Integer Holders to Vote on $127 KKR Buyout
KKR-affiliated entities plan to acquire Integer Holdings for $127 per share in cash, a 51.8% premium, subject to stockholder approval and regulatory clearances.
Integer Holdings Corporation (ITGR) is asking stockholders to approve a cash merger in which affiliates of investment funds managed by subsidiaries of KKR & Co. Inc., through Armstrong Parent, Inc. and Armstrong Bidco, Inc., will acquire ITGR. Each share of ITGR common stock (other than excluded and dissenting shares) will be converted at closing into the right to receive $127.00 in cash without interest, a premium of about 51.8% over the unaffected closing price of $83.67 on April 29, 2026, the last trading day before ITGR’s strategic review announcement.
The ITGR board unanimously determined the merger agreement is in the best interests of stockholders, approved the transaction, and recommends voting “FOR” the merger agreement, the advisory vote on merger-related executive compensation, and the adjournment proposal. Completion requires approval by holders of at least a majority of outstanding ITGR shares, expiration or termination of antitrust waiting periods under the HSR Act and certain other clearances, absence of legal prohibitions, and satisfaction of customary conditions including no ITGR material adverse effect. Parent intends to fund the cash consideration with new debt and equity financing plus cash on hand, backed by commitments for a $2.1 billion term loan, a $350 million revolver and a $3.825 billion equity contribution.
If the merger is completed, ITGR will become a wholly owned subsidiary of Parent and its stock will cease to trade on the NYSE; if not, ITGR will remain an independent public company and, in some failure scenarios, ITGR or Parent may owe termination fees. Stockholders who do not vote in favor and strictly follow Delaware procedures may seek a judicial appraisal of the fair value of their shares instead of receiving the merger cash consideration.
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Filing Explained
The initial antitrust waiting period is scheduled to end September 30, 2026, but the cash-out merger remains subject to closing conditions.
The preliminary proxy keeps the proposed cash merger in the pre-closing stage: HSR filings were submitted on
If closing occurs, vested RSUs and 50% of unvested RSUs will be canceled for cash paid as soon as practicable, while the remaining 50% becomes deferred cash tied to the original vesting conditions.
Open-performance PSUs will be converted to cash using the greater of target and actual performance, with 50% paid after closing and 50% subject to service vesting; stock options pay only any excess of
The agreement also sets a contingent
Key Figures
Key Terms
merger consideration financial
Appraisal Rights of ITGR Stockholders regulatory
Hart-Scott-Rodino Antitrust Improvements Act of 1976 regulatory
Material Adverse Effect financial
superior proposal financial
intervening event financial
FAQ
What are ITGR stockholders being offered in the proposed KKR buyout of Integer Holdings (ITGR)?
How much premium does the $127.00 per share merger price represent for ITGR stockholders?
What stockholder vote is required to approve the Integer Holdings (ITGR) merger agreement?
How will the KKR-backed buyer finance the acquisition of Integer Holdings (ITGR)?
Do Integer Holdings (ITGR) stockholders have appraisal rights in this merger?
What termination fees apply if the Integer Holdings (ITGR) merger is not completed?
What happens to ITGR equity awards if the merger closes?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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☒ | Preliminary Proxy Statement |
☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a 6(e)(2)) |
☐ | Definitive Proxy Statement |
☐ | Definitive Additional Materials |
☐ | Soliciting Material under § 240.14a 12 |
INTEGER HOLDINGS CORPORATION |
(Name of Registrant as Specified In Its Charter) |
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
☐ | No fee required. |
☒ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
☐ | Fee paid previously with preliminary materials. |
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1. | to adopt the Agreement and Plan of Merger, dated as of August 2, 2026 (such agreement, as it may be amended from time to time, is referred to as the “merger agreement” and the transactions contemplated thereby, including the merger, the “transactions”), by and among ITGR, Armstrong Parent, Inc. (referred to as “Parent”), and Armstrong Bidco, Inc., a wholly owned subsidiary of Parent (referred to as “Merger Sub”), pursuant to which, upon the terms and subject to the conditions of the merger agreement, Merger Sub will merge with and into ITGR (referred to as the “merger”), with ITGR surviving the merger and becoming a wholly owned subsidiary of Parent (referred to as the “merger agreement proposal”); |
2. | to approve, on an advisory (non-binding) basis, the compensation that will or may be paid or become payable to ITGR’s named executive officers that is based on or otherwise relates to the transactions (referred to as the “merger-related compensation proposal”); and |
3. | to approve the adjournment of the special meeting to a later date, if necessary or appropriate, to solicit additional proxies if there are not sufficient votes to approve the merger agreement proposal at the time of the special meeting (referred to as the “adjournment proposal”). |
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Page | |||
SUMMARY | 1 | ||
THE COMPANIES | 2 | ||
Integer Holdings Corporation | 2 | ||
Armstrong Parent, Inc. | 2 | ||
Armstrong Bidco, Inc. | 2 | ||
THE MERGER AND MERGER AGREEMENT | 3 | ||
Effects of the Merger | 3 | ||
Merger Consideration | 3 | ||
Treatment of ITGR Equity Awards | 3 | ||
ITGR’s Reasons for the Merger; Recommendation of the ITGR Board of Directors | 3 | ||
Opinion of ITGR’s Financial Advisor | 4 | ||
Financing of the Merger | 4 | ||
Material U.S. Federal Income Tax Consequences of the Merger | 4 | ||
Regulatory Clearances and Approvals Required for the Merger | 5 | ||
Expected Timing of the Merger | 5 | ||
Conditions to the Merger | 5 | ||
No Solicitation of Other Offers by ITGR | 6 | ||
Change of Recommendation; Match Rights | 6 | ||
Termination of the Merger Agreement | 7 | ||
Termination Fees and Expenses | 7 | ||
Remedies; Maximum Liability | 8 | ||
Specific Performance | 8 | ||
No Recourse | 9 | ||
Appraisal Rights of ITGR Stockholders | 9 | ||
ITGR Special Meeting | 9 | ||
Interests of ITGR’s Directors and Executive Officers in the Merger | 10 | ||
Directors’ and Officers’ Indemnification and Insurance | 10 | ||
Market Prices of ITGR Common Stock | 10 | ||
QUESTIONS AND ANSWERS | 11 | ||
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS | 19 | ||
THE COMPANIES | 21 | ||
Integer Holdings Corporation | 21 | ||
Armstrong Parent, Inc. | 21 | ||
Armstrong Bidco, Inc. | 21 | ||
THE SPECIAL MEETING | 22 | ||
General | 22 | ||
Date, Time and Place of the Special Meeting | 22 | ||
Purposes of the Special Meeting | 22 | ||
Recommendation of the ITGR Board of Directors | 22 | ||
Virtual Participation at Special Meeting | 23 | ||
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Page | |||
Outstanding Shares as of the Record Date | 23 | ||
Record Date; Stockholders Entitled to Vote | 23 | ||
Quorum and Broker Non-Votes | 23 | ||
Required Vote; Treatment of Abstentions and Failure to Vote | 23 | ||
Shares and Voting of ITGR’s Directors and Executive Officers | 24 | ||
How to Vote or Have Your Shares Voted | 24 | ||
Revocation of Proxies | 25 | ||
Delivery of Proxy Materials | 25 | ||
Shares Held in Name of Broker | 26 | ||
Tabulation of Votes | 26 | ||
Solicitation of Proxies | 26 | ||
Adjournments | 26 | ||
Questions and Additional Information | 26 | ||
THE MERGER (PROPOSAL 1) | 27 | ||
Effects of the Merger | 27 | ||
Effect on ITGR if the Merger is Not Completed | 27 | ||
Merger Consideration | 27 | ||
Background of the Merger | 27 | ||
ITGR’s Reasons for the Merger; Recommendation of the ITGR Board of Directors | 33 | ||
Certain Financial Projections Utilized by the ITGR Board of Directors and ITGR’s Financial Advisor | 37 | ||
Opinion of ITGR’s Financial Advisor | 39 | ||
Interests of ITGR’s Directors and Executive Officers in the Merger | 46 | ||
Financing of the Merger | 51 | ||
Regulatory Clearances and Approvals Required for the Merger | 52 | ||
Appraisal Rights of ITGR Stockholders | 52 | ||
THE MERGER AGREEMENT | 54 | ||
Explanatory Note Regarding the Merger Agreement | 54 | ||
Structure of the Merger | 54 | ||
Timing of Closing | 54 | ||
Effect of the Merger on ITGR Common Stock | 54 | ||
Exchange and Payment Procedures | 57 | ||
Representations and Warranties | 57 | ||
Material Adverse Effect | 59 | ||
Conduct of Businesses of ITGR Prior to Completion of the Merger | 60 | ||
Stockholder Meeting and Board Recommendation | 62 | ||
No Solicitation of Other Offers by ITGR | 63 | ||
Change of Recommendation; Match Rights | 64 | ||
Efforts to Obtain Regulatory Clearances | 66 | ||
Employee Matters | 68 | ||
Directors’ and Officers’ Indemnification and Insurance | 68 | ||
Financing of the Merger | 69 | ||
Financing Cooperation; Actions with Respect to ITGR Debt | 69 | ||
Other Covenants | 70 | ||
Conditions to the Merger | 70 | ||
Termination of the Merger Agreement | 71 | ||
Termination Fees and Expenses | 73 | ||
Effect of Termination | 74 | ||
Remedies; Maximum Liability | 74 | ||
Specific Performance | 74 | ||
No Recourse | 75 | ||
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Page | |||
Fees and Expenses | 75 | ||
Amendments and Waivers | 75 | ||
Governing Law and Venue; Waiver of Jury Trial | 75 | ||
MARKET PRICES OF ITGR COMMON STOCK | 77 | ||
Dividend Policy | 77 | ||
APPRAISAL RIGHTS OF ITGR STOCKHOLDERS | 78 | ||
General | 78 | ||
How to Exercise and Perfect Your Appraisal Rights | 78 | ||
Who May Exercise Appraisal Rights | 79 | ||
Written Demand and Notice | 79 | ||
Judicial Appraisal | 79 | ||
Withdrawal | 81 | ||
ADVISORY VOTE ON NAMED EXECUTIVE OFFICER MERGER-RELATED COMPENSATION ARRANGEMENTS (PROPOSAL 2) | 82 | ||
Overview | 82 | ||
Vote Required for Approval | 82 | ||
Recommendation of the ITGR Board of Directors | 82 | ||
VOTE ON ADJOURNMENT (PROPOSAL 3) | 83 | ||
Overview | 83 | ||
Vote Required for Approval | 83 | ||
Recommendation of the ITGR Board of Directors | 83 | ||
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 84 | ||
MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE MERGER | 86 | ||
U.S. Holders | 87 | ||
Non-U.S. Holders | 87 | ||
Information Reporting and Backup Withholding | 88 | ||
FUTURE ITGR STOCKHOLDER PROPOSALS | 89 | ||
MULTIPLE STOCKHOLDERS SHARING ONE ADDRESS | 90 | ||
WHERE YOU CAN FIND MORE INFORMATION | 91 | ||
MISCELLANEOUS | 92 | ||
Annex A—Merger Agreement | A-1 | ||
Annex B—Opinion of Goldman Sachs & Co. LLC | B-1 | ||
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• | ITGR notifies Parent in writing at least five business days before taking such action that ITGR intends to take such action, which notice specifies the reasons for the adverse recommendation change (a) in the case of a superior proposal, including the identity of the person making such acquisition proposal and the material terms and conditions thereof or (b) in the case of an intervening event, a reasonably detailed description of the facts and circumstances relating to such intervening event. With respect to any change of recommendation in response to a superior proposal, if there is any material amendment, revision or change to the terms of the then-existing superior proposal (including any revision to the form, amount or timing of payment of consideration proposed to be received by ITGR stockholders as a result of such superior proposal), ITGR must again comply with the obligations described in this bullet, except the applicable five business day period will be replaced with three business days; and |
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• | ITGR has negotiated in good faith (to the extent Parent wishes to negotiate) to make such adjustments to the terms and conditions of the merger agreement as Parent may propose, and after such notice period, the ITGR board of directors will have considered in good faith any revisions to the terms of the merger agreement proposed in writing by Parent that, if accepted by ITGR, would be binding upon Parent, and shall have determined in good faith, after consultation with its outside legal counsel, that the failure of the ITGR board of directors to make such adverse recommendation change would be (in the case of a superior proposal) or would be reasonably likely to be (in the case of an intervening event) inconsistent with its fiduciary duties under applicable law or, in the case of a superior proposal, after consultation with outside legal counsel and a financial advisor, that such acquisition proposal continues to constitute a superior proposal. |
• | the merger has not been consummated on or before 5:00 p.m. Eastern time on May 2, 2027 (referred to as the “outside date”); however, the right to terminate the merger agreement described herein will not be available to any party who is in breach of, or has breached, its obligations under the merger agreement, where such breach has primarily caused or resulted in the failure of the closing of the merger to occur on or before the outside date; |
• | any applicable order, writ, injunction, judgment or decree of any governmental authority (referred to as an “order”) issued by any governmental authority of competent jurisdiction rendering illegal, or restraining, enjoining or otherwise prohibiting the consummation of the merger and such order has become final and nonappealable; provided that, at the time at which such person would otherwise exercise such termination right, the material breach by such person (and, in the case of Parent, Merger Sub’s) of its (or their) obligations under the merger agreement has not been the primary cause of, or resulted in, the events specified in this bullet; or |
• | the special meeting (including any adjournments or postponements thereof) has concluded and the ITGR stockholders have not adopted the merger agreement. |
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• | the merger agreement proposal; |
• | the merger-related compensation proposal; and |
• | the adjournment proposal. |
• | Proposal 1—The Merger Agreement Proposal. The affirmative vote of holders of at least a majority of the outstanding shares of ITGR common stock entitled to vote thereon is required to approve the merger agreement proposal. |
• | Proposal 2—The Merger-Related Compensation Proposal. The affirmative vote of a majority of the votes cast by holders of shares of ITGR common stock present virtually or represented by proxy at the special meeting at which a quorum is present and entitled to vote thereon is required to approve, on an advisory (non-binding) basis, the merger-related compensation proposal. |
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• | Proposal 3—The Adjournment Proposal. The affirmative vote of a majority of the votes cast by holders of shares of ITGR common stock present virtually or represented by proxy at the special meeting and entitled to vote on the adjournment proposal is required to approve the adjournment proposal. |
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Q: | What is the purpose of the special meeting? |
A: | At the special meeting, stockholders will consider and act upon the matters outlined in the notice of meeting on the cover page of this proxy statement, namely: |
1. | A proposal to adopt the merger agreement, which is further described in the sections titled “The Merger (Proposal 1)” and “The Merger Agreement”; |
2. | A proposal to approve, on an advisory (non-binding) basis, the compensation that will or may be paid or become payable by ITGR to its named executive officers that is based on or otherwise relates to the transactions, discussed under the sections titled “The Merger (Proposal 1)—Interests of ITGR’s Directors and Executive Officers in the Merger” and “Advisory Vote on Named Executive Officer Merger-Related Compensation Arrangements (Proposal 2)”; and |
3. | A proposal to approve the adjournment of the special meeting to a later date, including if necessary or appropriate to solicit additional proxies in favor of the proposal to adopt the merger agreement if there are not sufficient votes at the time of such adjournment to adopt the merger agreement at the time of the special meeting which is further described in the section titled “Vote on Adjournment (Proposal 3)”. |
Q: | Where and when is the special meeting? |
A: | The special meeting will be held on [ ], 2026, beginning at [ ] p.m., Eastern Time (with log-in beginning at [ ] p.m., Eastern Time), unless postponed to a later date. The special meeting will be a virtual only meeting conducted via live audio webcast at www.virtualshareholdermeeting.com/ITGR2026SM. You will need the 16-digit control number provided on your proxy card or voting instruction card in order to participate in the special meeting. Because the special meeting is completed virtually and being conducted via live webcast, stockholders will not be able to attend the meeting in person. You can view the special meeting materials via the internet at www.proxyvote.com. |
Q: | How does the ITGR board of directors recommend that I vote on the proposals? |
