sctovtza
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO
(Amendment No. 1)
TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) or
13(e)(1)
OF THE SECURITIES ACT OF 1934
WIDERTHAN CO., LTD.
(Name of Subject Company (Issuer))
REALNETWORKS, INC.
RN INTERNATIONAL HOLDINGS B.V.
(Names of Filing Persons (Offerors))
(1) Common Shares, par value KRW 500 per share
(2) American Depositary Shares, as evidenced by American
Depositary Receipts, each representing one Common Share
(Title of Class of Securities)
The Common Shares, which are not traded on U.S. markets,
have not been assigned a CUSIP number.
The CUSIP number for the related American Depositary Shares
is 967593104.
(CUSIP Number of Class of Securities)
Robert Kimball, Senior Vice President, Legal and Business
Affairs, General Counsel and Corporate Secretary
RealNetworks, Inc.
2601 Elliott Avenue, #1000
Seattle, Washington 98121
(206) 674-2700
(Name, address, and telephone numbers of person authorized to
receive notices and communications on behalf of filing
persons)
Copies of all Communications should be sent to:
Patrick J. Schultheis, Esq.
Michael S. Ringler, Esq.
Wilson Sonsini Goodrich & Rosati Professional
Corporation
701 Fifth Avenue, Suite 5100
Seattle, WA 98104-7036
(206) 883-2500
CALCULATION OF FILING FEE
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Transaction Valuation |
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Amount of Filing Fee |
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$337,713,033(1)
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$36,135(2) |
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(1) |
Estimated for purposes of calculating the filing fee only. This
amount is based upon an estimate of the maximum number of shares
to be purchased pursuant to the tender offer at the tender offer
price of $17.05 per WiderThan Common Share and per
WiderThan American Depositary Share. |
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(2) |
The amount of the filing fee calculated in accordance with the
Securities Exchange Act of 1934, as amended, equals $107 for
each $1,000,000 of value. |
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þ |
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:
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$36,135 |
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Filing Party: |
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RealNetworks, Inc. and RN International Holdings B.V. |
Form of Registration No.:
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Schedule TO |
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Date Filed: |
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September 29, 2006 |
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o |
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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third-party tender offer subject to
Rule 14d-1. |
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issuer tender offer subject to
Rule 13e-4. |
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going-private transaction subject to
Rule 13e-3. |
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amendment to Schedule 13D under
Rule 13d-2. |
Check the following box if the filing is a final amendment
reporting the results of the tender
offer: o
This Amendment No. 1 to the Tender Offer Statement on
Schedule TO (this Amendment), filed with the
Securities and Exchange Commission (the SEC) on
October 10, 2006, amends and supplements the Tender Offer
Statement on Schedule TO filed with the SEC on
September 29, 2006 (the Initial Statement) by
(i) RN International Holdings B.V., a private company with
limited liability organized under the laws of the Netherlands
(the Offeror) and an indirect wholly-owned
subsidiary of RealNetworks, Inc., a Washington corporation (the
Parent) and (ii) the Parent. This Amendment
relates to the offer by the Offeror to purchase all outstanding
common shares, par value KRW500 per share (the Common
Shares) and all outstanding American Depositary Shares,
each representing one Common Share and evidenced by an American
Depositary Receipt issued by JP Morgan Chase Bank, N.A. (the
ADSs) of WiderThan Co., Ltd, a company with limited
liability organized under the laws of the Republic of Korea (the
Company), at a purchase price of $17.05 per
Common Share and per ADS (or any higher price per Common Share
and per ADS that is paid in the tender offer the Offer
Price), net to the seller in cash without interest
thereon, less any required withholding taxes, upon the terms and
subject to the conditions set forth in the Offer to Purchase
dated September 29, 2006 (which, together with any amendments
and supplements thereto, collectively constitute the Offer
to Purchase) and in the related Letter of Transmittal
(which, together with any amendments or supplements thereto,
collectively constitute the Offer). Following the
expiration of the Offer (as the same may be extended pursuant to
Article I of the Combination Agreement), the portion of the
Offer consideration to be paid in exchange for ADSs will be
delivered to Mellon Investor Services LLC (the ADS
Depositary) and the portion of the Offer consideration to
be paid in exchange for Common Shares will be delivered to
Samsung Securities Co., Ltd. (the Common Share
Depositary). Holders of ADSs will receive the Offer Price
in U.S. dollars, net to the seller in cash without interest
thereon, less any required withholding taxes. Holders of Common
Shares will receive the Korean Won equivalent of the Offer
Price, calculated by converting the Offer Price into Korean Won
using the conversion rate available to the Offeror on the
business day on which the Offer consideration is transferred to
the Common Share Depositary, net to the seller in cash without
interest thereon, less any required withholding taxes.
