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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-A
FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES
PURSUANT TO SECTION 12(b) OR 12(g) OF THE
SECURITIES EXCHANGE ACT OF 1934
O'CHARLEY'S INC.
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(Exact Name of Registrant as Specified in Its Charter)
Tennessee 62-1192475
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(State of incorporation or organization) (I.R.S. Employer
Identification No.)
3038 Sidco Drive, Nashville, Tennessee 37204
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(Address of Principal Executive Offices) (Zip Code)
Securities to be registered pursuant to Section 12(b) of the Act:
Name of Each Exchange on Which
Title of Each Class to be so Registered Each Class is to be Registered
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If this form relates to the registration of a class of securities pursuant to
Section 12(b) of the Exchange Act and is effective pursuant to General
Instruction A.(c), check the following box. [ ]
If this form relates to the registration of a class of securities pursuant to
Section 12(g) of the Exchange Act and is effective pursuant to General
Instruction A.(d), check the following box. [X]
Securities Act registration statement file number to which this form relates:
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(if applicable)
Securities to be registered pursuant to Section 12(g) of the Act:
Series A Junior Preferred Stock Purchase Rights
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(Title of class)
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Item 1. Description of Registrant's Securities to be Registered
On December 8, 2000, our board of directors approved the adoption of a
rights agreement (commonly known as a "poison pill"). The discussion below
describes the rights agreement entered into between us and First Union National
Bank, as rights agent, dated as of December 8, 2000, but is not complete, so you
should read it together with the rights agreement. The rights agreement is filed
as an exhibit to a Current Report on Form 8-K we filed with the Securities and
Exchange Commission on December 27, 2000, and is incorporated herein by
reference.
ISSUANCE OF RIGHTS
Under the rights agreement, we will issue one right for each share of
our common stock, no par value per share, outstanding on December 27, 2000. In
addition, one right will automatically attach to each share of common stock that
we issue between December 27, 2000 and the time that the rights become
exercisable. When exercised, each right will entitle its holder to purchase from
us one one-thousandth of a share (a "unit") of our Series A Junior Preferred
Stock, no par value per share (the "Series A Preferred Stock"), at an exercise
price of $80.00 per unit, subject to adjustment.
INITIAL EXERCISE OF RIGHTS
The rights initially will not be exercisable. Instead, the rights will
be attached to and trade with all shares of our common stock outstanding as of,
and issued after, December 27, 2000. The rights will separate from the common
stock and will become exercisable upon the earlier of the following events (the
"distribution date"):
- The close of business on the tenth business day (or some later
day as our board of directors may determine) following the
first public announcement that a person or group of affiliated
or associated persons has acquired beneficial ownership of 18%
or more of our shares of common stock then outstanding (an
"Acquiring Person"); or
- The close of business on the tenth business day (or some later
day as our board of directors may determine) following the
commencement of a tender offer or exchange offer that could
result in a person or group becoming the beneficial owner of
18% or more of our shares of common stock then outstanding.
The rights will expire at the close of business on December 8, 2010
unless we redeem or exchange the rights as described below.
EVIDENCE OF RIGHTS
Until the rights become exercisable:
- The rights will be evidenced by and transferred with our
common stock certificates;
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- New common stock certificates issued after December 27, 2000
will contain a notation incorporating the rights agreement by
reference; and
- Any surrender for transfer of any certificates for our common
stock will also constitute the transfer of the rights
associated with the common stock represented by those
certificates.
As soon as practicable after the rights become exercisable, we will
mail out rights certificates to the holders of our common stock who are eligible
to receive rights. After we mail them out, the separate rights certificates
alone will represent the rights.
EXERCISE AFTER SOMEONE BECOMES AN ACQUIRING PERSON
After public announcement that a person has become an Acquiring Person,
each holder of a right will have the right to receive upon exercise of the
rights that number of shares of common stock (or in our board's discretion, some
other consideration), having a value of two times the then current purchase
price of the right. However, this will not apply to an Acquiring Person or their
associates or affiliates, whose rights will have become null and void.