A: | The ITGR board of directors unanimously recommends that ITGR stockholders vote “FOR” the merger agreement proposal, “FOR” the merger-related compensation proposal and “FOR” the adjournment proposal. |
Q: | How does the per share merger consideration compare to the market price of ITGR common stock prior to announcement of the strategic review? |
A: | The merger consideration of $127.00 per share represents a premium of approximately 51.8% over ITGR’s unaffected share price, which was the closing price on April 29, 2026, the last trading day prior to ITGR’s public announcement of a strategic review. The closing price of ITGR common stock on the NYSE on [ ], 2026, the most recent practicable date prior to the date of this proxy statement, was $[ ] per share. You are encouraged to obtain the current market price of ITGR common stock in connection with voting your shares of ITGR common stock. |
Q: | What will happen in the merger? |
A: | Pursuant to the merger agreement, Merger Sub will merge with and into ITGR, with ITGR surviving the merger as a wholly owned subsidiary of Parent. After the merger, ITGR common stock will be delisted from the NYSE and deregistered under the Securities Exchange Act of 1934, as amended (referred to as the “Exchange Act”), and, as a result, ITGR will no longer be a publicly held company. |
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Q: | Who will own ITGR after the merger? |
A: | Immediately following the merger, ITGR will be a wholly owned subsidiary of Parent. |
Q: | What will I receive in the merger? |
A: | Upon the terms and subject to the conditions of the merger agreement, at the effective time, you will be entitled to receive, for each share of ITGR common stock (other than excluded shares and dissenting shares) that you hold, $127.00 in cash, without interest. Certain shares of ITGR common stock subject to stock-based awards will be treated in the manner described under the heading “The Merger (Proposal 1)—Interests of ITGR’s Directors and Executive Officers in the Merger.” |
Q: | What will happen in the merger to ITGR equity awards? |
A: | Outstanding ITGR equity awards will generally be treated as follows: (i) vested RSU awards and 50% (assessed on a tranche-by-tranche basis) of unvested RSU awards will be canceled in exchange for a cash amount based on the merger consideration and paid as soon as practicable following the closing of the merger, and 50% of unvested RSUs will be converted into a deferred cash award based on the merger consideration that vests and is paid based on the original RSU award’s vesting conditions (with certain termination protections); (ii) PSU awards for which the performance period is completed but that have not yet been settled will be canceled in exchange for a cash amount equal to the merger consideration based on actual performance, and PSU awards with open performance periods will be converted into a cash amount based on the merger consideration assuming the greater of target and actual performance, with 50% (assessed on a tranche-by-tranche basis) of such amount being paid as soon as practicable following the closing of the merger and the remaining 50% of such amount vesting and being paid based on the original PSU award’s service vesting conditions (with certain termination protections and without regard to any performance conditions); and (iii) each stock option will be vested and canceled in exchange for a cash amount equal to the excess (if any) of the merger consideration over the applicable exercise price of such stock option and paid as soon as practicable following the closing of the merger. |
Q: | Am I entitled to exercise appraisal rights instead of receiving the merger consideration for my shares of ITGR common stock? |
A: | Yes. ITGR stockholders are entitled to appraisal rights under Section 262 of the DGCL in connection with the merger, provided they follow the procedures and satisfy the conditions set forth in Section 262 of the DGCL. For more information regarding appraisal rights, see the sections titled “The Merger (Proposal 1)—Appraisal Rights of ITGR Stockholders” and “Appraisal Rights of ITGR Stockholders.” In addition, the text of Section 262 of the DGCL is accessible at the following publicly available website: https://delcode.delaware.gov/title8/c001/sc09/index.html#262 and incorporated by reference herein. Failure to strictly comply with Section 262 of the DGCL may result in your waiver of, or inability to, exercise appraisal rights. |
Q: | What vote is required to adopt the merger agreement? |
A: | The votes required for each proposal are as follows: |
1. | Proposal 1—The Merger Agreement Proposal: The affirmative vote of holders of at least a majority of the outstanding shares of ITGR common stock entitled to vote thereon is required to approve the merger agreement proposal. |
2. | Proposal 2—The Merger-Related Compensation Proposal: The affirmative vote of a majority of the votes cast by holders of shares of ITGR common stock present virtually or represented by proxy at the special meeting and entitled to vote thereon is required to approve, on an advisory (non-binding) basis, the merger-related compensation proposal. |
3. | Proposal 3—The Adjournment Proposal: The affirmative vote of a majority of the votes cast by holders of shares of ITGR common stock present virtually or represented by proxy at the special meeting and entitled to vote thereon is required to approve the adjournment proposal. |
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Q: | Do any of ITGR’s directors or officers have interests in the merger that may differ from or be in addition to my interests as a stockholder? |
A: | In considering the recommendation of the ITGR board of directors with respect to the merger agreement proposal, you should be aware that ITGR’s directors and executive officers have certain interests in the merger that may be different from, or in addition to, the interests of ITGR stockholders generally. The ITGR board of directors was aware of and considered these interests, among other matters, in evaluating and negotiating the merger agreement and the merger, and in recommending that the merger agreement be approved by the ITGR stockholders. See “The Merger (Proposal 1)—Interests of ITGR’s Directors and Executive Officers in the Merger” and “Advisory Vote on Named Executive Officer Merger-Related Compensation Arrangements (Proposal 2).” |
Q: | When do you expect the merger to be completed? |
A: | In order to complete the merger, ITGR must obtain stockholder approval of the merger agreement proposal described in this proxy statement and the other closing conditions under the merger agreement must be satisfied or waived. The parties to the merger agreement currently expect to complete the merger by the end of 2026, although neither party can assure completion by any particular date, if at all. Because the merger is subject to a number of conditions, the exact timing of the merger cannot be determined at this time. |
Q: | What conditions must be satisfied to complete the merger? |
A: | In addition to the stockholder approval described above, the expiration or termination of the waiting period applicable to the consummation of the merger under the HSR Act and approval of the merger under certain other applicable antitrust and foreign direct investment laws, each party’s obligation to complete the merger is also subject to the satisfaction or waiver (to the extent permitted by the merger agreement or applicable law) of certain other customary conditions, including the following: (i) the absence of any order issued by any governmental authority (whether temporary, preliminary or permanent) of competent jurisdiction, or applicable law prohibiting, rendering illegal or enjoining the consummation of the merger; (ii) each party’s performance of and compliance with its covenants, obligations and agreements contained in the merger agreement in all material respects; (iii) no ITGR material adverse effect (as defined below) having occurred since the date of the merger agreement; and (iv) the accuracy of the representations and warranties of the parties in the merger agreement (subject to customary materiality qualifiers). The merger is not subject to any financing conditions. |
Q: | Why am I being asked to consider and act upon a proposal to approve, on an advisory (non-binding) basis, the compensation that will or may be paid or become payable by ITGR to its named executive officers that is based on or otherwise relates to the transactions? |
A: | Section 14A of the Exchange Act requires ITGR to seek an advisory (non-binding) vote to approve any agreements or understandings and compensation that will or may be paid or become payable by ITGR to its named executive officers that is based on or otherwise relates to the transactions. Approval of this proposal by ITGR stockholders is not required to complete the merger. |
Q: | Do you expect the merger to be taxable to ITGR stockholders? |
A: | The receipt of cash in exchange for ITGR common stock pursuant to the merger generally will be a taxable transaction for U.S. federal income tax purposes. U.S. Holders generally will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference, if any, between (a) the amount of cash received and (b) the U.S. Holder’s adjusted tax basis in the ITGR common stock surrendered in exchange. |
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Q: | Who is entitled to vote at the special meeting? |
A: | Only ITGR stockholders who held shares of record as of the close of business on [ ], 2026, the record date for the special meeting, are entitled to receive notice of and to vote at the special meeting. ITGR’s official stock ownership records will conclusively determine whether a stockholder is a “holder of record” as of the record date. Participating stockholders who log on to the special meeting using their unique 16-digit control number will also be able to examine the stockholder list during the special meeting by following the instructions provided on the meeting website at www.virtualshareholdermeeting.com/ITGR2026SM. |
Q: | Who may attend the special meeting? |
A: | Only stockholders as of the close of business on [ ], 2026, or their duly appointed proxies, and invited guests of ITGR may attend the meeting. “Street name” holders (those whose shares are held through a bank, brokerage firm or other nominee) who wish to vote at the special meeting must obtain a proxy, executed in their favor, from their bank, brokerage firm or other nominee giving them the right to vote their shares at the special meeting. |
Q: | Who is soliciting my vote? |
A: | The ITGR board of directors is soliciting your proxy, and ITGR will bear the cost of soliciting proxies. Georgeson has been retained to assist with the solicitation of proxies. Georgeson will be paid a solicitation fee of approximately $[ ]. Solicitation initially will be made by mail. Forms of proxies and proxy materials may also be distributed through brokers, custodians, and other like parties to the beneficial owners of shares of ITGR common stock, in which case these parties will be reimbursed for their reasonable out-of-pocket expenses. Proxies may also be solicited in person or by telephone, facsimile, electronic mail or other electronic medium by Georgeson or, without additional compensation, by certain of ITGR’s directors, officers and employees. |
Q: | What do I need to do now? |
A: | After carefully reading and considering the information contained in this proxy statement, please submit your proxy as soon as possible so that your shares of ITGR common stock will be represented and voted at the special meeting. Please follow the instructions set forth on the proxy card or on the voting instruction card provided by the record holder if your shares are held in “street name” by your bank, brokerage firm or other nominee. |
Q: | What is a proxy? |
A: | A proxy is your legal designation of another person to vote your shares of ITGR common stock. The written document describing the matters to be considered and voted on at the special meeting is called a “proxy statement.” The document used to designate a proxy to vote your shares of ITGR common stock is called a “proxy card.” |
Q: | How do I vote if my shares are registered directly in my name? |
A: | If you are a stockholder of record, you may vote virtually at the special meeting or vote by proxy using one of the methods described below. Whether or not you plan to participate in the meeting, you are urged to vote by proxy to ensure your vote is counted. You may still participate in the special meeting and vote virtually even if you have already voted by proxy. |
• | To vote via the internet, submit your proxy by using the internet at www.proxyvote.com. Internet voting is available 24 hours a day and will be accessible until 11:59 p.m., Eastern Time, on [ ], 2026, the day before the special meeting. |
• | To vote by telephone, submit your proxy by using a touch-tone telephone at (800) 690-6903. Telephone voting is available 24 hours a day and will be accessible until 11:59 p.m., Eastern Time, on [ ], 2026, the day before the special meeting. |
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• | To vote using the proxy card, simply complete, sign, date and return the enclosed proxy card in the postage-paid envelope (if mailed in the United States) included with this proxy statement. ITGR stockholders who vote this way should mail the proxy card early enough so that it is received before the date of the special meeting. If you return your signed proxy card to ITGR before the special meeting, ITGR will vote your shares as you direct. |
• | To vote virtually at the special meeting, visit www.virtualshareholdermeeting.com/ITGR2026SM and enter the 16-digit control number included on your proxy card or voting instruction card that accompanied your proxy materials. |
Q: | How do I vote if my shares are held in the name of my broker (street name)? |
A: | If your shares are held in “street name” by your bank, brokerage firm or other nominee, you must direct your bank, brokerage firm or other nominee on how to vote and you will receive instructions from your bank, brokerage firm or other nominee describing how to vote your shares of ITGR common stock. The availability of internet or telephonic voting will depend on the nominee’s voting process. Please check with your bank, brokerage firm or other nominee and follow the voting procedures your bank, brokerage firm or other nominee provides. |
Q: | Can I change my vote after I submit my proxy? |
A: | Yes. You can change or revoke your proxy at any time before the final vote at the special meeting or any adjournment or postponement thereof. If you are the record holder of your shares, you may change or revoke your proxy in any one of three ways: |
• | You may submit another properly completed proxy bearing a later date, whether over the internet, by telephone or by mail; |
• | You may deliver a written notice prior to the special meeting (or any adjournment or postponement thereof) that you are revoking your proxy to Integer Holdings Corporation, Attention: General Counsel and Corporate Secretary, 5830 Granite Parkway, Suite 1150, Plano, Texas 75024; or |
• | You may attend and vote at the virtual special meeting (or any adjournment or postponement thereof). |
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Q: | What happens if I sell my shares of ITGR common stock after the record date but before the special meeting? |
A: | If you transfer your shares after the record date but before the special meeting, you will retain the right to vote such shares at the special meeting, but you will have transferred the right to receive the merger consideration to the person to whom you transfer your shares. In order to receive the merger consideration, you must hold your shares of common stock through completion of the merger. |
Q: | What happens if I sell my shares of ITGR common stock after the special meeting but before the effective time? |
A: | If you transfer your shares after the special meeting but before the effective time, you will have transferred the right to receive the merger consideration to the person to whom you transfer your shares. In order to receive the merger consideration, you must hold your shares of common stock through completion of the merger. |
Q: | Should I send in my stock certificates now? |
A: | No. Please do not send in your ITGR stock certificates with your proxy. After the merger is completed, the paying agent will send you instructions for exchanging ITGR stock certificates for the consideration to be received in the merger. See the section titled “The Merger Agreement—Exchange and Payment Procedures.” |
Q: | How many shares must be present to constitute a quorum for the meeting? |
A: | Holders of a majority of the total number of issued shares of ITGR common stock as of the record date and entitled to vote at the special meeting must be present or represented by proxy at the special meeting to constitute a quorum for the transaction of business at the special meeting. If you fail to submit a proxy or to vote at the special meeting, or fail to instruct your bank, brokerage firm or other nominee how to vote, your shares of ITGR common stock will not be counted towards a quorum. “Broker non-votes” will not be treated as present for purposes of determining whether a quorum is present. Marks to “ABSTAIN” on any proposal are considered present for purposes of establishing a quorum. |
