SafeNet Buyout

SafeNet Inc. (SFNT)
$634mm Two-Step Merger

Summary

Buyout of information security company
by Vector Capital

Deal uses two-step merger structure
Company is subject of option backdating probe

$28.75 per SFNT share; $634mm total

SFNTnews - stock chart

Announced 3.05.07

Developments

Closed 4.12.07

Advisors

Financial

SFNT: Merrill Lynch / Credit Suisse
Vector Capital: Deutsche Bank / Citigroup

Legal

SFNT: Wachtell
Vector Capital: O'Melveny

Merger Agreement

General

EDGAR filing
Hyperlinked version
Detailed hyperlinked index follows

Article I The Tender Offer

1.1 The Offer
1.2 Company Action
1.3 Directors
1.4 Top-up Option

Article II The Merger

2.1 The Merger
2.2 Closing
2.3 Effective Time
2.4 Effects of the Merger
2.5 Certificate of Incorporation and By-laws of the
Surviving Corporation
2.6 Directors
2.7 Officers
2.8 Merger without Meeting of Stockholders

Article III Conversion of Shares; Exchange of Certificates

3.1 Effect on Capital Stock
3.2 Exchange of Certificates
3.3 Treatment of Stock Options and Other Stock-based
Awards

Article IV Company Reps

4.1 Qualification, Organization, Subsidiaries, Etc
4.2 Capital Stock
4.3 Corporate Authority Relative to this Agreement; No
Violation
4.4 Reports and Financial Statements
4.5 Internal Controls and Procedures
4.6 No Undisclosed Liabilities
4.7 Compliance With Law; Permits; No Default
4.8 Employee Matters
4.9 Absence of Certain Changes or Events
4.10 Investigations; Litigation
4.11 Schedule 14d-9, Offer Documents
4.12 Tax Matters
4.13 Intellectual Property
4.14 Property
4.15 Insurance
4.16 Takeover Laws; Charter Provisions
4.17 Opinions of Financial Advisors
4.18 Required Vote of the Company Stockholders
4.19 Material Contracts
4.20 Finders or Brokers
4.21 Environmental Matters
4.22 Government Contracts
4.23 Affiliate Transactions
4.24 Waiver or Termination of Rights

Article V Parent and Merger Sub Reps

5.1 Qualification, Organization, Subsidiaries, Etc
5.2 Corporate Authority Relative to this Agreement; No
Violation
5.3 Investigations; Litigation
5.4 Company Disclosure Documents; Other Information
5.5 Financing
5.6 Guarantees
5.7 Capitalization of Merger Sub
5.8 No Vote of Parent Stockholders

Article VI Covenants and Agreements

6.1 Conduct of Business by the Company and Parent
6.2 Access
6.3 No Solicitation
6.4 Filings; Other Actions
6.5 Employee Matters
6.6 Efforts
6.7 Takeover Statute
6.8 Public Announcements
6.9 Indemnification and Insurance
6.10 Control of Operations
6.11 Financing
6.12 Reports

Article VII Conditions to the Merger

7.1 Each Party

Article VIII Termination

8.1 Termination or Abandonment
8.2 Effect of Termination
8.3 Fees and Expenses

Article IX Miscellaneous

9.1 Survival
9.2 Expenses
9.3 Counterparts; Effectiveness
9.4 Governing Law
9.5 Jurisdiction; Enforcement; Remedies
9.6 Waiver of Jury Trial
9.7 Notices
9.8 Assignment; Binding Effect
9.9 Severability
9.10 Entire Agreement; No Third-party Beneficiaries
9.11 Amendments; Waivers
9.12 Headings
9.13 Interpretation
9.14 Definitions

Schedule TO filings

Schedule TO 3.05.07

Schedule TO 3.12.07

Offer to purchase
Letter of transmittal
Notice of guaranteed delivery
Letter to brokers - dealers
Letter to clients
Tax guidelines
Summary advertisement
Senior secured financing commitment letter
Deutsche Bank - Citigroup
Limited guarantee - Sponsor
Limited guarantee - Other investors
Mutual non-disclosure agreement
Complaint (Del Chancery) - Globis Capital Partners
Complaint (Del Chancery) - Plymouth County Retirement
Complaint (Maryland) Joseph Caterello v. Straub

Amendments

Amendment #1 4.03.07

HSR Act clearance

Amendment #2 4.09.07

Extends offer to 4.11.07

Schedule 14D-9 filings

Schedule 14D-9 3.05.07

Schedule 14D-9 3.12.07

Letter to shareholders

Amendments

Amendment #2 3.23.07

Investor presentation

Amendment #3 3.27.07

HSR Act clearance

Amendment #4 4.03.07

HSR Act clearance

Schedule 14f-1 3.27.07

Fairness Opinion

Board presentations

Merrill Lynch 3.04.07
Credit Suisse 3.04.07

Covering Form 8-K

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