Under certain circumstances, each holder of a right will have the right
to receive, upon exercise, common stock of a company acquiring us having a value
equal to two times the then current purchase price of the right. Each holder of
a right will receive the right contemplated by this paragraph in the event that,
at any time on or after the date it is publicly announced that a person has
become an Acquiring Person:
- We consolidate with, or merge with and into, any other person,
and we are not the continuing or surviving corporation;
- Any person consolidates with us, or merges with us and we are
the continuing or surviving corporation of that merger and, in
connection with that merger, all or part of the shares of our
common stock are changed into or exchanged for stock or other
securities of any other person or cash or any other property;
or
- We sell or transfer 50% or more of our assets or earning
power.
The holder of a right will continue to have this right whether or not
that holder has previously exercised its right in accordance with the first
paragraph of this subsection. Rights that are or were beneficially owned by an
Acquiring Person may (under certain circumstances specified in the rights
agreement) become null and void.
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EXCHANGE
At any time after a person becomes an Acquiring Person, we may exchange
all or part of the outstanding and exercisable rights for shares of our common
stock at an exchange ratio specified in the rights agreement. We generally may
not make an exchange after any person becomes the beneficial owner of 50% or
more of our common stock.
ADJUSTMENT
The purchase price and the number of shares of common stock or other
securities or property issuable upon exercise of the rights is subject to
adjustment from time to time to prevent certain types of dilution. With certain
exceptions, the purchase price of the rights will not be adjusted until
cumulative adjustments amount to at least 1% of the purchase price. We are not
obligated to issue fractional units or shares of common stock. If we decide not
to issue fractional units or shares of common stock, we will make an adjustment
in cash based on the fair market value of a unit or share on the last trading
date prior to the date of exercise.
REDEMPTION
We may redeem the rights in whole, but not in part, at a price of
$0.001 per right (payable in cash or shares of common stock). However, we may
only redeem the rights until the earlier of ten days after someone becomes an
Acquiring Person or December 8, 2010.
Once redeemed, the rights will terminate immediately and the only right
of the holders of the rights will be to receive the redemption price.
AMENDMENT OF RIGHTS AGREEMENT
We may amend the rights agreement without the approval of the holders
of our common stock until the distribution date. After the distribution date and
without the approval of the rights holders, we will only be able to amend the
rights agreement in order to cure any ambiguity, defect or inconsistency, to
shorten or lengthen any time period, or to make changes that do not adversely
affect the interests of rights holders excluding the interests of an Acquiring
Person or their associates or affiliates. We may only amend the time period
governing redemption of the rights if the rights are presently redeemable.
OTHER
Until a right is exercised, the holder will have no rights as a
shareholder of ours as a result of the rights. This means, for example, that
until it is exercised, a right will not entitle its holder to vote or receive
dividends like one of our shareholders. The distribution of the rights will not
be taxable to shareholders or to us. However, shareholders may, depending upon
the circumstances, recognize taxable income in the event that the rights become
exercisable for units of Series A
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Preferred Stock, shares of common stock, other consideration or for common stock
of an acquiring company.
The discussion above describes the rights and the rights agreement, but
is not complete, so you should read it together with the rights agreement. The
rights agreement is filed as an exhibit to a Current Report on Form 8-K we filed
with the Securities and Exchange Commission on December 27, 2000, and is
incorporated herein by reference. We have attached to the rights agreement as
Exhibits A and B, respectively, the form of rights certificate and the form of
summary of rights.
As of December 20, 2000, 15,990,040 shares of our common stock were
issued and outstanding. Each share of our common stock outstanding on December
27, 2000 will receive one right. As long as the rights are attached to our
common stock, we will issue one right for each share of our common stock issued
between December 27, 2000 and the distribution date. A total of 50,000 shares of
Series A Preferred Stock have been reserved for issuance upon exercise of the
rights, subject to adjustment.
The units of Series A Preferred Stock that may be acquired upon exercise
of the rights will be nonredeemable and subordinate to any other shares of
preferred stock that may be issued by the Company.
