SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary proxy statement.
[ ] Confidential, for use of the commission only (as permitted by Rule
14a-6(e)(2)).
[ ] Definitive proxy statement.
[ ] Definitive additional materials.
[X] Soliciting material under Rule 14a-12.
J.P. Morgan & Co. Incorporated
(Name of Registrant as Specified in Its Charter)
N/A
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of filing fee (check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which
the filing fee is calculated and state how it was determined):
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
(1) Amount Previously Paid:
(2) Form, Schedule or Registration Statement No.:
(3) Filing Party:
(4) Date Filed:
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Date: November 6, 2000
This filing contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements include, but
are not limited to, statements about the benefits of the merger between Chase
and J.P. Morgan, including future financial and operating results, Chase's
plans, objectives, expectations and intentions and other statements that are
not historical facts. Such statements are based upon the current beliefs and
expectations of J.P. Morgan's and Chase's management and are subject to
significant risks and uncertainties. Actual results may differ from those set
forth in the forward-looking statements.
The following factors, among others, could cause actual results to differ from
those set forth in the forward-looking statements: the risk that the businesses
of Chase and J.P. Morgan will not be combined successfully; the risk that the
growth opportunities and cost savings from the merger may not be fully realized
or may take longer to realize than expected; the risk that the integration
process may result in the disruption of ongoing business or the loss of key
employees or may adversely effect relationships with employees and clients; the
risk that stockholder or required regulatory approvals of the merger will not
be obtained or that adverse regulatory conditions will be imposed in connection
with a regulatory approval of the merger; the risk of adverse impacts from an
economic downturn; the risks associated with increased competition, unfavorable
political or other developments in foreign markets, adverse governmental or
regulatory policies, and volatility in securities markets, interest or foreign
exchange rates or indices; or other factors impacting operational plans.
Additional factors that could cause Chase's and J.P. Morgan's results to differ
materially from those described in the forward-looking statements can be found
in the 1999 Annual Reports on Forms 10-K of Chase and J.P. Morgan, filed with
the Securities and Exchange Commission and available at the Securities and
Exchange Commission's internet site (http://www.sec.gov) and in Chase's
Registration Statement on Form S-4 referred to below.
Chase has filed a Registration Statement on Form S-4 with the Securities and
Exchange Commission containing a preliminary joint proxy statement-prospectus
regarding the proposed transaction. Stockholders are urged to read the
definitive joint proxy statement-prospectus when it becomes available because
it will contain important information. The definitive joint proxy
statement-prospectus will be sent to stockholders of Chase and J.P. Morgan
seeking their approval of the proposed transaction. Stockholders also will be
able to obtain a free copy of the definitive joint proxy statement-prospectus,
as well as other filings containing information about Chase and J.P. Morgan,
without charge, at the SEC's internet site (http://www.sec.gov). Copies of the
definitive joint proxy statement-prospectus and the SEC filings that will be
incorporated
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by reference in the definitive joint proxy statement-prospectus can also be
obtained, without charge, by directing a request to The Chase Manhattan
Corporation, 270 Park Avenue, New York, NY 10017, Attention: Office of the
Corporate Secretary (212-270-6000), or to J.P. Morgan & Co. Incorporated, 60
Wall Street, New York, NY 10260, Attention: Investor Relations (212-483-2323).
Information regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security holdings or
otherwise, is contained in the materials filed with the SEC by J.P. Morgan and
Chase on September 13, 2000 and September 14, 2000, respectively.
<PAGE>
[The following memorandum from Douglas A. Warner III, Chairman and Chief
Executive Officer of J.P. Morgan, and William B. Harrison, Jr., Chairman and
Chief Executive Officer of Chase, was circulated to employees of J.P. Morgan and
Chase.]
November 3, 2000
Dear Colleagues,
Along with several senior managers, we have recently been spending a
significant amount of time meeting with our largest institutional stockholders
to tell the story of our merger. By the end of next week, we'll have completed
more than 50 meetings with investors. We've come away energized by the
response.
We want to share with you the three key points we made in these meetings:
1) The merger creates a winning platform in the wholesale financial markets.
Long-term winners in these growth markets require global scale, leadership
positions in products and client segments, and the best people working as
a team. The merger gives us all of these, with even less client overlap
and more complementary products than expected. This is borne out by the
great early response from clients - witness our role as advisor to GE in
their acquisition of Honeywell.
2) We are ahead on execution compared with our other mergers. Already we've
appointed more than 250 senior managers for the new firm - the product of
ongoing work to establish a vision, strategy, operating principles, and
organizational structure for each group. No less important to our momentum
has been the mutual understanding and respect that form the basis for our
partnership.
3) This is a financially compelling and shareholder-friendly transaction. Six
weeks after announcing the merger, it has become clear that the original
synergy estimate of $1.2 billion in additional net income was
conservative. Our leadership in growth markets and continuing financial
discipline should lead to a revaluation of our stock over time.
Investors also wanted to understand the role National Consumer Services will
play in the new firm. We emphasized that the retail business is an important
part of J.P. Morgan Chase & Co., both through its strong contribution (20% of
pro forma earnings) and profitability (24% ROE), as well as through the
business diversification it provides to the firm overall.
The market seems to be recognizing the potential of the combined franchise. But
as we've said from the beginning, this merger is not about daily market moves,
it's about long-term value. We are convinced that the value of our franchise
will increase significantly over time, though we can't underestimate the
execution challenge to get there.
Indeed, investors have directed their toughest questions at the risks of
execution, all in areas that we have already identified and are working hard to
address: how to realize synergies, how to retain our talented people and our
clients, how to manage risk in the new firm.
We are always our own toughest critics. As difficult as it is to step back from
the day-to-day uncertainty created by the merger, we can feel very good about
the progress we've made and the enormous potential of this new firm.
Sandy Warner Bill Harrison
<PAGE>
Stockholders of Chase and J.P. Morgan should read the definitive joint proxy
statement/prospectus regarding the proposed merger when it becomes available,
because it will contain important information. Stockholders will be able to
obtain a free copy of the definitive joint proxy statement/prospectus, as well
as other filings containing information about Chase and J.P. Morgan, without
charge, at the SEC's internet site (http://www.sec.gov). Copies of the
definitive joint proxy statement/prospectus and the SEC filings that will be
incorporated by reference in the definitive joint proxy statement/prospectus
can also be obtained, without charge, by directing a request to The Chase
Manhattan Corporation, 270 Park Avenue, New York, NY 10017, Attention: Office
of the Corporate Secretary (212-270-6000) or to J.P. Morgan, 60 Wall Street,
New York, NY 10260, Attention: Investor Relations (212-483-2323). Information
regarding the participants in the proxy solicitation and a description of their
direct and indirect interest, by security holdings or otherwise, is contained
in the materials filed with the SEC by each of J.P. Morgan and Chase on
September 13 and 14, 2000, respectively.