Q: | What if I abstain from or fail to vote or submit a proxy? |
A: | If you attend the special meeting or send in your signed proxy card, but abstain from voting on any proposal, your shares will still be counted for purposes of determining whether a quorum exists. An abstention will have the same effect as a vote “AGAINST” the merger agreement proposal but will have no effect on the merger-related compensation proposal or the adjournment proposal. |
Q: | Will my shares be voted if I do not sign and return my proxy card or vote over the internet, by mail, by telephone or by attendance virtually at the special meeting? |
A: | If you are a registered stockholder and you do not sign and return your proxy card by mail or vote over the internet, by telephone or by attendance virtually at the special meeting, your shares will not be voted at the special meeting and will not be counted for purposes of determining whether a quorum exists. If you are a beneficial owner of shares held in “street name” by your bank, brokerage firm or other nominee, you should have received a voting instruction card with these proxy materials from that organization rather than from ITGR. Follow the instructions from your bank, brokerage firm or other nominee to see which of the above choices are available to you to ensure that your vote is counted. To vote virtually at the special meeting, you must obtain a “legal proxy” from your bank, brokerage firm or other nominee. |
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Q: | What is a broker non-vote? |
A: | A so-called “broker non-vote” results when banks, brokerage firms and other nominees return a valid proxy but do not vote on a particular proposal because they do not have discretionary authority to vote on the matter and have not received specific voting instructions from the beneficial owner of those shares. Broker non-votes count toward a quorum only if at least one proposal is presented with respect to “routine” matters to which the bank, brokerage firm or other nominee has discretionary authority. All proposals described in this proxy statement to be voted on at the special meeting are considered “non-routine” matters, and, therefore, broker non-votes, if any, will not be counted as present and entitled to vote for purposes of determining a quorum at the special meeting. The effect of not instructing your broker how you wish your shares to be voted will be the same as a vote “AGAINST” the merger agreement proposal, but will not have an effect on the adjournment proposal or the merger-related compensation proposal (assuming, in the case of the merger-related compensation proposal, a quorum is present). |
Q: | Will my shares held in “street name” or another form of record ownership be combined for voting purposes with shares I hold of record? |
A: | No. Because any shares you may hold in “street name” will be deemed to be held by a different stockholder than any shares you hold of record, any shares so held will not be combined for voting purposes with shares you hold of record. Similarly, if you own shares in various registered forms, such as jointly with your spouse, as trustee of a trust or as custodian for a minor, you will receive, and will need to sign and return, a separate proxy card for those shares because they are held in a different form of record ownership. Shares held by a corporation or business entity must be voted by an authorized officer of the entity. Shares held in an individual retirement account must be voted under the rules governing the account. |
Q: | What does it mean if I receive more than one set of proxy materials? |
A: | You may receive more than one set of voting materials for the special meeting, including multiple copies of this proxy statement and multiple proxy cards or voting instruction cards. For example, if you hold your ITGR common stock in more than one brokerage account, you will receive a separate voting instruction card for each brokerage account in which you hold shares. If you are a stockholder of record and your shares are registered in more than one name, you will receive more than one proxy card. Please submit each separate proxy card or voting instruction card that you receive by following the instructions set forth in each separate proxy card or voting instruction card. |
Q: | Who will count the votes? |
A: | A representative from Broadridge Financial Solutions, Inc. (“Broadridge”) will serve as the inspector of election. |
Q: | Can I participate if I am unable to attend the special meeting? |
A: | If you are unable to attend the virtual special meeting, you may participate by completing, signing, dating and returning your proxy card or by voting over the internet, by telephone or by mail. |
Q: | Where can I find the voting results of the special meeting? |
A: | ITGR intends to announce preliminary voting results at the special meeting and publish final results in a Current Report on Form 8-K that will be filed with the SEC following the special meeting. All reports that ITGR files with the SEC are publicly available when filed. |
Q: | What happens if the merger is not completed? |
A: | If the merger agreement is not adopted by ITGR stockholders or if the merger is not completed for any other reason, ITGR stockholders will not receive any consideration for their shares of ITGR common stock in connection with the merger. Instead, ITGR will remain an independent public company, ITGR common stock will continue to be listed and traded on the NYSE and registered under the Exchange Act and ITGR will continue to file periodic reports with the SEC. Under certain specific circumstances, ITGR is required to pay Parent the ITGR termination fee, and under certain other specific circumstances, Parent is required to pay ITGR the Parent termination fee, as applicable. See the section titled “The Merger Agreement—Termination Fees and Expenses.” |
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Q: | How can I obtain additional information about ITGR? |
A: | ITGR will provide copies of this proxy statement and its most recent Annual Report on Form 10-K, without charge to any stockholder who makes a written request to the General Counsel and Corporate Secretary at Integer Holdings Corporation, 5830 Granite Parkway, Suite 1150, Plano, Texas 75024. ITGR’s Annual Report on Form 10-K and other SEC filings may also be accessed at www.sec.gov or on the Investor Relations section of ITGR’s website at https://investor.integer.net/overview/default.aspx. ITGR’s website address is provided as an inactive textual reference only. The information provided on or accessible through ITGR’s website is not part of this proxy statement and is not incorporated by reference in this proxy statement by this or any other reference to ITGR’s website provided in this proxy statement. |
Q: | How many copies of this proxy statement and related voting materials should I receive if I share an address with another stockholder? |
A: | The SEC has adopted rules that permit companies and intermediaries, such as brokers, to satisfy the delivery requirements for proxy statements and annual reports with respect to two or more stockholders sharing the same address by delivering a single annual report or proxy statement, as applicable, addressed to those stockholders. This process, which is commonly referred to as “householding,” potentially provides extra convenience for stockholders and cost savings for companies. |
Q: | Whom should I contact if I have any questions? |
A: | If you have any questions about the special meeting, the merger, the proposals or this proxy statement, would like additional copies of this proxy statement, need to obtain proxy cards or other information related to this proxy solicitation or need help submitting a proxy or voting your shares of ITGR common stock, you should contact: |
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• | the expected timing and likelihood of completion of the merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the merger; |
• | the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; |
• | the possibility that ITGR stockholders may not approve the merger; |
• | the outcome of any legal proceedings related to the merger; |
• | the risk that the parties may not be able to satisfy the conditions to the merger in a timely manner or at all; |
• | the risk that any announcements relating to the merger could have adverse effects on the market price of ITGR’s common stock; |
• | the ability to consummate the merger on a timely basis or at all; |
• | the risk of unforeseen or unknown liabilities; |
• | the risk of potential litigation relating to the merger that could be instituted against ITGR or its directors and/or officers; |
• | the risk that the merger and its announcement could have an adverse effect on ITGR’s business relationships and business generally, including the ability of ITGR to maintain relationships with customers, suppliers and other business partners, to retain and hire key personnel, and on its operating results and business generally; |
• | difficulties in retaining and hiring key personnel and employees due to the merger; |
• | the risk of unexpected future capital expenditures; |
• | the risk associated with third-party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the merger which are not waived or otherwise satisfactorily resolved; |
• | risks related to diversion or disruption of management time from ongoing business operations due to the merger; |
• | Parent’s ability to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the merger; |
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• | the impact of public health crises, such as pandemics and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; |
• | cyber-attacks, information security and data privacy; |
• | global political and economic conditions, including tariffs, trade wars, wars, acts of war and armed conflicts, rising interest rates, the impact of inflation and challenges in manufacturing and the global supply chain; and |
• | events and trends on a national, regional and global scale in the medical device manufacturing industry and other target markets and those of a political, economic, business, competitive and regulatory nature. |
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• | Proposal 1—The Merger Agreement Proposal: the proposal to adopt the merger agreement, which is further described in the sections titled “The Merger (Proposal 1)” and “The Merger Agreement” of this proxy statement and a copy of which is attached to this proxy statement as Annex A; |
• | Proposal 2—The Merger-Related Compensation Proposal: the proposal to approve, on an advisory (non-binding) basis, the compensation that will or may be paid or become payable by ITGR to its named executive officers that is based on or otherwise relates to the transactions, which is further described in the sections titled “Advisory Vote on Named Executive Officer Merger-Related Compensation Arrangements (Proposal 2)” and “The Merger (Proposal 1)—Interests of ITGR’s Directors and Executive Officers in the Merger”; |
• | Proposal 3—The Adjournment Proposal: the proposal to approve the adjournment of the special meeting to a later date, if necessary or appropriate, to solicit additional proxies if there are not sufficient votes to approve the merger agreement proposal at the time of the special meeting, which is further described in the section titled “Vote on Adjournment (Proposal 3).” |
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• | Internet: ITGR stockholders may submit their proxy by using the internet at www.proxyvote.com. Internet voting is available 24 hours a day and will be accessible until 11:59 p.m., Eastern Time, on [ ], 2026, the day before the special meeting. |
• | Telephone: ITGR stockholders may submit their proxy by using a touch-tone telephone at (800) 690-6903. Telephone voting is available 24 hours a day and will be accessible until 11:59 p.m., Eastern Time, on [ ], 2026, the day before the special meeting. |
• | Mail: ITGR stockholders may submit their proxy by properly completing, signing, dating and mailing their proxy card in the postage-paid envelope (if mailed in the United States) included with this proxy statement. ITGR stockholders who vote this way should mail the proxy card early enough so that it is received before the date of the special meeting. |
• | To Vote Virtually at the Special Meeting: To vote virtually at the special meeting, visit www.virtualshareholdermeeting.com/ITGR2026SM and enter the 16-digit control number included on your proxy card or voting instruction card that accompanied your proxy materials. |
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• | signing and delivering a new proxy relating to the same shares and bearing a later date than the original proxy; |
• | delivering a signed, written notice of revocation that is received prior to the polls closing at the special meeting (or any adjournment or postponement thereof), which is dated later than the date of the proxy and states that the proxy is revoked, to Integer Holdings Corporation, Attention: General Counsel and Corporate Secretary, 5830 Granite Parkway, Suite 1150, Plano, Texas 75024; or |
• | participating in and voting during the virtual special meeting. Participation in the virtual special meeting will not, however, in and of itself, constitute a vote or revocation of a prior proxy. |
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1) | KKR indicated a price between $100.00 and $105.00; |
2) | a strategic counterparty (referred to as “Party A”) indicated a price between $105.00 to $115.00; |
3) | a strategic counterparty (referred to as “Party B”) indicated a price between $112.00 to $118.00; |
4) | a financial sponsor (referred to as “Party C”) indicated a price between $105.00 to $110.00; |
5) | a strategic counterparty (referred to as “Party D”) indicated a price of $105.00; and |
6) | a financial sponsor (referred to as “Party E”) indicated a price between $98.00 to $102.00. |
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1) | KKR, which indicated a price of $110.00; |
2) | Party A, which indicated a price of $103.00; and |
3) | Party B, which indicated a price of $118.00. |
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1. | “FOR” the merger agreement proposal; |
2. | “FOR” the merger-related compensation proposal; and |
3. | “FOR” the adjournment proposal. |
• | Merger Consideration; Certainty of Value. The value of the merger consideration to be received by ITGR stockholders in relation to the market prices of ITGR common stock prior to the ITGR board of directors’ approval of the merger agreement. The ITGR board of directors believed this certainty of value and liquidity to its stockholders was compelling, especially when viewed against the uncertainties associated with executing its long range plan as an independent company. In addition, the fact that all of the merger consideration will be paid in cash, giving ITGR stockholders the opportunity to de-risk their investment and realize near-term value certainty. |
• | Premium to Trading Price of ITGR Common Stock. The fact that the merger consideration represents a significant premium over the unaffected market price at which shares of ITGR common stock traded, including that the merger consideration represents a premium of approximately 51.8% over the unaffected price of ITGR common stock of $83.67, which was the closing trading price on April 29, 2026, the last trading day prior to ITGR’s announcement of a strategic review. |
• | Uncertainty of Future Common Stock Market Price. The uncertainty of ITGR’s future stock market price if ITGR remained independent. The ITGR board of directors considered ITGR’s business, assets, financial condition, results of operations, management, competitive position and prospects, as well as current industry, economic and stock and credit market conditions. The ITGR board of directors also considered ITGR’s long range plan and the initiatives and the potential execution risks associated with such plan. In connection with |
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• | Strategic Review. ITGR conducted a thorough and extensive strategic review process since the public announcement of the strategic review on April 30, 2026, involving engaging with over 20 potential financial sponsor and strategic acquirers, executing nondisclosure agreements with 20 potential bidders, receiving final proposals from three bidders (where KKR’s best and final proposal was the highest of all bidders), and proposals were requested on the same timeline for all bidders. |
• | Public Announcement of Strategic Review. The fact that the strategic process to evaluate a potential sale of ITGR was publicly announced by ITGR to the market on April 30, 2026, and that any potentially interested bidders had an opportunity to contact ITGR and become involved in a strategic process. |
• | Financial Analyses and Opinion of Goldman Sachs. Goldman Sachs rendered its opinion to the ITGR board of directors that, as of August 2, 2026, and based upon and subject to the factors and assumptions set forth therein, the $127.00 in cash per share to be paid to the holders (other than Parent and its affiliates) of shares of ITGR common stock pursuant to the merger agreement was fair from a financial point of view to such holders, as more fully described below in the section titled “—Opinion of ITGR’s Financial Advisor.” |
