) satisfies the Minimum Condition. As the Minimum Condition and each
of the other conditions of the Offer have been satisfied or validly waived, Purchaser has accepted for payment all Shares that
were validly tendered and not validly withdrawn pursuant to the Offer.
Following expiration of the Offer and acceptance
for payment of the Shares, Parent intends to complete its acquisition of the Company on March 3, 2020 by consummating the Merger
without a vote of the stockholders of the Company in accordance with Section 251(h) of the DGCL, with the Company continuing as
the Surviving Corporation in the Merger and thereby becoming a wholly owned subsidiary of Parent. In the Merger, each Share outstanding
immediately prior to the effective time of the Merger (other than (i) Shares owned, directly or indirectly, by Parent or Merger
Sub or the Company (as treasury stock or otherwise), (ii) the Company's equity compensation and cash awards and (iii) Shares owned
by any stockholder of the Company who is entitled to demand and properly demands appraisal of such Shares pursuant to, and who
complies in all respects with the applicable provisions of, the DGCL) will be automatically cancelled and converted into the right
to receive $9.40 per Share, net to the seller in cash, without interest and less any applicable withholding taxes. As a result
of the Merger, the Company will cease to be a publicly traded company and the Shares will no longer be listed on The New York Stock
Exchange.
The full text of the press release issued
by IG Design, announcing the expiration and results of the Offer is attached as Exhibit (a)(5)(C) to the Schedule TO and is incorporated
herein by reference.”
SIGNATURE
After due inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and correct.
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TOM MERGER SUB INC.
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By:
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/s/
Giles Willits
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Name:
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Giles
Willits
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Title:
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President
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Date:
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March 2, 2020
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IG DESIGN GROUP AMERICAS, INC.
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By:
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/s/
Gideon Schlessinger
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Name:
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Gideon Schlessinger
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Title:
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President and Chief
Executive Officer
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Date:
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March 2, 2020
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IG DESIGN GROUP PLC
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By:
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/s/
Paul Fineman
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Name:
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Paul Fineman
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Title:
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Chief Executive
Officer
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Date:
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March 2, 2020
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EXHIBIT INDEX
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Exhibit
No.
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Description
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(a)(1)(A)*
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Offer to Purchase, dated January 31, 2020.
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(a)(1)(B)*
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Form of Letter of Transmittal.
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(a)(1)(C)*
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Form of Notice of Guaranteed Delivery.
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(a)(1)(D)*
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Form of Letter from the Information Agent to Brokers, Dealers,
Commercial Banks, Trust Companies and Other Nominees.
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(a)(1)(E)*
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Form of Letter to Clients for Use by Brokers, Dealers, Commercial
Banks, Trust Companies and Other Nominees.
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(a)(1)(F)*
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Form of Summary Advertisement as published in the New York Times
on January 31, 2020.
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(a)(2)
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Not applicable
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(a)(3)
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Not applicable
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(a)(4)
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Not applicable
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(a)(5)(A)*
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Media Release of IG Design Group Plc dated January 31, 2020.
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(a)(5)(B)*+
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Placing Agreement dated January 20, 2020 by and between IG Design
Group PLC and Canaccord Genuity Limited.
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(a)(5)(C)
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Media Release of IG Design Group Plc dated March 2, 2020.
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(b)
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Not applicable
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(d)(1)*
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Agreement and Plan of Merger, dated as of January 20, 2020,
by and among CSS Industries, Inc., IG Design Group Americas, Inc., Tom Merger Sub Inc. and IG Design Group Plc (incorporated
by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission
on January 21, 2020).
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(d)(2)*
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Non-Disclosure Agreement, dated December 7, 2018, between CSS
Industries, Inc. and IG Design Group Plc.
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(d)(3)*
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Amendment dated October 31, 2019 to Non-Disclosure Agreement,
dated December 7, 2018, between CSS Industries, Inc. and IG Design Group Plc.
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(g)
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Not applicable
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(h)
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Not applicable
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* Previously Filed
+ Portions of this document have been omitted pursuant to a
request for confidential treatment submitted to the Securities and Exchange Commission pursuant to 17 CFR 240.24b-2.
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