<SEC-DOCUMENT>0001193125-20-233169.txt : 20201019
<SEC-HEADER>0001193125-20-233169.hdr.sgml : 20201019
<ACCEPTANCE-DATETIME>20200827163252
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ACCESSION NUMBER:		0001193125-20-233169
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DAVITA INC.
		CENTRAL INDEX KEY:			0000927066
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090]
		IRS NUMBER:				510354549
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2000 16TH STREET
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		310-536-2668

	MAIL ADDRESS:	
		STREET 1:		2000 16TH STREET
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DAVITA HEALTHCARE PARTNERS INC.
		DATE OF NAME CHANGE:	20121107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DAVITA INC
		DATE OF NAME CHANGE:	20001005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TOTAL RENAL CARE HOLDINGS INC
		DATE OF NAME CHANGE:	19950524
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<TYPE>CORRESP
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SIDLEY AUSTIN LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">555 CALIFORNIA STREET</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SUITE 2000</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SAN FRANCISCO, CA 94104</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 415 772 1200</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 415 772 7400 FAX</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">AMERICA &#149; ASIA PACIFIC &#149; EUROPE</P></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;27, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Via
EDGAR and Email </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Mr.&nbsp;Valian&nbsp;A. Afshar
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DaVita Inc. </B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Schedule <FONT STYLE="white-space:nowrap">TO-I</FONT> filed on August&nbsp;17, 2020
</B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;005-47431</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Afshar: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client,
DaVita Inc. (&#147;<U>DVA</U>&#148; or the &#147;<U>Company</U>&#148;), we hereby acknowledge receipt of the comment letter dated August&nbsp;24, 2020 (the &#147;<U>Comment Letter</U>&#148;) from the staff (the &#147;<U>Staff</U>&#148;) of the U.S.
Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) concerning the above captioned <FONT STYLE="white-space:nowrap">Schedule&nbsp;TO-I&nbsp;(the</FONT>
&#147;<U>Schedule</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;TO-I</FONT></U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We submit this letter in response to the
Comment Letter on behalf of the Company. For ease of reference, we have reproduced the text of the Staff&#146;s comment in bold-face type below, followed by the Company&#146;s response. Unless otherwise noted, page number references herein refer to
Exhibit (a)(1)(A) to the <FONT STYLE="white-space:nowrap">Schedule&nbsp;TO-I,&nbsp;which</FONT> is the Offer to Purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has
today filed, via EDGAR, an amendment to <FONT STYLE="white-space:nowrap">Schedule&nbsp;TO-I&nbsp;(&#147;</FONT><U>Amendment No.</U><U></U><U>&nbsp;1</U>&#148;) together with this response letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><U>Responses to Staff Comments</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><U>Schedule <FONT STYLE="white-space:nowrap">TO-I</FONT></U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><U>Exhibit (a)(1)(A) &#150; Offer to Purchase</U> </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers and
Acquisitions </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><U>General</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that you are using a modified &#147;Dutch auction&#148; pricing mechanism for the Offer, whereby the
Offer to Purchase discloses a range of prices from $77.00 to $88.00 per share at which tendering shareholders may elect for the Company to repurchase their tendered shares. We further note that the Offer to Purchase indicates that the trading price
of the Company&#146;s shares on the last full trading day before the announcement of the Offer was $82.17 per share. Therefore, at the low end, the specified range in the modified Dutch auction is below the most recent trading price of the shares.