• | Likelihood of Consummation. The likelihood that the merger would be completed, in light of, among other things, the conditions to the merger, the absence of a financing condition, the fact that no significant antitrust or other regulatory impediments to consummation of the merger are expected, and the efforts required to obtain regulatory approvals, including the obligation of Parent to hold separate, sell, license, divest or otherwise dispose of certain businesses or properties or assets of Parent, ITGR or their subsidiaries. |
• | Terms of the Merger Agreement. The terms and conditions of the merger agreement, including: |
• | the representations, warranties and covenants of the parties, the conditions to the parties’ obligations to complete the merger and their ability to terminate the merger agreement; |
• | the provisions of the merger agreement that allow ITGR to engage in negotiations or discussions with, and provide information to, a third party that makes a bona fide acquisition proposal that did not result from a material breach of ITGR’s non-solicitation obligations, if the ITGR board of directors determines in good faith, after consultation with its outside legal counsel and financial advisor, that such proposal constitutes or would reasonably be expected to lead to a transaction that is superior to the merger and ITGR complies with certain procedural requirements; |
• | the provisions of the merger agreement that allow the ITGR board of directors to change its recommendation in favor of the adoption of the merger agreement in response to a superior proposal and terminate the merger agreement in order to accept a superior proposal if the ITGR board of directors determines in good faith, after consultation with its outside legal counsel and financial advisor, that an acquisition proposal constitutes a superior proposal (including taking into account any modifications to the terms of the merger agreement that are proposed by Parent and, in connection with the termination of the merger agreement, payment to Parent of the ITGR termination fee) and that failure to take such action would be inconsistent with its directors’ fiduciary duties, subject to ITGR’s compliance with certain procedural requirements; |
• | the provisions of the merger agreement that allow the ITGR board of directors to change its recommendation in favor of the adoption of the merger agreement in response to an intervening event, if the ITGR board of directors has determined in good faith, after consultation with its outside legal counsel, that failure to take such action would be reasonably likely to be inconsistent with its directors’ fiduciary duties (including taking into account any modifications to the terms of the merger agreement that are proposed by Parent), subject to ITGR’s compliance with certain procedural requirements; |
• | the belief of the ITGR board of directors that the payment of the ITGR termination fee was not likely to unduly discourage additional competing third-party proposals or reduce the price of such proposals, that such termination fees and provisions are customary for transactions of this size and type, and that the size of the termination fee was reasonable in the context of comparable transactions; |
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• | the fact that upon termination of the merger agreement in certain specific circumstances, Parent would be required to pay to ITGR the Parent termination fee and the related limited guarantee for the payment of such Parent termination fee by KKR Core; |
• | the fact that, in the event of Parent’s fraud or willful breach of the merger agreement, ITGR may seek damages (which may include the benefit of the bargain lost by ITGR stockholders), subject to an aggregate cap on amounts payable by Parent and Merger Sub equal to the Parent termination fee plus certain reimbursement and collection obligations; and |
• | the ability of ITGR to specifically enforce the terms of the merger agreement under certain circumstances. |
• | Timing Considerations. The timing of the merger and the risk that if ITGR did not accept the offer by Parent (as provided for in the merger agreement), it may not have another opportunity to do so or to accept a comparable opportunity. The ITGR board of directors also observed that ITGR retained the ability to consider unsolicited proposals until the meeting of the ITGR stockholders to vote on the merger agreement proposal and to enter into an agreement with respect to an acquisition proposal under certain circumstances (concurrently with terminating the merger agreement and paying the ITGR termination fee). |
• | Financing Strength of Parent. The fact that Parent has obtained committed debt and equity financing for the merger from reputable financing sources, the limited conditionality of the commitment letters and likelihood that Parent would be able to finance the merger given Parent’s financial resources and financial profile. |
• | Availability of Appraisal Rights. The fact that appraisal rights would be available to holders of ITGR common stock under Delaware law and that there was no condition in the merger agreement relating to the maximum number of shares of ITGR common stock that could exercise appraisal rights. |
• | Negotiation Process. The fact that the terms of the merger agreement and the transactions were the result of robust arm’s length negotiations conducted at the direction of the ITGR board of directors and with the assistance of independent financial advisors and outside legal counsel. The ITGR board of directors also considered the enhancements that ITGR and its advisors were able to obtain as a result of negotiations with KKR and its financial and legal advisors, including that KKR had increased its offer price to a final price of $127.00 in cash per share in the merger and that representatives of KKR had stated $127.00 in cash per share was its best and final offer. The ITGR board of directors believed, after consultation with its financial advisors, that the merger consideration was the maximum price at which KKR would pursue the acquisition of ITGR and that further negotiations would have created a risk of materially delaying entry into the merger agreement or causing KKR to abandon the transactions altogether. |
• | Specific Performance and Damages. The fact that ITGR has the right to seek specific performance to cause Parent to consummate the merger under certain circumstances, subject to conditions set forth in the merger agreement, including that the debt financing has been funded or will be funded, ITGR has confirmed it is ready, willing and able to close, and Parent has failed to close within three business days after receipt of such confirmation. |
• | No Vote of Parent Shareholders. The fact that the merger is not subject to the conditionality and execution risk of any required approval by Parent’s shareholders. |
• | Opportunity of ITGR Stockholders to Vote; Rights to Adjourn or Postpone to Solicit Additional Votes. The fact that the merger is subject to the approval of ITGR stockholders, and that ITGR stockholders are free to evaluate the transactions and vote for or against the adoption of the merger agreement at the special meeting. In addition, the ITGR board of directors considered the fact that ITGR may adjourn or postpone the special meeting, upon the terms and subject to the conditions specified in the merger agreement, to ensure that any required supplement or amendment to the proxy statement is provided to ITGR stockholders, due to applicable law or a request from the SEC, to allow reasonable additional time to solicit additional proxies necessary to obtain the ITGR stockholder approval, or to ensure that there are sufficient shares of ITGR common stock represented to constitute a quorum. |
• | Tax Treatment. The fact that the merger consideration will generally be taxable to ITGR stockholders. |
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• | No Stockholder Participation in Future Growth or Earnings. The ITGR board of directors considered that ITGR stockholders would lose the opportunity to realize the potential long-term value of the successful execution of ITGR’s current strategy as an independent public company. |
• | Risk of Non-Completion. The possibility that the merger might not be completed, including as a result of the failure to obtain regulatory approvals or the failure of ITGR stockholders to approve the merger agreement proposal, and the effect the resulting public announcement of the termination of the merger agreement may have on: |
• | the trading price of ITGR common stock; and |
• | ITGR’s business and operating results, particularly in light of the costs incurred in connection with the merger. |
• | Possible Deterrence of Competing Offers. The risk that various provisions of the merger agreement, including the requirement that ITGR must pay to Parent the ITGR termination fee if the merger agreement is terminated under certain circumstances, may discourage other parties potentially interested in an acquisition of, or combination with, ITGR from pursuing that opportunity. |
• | Possible Disruption of the Business and Costs and Expenses. The possible disruption to ITGR’s business that may result from the merger, the resulting distraction of ITGR’s management and potential attrition of ITGR’s employees and the costs and expenses associated with completing the merger. |
• | Restrictions on Operation of ITGR’s Business. The requirement that ITGR use its reasonable best efforts to conduct its business and in all material respects in the ordinary course of business consistent with past practice and the other restrictions on ITGR’s activities and operations prior to completion of the merger. |
• | Impact of Announcement. The uncertainty about the effect of the merger, regardless of whether the merger is completed, on ITGR’s employees, customers and other parties, which may impair ITGR’s ability to attract, retain and motivate key personnel, and could cause customers, suppliers and others to seek to change existing business relationships with ITGR. Additionally, the potential for litigation arising in connection with the merger. |
• | Need to Obtain Required Regulatory Clearances. The fact that completion of the merger would require approval, or expiration or termination of the applicable waiting periods, under the HSR Act and certain other applicable antitrust and foreign direct investment laws. |
• | Alternative Transactions. The risk that an alternative transaction or different strategic alternative potentially could be more beneficial to ITGR’s stockholders than the proposed merger. |
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Period | 2026E | 2027E | 2028E | 2029E | 2030E | 2031E | 2032E | 2033E | ||||||||||||||||
Sales | $1,820 | $1,968 | $2,167 | $2,355 | $2,533 | $2,722 | $2,898 | $3,057 | ||||||||||||||||
Adjusted EBITDA(2) | $387 | $433 | $497 | $560 | $623 | $689 | $724 | $755 | ||||||||||||||||
Capital Expenditures | $100 | $110 | $109 | $118 | $127 | $137 | $146 | $154 | ||||||||||||||||
* | All values expressed in $ in millions |
(1) | The financial projections for fiscal years 2026E through 2031E were provided to Goldman Sachs and potential transaction counterparties. The financial projections for fiscal years 2032E and 2033E were provided only to Goldman Sachs for purposes of performing its financial analysis in connection with rendering its opinion to the ITGR board of directors (as described in the section titled “—Opinion of ITGR’s Financial Advisor”). |
(2) | Adjusted EBITDA, a non-GAAP financial measure, consists of adjusted net income excluding items such as depreciation, interest, stock-based compensation, and taxes. Earnings before interest, taxes, depreciation and amortization (referred to as “EBITDA”) is calculated by adding back interest expense, provision for income taxes, depreciation expense, and amortization expense from intangible assets and financing leases, to income (loss) from continuing operations, which is the most directly comparable GAAP measure. |
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Period | 2026E | 2027E | 2028E | 2029E | 2030E | 2031E | 2032E | 2033E | ||||||||||||||||
Unlevered Free Cash Flow(1) | $124 | $154 | $190 | $245 | $350 | $395 | $416 | $433 | ||||||||||||||||
* | All values expressed in $ in millions |
(1) | Unlevered free cash flow, a non-GAAP financial measure, consists of adjusted EBITDA minus taxes, capital expenditures, changes in net working capital, and other cash items not included in adjusted EBITDA. |
Period | 2026E | 2027E | 2028E | 2029E | 2030E | 2031E | 2032E | 2033E | ||||||||||||||||
Unlevered Free Cash Flow Including Stock-Based Compensation(1) | $104 | $132 | $166 | $220 | $324 | $367 | $387 | $401 | ||||||||||||||||
* | All values expressed in $ in millions |
(1) | Unlevered free cash flow including stock-based compensation, a non-GAAP financial measure, consists of unlevered free cash flow minus stock-based compensation expense. |
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• | the merger agreement; |
• | annual reports to stockholders and Annual Reports on Form 10-K of ITGR for the five years ended December 31, 2025; |
• | certain interim reports to stockholders and Quarterly Reports on Form 10-Q of ITGR; |
• | certain other communications from ITGR to its stockholders; |
• | certain publicly available research analyst reports for ITGR; and |
• | certain internal financial analyses and forecasts for ITGR prepared by its management as approved for Goldman Sachs’ use by ITGR. |
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• | a premium of 25.9% based on the closing price per share of ITGR common stock on July 30, 2026; and |
• | a premium of 51.8% based on the Unaffected Price. |
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Person | RSUs (#) | RSUs ($) | PSUs (#) | PSUs ($) | Stock Options (#) | Stock Options ($) | ||||||||||||
Executive Officers | ||||||||||||||||||
Payman Khales | 30,456 | 3,867,912 | 49,052 | 6,229,604 | — | — | ||||||||||||
Diron Smith | 11,520 | 1,463,040 | 30,608 | 3,887,216 | — | — | ||||||||||||
Lindsay K. Blackwood | 7,983 | 1,013,841 | 5,118 | 649,986 | — | — | ||||||||||||
Andrew Senn | 8,967 | 1,138,809 | 12,163 | 1,544,701 | — | — | ||||||||||||
Jim Stephens | 6,141 | 779,907 | 15,788 | 2,005,076 | — | — | ||||||||||||
Tony Carr | 5,322 | 675,894 | 3,991 | 506,857 | — | — | ||||||||||||
John Harris | 10,198 | 1,295,146 | 6,457 | 820,039 | — | — | ||||||||||||
Kirk Thor | 1,798 | 228,346 | 7,010 | 890,270 | — | — | ||||||||||||
Milo Metcalf | 5,424 | 688,848 | 892 | 113,284 | — | — | ||||||||||||
Joseph W. Dziedzic(1) | — | — | 34,865 | 4,427,855 | — | — | ||||||||||||
Non-Employee Directors(2) | ||||||||||||||||||
Donald J. Spence | 1,968 | 249,936 | — | — | 5,782 | 528,158 | ||||||||||||
Sheila Antrum | 1,476 | 187,452 | — | — | — | — | ||||||||||||
Cheryl C. Capps | 1,476 | 187,452 | — | — | — | — | ||||||||||||
Michael J. Coyle | 1,476 | 187,452 | — | — | — | — | ||||||||||||
James Flanagan | 1,476 | 187,452 | — | — | — | — | ||||||||||||
James F. Hinrichs | 1,476 | 187,452 | — | — | — | — | ||||||||||||
Alvin (Tyrone) Jeffers | 1,476 | 187,452 | — | — | — | — | ||||||||||||
Aaron Kapito | 1,476 | 187,452 | — | — | — | — | ||||||||||||
M. Craig Maxwell | 1,476 | 187,452 | — | — | 5,782 | 528,158 | ||||||||||||
Filippo Passerini | 1,476 | 187,452 | — | — | — | — | ||||||||||||
Pamela Bailey(1) | — | — | — | — | 5,782 | 528,158 | ||||||||||||
(1) | Mr. Dziedzic retired as President and Chief Executive Officer of ITGR on October 24, 2025. Ms. Bailey stepped down as a non-employee director of ITGR on May 20, 2026. |
(2) | The amounts in this table do not include RSUs that were vested and deferred by certain non-employee directors. |
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• | A lump sum payment equal to two times the sum of such executive officer’s (i) annual base salary and (ii) target annual bonus (or, for executive officers other than Mr. Khales, if greater, the average annualized bonus paid to such executive officer for the three fiscal years immediately preceding the fiscal year of such change in control); |
• | A lump sum payment equal to two times ITGR’s total contributions on behalf of such executive officer to any ITGR retirement plan (whether qualified or nonqualified) in effect on the termination date for the year preceding the termination; |
• | A lump sum payment equal to (i) 110% of the monthly premium for medical and prescription drug coverage for the most recently completed month for such executive officer (as well as such executive officer’s spouse and dependents), times (ii) 24; |
• | Up to $25,000 for outplacement services; |
• | Full vesting of all outstanding equity awards, with any performance criteria being deemed achieved at the greater of (i) target performance and (ii) actual performance; |
• | If, in the 18-month period immediately preceding the date of termination, such executive officer’s primary residence is relocated at the request of ITGR, then ITGR shall reimburse such executive officer for any relocation expenses actually incurred in the 12 months immediately following the date of termination to a new residence within 35 miles of such executive officer’s residence prior to ITGR’s requested move, to the extent such expenses do not exceed the lesser of the initial relocation costs or the estimated reasonable cost for such relocation expense as determined by ITGR’s relocation service provider; |
