Summary
Equinix, Inc. (EQIX) filed an 8-K on March 22, 2010, primarily to announce a material amendment to its previously disclosed Agreement and Plan of Merger with Switch & Data Facilities Company, Inc. The key update is the extension of the merger termination date ('End Date') from March 21, 2010, to April 21, 2010. This extension allows additional time for the parties to secure necessary antitrust and competition law approvals, specifically related to the Hart-Scott-Rodino Act. The amendment also introduces a provision for a further automatic extension of the End Date to June 21, 2010, if antitrust approvals remain pending but all other closing conditions have been met. This filing indicates that the integration process for the Switch & Data acquisition is progressing, albeit with delays in obtaining regulatory clearances. Investors should monitor the progress of these antitrust approvals as they are critical to the completion of the merger.
Key Highlights
- 1Equinix and Switch & Data entered into a First Amendment to their Agreement and Plan of Merger on March 20, 2010.
- 2The termination date ('End Date') for the merger agreement has been extended from March 21, 2010, to April 21, 2010.
- 3The amendment allows for an automatic extension of the End Date to June 21, 2010, if antitrust approvals are pending but other conditions are met.
- 4Completion of the merger remains contingent upon the expiration or termination of the Hart-Scott-Rodino Act waiting period and other closing conditions.
- 5The filing includes the First Amendment to the Agreement and Plan of Merger as an exhibit.
- 6Investors are urged to read the proxy statement/prospectus filed with the SEC for more details on the transaction.