8-KThe WireRoutine
Company Update
Filed May 22, 2018 · 8y ago · Accession 0001193125-18-170924
Plain English
Material event — a significant development the company must disclose promptly.
Read the source below for the full document.
Filing text
View original ↗UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 22, 2018
(Exact name of registrant as specified in its charter)
Delaware
(State or other
jurisdiction
of incorporation)
1-4018
53-0257888
(Commission
File Number)
(IRS Employer
Identification No.)
3005 Highland Parkway
Downers Grove, Illinois
60515
(Address of principal executive offices)
(Zip Code)
Registrants telephone number, including area code: 630-541-1540
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events
On May 22, 2018, Dover Corporation (Dover) entered into a Master Confirmation and Supplemental Confirmation (the ASR Agreement)
with Goldman Sachs & Co. LLC (Goldman) pursuant to which it will repurchase $700 million of its common stock, par value $1.00 per share (the ASR Program). Dover is conducting the accelerated share repurchase
under a repurchase authorization for an aggregate of 20,000,000 shares approved by its board of directors in February 2018. Dover will fund the accelerated share repurchase with funds received from Apergy Corporation (Apergy) in
connection with the consummation of the Apergy spin-off transaction.
Under the terms of the ASR Agreement, Dover
will pay Goldman $700 million on May 24, 2018 and on that date will receive initial deliveries of approximately 7,078,751 million shares, representing a substantial majority of the shares expected to be retired over the course of the
ASR Agreement. The total number of shares ultimately repurchased under the ASR Agreement will be based on the volume-weighted average share price of Dovers common stock during the calculation period of
the ASR Program, less a discount. The accelerated share repurchase is scheduled to be completed in 2018, subject to postponement or acceleration under the terms of the ASR Agreement. The actual number of shares repurchased will be determined at the
completion of the ASR Program. The ASR Agreement contains the principal terms and provisions governing the ASR Program customary for agreements of this type, including, but not limited to, the mechanism used to determine the number of shares that
will be delivered, the required timing of delivery of the shares, the specific circumstances under which Goldman is permitted to make adjustments to valuation periods and other economic terms, the specific circumstances under which the ASR Program
may be terminated early, and various acknowledgments, representations and warranties made by Dover and Goldman to one another.
Item 9.01
Financial Statements and Exhibits
(d) Exhibits
Exhibit No.
Description
10.1
Master Confirmation Accelerated Stock Buyback, dated as of May 22, 2018, between Dover Corporation and Goldman Sachs & Co. LLC
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DOVER CORPORATION
Date: May 22, 2018
By:
/s/ Ivonne M. Cabrera
Ivonne M. Cabrera
Senior Vice President, General Counsel & Secretary
Filing details
- Company
- DOVER Corp
- Ticker
- DOV
- CIK
- 29905
- Form type
- 8-K
- Filing date
- May 22, 2018
- Report date
- May 22, 2018
- Document
- d586710d8k.htm
- Size
- 196 KB