• | If ITGR has not granted any annual long-term incentive awards for the fiscal year that includes the date of termination, a lump sum payment equal to (i) the total grant date value of the prior year’s long-term incentive plan award if the long-term incentive plan award for the year that includes the date of termination has not yet been awarded times (ii) a fraction, the numerator of which is the number of full months that such executive officer was employed by ITGR during the fiscal year that contains the date of termination, and the denominator of which is 36; and |
• | A pro rata annual bonus for the year of termination based on actual performance (but with any individual-specific performance goals that are qualitative in nature being deemed satisfied at target performance). |
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• | the effective time will occur on August 31, 2026 (which, as an illustration, is the assumed closing date of the merger solely for purposes of this golden parachute compensation disclosure); |
• | the value per share of ITGR common stock on consummation of the merger is $127. |
• | the equity awards that were outstanding as of August 31, 2026, are the equity awards that ITGR has granted to its named executive officers through, and are outstanding as of, August 31, 2026; |
• | when calculating the amount received in connection with a “double trigger” termination, each named executive officer experiences a termination without cause or resignation for good reason immediately following consummation of the merger, without taking into account any possible reduction that might be required to avoid the excise tax in connection with Section 280G and Section 4999 of the Code; and |
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• | each named executive officer has complied with all requirements necessary in order to receive all payments and benefits. |
Name | Cash ($)(1) | Equity ($)(2) | Pension/ NQDC ($)(3) | Perquisites/ Benefits ($)(4) | Others ($)(5) | Total ($) | ||||||||||||
Payman Khales | 4,083,333 | 10,097,516 | 66,710 | 78,108 | 1,750,000 | 16,075,667 | ||||||||||||
Diron Smith | 2,240,000 | 5,350,256 | 21,000 | 84,184 | 980,000 | 8,675,440 | ||||||||||||
Lindsay K. Blackwood | 1,848,000 | 1,663,827 | 21,000 | 84,184 | 816,750 | 4,433,761 | ||||||||||||
Andrew Senn | 2,010,667 | 2,683,510 | 57,280 | 78,108 | 408,000 | 5,237,565 | ||||||||||||
Jim Stephens | 2,053,200 | 2,784,983 | 21,000 | 84,184 | 451,350 | 5,394,717 | ||||||||||||
Joseph W. Dziedzic | — | 4,427,855 | — | — | — | 4,427,855 | ||||||||||||
(1) | These amounts reflect the cash severance payment payable under the Severance Protection Agreements with each named executive officer (other than Mr. Dziedzic) described above under “—Severance Protections” in the event of a termination without cause or resignation for good reason immediately following the merger on August 31, 2026. The amounts include the dollar value of (i) two times such named executive officer’s annual base salary and target annual bonus, plus (ii) a pro rata annual bonus through August 31, 2026 assuming target performance. Such cash severance is “double-trigger,” which means that a named executive officer must experience a termination without cause or resignation for good reason within 24 months following (or, for Mr. Khales, also within 60 days prior to) a change in control of ITGR. Details of the cash payments are shown in the following supplemental table: |
Name | 2x Salary ($) | 2x Target Bonus ($) | Pro Rata Target Annual Bonus ($) | Total ($) | ||||||||
Payman Khales | 1,750,000 | 1,750,000 | 583,333 | 4,083,333 | ||||||||
Diron Smith | 1,120,000 | 840,000 | 280,000 | 2,240,000 | ||||||||
Lindsay K. Blackwood | 990,000 | 643,500 | 214,500 | 1,848,000 | ||||||||
Andrew Senn | 1,040,000 | 728,000 | 242,667 | 2,010,667 | ||||||||
Jim Stephens | 1,062,000 | 743,400 | 247,800 | 2,053,200 | ||||||||
Joseph W. Dziedzic | — | — | — | — | ||||||||
(2) | These amounts reflect the value of time-based ITGR RSUs and ITGR PSUs (assuming a target level of performance) based on a per share value of ITGR common stock of $127. As described above under “—Treatment of ITGR Equity Awards” and “—Severance Protections”, ITGR RSUs and ITGR PSUs will be canceled and converted into a cash amount equal to (x) the number of shares of ITGR common stock subject to such award (with the number of shares subject to an ITGR PSU award being determined based on the greater of (A) target performance and (B) actual performance), multiplied by (y) the merger consideration, 50% of which will be paid as soon as practicable after the effective time (assessed on a tranche-by-tranche basis) and the remaining 50% of which will be paid subject to satisfaction of the same vesting conditions that applied to the corresponding RSU award, with “double-trigger” vesting upon a termination without cause or resignation for good reason within 24 months following the effective time. Mr. Dziedzic’s PSUs are already fully service-vested pursuant to his retirement agreement with ITGR, and therefore all of his PSUs will be paid out as soon as practicable after the effective time. Details of the equity award payments are shown in the following supplemental table: |
Name | RSUs (#) | RSUs ($) | PSUs (#) | PSUs ($) | Total ($) | ||||||||||
Payman Khales | 30,456 | 3,867,912 | 49,052 | 6,229,604 | 10,097,516 | ||||||||||
Diron Smith | 11,520 | 1,463,040 | 30,608 | 3,887,216 | 5,350,256 | ||||||||||
Lindsay K. Blackwood | 7,983 | 1,013,841 | 5,118 | 649,986 | 1,663,827 | ||||||||||
Andrew Senn | 8,967 | 1,138,809 | 12,163 | 1,544,701 | 2,683,510 | ||||||||||
Jim Stephens | 6,141 | 779,907 | 15,788 | 2,005,076 | 2,784,983 | ||||||||||
Joseph W. Dziedzic | — | — | 34,865 | 4,427,855 | 4,427,855 | ||||||||||
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(3) | These amounts reflect the value of retirement benefits pursuant to the Severance Protection Agreements described above under “—Severance Protections” in the event of a termination without cause or resignation for good reason immediately following the merger on August 31, 2026. These amounts reflect a lump sum payment equal to two times ITGR’s total contributions on behalf of a named executive officer to any ITGR retirement plan (whether qualified or nonqualified) in effect on the termination date for the year preceding the termination. Such payments are “double-trigger,” which means that a named executive officer must experience a qualifying termination within the 24 months following (or, for Mr. Khales, also within 60 days prior to) a change in control of ITGR in order to receive them. |
(4) | These amounts reflect the value of healthcare and outplacement benefits described above under “—Severance Protections” in the event of a termination without cause or resignation for good reason immediately following the merger on August 31, 2026. These amounts reflect (i) $25,000 in outplacement benefits and (ii) a lump sum payment equal to (x) 110% of the monthly premium for medical and prescription drug coverage for the most recently completed month for such named executive officer (as well as such named executive officer’s spouse and dependents), times (y) 24. Such benefits are “double-trigger,” which means that a named executive officer must experience a qualifying termination within the 24 months following (or, for Mr. Khales, also within 60 days prior to) a change in control of ITGR in order to receive them. |
(5) | These amounts reflect the retention bonuses granted to named executive officers described above under “—Executive Retention Bonuses”. |
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• | RSU Awards: Each RSU award that is vested or vests upon the effective time in accordance with its terms will be canceled and converted into the right to receive a cash amount equal to (i) the number of shares of ITGR common stock subject to such RSU award, multiplied by (ii) the merger consideration. Each unvested RSU award will be canceled and converted into a restricted cash award representing the right to receive an amount in cash (without interest and subject to applicable tax withholdings) equal to the product of (a) the merger consideration, multiplied by (b) the number of shares of ITGR common stock subject to such unvested RSU award (each, a “converted RSU award”). With respect to each converted RSU award, 50% of such converted RSU award (determined on a tranche-by-tranche basis) will vest and be paid as soon as practicable following the closing of the merger (together with the vested RSU awards, the “cash out RSU awards”), and the remaining 50% of each converted RSU award (each, a “deferred RSU award”) will vest and become payable after the effective time at the same time as the unvested RSU award for which such deferred RSU award was exchanged would have vested and been paid pursuant to its terms and will otherwise be subject to the same terms and conditions (including as to vesting and termination protection) as applied to such corresponding unvested RSU award as of immediately prior to the effective time, except for terms rendered inoperative by reason of the transactions contemplated by the merger agreement or administrative or ministerial changes; provided that, in addition to any other vesting protections that a holder of deferred RSU awards has, if the employment of such holder is terminated by Parent or its affiliates without cause or by such holder for good reason, in each case, within one year following the effective time, all of such holder’s deferred RSU awards will immediately vest and be paid. |
• | PSU Awards: Each PSU award for which the performance period has been completed but that has not yet been settled will be canceled and converted into the right to receive a cash amount equal to (i) the number of shares of ITGR common stock subject to such PSU award based on actual performance, multiplied by (ii) the merger consideration. Each PSU award that is outstanding and not a vested PSU award as of immediately prior to the effective time (each, an “unvested PSU award”) will be canceled and converted into a restricted cash award representing the right to receive an amount in cash (without interest and subject to applicable tax withholdings) equal to (a) the merger consideration, multiplied by (b) the number of shares of ITGR common stock subject to such unvested PSU award (calculated based on the greater of (x) target performance and (y) actual performance (as described below)) (each, a “converted PSU award”). With respect to each converted PSU award, 50% of such converted PSU award (determined on a tranche-by-tranche basis) will vest and be paid as soon as practicable following the closing of the merger (together with the vested PSU awards, the “cash out PSU awards”), and the remaining 50% of each converted PSU award (each, a “deferred PSU award,” and together with each deferred RSU award, the “deferred cash awards”) will vest and become payable after the effective time at the same time as the unvested PSU award for which such deferred PSU award was exchanged would have vested and been paid pursuant to its terms and will be subject |
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• | Company Options: At the effective time, (i) each award of ITGR stock options that is outstanding immediately prior to the effective time will fully vest, to the extent not vested previously, and (ii) each vested ITGR stock option (after giving effect to the foregoing clause (i)) will automatically be canceled and converted into the right to receive an amount in cash (without interest and subject to applicable tax withholdings) to be paid as soon as practicable following the closing of the merger equal to (A) the excess, if any, of the merger consideration over the applicable exercise price per share of ITGR common stock subject to such stock option, multiplied by (B) the number of shares of ITGR common stock subject to such stock option at the effective time; provided that, if the applicable exercise price per share of ITGR common stock of a stock option is equal to or greater than the merger consideration, such stock option will be canceled at the effective time for no consideration. |
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• | organization, valid existence, good standing and corporate power; |
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• | due execution, delivery and enforceability of the merger agreement; |
• | required consents and approvals; |
• | capitalization; |
• | ownership of subsidiaries; |
• | SEC filings; |
• | internal controls and procedures; |
• | financial statements; |
• | information supplied for SEC filings; |
• | absence of certain changes or events; |
• | absence of undisclosed liabilities; |
• | compliance with applicable laws; |
• | permits; |
• | litigation and orders; |
• | real property; |
• | intellectual property; |
• | data privacy and data security; |
• | tax matters; |
• | employee benefit plans; |
• | labor matters; |
• | environmental matters; |
• | material contracts; |
• | trade controls and Foreign Corrupt Practices Act matters; |
• | healthcare and U.S. Food and Drug Administration matters; |
• | insurance; |
• | finders and brokers; |
• | opinion of the financial advisor to ITGR; |
• | takeover statutes; and |
• | related party transactions. |
• | organization, valid existence, good standing and corporate power; |
• | due execution, delivery and enforceability of the merger agreement; |
• | required consents and approvals; |
• | information supplied for SEC filings; |
• | compliance with applicable laws; |
• | litigation and orders; |
• | finders and brokers; |
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• | financing, the commitment letters and sufficiency of funds; |
• | solvency; |
• | limited guarantee; and |
• | no prior operations and capitalization; and |
• | ownership of shares of ITGR common stock. |
(i) | changes in GAAP or changes in the regulatory accounting requirements applicable to any industries in which ITGR and its subsidiaries operate; |
(ii) | changes, developments or conditions after the date hereof generally in financial or securities markets or in the general economic or political conditions globally or in any jurisdiction in which ITGR and its subsidiaries operate, including the imposition or adjustment of tariffs; |
(iii) | changes or conditions affecting generally the industries in which ITGR and its subsidiaries operate; |
(iv) | changes in geopolitical conditions (including with respect to the current conflict in Iran or between the Russian Federation and Ukraine and any evolutions thereof and any sanctions or other Applicable Laws, directives or policies promulgated by any Governmental Authority in connection therewith), the outbreak or escalation of hostilities, any actual or threatened acts of war, sabotage, terrorism, cyberterrorism, global health conditions (including any epidemic, pandemic or disease outbreak (including SARS-CoV-2 or COVID-19, monkeypox (or similar viruses in the orthopoxvirus genus) and any evolutions or mutations thereof)), or natural disaster (including any hurricane, tornado, flood, earthquake and weather-related event); |
(v) | changes in applicable law after the date of the merger agreement; |
(vi) | the execution, delivery, performance or public announcement of the merger agreement or pendency or consummation of the transactions contemplated thereby, including the impact of any of the foregoing on the relationships, contractual or otherwise, of ITGR and its subsidiaries with third parties (provided that this clause (vi) will be disregarded for purposes of the representations or warranties expressly purporting to address, as applicable, the consequences resulting from the execution, delivery and performance of the merger agreement or the announcement or consummation of the transactions contemplated by the merger agreement); |
(vii) | any failure by any of ITGR or any of its subsidiaries to meet, with respect to any period or periods following the date of the merger agreement, any internal or published budgets, projections, forecasts, estimates of earnings or revenues or business plans; |
(viii) | any action taken by ITGR at the written request of Parent or its affiliates; |
(ix) | any action taken by ITGR or any of its subsidiaries that is expressly required pursuant to the merger agreement (including any action required under the merger agreement to obtain any authorization or approval from the FTC or the antitrust division or any other governmental authority for the consummation of the merger and the other transactions contemplated thereby); |
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• | amend ITGR’s certificate of incorporation or ITGR’s bylaws or amend the comparable organizational documents of any of ITGR’s subsidiaries; |
• | (a) adjust, split, combine, subdivide or reclassify any shares of its capital stock, (b) declare, set aside, make or pay any dividend or other distribution (whether in cash, shares or property or any combination thereof) in respect of its capital stock, except for dividends or other such distributions by any of its subsidiaries to ITGR or to other subsidiaries of ITGR or (c) redeem, repurchase or otherwise acquire or offer to redeem, repurchase, or otherwise acquire any securities of ITGR or its subsidiaries, except as required by the terms of a ITGR stock plan; |