Tendering shareholders who either make a Purchase Price Tender or elect an Auction Tender at the lower end of the range (i.e., below $82.17) will therefore be tendering at a price per share that is below the most recent market price per share before
announcement of the Offer. We have stated that a bidder must clearly and prominently explain when an offer price is below the recent market price for the subject securities. See Commission Guidance on Mini-Tender Offers and Limited Partnership
Tender Offers, SEC Release <FONT STYLE="white-space:nowrap">No.&nbsp;34-43069</FONT> (July 31, 2000). Please amend the Offer to Purchase to note that Purchase Price Tenders or shareholders who tender at an Auction Tender price of less than $82.17
will be tendering at a price less than the most recent trading price for the shares. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Response</I>: In response to the
Staff&#146;s comment, we will amend the last paragraph of the cover page to add the following as a new third sentence to such paragraph: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Accordingly, a Purchase Price Tender or Auction Tender at a price below $82.17 pursuant to the modified &#147;Dutch Auction&#148; may
lower the Purchase Price to a price below such closing price.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We will also amend the last sentence of the second paragraph on page
2 to read in its entirety: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;You should understand that a Purchase Price Tender or an election of an Auction Tender at a price below
$82.17 pursuant to the modified &#147;Dutch Auction&#148; may lower the Purchase Price and could result in your shares being purchased at a price that is below $82.17, the reported closing price of our common stock on the NYSE on August&nbsp;14,
2020, the last full trading day prior to the commencement of the Offer, and could be below the reported closing price of our common stock on the NYSE at the Expiration Time.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We will additionally amend the bolded sentence on page 7 and the first bolded sentence on page 17 of the disclosure in the Offer to Purchase
to read in each of their entirety: </P>
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 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers and
Acquisitions </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Accordingly, Purchase Price Tenders or an election of an Auction Tender at a price
below $82.17 pursuant to the modified &#147;Dutch Auction&#148; could result in the Purchase Price being lower than $82.17, which is a price that is below the reported closing price of our common stock on the NYSE on August&nbsp;14, 2020, the last
full trading day prior to the commencement of the Offer, and could result in your shares being purchased at $77.00, the minimum price per share in the Offer, which could be below the reported closing price of our common stock on the NYSE at the
Expiration Time.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><U>Procedures for Tendering Shares, pages <FONT STYLE="white-space:nowrap">21-27</FONT></U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note the following statement on page 26: &#147;All questions . . . will be determined by DVA in its sole
discretion, and will be final and binding on all parties absent a finding to the contrary by a court of competent jurisdiction&#148; Please revise to expressly indicate that shareholders may challenge your determinations in a court of competent
jurisdiction. At present, the disclosure does not account for this possibility and instead only indicates that a court might have a different opinion that could otherwise supersede your &#147;final and binding&#148; determination. Please also make
any conforming changes to similar statements on page 28 of the Offer to Purchase and Exhibit (a)(1)(F). </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: In response to the Staff&#146;s comment, the Company will amend the disclosure on page 26 of the Offer to Purchase (and make
conforming changes elsewhere as appropriate) by adding the following to the end of the first sentence under the heading &#147;<I>Determination of Validity; Rejection of Shares; Waiver of Defects; No Obligation to Give Notice of Defects</I>&#148;:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;, subject to a shareholder&#146;s right to challenge our determination in a court of competent jurisdiction.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><U>Conditions of the Offer, pages <FONT STYLE="white-space:nowrap">30-32</FONT></U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note the following statement: &#147;Our failure at any time to exercise any of the foregoing rights will
not be deemed a waiver of any right, and each such right will be deemed an ongoing right that may be asserted at any time prior to the Expiration Time.&#148; This statement suggests you may become aware that an Offer condition has been triggered or
otherwise has become incapable of being satisfied, yet the Offer may proceed without you making a disclosure. As stated elsewhere in the Offer to Purchase, however, you must amend the Offer to disclose material changes. To the extent you become
aware of any condition being &#147;triggered&#148; that would enable you to terminate the Offer or otherwise cancel your obligation to accept tenders, and you elect to proceed with the Offer anyway, we view that decision as being a waiver of the
condition. If a material condition is waived, a material change has occurred to the Offer requiring revised disclosure and (potentially) an extension of the Offer. Please revise this disclosure to correct this inconsistency with respect to your
stated understanding of your planned treatment of material changes. </B></P></TD></TR></TABLE>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers and
Acquisitions </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: In response to the Staff&#146;s comment, the Company will amend the
disclosure regarding the Conditions of the Tender Offer in Section&nbsp;7 on page 32 of the Offer to Purchase by amending the fifth sentence of the final paragraph of Section&nbsp;7 to read in its entirety: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;If we waive any of the conditions described above, we will disclose any material changes resulting therefrom and will, if required by
applicable law, amend the Offer to extend the Expiration Time.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><U>Miscellaneous, page 49</U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note the following statement: &#147;If, after such good faith effort, we cannot comply with the
applicable law, the Offer will not be made to (nor will tenders be accepted from or on behalf of) the holders of shares in that jurisdiction.&#148; While offer materials need not be disseminated into jurisdictions where such a distribution would be