Each unit of Series A Preferred Stock will be entitled to receive, when,
as and if declared, dividends at the same rate as dividends are paid with
respect to the common stock.
In the event of liquidation, the holder of a unit of Series A Preferred
Stock will be entitled to share in any assets remaining ratably with the holders
of the common stock.
Each unit of Series A Preferred Stock issued to a holder of our common
stock will have one vote, voting together with our common stock.
In the event of any merger, share exchange or other transaction in which
shares of our common stock are exchanged, each unit of Series A Preferred Stock
will be entitled to receive the per share amount paid in respect of each share
of common stock.
The rights of holders of the Series A Preferred Stock to dividends,
liquidation and voting, and in the event of mergers and share exchanges, are
protected by customary anti-dilution provisions.
Because of the nature of the Series A Preferred Stock's dividend,
liquidation and voting rights, the economic value of one unit of Series A
Preferred Stock that may be acquired upon the exercise of each right should
approximate the economic value of one share of common stock.
The rights may have certain anti-takeover effects. The rights will cause
substantial dilution to a person or group that attempts to acquire us on terms
not approved by a majority of our board of directors unless the offer is
conditioned on a substantial number of rights being acquired. However, the
rights should not interfere with any merger or other business combination
approved by our board
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of directors since the rights may be redeemed by us at $0.001 per right at any
time on or prior to the tenth day following the announcement that someone has
become an Acquiring Person. Thus, the rights are intended to encourage persons
who may seek to acquire control of us to initiate such an acquisition through
negotiations with our board of directors. However, the effect of the rights may
be to discourage a third party from making a partial tender offer or otherwise
attempting to obtain a substantial equity position in our equity securities or
seeking to obtain control of us. To the extent any potential acquirers are
deterred by the rights, the rights may have the effect of preserving incumbent
management in office.
The rights agreement between the Company and the rights agent specifying
the terms of the rights, which includes as Exhibit A the form of rights
certificate and as Exhibit B the form of summary of rights, is filed as Exhibit
4 to our Current Report on Form 8-K filed with the SEC on December 27, 2000, and
is incorporated herein by reference. The foregoing description of the rights
does not purport to be complete and is qualified in its entirety by reference to
such Exhibit.
Item 2. Exhibits
1. Rights Agreement, dated December 8, 2000, between O'Charley's
Inc. and First Union National Bank, including the Form of
Rights Certificate (Exhibit A) and the Form of Summary of
Rights (Exhibit B) is incorporated herein by reference to
Exhibit 4 to the Company's Current Report on Form 8-K filed
with the Securities and Exchange Commission on December 27,
2000.
2. Restated Charter of O'Charley's Inc. (restated electronically
for SEC filing purposes only) is incorporated herein by
reference to Exhibit 3 to the Company's Current Report on Form
8-K filed with the Securities and Exchange Commission on
December 27, 2000.
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SIGNATURE
Pursuant to the requirements of Section 12 of the Securities Exchange
Act of 1934, the Registrant has duly caused this registration statement to be
signed on its behalf by the undersigned, thereto duly authorized.
O'CHARLEY'S INC.
By: /s/ A. Chad Fitzhugh
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Name: A. Chad Fitzhugh
Title: Chief Financial Officer,
Secretary and Treasurer
Dated: December 27, 2000
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EXHIBIT INDEX
1. Rights Agreement, dated December 8, 2000, between O'Charley's
Inc. and First Union National Bank, including the Form of
Rights Certificate (Exhibit A) and the Form of Summary of
Rights (Exhibit B) is incorporated herein by reference to
Exhibit 4 to the Company's Current Report on Form 8-K filed
with the Securities and Exchange Commission on December 27,
2000.
2. Restated Charter of O'Charley's Inc. (restated electronically
for SEC filing purposes only) is incorporated herein by
reference to Exhibit 3 to the Company's Current Report on Form
8-K filed with the Securities and Exchange Commission on
December 27, 2000.
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