• | (a) issue, deliver or sell, or authorize the issuance, delivery or sale of, any securities of ITGR or its subsidiaries, other than (i) the issuance of any shares of ITGR common stock in connection with the settlement or exercise of ITGR equity awards and (ii) any issuance, delivery or sale among ITGR and any of its subsidiaries or between any of its subsidiaries or (b) amend any term of any security of ITGR or its subsidiaries; |
• | acquire (by merger, consolidation, acquisition of shares or assets or otherwise), directly or indirectly, a material amount of securities or any material business, division or other business organization in excess of $10,000,000 in the aggregate in any one transaction or series of related transactions; |
• | enter into any material new line of business outside the existing business of ITGR and its subsidiaries as of the date of the merger agreement (other than reasonably foreseeable extensions of the existing business of ITGR and its subsidiaries); |
• | sell, lease, license, assign or otherwise transfer, encumber, abandon, let lapse or subject to any material lien (in each case, other than permitted liens pursuant to the merger agreement) any material assets, businesses or properties of ITGR or any of its subsidiaries, including material ITGR-owned intellectual property and owned real property, other than (a) such sales, leases, assignments, transfers, liens or other dispositions of inventory or other assets (excluding ITGR-owned intellectual property) that are in the ordinary course of |
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• | disclose to any person any material trade secrets or other material confidential information of ITGR or any of its subsidiaries (other than in the ordinary course of business pursuant to a reasonable, written confidentiality and non-disclosure agreement); |
• | other than in connection with certain actions permitted by the merger agreement, make any material loans, advances or capital contributions to, or investments in, any other person (other than loans or advances among ITGR and any of its wholly owned subsidiaries and capital contributions to or investments in its wholly owned subsidiaries in the ordinary course of business), other than trade credit and similar loans and advances made to employees, customers and suppliers in the ordinary course of business consistent with past practice; |
• | other than (a) borrowings under the ITGR credit agreement or (b) indebtedness incurred between ITGR and any of its wholly owned subsidiaries or between any of such wholly owned subsidiaries or guarantees by ITGR of indebtedness of any wholly owned subsidiary of ITGR, (i) incur any indebtedness for borrowed money or any debt securities (or, in each case, guarantees thereof) or (ii) assume, guarantee, endorse or otherwise become liable or responsible for any indebtedness for borrowed money of any other person, except with respect to obligations of wholly owned subsidiaries of ITGR, in the cases of the foregoing clauses (i) and (ii), in excess of $10,000,000 in the aggregate; |
• | settle or compromise (a) any proceeding (excluding any proceeding relating to taxes) involving or against ITGR or any of its subsidiaries other than settlements that result solely in monetary obligations of the ITGR or its subsidiaries (without the admission of wrongdoing or a nolo contendere or similar plea, the imposition of injunctive or other equitable relief, or restrictions on the future activity or conduct, by, of or on Parent, ITGR or any of their respective subsidiaries, except for confidentiality and similar de minimis obligations) involving payment by ITGR or any of its subsidiaries of an amount not greater than $1,500,000 individually or $5,000,000 in the aggregate or (b) any proceeding (excluding any proceeding relating to taxes) that relates specifically to the transactions contemplated thereby; |
• | (a) amend or modify in any material respect, waive any material rights under, or terminate (other than any termination in accordance with the terms of an existing material contract) any material contract or (b) enter into any contract which if entered into prior to the date of the merger agreement would have been a material contract, (i) in the case of clause (a), other than in the ordinary course of business consistent with past practice and (ii) in the case of clause (b), other than material contracts that are entered into in the ordinary course of business consistent with past practice; |
• | other than as required by applicable law or an ITGR benefit plan existing as of the date of the merger agreement, (a) increase or accelerate or grant any increase or acceleration in the funding, payment or vesting of the compensation or benefits provided to any current or former ITGR service provider, (b) establish, adopt, amend or terminate any ITGR benefit plan or any other benefit or compensation plan, policy, program, contract agreement or arrangement that would be an ITGR benefit plan if in effect on the date of the merger agreement, (c) grant or announce any cash or equity or equity-based incentive awards, bonuses, retention, change in control, transaction, severance or similar compensation, (d) hire, promote or engage any current or former ITGR service provider who is an Executive Vice President or higher or (e) terminate any ITGR service provider other than for cause who is an Executive Vice President or higher; |
• | adopt a plan of complete or partial liquidation, dissolution, restructuring, recapitalization or other reorganization of ITGR or any of its subsidiaries (other than the merger); |
• | materially change its methods of financial accounting except as required or authorized by concurrent changes in GAAP or in Regulation S-X of the Exchange Act, as agreed to by its independent public accountants; |
• | make or revoke any material tax election, file a material amendment with respect to a material tax return, adopt or change any material tax accounting period or methodology, waive any right to a material tax refund, settle or compromise any material tax liability or proceeding relating to taxes, or consent to any extension or waiver of the statute of limitations, except, in each case, in the ordinary course of business; |
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• | (a) (i) negotiate, modify, amend, extend, terminate or enter into any collective bargaining agreement or (ii) recognize or certify any union or group of employees as the bargaining representative for any ITGR employees; (b) other than in the ordinary course of business consistent with past practice in consultation with Parent, implement or announce any employee layoffs, furloughs, reductions in force, plant closings, material reductions in compensation or other similar actions that could implicate the Worker Adjustment and Retraining Notification Act; or (c) waive or release any noncompetition, nonsolicitation, nondisclosure or other restrictive covenant obligation of any current or former ITGR service provider; |
• | cancel, materially reduce, terminate or fail to use reasonable best efforts to maintain in effect without replacing material insurance policies covering ITGR and its subsidiaries and their respective properties, assets and businesses; |
• | make, or commit to make, any capital expenditures in amounts exceeding the capital expenditures budget of ITGR set forth on Section 6.01(r) of the Company Disclosure Schedule, other than any capital expenditures that do not exceed $3,000,000 individually or in the aggregate during any fiscal quarter; |
• | enter into any agreement, commitment, arrangement or understanding with, any affiliate of ITGR or any person covered by Item 404 of Regulation S-K, in each case, that would be required to be disclosed pursuant to Item 404; or |
• | agree, resolve or commit to do any of the foregoing. |
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(a) | solicit, initiate or take any action to knowingly induce the making, submission or announcement of, or knowingly facilitate (including by way of providing information) or encourage the submission of any inquiry or proposal or indication of interest that is reasonably likely to lead to an acquisition proposal (as defined below); |
(b) | engage in, enter into or participate in any discussions or negotiations with, furnish any material nonpublic information relating to ITGR or any of its subsidiaries or afford access to the business, properties, assets, books or records, or to any personnel, of ITGR or any of its subsidiaries to, or otherwise cooperate with, any third party, in each case relating to an acquisition proposal by such third party; |
(c) | (i) fail to make, withdraw, withhold, qualify or modify, or propose publicly to withdraw, withhold, qualify or modify the ITGR board of directors’ recommendation that ITGR stockholders vote to adopt the merger agreement (or recommend an acquisition proposal), (ii) adopt, approve or recommend, or propose publicly to adopt, approve or recommend, or otherwise declare advisable, any acquisition proposal or proposal that would reasonably be expected to lead to an acquisition proposal, (iii) fail to publicly recommend against any acquisition proposal structured as a tender offer or exchange offer within 10 business days after the commencement (within the meaning of Rule 14d-2 under the Exchange Act) thereof or take any public position in connection with a tender or exchange offer other than a recommendation against such offer or a “stop, look and listen” communication by the ITGR board of directors, (iv) in the event of a publicly announced acquisition proposal that is not covered by the foregoing clause (iii), fail to publicly reaffirm the ITGR board of directors’ recommendation within 10 business days after Parent so requests in writing, or (v) fail to include the recommendation of the ITGR board of directors in favor of approval and adoption of the merger agreement and the merger in this proxy statement (any of the foregoing in clauses (i) through (v) referred to as an “adverse recommendation change”); |
(d) | grant any waiver or amendment or release under any standstill or confidentiality agreement; provided that this clause (d) does not prohibit ITGR or any of its subsidiaries from amending, modifying or granting any waiver or release under any standstill, confidentiality or similar agreement of ITGR or any of its subsidiaries, in each case, solely to the extent the ITGR board of directors determines, in consultation with its outside legal counsel, that the failure to do so would be inconsistent with its fiduciary duties; |
(e) | enter into any agreement in principle, letter of intent, indication of interest, term sheet, memorandum of understanding, merger agreement, acquisition agreement, option agreement, share exchange agreement, joint venture agreement, other agreement or other similar instrument relating to or that would reasonably be expected to lead to, an acquisition proposal; or |
(f) | resolve or agree to do any of the foregoing. |
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• | any acquisition or purchase, direct or indirect, of 20% or more of the consolidated assets of ITGR or 20% or more of any class of equity or voting securities of ITGR or any of its subsidiaries whose assets, individually or in the aggregate, constitute 20% or more of the consolidated net revenues, net income or assets of ITGR and its subsidiaries; |
• | any tender offer (including a self-tender offer) or exchange offer that, if consummated, would result in such third party beneficially owning 20% or more of any class of equity or voting securities of ITGR or any of its subsidiaries; or |
• | a merger, consolidation, joint venture, partnership, share exchange, business combination, sale of all or substantially all of the assets, reorganization, recapitalization, liquidation, dissolution or other similar transaction involving ITGR or any of its subsidiaries whose assets, individually or in the aggregate, constitute 20% or more of the consolidated assets of ITGR and its subsidiaries. |
• | the identity of the counterparty, the expected timing, conditionality and likelihood of consummation of the contemplated transaction(s), any other legal, financial, financing and regulatory aspects of such acquisition proposal and any other factors determined by the ITGR board of directors; and |
• | if applicable, any changes to the terms of the merger agreement proposed by Parents pursuant to Parent’s “match rights,” described below under “—Change of Recommendation; Match Rights.” |
• | the ITGR board of directors may, in response to a bona fide offer, inquiry, proposal or indication of interest from a third party with respect to an acquisition proposal that did not result from a material breach of ITGR’s non-solicitation obligations, make an adverse recommendation change or terminate the merger agreement in order to substantially concurrently enter into a written definitive agreement for a superior proposal; or |
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• | the ITGR board of directors may make an adverse recommendation change in response to an intervening event (as defined below) if the ITGR board of directors determines in good faith, after consultation with outside legal counsel, that the failure to take such action would be reasonably likely to be inconsistent with its fiduciary duties under Delaware law. |
• | was not known to or reasonably foreseeable by the ITGR board of directors as of or prior to the date of the merger agreement and became known to the ITGR board of directors after the date of the merger agreement (or, if known to the ITGR board of directors as of the date of the merger agreement, the consequences of which were not known or reasonably foreseeable to the ITGR board of directors as of the date of the merger agreement); and |
• | does not relate to an acquisition proposal; |
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• | preparing and filing as promptly as reasonably practicable with any governmental authority or other third party all documentation to effect all necessary, proper or advisable filings, notices, petitions, statements, registrations, submissions of information, applications and other documents; and |
• | obtaining and maintaining all approvals, consents, registrations, permits, authorizations and other confirmations required to be obtained from any governmental authority or other third party that are necessary, proper or advisable to consummate the transactions contemplated by the merger agreement as soon as practicable (and in any event, at least five business days prior to the outside date). |
• | make an appropriate filing of a Notification and Report Form pursuant to the HSR Act with respect to the transactions contemplated by the merger agreement as promptly as reasonably practicable and in any event within 20 business days after the date of the merger agreement (and such filings will request early termination of any applicable waiting period under the HSR Act), which filing was timely made by the parties (and the waiting period will expire on September 30, 2026 at 11:59 p.m., Eastern Time, unless it is extended by request for additional information or terminated earlier or if ITGR and Parent pull and refile), and furnish to the other party as promptly as practicable all information within its (or its affiliates’) control requested by such other party and required for such other party to make any application or other filing to be made by it pursuant to any applicable law in connection with the transactions contemplated by the merger agreement; |
• | make appropriate filings pursuant to any other applicable antitrust and foreign direct investment laws as promptly as practicable after the date of the merger agreement, and furnish to the other party as promptly as practicable all information within its (or its affiliates’) control requested by such other party and required for such other party to make any application or other filing to be made by it pursuant to any applicable law in connection with the transactions contemplated by the merger agreement; and |
• | respond as promptly as practicable to any inquiries received from any governmental authority for additional information or documentary material that may be requested pursuant to the HSR Act or any other applicable antitrust or foreign direct investment laws and use reasonable best efforts to promptly take all other actions necessary, proper or advisable to cause the expiration or termination of the applicable waiting periods under the HSR Act and, if applicable, any other applicable antitrust or foreign direct investment laws as promptly as practicable. |
• | agreeing to hold separate, sell, license, divest or otherwise dispose of any of the businesses or properties or assets of ITGR or any of its subsidiaries; |
• | terminating, amending or assigning any existing relationships and contractual rights and obligations of ITGR or any of its subsidiaries; |
• | terminating any venture or other arrangement or any of its subsidiaries; |
• | having ITGR or any of its subsidiaries grant any right or commercial or other accommodation to, or entering into any contractual or other commercial relationship with, any third party; |
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• | imposing limitations on ITGR or any of its respective subsidiaries with respect to how they own, retain, conduct or operate all or any portion of their respective businesses or assets; |
• | effectuating any other change to, or restructuring of ITGR or any of its subsidiaries; and |