Capitalized terms used and not defined herein shall have the
meanings assigned to such terms in the Offer to Purchase.
The Offer is made pursuant to the Combination Agreement, dated
September 12, 2006, by and among the Parent, the Offeror
and the Company.
The information in the Offer to Purchase and the related Letter
of Transmittal is incorporated in this Amendment by reference to
all of the applicable items in the Initial Statement, except
that such information is hereby amended and supplemented to the
extent specifically provided herein.
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Item 3. |
Identity and Background of Filing Person. |
The information in Annex I to the Offer to Purchase set
forth opposite ING Management (Netherland), B.V. in
the column titled Current Principal Occupation or
Employment and Five-Year Employment History is amended
and restated as follows:
Managing Director A. ING Management (Netherland), B.V.
(ING Trust) is an independent business unit of ING
Group, a financial services corporation organized under the laws
of the Netherlands. The business address of ING Trust is
Teleportboulevard 140, 1043 EJ Amsterdam, the
Netherlands. The business telephone number of ING Trust is
31-20-5405 800. The
principle business of ING Trust is providing domiciliary,
management and administrative services necessary to ensure that
entities such as RN International Holdings comply with the legal
requirements to maintain a company in the Netherlands.
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Item 4. |
Terms of the Transaction |
1. The first full sentence of page 18 of the Offer to
Purchase is hereby amended and restated as follows:
Jefferies Broadview provided its opinion for the
information of the Companys Board of Directors in
connection with its consideration of the transactions
contemplated by the Combination Agreement.
2. The first paragraph under the question What are
the material income and transaction tax consequences to United
States security holders who tender their Common Shares or
ADSs? on page 14 of the Offer to Purchase is hereby
amended and restated as follows:
The following is a summary of the material income and
transaction tax consequences to United States security holders
who tender their Common Shares or ADSs in connection with the
Offer. United States security holders should review
Section 5 of this Schedule TO entitled Material
Tax Consequences to Security Holders and should consult
with their own tax advisors as to the particular tax
consequences to them of participating in the Offer.
3. The fourth paragraph on page 15 of the Offer to Purchase
is hereby amended and restated as follows:
United States security holders should consult with their
own tax advisors as to the particular tax consequences to them
of participating in the Offer, including the effect of United
States federal, state and local tax laws and Korean tax laws, as
well as their eligibility and qualification for benefits under
the income tax treaty between Korea and the United States.
4. The first paragraph under the question What are
the material income and transaction tax consequences to Korean
resident security holders who tender their Common Shares or
ADSs? on page 15 of the Offer to Purchase is hereby
amended and restated as follows:
The following is a summary of the material income and
transaction tax consequences to Korean resident security holders
who tender their Common Shares or ADSs in connection with the
Offer. Korean security holders should review Section 5 of
this Schedule TO entitled Material Tax Consequences
to Security Holders and should consult with their own tax
advisors as to the particular tax consequences to them of
participating in the Offer.
5. The first paragraph on page 29 of the Offer to Purchase
is hereby amended and restated as follows:
Each United States security holder should consult such
holders own tax advisors as to the particular tax
consequences to them of participating in the Offer, including
the effect of United States federal, state and local tax laws
and Korean tax laws, as well as their eligibility and
qualification for benefits under the income tax treaty between
Korea and the United States.