impermissible, please remove the implication that tendered shares will not be accepted from all shareholders. See Rule <FONT STYLE="white-space:nowrap">13e-4(f)(8)(i)</FONT> and guidance in Section II.G.1 of Exchange Act Release No.&nbsp;58597
(September 19, 2008). Please also make any conforming changes to similar statements on page ii of the Offer to Purchase and in Exhibits (a)(1)(D), (E) and (F). </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: In response to the Staff&#146;s comment, the Company will amend the disclosure in the first paragraph of Section&nbsp;18 on
page 49 of the Offer to Purchase (and make conforming changes elsewhere as appropriate) in its entirety to be consistent with <FONT STYLE="white-space:nowrap">Rule&nbsp;13e-4(f)(8)(i)&nbsp;under</FONT> the Securities Exchange Act of 1934, as amended
as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;In making the Offer, we are not aware of any U.S. State where the making of the Offer is not in compliance with
applicable law. If, however, we become aware that the making of the Offer or the acceptance of shares pursuant to the Offer is not permitted by administrative or judicial action pursuant to a State Law, we will make a good faith effort to comply
with such applicable State Law. If, after such good faith effort, we cannot comply with the applicable State Law, the Offer will not be made to the holders of shares in that U.S. State. In making the Offer, we will comply with the requirements of <FONT
STYLE="white-space:nowrap">Rule&nbsp;13e-4(f)(8)&nbsp;promulgated</FONT> under the Exchange Act. In any U.S. State where the securities or Blue Sky laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be
made on our behalf by the Dealer Manager or one or more registered brokers or dealers licensed under the laws of such U.S. State.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><U>Exhibit (a)(1)(B) &#150; Letter of Transmittal </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that the italicized paragraph on page 3 of the Letter of Transmittal includes the following
statement: &#147;I/we hereby . . . release and discharge the Company from any and all claims I/we may have now, or may have in the future, arising out of or related to, the shares.&#148; Please revise this statement to comply with Section&nbsp;29(a)
of the Securities Exchange Act of 1934. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: In response to the Staff&#146;s comment, the Company will
amend the disclosure in the Letter of Transmittal to remove clause (c)&nbsp;from the italicized paragraph on page 3. This amendment to the Letter of Transmittal will apply to all holders who tender their shares pursuant to the Letter of Transmittal,
as amended, and will be deemed to apply retroactively to those holders who submitted their Letter of Transmittal prior to the amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that paragraph 11 of the Letter of Transmittal states that certain of the Company&#146;s
determinations &#147;will be final and binding on all parties.&#148; Please revise these statements to be consistent with similar statements in the &#147;Procedures for Tendering Shares&#148; section of the Offer to Purchase, which account for the
possibility that a court might have a different opinion that could otherwise supersede your &#147;final and binding&#148; determination. Please also make any conforming changes required as a result of comment 1 above. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: In response to the Staff&#146;s comment, the Company will amend the disclosure in the Letter of Transmittal by adding the
following to the end of the fourth and sixth sentences of paragraph 11 on page 9 of the Letter of Transmittal: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;, subject to a
shareholder&#146;s right to challenge our determination in a court of competent jurisdiction.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Additionally, the Company will add a
sentence to paragraph 4 on page 8 of the Letter of Transmittal to make conforming changes required as a result of comment 1 above. The following will be added as a new second sentence of paragraph 4: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;An election of an Auction Tender at a price below $82.17 could result in the Purchase Price being lower than $82.17, which is a price
that is below the reported closing price of our common stock on the NYSE on August&nbsp;14, 2020, the last full trading day prior to the commencement of the Offer, and could result in your shares being purchased at $77.00, the minimum price per
share in the Offer, which could be below the reported closing price of our common stock on the NYSE at the Expiration Time.&#148; </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g66178dsp01.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers and
Acquisitions </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This amendment to the Letter of Transmittal will apply to all holders who tender their shares
pursuant to the Letter of Transmittal, as amended, and will be deemed to apply retroactively to those holders who submitted their Letter of Transmittal prior to the amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><U>Exhibit (a)(5)(A) &#150; Press Release</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that in the final sentence of the cautionary statement regarding forward-looking statements, you do
not undertake any obligation to update or revise any forward-looking statements. This disclaimer is inconsistent with your obligations under Rule <FONT STYLE="white-space:nowrap">13e-4(c)(3)</FONT> to amend the Schedule TO to reflect a material
change to the information previously disclosed. Please revise accordingly. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Response</I>: In response to the
Staff&#146;s comment, the Company acknowledges its understanding and confirms to the Staff that it will update or revise its future disclosures as required by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g66178dsp01.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers and
Acquisitions </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company acknowledges that the Staff may have additional comments after reviewing this
response letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We appreciate your assistance in reviewing this response letter. Please direct any questions or comments regarding this
filing to me at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">415-772-1271.</FONT></FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Sharon Flanagan</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sharon Flanagan, Esq.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sidley Austin LLP</TD></TR>
</TABLE></DIV> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Edward Ricchiuto, Esq. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sidley Austin LLP </P>
</DIV></Center>

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