• | opposing (a) any administrative or judicial legal proceeding that is initiated or threatened to be initiated challenging the merger agreement or the consummation of the transactions contemplated thereby (including seeking to have any stay or temporary restraining order entered by any court or other governmental authority vacated or reversed) and (b) any request for, the entry of, and seek to have vacated or terminated, any order that could reasonably be expected to restrain, prevent or materially delay the consummation of the transactions contemplated by the merger agreement, including, in the case of either (a) or (b), by defending through litigation any legal proceeding brought by any person in any court or before any governmental authority, and pursuing all available avenues of administrative and judicial appeal, in each case, as may be required (i) by the applicable governmental authority in order to resolve such objections as such governmental authority may have to such transactions under the HSR Act or any other applicable law or (ii) by any domestic or foreign court or other tribunal in any legal proceeding challenging such transactions as violative of the HSR Act or any other applicable law, in order to avoid the entry of, or to effect the dissolution, vacating, lifting, altering or reversal of, any order that has the effect of restricting, preventing or prohibiting the consummation of the transactions contemplated by the merger agreement. |
• | promptly notify the other parties of any substantive communication to that party from any governmental authority regarding the merger agreement or the transactions contemplated thereby and, subject to applicable law, permit the other parties to review, reasonably in advance, any written communication or presentation proposed to be submitted to any governmental authority and consider in good faith any comments such other may party may provide; |
• | not participate in any substantive meeting or discussion with any governmental authority in respect of any filings, investigation or inquiry concerning any competition or antitrust matters in connection with the merger agreement or the merger and the other transactions contemplated thereby unless it consults with the other parties in advance and, to the extent permitted by such governmental authority, gives the other parties the opportunity to attend and participate; |
• | furnish the other parties with copies of all filings and material correspondences and communications (and memoranda setting forth the substance thereof) between them and their affiliates and their respective representatives, on the one hand, and any governmental authority or members or their respective staffs, on the other hand, with respect to any antitrust or foreign direct investment laws in connection with the merger agreement (other than copies of HSR Act filings, which need not be shared); and |
• | consult and cooperate with one another in connection with any analyses, appearances, presentations, memoranda, briefs, arguments, opinions and proposals made or submitted by or on behalf of the other party relating to proceedings under any antitrust or foreign direct investment law. |
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• | the coordination between Parent and ITGR regarding press releases and other public announcements or filings relating to the transactions contemplated by the merger agreement; |
• | ITGR taking all necessary actions so that the restrictions on business combinations set forth in Section 203 of the DGCL and any other similar applicable “anti-takeover” law will not be applicable to the merger; |
• | Parent taking all action necessary to cause Merger Sub to perform its obligations under the merger agreement; |
• | the notification of certain matters and the settlement of any litigation in connection with the merger agreement; |
• | actions to cause the disposition of equity securities of ITGR held by each individual who is a director or officer of ITGR pursuant to the transactions contemplated by the merger agreement to be exempt under Rule 16b-3 promulgated under the Exchange Act; |
• | the removal or resignation of each member of the ITGR board of directors; and |
• | the de-listing from the NYSE of ITGR shares and deregistration under the Exchange Act. |
• | ITGR stockholders having approved the adoption of the merger agreement in accordance with the DGCL; |
• | no order issued by any governmental authority (whether temporary, preliminary or permanent) of competent jurisdiction, or applicable law prohibiting, rendering illegal or enjoining the consummation of the merger being in effect; and |
• | any applicable waiting period (including any extension thereof) under the HSR Act relating to the merger, and any agreement between a court of competent jurisdiction or other governmental authority, on the one hand, and ITGR and Parent, on the other hand, prohibiting the consummation of the merger, having expired or been terminated and each consent, approval, waiver, clearance, authorization or permission of any court of competent jurisdiction or other governmental authority as disclosed by ITGR must have been made, obtained or received (or as applicable, the waiting periods with respect thereto must have expired or been terminated). |
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• | ITGR having performed and complied with in all material respects all of the covenants, obligations and agreements required to be performed or complied with by it under the merger agreement prior to the closing of the merger; |
• | (a) the representations and warranties of ITGR set forth in the merger agreement regarding corporate existence and power, corporate authorization, capitalization and finders’ fee being true and correct in all material respects, except for those capitalization representations and warranties pertaining to the number of (i) shares of capital stock or other voting securities of or ownership interests in the Company, (ii) securities of the Company or its Subsidiaries convertible into or exchangeable or exercisable for shares of capital stock or other voting securities of or ownership interests in the Company, which in each case, shall be true and correct in all respects, except for de minimis inaccuracies), (b) the representations and warranties of ITGR set forth in the merger agreement regarding changes, events or effects that have or would reasonably be expected to have, individually or in the aggregate a material adverse effect on ITGR being true and correct in all respects and (c) all other representations and warranties of ITGR set forth in the merger agreement (without giving effect to any materiality or material adverse effect qualifications contained therein) being true and correct, except in the case of this clause (c), for such failure to be true and correct that would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on ITGR, in the case of each of clauses (a) through (c), as of the date of the merger agreement and as of the closing date of the merger as though made on and as of the closing date of the merger (except representations and warranties that by their terms speak specifically as of another date, in which case as of such date); |
• | no material adverse effect on ITGR having occurred since the date of the merger agreement; and |
• | Parent and Merger Sub having received from ITGR a certificate, signed by an executive officer of ITGR, certifying to the effect that the conditions set forth in the foregoing three bullets have been satisfied (such conditions in the first, second, and this fourth bullet, referred to as the “specified Parent conditions”). |
• | each of Parent and Merger Sub having performed and complied with in all material respects all of the covenants, obligations and agreements required to be performed or complied with by it under the merger agreement prior to the closing of the merger; |
• | (a) the representations and warranties of Parent and Merger Sub set forth in the merger agreement regarding corporate existence and power being true and correct in all respects (after giving effect to the materiality qualifiers set forth in the merger agreement), (b) the representations and warranties of Parent and Merger Sub set forth in the merger agreement regarding Parent’s and Merger Sub’s corporate authorization being true and correct in all material respects, and (c) all other representations and warranties of Parent and Merger Sub set forth in the merger agreement (without giving effect to any qualification as to materiality or material adverse effect contained therein) being true and correct in all respects, except in the case of this clause (c), for such failure to be true and correct that would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on Parent, in the case of each of clauses (a) through (c), as of the date of the merger agreement and as of the closing date of the merger as though made on and as of the closing date of the merger (except representations and warranties that by their terms speak specifically as of another date, in which case as of such date); and |
• | ITGR having received from Parent a certificate, signed by an executive officer of Parent, certifying to the effect that the conditions set forth in the foregoing two bullets have been satisfied. |
• | by mutual written consent of Parent and ITGR; or |
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• | by either Parent or ITGR, if: |
• | the merger has not been consummated on or before the outside date, which is 5:00 p.m. Eastern time on May 2, 2027; however, the right to terminate the merger agreement described herein will not be available to any party who is in breach of, or has breached, its obligations under the merger agreement, where such breach has primarily caused or resulted in the failure of the closing of the merger to occur on or before the outside date; |
• | any court or other governmental authority of competent jurisdiction has issued a final, non-appealable order rendering illegal or restraining, enjoining or otherwise prohibiting the consummation of the merger; however, at the time at which such person would otherwise exercise such termination right, the material breach by such person (and, in the case of Parent, Merger Sub’s) of its (or their) obligations under the merger agreement has not been the primary cause of, or resulted in, the events specified in this bullet; or |
• | the special meeting (including any adjournments or postponements thereof) has concluded and the ITGR stockholders have not adopted the merger agreement. |
• | prior to ITGR stockholders adopting the merger agreement, the ITGR board of directors authorizes ITGR to enter into a written definitive agreement concerning a superior proposal in accordance and in compliance with ITGR’s obligations described under “—No Solicitation of Other Offers by ITGR” and “—Change of Recommendation; Match Rights” (and with such agreement being substantially concurrently with the valid termination of the merger agreement); provided that concurrently with such termination, ITGR pays to Parent the ITGR termination fee described below; |
• | Parent and/or Merger Sub have breached any representation or warranty or failed to perform their respective covenants or agreements under the merger agreement that (a) causes any of the conditions to ITGR’s obligations to consummate the merger not to be satisfied and (b) is incapable of being cured or, if capable of being cured, is not cured by the date that is 20 business days after its receipt of written notice thereof from ITGR (or, if earlier, five business days prior to the outside date); provided that ITGR is not then in material breach of the merger agreement, nor is there any breach or inaccuracy of any of ITGR’s representations, warranties, covenants or agreements contained in the merger agreement that would cause or result in the failure of the condition to Parent’s obligations to close the merger related to the absence of ITGR’s breach of the merger agreement (such termination right, referred to as “Parent breach”); or |
• | (a) all of the conditions to Parent’s obligation to consummate the merger have been satisfied or waived (other than those conditions that (i) by their nature are to be satisfied by actions taken at the closing of the merger, but which are then capable of being satisfied or (ii) are not being satisfied as a result of a breach or failure by Parent or Merger Sub of or under the merger agreement), (b) ITGR has irrevocably confirmed in writing to Parent that it is ready, willing and able to consummate the closing of the merger on such date of confirmation and at all times during the three business day period immediately thereafter, and (c) Parent has failed to consummate the closing of the merger on or prior to the date on which the closing should have occurred (such termination right, referred to as “Parent failure to close”). |
• | prior to the ITGR stockholders adopting the merger agreement, the ITGR board of directors has effected an adverse recommendation change as described under “—No Solicitation of Other Offers by ITGR” or “—Change of Recommendation; Match Rights”; or |
• | ITGR has breached any representation or warranty or failed to perform its covenants or agreements under the merger agreement that (a) causes any of the conditions to Parent’s obligations to consummate the merger not to be satisfied and (b) is incapable of being cured or, if capable of being cured, is not cured by the date that is 20 business days after its receipt of written notice thereof from Parent (or, if earlier, five business days prior to the outside date); provided that Parent is not then in material breach of the merger agreement, nor is there |
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• | ITGR terminates the merger agreement to enter into a definitive agreement with respect to a superior proposal; |
• | Parent validly terminates the merger agreement after the ITGR board of directors has effected an adverse recommendation change; or |
• | (a) the merger agreement is validly terminated by (i) Parent or ITGR because the effective time has not occurred on or prior to the outside date and at the time of such termination the stockholders have not adopted the merger agreement, (ii) Parent or ITGR because the special meeting (including any adjournments or postponements thereof) has concluded and ITGR stockholders have not adopted the merger agreement or (iii) Parent because of ITGR’s breach of or failure to perform or comply with one or more of its representations, warranties, covenants or agreements under the merger agreement, (b) following the execution and delivery of the merger agreement and prior to the termination of the merger agreement, a bona fide acquisition proposal has been publicly announced or publicly disclosed and not publicly withdrawn or otherwise abandoned at least five business days prior to such termination of the merger agreement or the date of the special meeting, in the case of termination pursuant to clause (a)(ii) and (c) within 12 months following such termination of the merger agreement, either an acquisition proposal is consummated or ITGR enters into a definitive agreement providing for the consummation of an acquisition proposal. (For purposes of this bullet, the term “acquisition proposal” has the meaning assigned to such term as described under “No Solicitation of Other Offers by ITGR,” except that all references to “20%” will be replaced with references to “50%.”). |
• | the merger agreement is terminated by ITGR because of (a) a breach of any representation or warranty or failure to perform any covenant or agreement on the part of Parent or Merger Sub that would cause any of the conditions to ITGR’s obligations to close the merger not to be satisfied and that is incapable of being cured or has not been cured within the applicable cure period or (b) Parent’s failure to consummate the closing when required, or by Parent or ITGR because the effective time has not occurred on or prior to the outside date, at a time when the merger agreement was terminable by ITGR pursuant to clause (a) or (b) of this sentence (in each case, without giving effect to any notice requirement or cure period). |
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High | Low | Dividends | |||||||
Fiscal Year 2026 | $125.54 | $76.21 | |||||||
Third Quarter (through Date of Announcement) | $125.54 | $90.23 | — | ||||||
Third Quarter (through July 30, 2026, Day Prior to WSJ Leak) | $101.96 | $90.23 | — | ||||||
Second Quarter | $96.20 | $77.05 | — | ||||||
First Quarter | $100.05 | $76.21 | — | ||||||
Fiscal Year 2025 | $146.36 | $62.00 | |||||||
Fourth Quarter | $111.99 | $62.00 | — | ||||||
Third Quarter | $123.78 | $99.73 | — | ||||||
Second Quarter | $127.56 | $104.93 | — | ||||||
First Quarter | $146.36 | $110.84 | — | ||||||
Fiscal Year 2024 | $142.76 | $94.56 | |||||||
Fourth Quarter | $142.76 | $117.57 | — | ||||||
Third Quarter | $131.87 | $107.25 | — | ||||||
Second Quarter | $123.99 | $107.11 | — | ||||||
First Quarter | $118.15 | $94.56 | — | ||||||
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• | you must NOT vote in favor of approval of the merger agreement proposal. Because a proxy that is signed and submitted but does not otherwise contain voting instructions will, unless revoked, be voted in favor of approval of the merger agreement proposal, if you submit a proxy and wish to exercise your appraisal rights, you must instruct the proxy to vote your shares against approval of the merger agreement proposal or abstain from voting your shares on the approval of the merger agreement proposal; |
