Company who are not employees of the Company voted to approve the transaction. The Board has produced the fairness determination on behalf of the Company. Based on the Boards considerations
and recommendation, the Company reasonably believes that the Offer and the Merger are fair to the unaffiliated stockholders.
The following
paragraph is inserted as a new last paragraph under ITEM 4. THE SOLICITATION OR RECOMMENDATION(c) Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the
MergerRecommendation of the Board of Directors as follows:
Other than the acquisition proposal from Fund C, as described in more
detail under the heading (b) Background of the Offer and the Merger above, the Company has not received any firm offers of which the Company or any of its affiliates are aware made by any unaffiliated person, other than the
Purchaser Group, during the past two years for (i) the merger or consolidation of the Company with or into another company, or vice versa, (ii) the sale or other transfer of all or any substantial part of the assets of the Company; or
(iii) a purchase of the Companys securities that would enable the holder to exercise control of the Company.
ITEM 8. ADDITIONAL
INFORMATION.
ITEM 8. ADDITIONAL INFORMATION(e) Legal Proceedings of the
Schedule 14D-9
is hereby amended in its entirety to read as follows:
(e) Legal Proceedings
.
On December 11, 2018, a putative class action captioned
Franchi
v. Intersections Inc. et al.,
C.A.
No. 1:18-cv-01957-UNA
was filed in the United States District Court for the District of Delaware against the Company, members of
the Board, Parent and Merger Sub. The complaint alleges that the
Schedule 14D-9
omits material information with respect to the proposed transaction, which renders the
Schedule 14D-9
false and misleading, and that defendants violated Sections 14(e), 14(d), and 20(a) of the Exchange Act in connection with the
Schedule 14D-9.
Among other things, the complaint seeks to enjoin defendants from proceeding with the proposed transaction, or in the event defendants consummate the proposed transaction, rescind it and
set it aside or award the plaintiff rescissory damages, and award costs, including attorneys and experts fees. The Company believes that the plaintiffs allegations are without merit and expects that the defendants will defend
against them vigorously.
The paragraph under ITEM 8. ADDITIONAL INFORMATION(i) Schedule
13E-3
is supplemented by adding the following at the end of such paragraph:
The Company has filed as an
exhibit to its Schedule
13E-3
North Points presentation to the Special Committee dated October 29, 2018. Notwithstanding any statements in such presentation to the contrary, North Point has
consented to the use of its presentation by the Company solely for purposes of satisfying public disclosure obligations required by
Schedule 13E-3.
ITEM 8. ADDITIONAL INFORMATION(m) Certain Company Information is supplemented by adding the following at the end of such
paragraph:
Estimated Annual Cost Savings.
Following the completion of the Offer and the Merger, the Company estimates that the annually
recurring cost savings as a result of no longer being a publicly traded company subject to the reporting requirements of the federal securities laws will be approximately $1.8 million per year.
Summary Financial Information.
The following table sets forth summary historical consolidated financial data for the Company as of and for each
of the nine months ended September 30, 2018 and the years ended December 31, 2017 and 2016. The selected financial data and the per Share data set forth below are extracted from, and should be read in conjunction with, the consolidated
financial statements and other financial
3