6. The third full paragraph on page 30 of the Offer to
Purchase is hereby amended and restated as follows:
A United States security holders entitlement to
claim an exemption from Korean capital gains tax pursuant to the
income tax treaty between Korea and the United States is subject
to such holders eligibility for benefits under the income
tax treaty. United States security holders who intend to claim
an exemption from Korean capital gains tax on the transfer of
their Common Shares pursuant to the Offer should consult their
own tax advisors as to their eligibility for benefits under the
income tax treaty between Korea and the United States and the
documentation necessary to claim such benefits. United States
security holders who do not intend to claim an exemption from
Korean capital gains tax on the transfer of their Common Shares
pursuant to the Offer should consult their own tax advisors as
to their eligibility for a refund of such Korean taxes and/or
the limitations on the creditability of such Korean taxes for
United States federal income tax purposes.
7. The fifth full paragraph on page 30 of the Offer to
Purchase is hereby amended and restated as follows:
In addition, the receipt of the Offer Price by a United
States security holder who is not a Korean resident upon the
transfer of Common Shares will be subject to withholding of
Korean securities transaction tax at a rate of 0.5%. The Korean
securities transaction tax will not apply to the exchange of
ADSs pursuant to the Offer as long as the ADSs are listed on the
Nasdaq Global Market. United States security holders who are
subject to the Korean securities transaction tax should consult
their own tax advisors as to the limitations on the
creditability of such Korean taxes for United States federal
income tax purposes.
8. The first full paragraph on page 31 of the Offer to
Purchase is hereby amended and restated as follows:
The foregoing discussion of the material income tax
consequences of the Offer to United States security holders is
not intended to be, and should not be construed as, legal or tax
advice to any particular United States security holder. Each
United States security holder of Common Shares or ADSs should
consult such holders own tax advisors as to the particular
tax consequences to them of participating in the Offer,
including the effect of United States federal, state and local
tax laws and Korean tax laws, as well as their eligibility and
qualification for benefits under the income tax treaty between
Korea and the United States.
9. The first paragraph under the title Material
Income and Transaction Tax Consequences to Korean Security
Holders? on page 31 of the Offer to Purchase is
hereby amended and restated as follows:
The following is a summary of the material income and
transaction tax consequences to Korean security holders who
tender their Common Shares or ADSs in connection with the Offer.
Korean security holders should consult with their own tax
advisors as to the particular tax consequences to them of
participating in the Offer. This discussion is based on the
Korean tax laws, regulations, rulings and decisions in effect on
the date hereof, all of which are subject to change, possibly
with retroactive effect, and to varying interpretations, which
could result in Korean income tax consequences that are
different from those described below.
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Item 5. |
Past Contacts, Transactions, Negotiations and
Agreements. |
The sixth and seventh paragraphs on page 37 of the Offer to
Purchase are hereby amended and restated as follows:
On September 9, 2006, Mr. Glaser, Mr. Daw,
Mr. Wheeler, the parties respective financial
advisors and the Companys outside legal advisor discussed
by telephone the price per share. The Company stated that the
Parents proposed price of $16.00 per share was not
sufficient and that the Companys board of directors was
seeking a price of at least $17.50 per share. After discussions
between the parties, the Parent indicated that it would increase
its offer to $16.75 per share. The Company replied that its
board of directors would not be able to accept such price since
the board believed the intrinsic value of the Company was worth
more. Accordingly, the parties could not reach an agreement on
the price per share at that time.
On September 10, 2006, Mr. Glaser and Mr. Wheeler
further discussed by telephone the price per share.
Mr. Glaser repeated the Parents offer of $16.75 per
share and indicated that the Parent would not be prepared to pay
$17.50 per share. Mr. Wheeler replied that the
Companys board of directors would only consider offers
above $17.00 per share. After further discussion between
Mr. Glaser and Mr. Wheeler, the Parent and the Company
agreed to a per share price of $17.05, subject to the approval
of their respective boards of directors.