• | you must deliver to ITGR a written demand for appraisal before the vote on the approval of the merger agreement proposal at the special meeting, as described further below, and be a stockholder of record at the time of the making of such demand; |
• | you must continuously hold the shares from the date of making the demand through the effective time; and |
• | you or the surviving corporation (or any other stockholder that has properly demanded appraisal rights and is otherwise entitled to appraisal rights) must file a petition in the Delaware Court of Chancery requesting a determination of the fair value of the shares within 120 days after the effective time. The surviving corporation is under no obligation to file any such petition in the Delaware Court of Chancery and has no intention of doing so. Accordingly, it is the obligation of the ITGR stockholders to initiate all necessary action to perfect their appraisal rights in respect of shares of ITGR common stock within the time prescribed in Section 262 of the DGCL. |
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Name and Address of Beneficial Owner(1) | Number of Shares of Common Stock Beneficially Owned(2) | Percentage of Voting Shares | ||||
Beneficial Owners of More Than 5%: | ||||||
BlackRock, Inc. | 5,131,033(3) | 15.1% | ||||
Vanguard Portfolio Management | 2,076,935(4) | 6.1% | ||||
Vanguard Capital Management | 1,806,396(5) | 5.3% | ||||
Invesco Ltd. | 1,969,133(6) | 5.8% | ||||
Nomura Holdings Inc. | 1,821,161(7) | 5.4% | ||||
Non-Employee Directors | ||||||
Donald J. Spence | 37,475(8)(9) | * | ||||
Filippo Passerini | 29,638 | * | ||||
Craig M. Maxwell | 29,412(9) | * | ||||
James Hinrichs | 20,172(8) | * | ||||
Cheryl C. Capps | 12,193 | * | ||||
Sheila Antrum | 10,593 | * | ||||
Alvin Tyrone Jeffers | 10,593(8) | * | ||||
Aaron Kapito | 1,862 | * | ||||
Michael Coyle | 1,846 | * | ||||
James Francis Flanagan | 901 | * | ||||
Named Executive Officers | ||||||
Payman Khales | 64,368(8) | * | ||||
Diron Smith | 12,919 | * | ||||
Lindsay Blackwood | 2,434 | * | ||||
Andrew O. Senn | 14,813 | * | ||||
James Stephens | 5,852 | * | ||||
Joseph W. Dziedzic | — | — | ||||
Directors and executive officers as a group (19 persons) | 303,373(10) | * | ||||
* | Less than 1% |
(1) | Unless otherwise indicated, the business address of each person is Integer Holdings Corporation, 5830 Granite Parkway, Suite 1150, Plano, Texas 75024. |
(2) | All shares reported in this beneficial ownership table and related footnotes and disclosures are rounded down to the nearest whole share. |
(3) | Based solely on Amendment No. 3 to Schedule 13G filed with the SEC on July 17, 2025 by BlackRock, Inc. (“BlackRock”), BlackRock certain of its subsidiaries had sole dispositive power over 5,131,033 shares of ITGR common stock, sole voting power over 5,073,489 shares of ITGR common stock and no shared voting or dispositive power over any shares of ITGR common stock. In the Schedule 14A filed on April 9, 2026, with the SEC, BlackRock identified iShares Core S&P Small-Cap ETF as having the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5% of such reported securities. The principal business address of BlackRock is 55 East 52nd Street, New York, New York 10055. |
(4) | The information reported is based on a Schedule 13G filed on April 29, 2026, with the SEC, in which at March 31, 2026, it had sole dispositive power over 2,076,935 shares of ITGR common stock, sole voting power over 29,969 shares of ITGR common stock, and no shared voting or dispositive power over any shares of ITGR common stock. The principal business address of Vanguard Portfolio Management is 100 Vanguard Blvd., Malvern, Pennsylvania 19355. |
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(5) | The information reported is based on a Schedule 13G filed on April 30, 2026, with the SEC, in which at March 31, 2026, it had sole dispositive power over 1,806,396 shares of ITGR common stock, sole voting power over 269,109 shares of ITGR common stock, and no shared voting or dispositive power over any shares of ITGR common stock. The principal business address of Vanguard Capital Management is 100 Vanguard Blvd., Malvern, Pennsylvania 19355. |
(6) | The information reported is based on a Schedule 13G filed on May 6, 2026, with the SEC, in which at March 31, 2026, it had sole dispositive power over 1,969,133 shares of ITGR common stock, sole voting power over 1,959,066 shares of ITGR common stock, and no shared voting or dispositive power over any shares of ITGR common stock. The principal business address of Invesco Ltd. is 1331 Spring Street NW, Suite 2500, Atlanta, Georgia 30309. |
(7) | The information reported is based on a Schedule 13G filed on August 14, 2026, with the SEC, in which at June 30, 2026, it had shared dispositive power over 1,821,161.01 shares of ITGR common stock, shared voting power over 1,821,161.01 shares of ITGR common stock, and no sole voting or dispositive power over any shares of ITGR common stock. Shared voting and dispositive power represents (i) 1,554,450 shares of ITGR common stock beneficially owned by Nomura Global Financial Products, Inc. (referred to as “NGFP”) and (ii) 266,711.01 shares of ITGR common stock underlying call options beneficially owned by NGFP that are exercisable within 60 days. NGFP is a wholly owned subsidiary of Nomura Holdings, Inc., which accordingly may be deemed to beneficially own the shares of Common Stock beneficially owned by NGFP. The principal business address of Nomura Holdings, Inc. is 13-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-8645, Japan. The principal business address of NGFP is Worldwide Plaza, 309 West 49th Street, New York, New York 10019. |
(8) | Includes the following shares of ITGR common stock subject to RSUs, all of which are issuable pursuant to RSUs that are vested or potentially issuable within 60 days after August 31,2026: Mr. Spence – 12,912; Mr. Hinrichs – 12,748; Mr. Jeffers – 7,517; and Mr. Khales – 2,514. |
(9) | Includes the following shares of ITGR common stock subject to options, all of which are currently exercisable within 60 days after August 31, 2026: Mr.Spence – 5,782 and Mr. Maxwell – 5,782. |
(10) | Reflects all current directors and executive officers. Includes 11,564 shares of ITGR common stock underlying exercisable stock options and 35,691 shares of ITGR common stock subject to RSUs, all of which are issuable pursuant to RSUs that are vested or potentially issuable within 60 days after August 31, 2026. |
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• | financial institutions; |
• | tax-exempt organizations or accounts; |
• | S corporations or other pass-through entities (or investors in an S corporation or other pass-through entity); |
• | insurance companies; |
• | mutual funds; |
• | dealers or brokers in stocks and securities; |
• | traders in securities that elect mark-to-market method of tax accounting with respect to their ITGR common stock; |
• | holders of ITGR common stock or ITGR equity awards that received ITGR common stock or ITGR equity awards through a tax-qualified retirement plan or otherwise as compensation; |
• | U.S. Holders that have a functional currency other than the U.S. dollar; |
• | holders of ITGR common stock that hold ITGR common stock as part of a straddle, constructive sale, conversion or other integrated transaction; |
• | except as discussed below under “—Non-U.S. Holders,” persons who actually or constructively own more than 5% of ITGR common stock; |
• | persons subject to special tax accounting rules (including rules requiring recognition of gross income based on a taxpayer’s applicable financial statement); or |
• | United States expatriates. |
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• | A citizen or individual resident of the United States; |
• | A corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States, any state thereof or the District of Columbia; or |
• | an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source. |
• | The gain, if any, on such shares is effectively connected with a trade or business of the Non-U.S. Holder in the United States (and, if required by an applicable income tax treaty, is attributable to the Non-U.S. Holder’s permanent establishment or fixed base in the United States); |
• | The Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of the exchange of shares of ITGR common stock pursuant to the merger and certain other conditions are met; or |
• | The Non-U.S. Holder owned, directly or under certain constructive ownership rules in the Code, more than 5% of the ITGR common stock at any time during the five-year period preceding the merger, and ITGR is or has been a “United States real property holding corporation” for U.S. federal income tax purposes at any time during the shorter of the five-year period preceding the merger or the period that the Non-U.S. Holder held ITGR common stock. |
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ITGR SEC Filings (File No. 1-16137) | Period or File Date | ||
Annual Report on Form 10-K | Year ended December 31, 2025, filed on February 23, 2026 | ||
Quarterly Report on Form 10-Q | Quarter ended September 26, 2025, April 3, 2026, and July 3, 2026, filed on October 23, 2025 as amended and filed on October 24, 2025, April 30, 2026 and August 4, 2026, respectively | ||
Current Reports on Form 8-K | Current Reports on Form 8-K, filed on March 12, 2026, April 30, 2026, May 22, 2026, June 26, 2026, August 3, 2026 and August 4, 2026 | ||
Proxy Statement on Schedule 14A | Filed on April 6, 2026 | ||
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Page | ||||||
Article 1 Definitions | ||||||
Section 1.01. | Definitions | A-1 | ||||
Section 1.02. | Other Definitional and Interpretative Provisions | A-8 | ||||
Article 2 The Merger | ||||||
Section 2.01. | The Merger | A-9 | ||||
Section 2.02. | Conversion of Shares | A-9 | ||||
Section 2.03. | Surrender and Payment | A-9 | ||||
Section 2.04. | Dissenting Shares | A-10 | ||||
Section 2.05. | Treatment of Equity Awards | A-10 | ||||
Section 2.06. | Adjustments | A-12 | ||||
Section 2.07. | Withholding Rights | A-12 | ||||
Section 2.08. | Lost Certificates | A-12 | ||||
Article 3 The Surviving Corporation | ||||||
Section 3.01. | Certificate of Incorporation | A-12 | ||||
Section 3.02. | Bylaws | A-12 | ||||
Section 3.03. | Directors and Officers | A-12 | ||||
Article 4 Representations and Warranties of the Company | ||||||
Section 4.01. | Corporate Existence and Power | A-12 | ||||
Section 4.02. | Corporate Authorization | A-13 | ||||
Section 4.03. | Governmental Authorization | A-13 | ||||
Section 4.04. | Non-Contravention | A-13 | ||||
Section 4.05. | Capitalization | A-13 | ||||
Section 4.06. | Subsidiaries | A-14 | ||||
Section 4.07. | SEC Filings; Internal Control | A-14 | ||||
Section 4.08. | Financial Statements | A-15 | ||||
Section 4.09. | Disclosure Documents | A-15 | ||||
Section 4.10. | Absence of Certain Changes | A-15 | ||||
Section 4.11. | No Undisclosed Material Liabilities | A-15 | ||||
Section 4.12. | Compliance with Laws; Permits | A-16 | ||||
Section 4.13. | Litigation | A-16 | ||||
Section 4.14. | Properties | A-16 | ||||
Section 4.15. | Intellectual Property | A-16 | ||||
Section 4.16. | Taxes | A-17 | ||||
Section 4.17. | Employee Benefit Plans | A-18 | ||||
Section 4.18. | Employee and Labor Matters | A-18 | ||||
Section 4.19. | Environmental Matters | A-19 | ||||
Section 4.20. | Material Contracts | A-19 | ||||
Section 4.21. | Trade Controls; FCPA | A-20 | ||||
Section 4.22. | Healthcare and FDA Regulatory Matters | A-20 | ||||
Section 4.23. | Insurance | A-22 | ||||
Section 4.24. | Finders’ Fees | A-22 | ||||
Section 4.25. | Opinion of Financial Advisor | A-22 | ||||
Section 4.26. | Antitakeover Statutes | A-22 | ||||
Section 4.27. | Related Party Transactions | A-22 | ||||
Section 4.28. | Acknowledgement of No Other Representations and Warranties | A-22 | ||||
Article 5 Representations and Warranties of Parent and Merger Sub | ||||||
Section 5.01. | Corporate Existence and Power | A-22 | ||||
Section 5.02. | Corporate Authorization | A-22 | ||||
Section 5.03. | Governmental Authorization | A-23 | ||||
Section 5.04. | Non-Contravention | A-23 | ||||
Section 5.05. | Disclosure Documents | A-23 | ||||
Section 5.06. | Compliance with Laws | A-23 | ||||
Section 5.07. | Litigation | A-23 | ||||
Section 5.08. | Finders’ Fees | A-23 | ||||
Section 5.09. | Financing | A-23 | ||||
Section 5.10. | Solvency | A-24 | ||||
Section 5.11. | Guarantee | A-24 | ||||
Section 5.12. | No Prior Operations; Capitalization | A-24 | ||||
Section 5.13. | Ownership of Common Shares | A-24 | ||||
Section 5.14. | Acknowledgement of No Other Representations and Warranties | A-24 | ||||
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Article 6 Covenants of the Company | ||||||
Section 6.01. | Conduct of the Company | A-25 | ||||
Section 6.02. | Company Stockholders Meeting | A-26 | ||||
Section 6.03. | Access to Information | A-27 | ||||
Section 6.04. | No-Shop; Other Offers | A-27 | ||||
Section 6.05. | Stock Exchange Delisting | A-29 | ||||
Section 6.06. | Company Financing Cooperation. | A-29 | ||||
Section 6.07. | Resignation | A-31 | ||||
Section 6.08. | Treatment of Certain Indebtedness | A-31 | ||||
Article 7 Covenants of Parent | ||||||
Section 7.01. | Conduct of Parent | A-31 | ||||
Section 7.02. | Director and Officer Liability | A-31 | ||||
Section 7.03. | Employee Matters | A-32 | ||||
Section 7.04. | Debt Financing Covenants | A-33 | ||||
Article 8 Covenants of Parent and the Company | ||||||
Section 8.01. | Regulatory Undertakings | A-35 | ||||
Section 8.02. | Certain Filings | A-36 | ||||
Section 8.03. | Public Announcements | A-37 | ||||
Section 8.04. | Merger Sub Approval | A-37 | ||||
Section 8.05. | Further Assurances | A-37 | ||||
Section 8.06. | Section 16 Matters | A-37 | ||||
Section 8.07. | Notices of Certain Events | A-37 | ||||
Section 8.08. | Litigation and Proceedings | A-38 | ||||
Section 8.09. | Takeover Statutes | A-38 | ||||
Section 8.10. | Convertible Notes; Capped Calls | A-38 | ||||
Article 9 Conditions to the Merger | ||||||
Section 9.01. | Conditions to the Obligations of Each Party | A-39 | ||||
Section 9.02. | Conditions to the Obligations of Parent and Merger Sub | A-39 | ||||
Section 9.03. | Conditions to the Obligations of the Company | A-39 | ||||
Article 10 Termination | ||||||
Section 10.01. | Termination | A-39 | ||||
Section 10.02. | Effect of Termination | A-40 | ||||
Article 11 Miscellaneous | ||||||
Section 11.01. | Notices | A-41 | ||||
Section 11.02. | No Survival of Representations and Warranties | A-41 | ||||
Section 11.03. | Amendments and Waivers | A-41 | ||||
Section 11.04. | Expenses & Fees | A-41 | ||||
Section 11.05. | Disclosure Schedule and SEC Document References | A-43 | ||||
Section 11.06. | Binding Effect; Third Party Beneficiaries; Assignment | A-43 | ||||
Section 11.07. | Governing Law | A-44 | ||||
Section 11.08. | Jurisdiction | A-44 | ||||
Section 11.09. | WAIVER OF JURY TRIAL | A-44 | ||||
Section 11.10. | Counterparts; Effectiveness | A-44 | ||||
Section 11.11. | Entire Agreement | A-44 | ||||
Section 11.12. | Severability | A-44 | ||||
Section 11.13. | Specific Performance | A-44 | ||||
Section 11.14. | Debt Financing Sources | A-45 | ||||
Section 11.15. | No Recourse. | A-45 | ||||
Exhibit A Certificate of Incorporation of Surviving Corporation | A-48 | |||||
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if to Parent or Merger Sub, to: | |||||||||||||
c/o Kohlberg Kravis & Roberts & Co. L.P. | |||||||||||||
30 Hudson Yards | |||||||||||||
New York, New York 10001 | |||||||||||||
Attention: | Max Lin | ||||||||||||
Hunter Craig | |||||||||||||
with a copy, which shall not constitute notice, to: | |||||||||||||
Kirkland & Ellis LLP | |||||||||||||
601 Lexington Avenue | |||||||||||||
New York, New York 10022 | |||||||||||||
Attention: | Jennifer S. Perkins, P.C. | ||||||||||||
David M. Klein, P.C. | |||||||||||||
Daniel A. Guerin, P.C. | |||||||||||||
Steven M. Choi | |||||||||||||
E-mail: | jennifer.perkins@kirkland.com | ||||||||||||
dklein@kirkland.com | |||||||||||||
daniel.guerin@kirkland.com | |||||||||||||
steven.choi@kirkland.com | |||||||||||||
if to the Company, to: | |||||||||||||
Integer Holdings Corporation | |||||||||||||
5830 Granite Parkway, Suite 1150 | |||||||||||||
Plano, Texas 75024 | |||||||||||||
Attention: | Diron Smith | ||||||||||||
Lindsay Blackwood | |||||||||||||
with copies, which shall not constitute notice, to: | |||||||||||||
Davis Polk & Wardwell LLP | |||||||||||||
450 Lexington Avenue | |||||||||||||
New York, New York 10017 | |||||||||||||
Attention: | James P. Dougherty | ||||||||||||
E-mail: | james.dougherty@davispolk.com | ||||||||||||
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INTEGER HOLDINGS CORPORATION | |||||||||
By: | /s/ Payman Khales | ||||||||
Name: | Payman Khales | ||||||||
Title: | President and Chief Executive Officer | ||||||||
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ARMSTRONG PARENT, INC. | |||||||||
By: | /s/ Max Lin | ||||||||
Name: | Max Lin | ||||||||
Title: | President | ||||||||
ARMSTRONG BIDCO, INC. | |||||||||
By: | /s/ Max Lin | ||||||||
Name: | Max Lin | ||||||||
Title: | President | ||||||||
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(GOLDMAN SACHS & CO. LLC) | |||
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