-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M6SlxVYPsxtaucLdYEw7n0wK+9IaPrRc4sIMMLqvWTZbeijsas+JcyzTDFjWYfTU +B4/8THR6UHCeuc5fSmhRg== 0000950123-97-005148.txt : 19970620 0000950123-97-005148.hdr.sgml : 19970620 ACCESSION NUMBER: 0000950123-97-005148 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970605 ITEM INFORMATION: Changes in control of registrant ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970619 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL EDUCATION CORP CENTRAL INDEX KEY: 0000277821 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 952774428 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-05552 FILM NUMBER: 97626425 BUSINESS ADDRESS: STREET 1: 2601 MAIN STREET CITY: IRVINE STATE: CA ZIP: 92614 BUSINESS PHONE: 714-474-9400 MAIL ADDRESS: STREET 1: 18400 VON KARMAN AVE CITY: IRVINE STATE: CA ZIP: 92715 8-K 1 NATIONAL EDUCATON CORPORATION 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (date of earliest event reported): June 5, 1997 NATIONAL EDUCATION CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 1-6981 33-0556929 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) Incorporation) 27 BOYLSTON STREET CHESTNUT HILL, MASSACHUSETTS 02167 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (617) 232-8200 (Former name or former address, if changed since last report): 2601 MAIN STREET IRVINE, CALIFORNIA 92614 (714) 474-9400 Exhibit Index Appears on Page 3 2 2 Item 1. Changes in Control of Registrant. On April 21, 1997, Harcourt General, Inc., a Delaware corporation ("Harcourt"), through a wholly-owned subsidiary, Nick Acquisition Corporation, a Delaware corporation ("Nick"), commenced a tender offer (the "Offer") to acquire all of the outstanding shares (the "Shares") of Common Stock of National Education Corporation, a Delaware corporation ("NEC"). The initial per Share consideration offered was $19.50. On May 12, 1997, Harcourt and Nick entered into an Agreement and Plan of Merger with NEC (the "Merger Agreement") pursuant to which Harcourt agreed to increase the per Share consideration of the Offer to $21.00, and agreed to lend $30 million to NEC to pay a $30 million fee to Sylvan Learning Systems, Inc. ("Sylvan") in connection with the termination of a previously entered into merger agreement between NEC and Sylvan. On June 4, 1997, the Offer terminated, and on June 5, 1997, Harcourt acquired approximately 34.4 million Shares representing approximately 95.6% of the issued and outstanding Shares. Harcourt promptly paid approximately $723.4 million for those Shares. On June 10, 1997, pursuant to the Merger Agreement, Nick was merged with and into NEC, and the remaining approximately 1.6 million Shares not previously purchased in the Offer were converted into the right to receive $21.00 in cash. Consequently, Harcourt became the beneficial owner of all of the outstanding Shares, and a change of control of NEC occurred. In addition, pursuant to the Merger Agreement, the Board of Directors of NEC was reconstituted effective as of June 5, 1997 so that individuals designated by Harcourt now comprise the entire Board of Directors of NEC. Harcourt used available cash and equivalents and short-term investments, as well as borrowings under its existing $400 million revolving credit facility (the "Credit Agreement"), to fund payments of approximately $850 million (including estimated fees and expenses) in connection with the transactions referenced in the immediately preceding paragraph. The Credit Agreement is dated as of December 16, 1994 among Harcourt, Morgan Guaranty Trust Company of New York, as documentation agent, The First National Bank of Boston, as administrative agent, The Bank of Nova Scotia and National Westminster Bank Plc, as co-agents, and a group of 13 lending parties thereto. 3 3 Item 7. Financial Statements and Exhibits. (c) Exhibits: Exhibit 2.1 Agreement and Plan of Merger among Harcourt General, Inc., Nick Acquisition Corporation and National Education Corporation, dated as of May 12, 1997, incorporated herein by reference to Exhibit 11(c)(1) to Amendment No. 3 to the Schedule 14D-1 of Harcourt General, Inc., dated May 14, 1997. Exhibit 2.2 Credit Agreement dated as of December 16, 1994 among Harcourt General, Inc., the banks listed therein, Morgan Guaranty Trust Company of New York, as documentation agent, The First National Bank of Boston, as administrative agent, The Bank of Nova Scotia and National Westminster Bank Plc, as co- agents, incorporated herein by reference to Exhibit 11(b) to Schedule 14D-1 of Harcourt General, Inc., dated April 21, 1997. 4 4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NATIONAL EDUCATION CORPORATION /S/ Eric P. Geller -------------------------------- Eric P. Geller Vice President and Secretary Date: June 18, 1997 -----END PRIVACY-ENHANCED MESSAGE-----