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Exhibit |
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Number |
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Description |
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(a)(1)(i) |
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Offer to Purchase, dated September 29, 2006.* |
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(a)(1)(ii) |
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Form of Letter of Transmittal.* |
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(a)(1)(iii) |
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Form of Notice of Guaranteed Delivery.* |
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(a)(1)(iv) |
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Form of Letter to Brokers, Dealers, Commercial Banks, Trust
Companies and Other Nominees.* |
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(a)(1)(v) |
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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)(vi) |
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Guidelines for Certification of Taxpayer Identification Number
on Substitute Form W-9.* |
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(a)(1)(vii) |
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Instructions for Completing Form W-8BEN.* |
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(a)(1)(viii) |
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Summary Advertisement as published on September 29, 2006 in The
Wall Street Journal. |
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(a)(5) |
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Joint Press Release issued by the Parent and the Company on
September 12, 2006.* |
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(b) |
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None. |
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Exhibit |
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Number |
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Description |
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(d)(1) |
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Combination Agreement, dated as of September 12, 2006, by
and among the Parent, the Offeror and the Company.* |
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(d)(2) |
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Form of Stockholder Tender and Voting Agreement entered into
between the Parent and each of Excelsior VI-A C.V., Excelsior
VI-B C.V., Excelsior VI, L.P., GAP Coinvestment
Partners II, L.P., General Atlantic Partners 64, L.P.,
i-Hatch Advisors, L.P., i-Hatch Ventures, L.P., i-Hatch WTC
Holdings, LLC, Nokia Venture Partners II, L.P., NVP II
Affiliates Fund, L.P., Patricof Private Investment
Club III, L.P., SAIF Capital Limited and SK Telecom Co.,
Ltd. on September 12, 2006.* |
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(g) |
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None. |
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(h) |
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None. |
After due inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information set forth
in this statement is true, complete and correct.
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RN INTERNATIONAL HOLDINGS B.V. |
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By: |
/s/ Michael R. Eggers |
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Name: Michael R. Eggers |
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REALNETWORKS, INC. |
Dated: October 10, 2006
EXHIBIT INDEX
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Exhibit |
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Number |
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Description |
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(a)(1)(i) |
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Offer to Purchase, dated September 29, 2006.* |
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(a)(1)(ii) |
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Form of Letter of Transmittal.* |
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(a)(1)(iii) |
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Form of Notice of Guaranteed Delivery.* |
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(a)(1)(iv) |
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Form of Letter to Brokers, Dealers, Commercial Banks, Trust
Companies and Other Nominees.* |
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(a)(1)(v) |
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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)(vi) |
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Guidelines for Certification of Taxpayer Identification Number
on Substitute Form W-9.* |
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(a)(1)(vii) |
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Instructions for Completing Form W-8BEN.* |
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(a)(1)(viii) |
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Summary Advertisement as published on September 29, 2006 in The
Wall Street Journal. |
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(a)(5) |
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Joint Press Release issued by the Parent and the Company on
September 12, 2006.* |
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(b) |
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None. |
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(d)(1) |
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Combination Agreement, dated as of September 12, 2006, by
and among the Parent, the Offeror and the Company.* |
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(d)(2) |
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Form of Stockholder Tender and Voting Agreement entered into
between the Parent and each of Excelsior VI-A C.V., Excelsior
VI-B C.V., Excelsior VI, L.P., GAP Coinvestment
Partners II, L.P., General Atlantic Partners 64, L.P.,
i-Hatch Advisors, L.P., i-Hatch Ventures, L.P., i-Hatch WTC
Holdings, LLC, Nokia Venture Partners II, L.P., NVP II
Affiliates Fund, L.P., Patricof Private Investment
Club III, L.P., SAIF Capital Limited and SK Telecom Co.,
Ltd. on September 12, 2006.* |
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(g) |
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None. |
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(h) |
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None. |