-----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, V9nICNHGLSp6fxcvMjAbVA2dB9Gm95NBXZCRZJ4vFVud6ZTY9E/eRNI6Lp7Zs+nx 16iy/OMmflxpADq2EFHEHw== 0001125282-03-005884.txt : 20031104 0001125282-03-005884.hdr.sgml : 20031104 20031104144835 ACCESSION NUMBER: 0001125282-03-005884 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20031104 GROUP MEMBERS: BARINGTON COMPANIES EQUITY PARTNERS, LP GROUP MEMBERS: JEWELCOR MANAGEMENT, INC. GROUP MEMBERS: RAMIUS SECURITIES, LLC GROUP MEMBERS: RCG AMBROSE MASTER FUND, LTD FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BARINGTON CAPITAL GROUP L P CENTRAL INDEX KEY: 0000887762 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 888 SEVENTH AVENUE 17TH FL CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2129745400 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FAB INDUSTRIES INC CENTRAL INDEX KEY: 0000034136 STANDARD INDUSTRIAL CLASSIFICATION: KNITTING MILLS [2250] IRS NUMBER: 132581181 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-30224 FILM NUMBER: 03975860 BUSINESS ADDRESS: STREET 1: 200 MADISON AVE CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 2122799000 MAIL ADDRESS: STREET 1: 200 MADISON AVE CITY: NEW YORK STATE: NY ZIP: 10016 SC 13D/A 1 b327853_sc13da.txt AMEND NO. 1 TO GEN STATEMENT OF OWNERSHIP UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------------- SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1)* FAB Industries, Inc. (Name of Issuer) Common Stock, $.20 par value (Title of Class of Securities) 302747100 (CUSIP Number) Mr. James Mitarotonda c/o Barington Capital Group, L.P. 888 Seventh Avenue, 17th Floor New York, N.Y. 10019 (212) 974-5700 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) October 28, 2003 (Date of Event Which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. / / Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. (Continued on following pages) - ------------ * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 302747100 Page 2 of 8 - -------- ----------------------------------------------------------------------- 1 Name of Reporting Person I.R.S. Identification No. of above person (entities only) Barington Companies Equity Partners, L.P. - -------- ----------------------------------------------------------------------- 2 Check the appropriate box if a member of a group (a) X (b) - -------- ----------------------------------------------------------------------- 3 SEC use only - -------- ----------------------------------------------------------------------- 4 Source of Funds WC - -------- ----------------------------------------------------------------------- 5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - -------- ----------------------------------------------------------------------- 6 Citizenship or Place of Organization Delaware - ----------------------------------- -------------------------------------------- 7 Sole Voting Power 96,862 Number of Shares Beneficially -------------------------------------------- 8 Shared Voting Power** none Owned by Each Reporting -------------------------------------------- 9 Sole Dispositive Power 96,862 Person With -------------------------------------------- 10 Shared Dispositive Power** none - -------- ----------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned by each Reporting Person** 96,862 - -------- ----------------------------------------------------------------------- 12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares - -------- ----------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 1.8% - -------- ----------------------------------------------------------------------- 14 Type of Reporting Person PN - -------- ----------------------------------------------------------------------- CUSIP No. 302747100 Page 3 of 8 - -------- ----------------------------------------------------------------------- 1 Name of Reporting Person I.R.S. Identification No. of above person (entities only) Jewelcor Management, Inc. - -------- ----------------------------------------------------------------------- 2 Check the appropriate box if a member of a group (a) X (b) - -------- ----------------------------------------------------------------------- 3 SEC use only - -------- ----------------------------------------------------------------------- 4 Source of Funds WC - -------- ----------------------------------------------------------------------- 5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - -------- ----------------------------------------------------------------------- 6 Citizenship or Place of Organization Nevada - ----------------------------------- -------------------------------------------- 7 Sole Voting Power 35,759 Number of Shares Beneficially -------------------------------------------- 8 Shared Voting Power** none Owned by Each Reporting -------------------------------------------- 9 Sole Dispositive Power 35,759 Person With -------------------------------------------- 10 Shared Dispositive Power** none - -------- ----------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned by each Reporting Person** 35,759 - -------- ----------------------------------------------------------------------- 12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares - -------- ----------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) less than 1.0% - -------- ----------------------------------------------------------------------- 14 Type of Reporting Person CO - -------- ----------------------------------------------------------------------- CUSIP No. 302747100 Page 4 of 8 - -------- ----------------------------------------------------------------------- 1 Name of Reporting Person I.R.S. Identification No. of above person (entities only) RCG Ambrose Master Fund, Ltd - -------- ----------------------------------------------------------------------- 2 Check the appropriate box if a member of a group (a) X (b) - -------- ----------------------------------------------------------------------- 3 SEC use only - -------- ----------------------------------------------------------------------- 4 Source of Funds WC - -------- ----------------------------------------------------------------------- 5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - -------- ----------------------------------------------------------------------- 6 Citizenship or Place of Organization Cayman Islands - ----------------------------------- -------------------------------------------- 7 Sole Voting Power 35,760 Number of Shares Beneficially -------------------------------------------- 8 Shared Voting Power** none Owned by Each Reporting -------------------------------------------- 9 Sole Dispositive Power 35,760 Person With -------------------------------------------- 10 Shared Dispositive Power** none - -------- ----------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned by each Reporting Person** 35,760 - -------- ----------------------------------------------------------------------- 12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares - -------- ----------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) less than 1.0% - -------- ----------------------------------------------------------------------- 14 Type of Reporting Person CO - -------- ----------------------------------------------------------------------- CUSIP No. 302747100 Page 5 of 8 - -------- ----------------------------------------------------------------------- 1 Name of Reporting Person I.R.S. Identification No. of above person (entities only) Ramius Securities, LLC - -------- ----------------------------------------------------------------------- 2 Check the appropriate box if a member of a group (a) X (b) - -------- ----------------------------------------------------------------------- 3 SEC use only - -------- ----------------------------------------------------------------------- 4 Source of Funds WC - -------- ----------------------------------------------------------------------- 5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - -------- ----------------------------------------------------------------------- 6 Citizenship or Place of Organization Delaware - ----------------------------------- -------------------------------------------- 7 Sole Voting Power 96,469 Number of Shares Beneficially -------------------------------------------- 8 Shared Voting Power** none Owned by Each Reporting -------------------------------------------- 9 Sole Dispositive Power 96,469 Person With -------------------------------------------- 10 Shared Dispositive Power** none - -------- ----------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned by each Reporting Person** 96,469 - -------- ----------------------------------------------------------------------- 12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares - -------- ----------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 1.8% - -------- ----------------------------------------------------------------------- 14 Type of Reporting Person OO - -------- ----------------------------------------------------------------------- CUSIP No. 302747100 Page 6 of 8 THIS AMENDMENT NO. 1 AMENDS ITEMS 5, 6 AND 7 OF THE SCHEDULE 13D ORIGINALLY FILED BY BARINGTON COMPANIES EQUITY PARTNERS, L.P., JEWELCOR MANAGEMENT, INC., RCG AMBROSE MASTER FUND, LTD, AND RAMIUS SECURITIES, LLC (COLLECTIVELY, THE "REPORTING PERSONS") WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 7, 2003 (SUCH SCHEDULE, SO AMENDED, THE "SCHEDULE 13D"). THIS STATEMENT RELATES TO COMMON STOCK, $.20 PAR VALUE (THE "COMMON STOCK") OF FAB INDUSTRIES, INC., A DELAWARE CORPORATION (THE "ISSUER"). Capitalized terms used herein have the meaning set forth in the Schedule 13D. Item 5. Interest in Securities of the Issuer. The information previously provided in response to this Item 5 is hereby amended by adding the following: (a) As of the date hereof, the Reporting Entities own an aggregate of 264,850 shares of Common Stock, representing approximately 5.1% of the outstanding shares of Common Stock based upon the 5,238,015 shares of Common Stock reported by Fab Industries to be issued and outstanding as of April 15, 2003 in its Quarterly Report on Form 10-Q for the quarter ended March 1, 2003. As of the date hereof, Barington Company Equities Partners, L.P. beneficially owns an aggregate of 96,862 shares of Common Stock, representing approximately 1.8% of the outstanding shares of Common Stock. As of the date hereof, Jewelcor Management, Inc. beneficially owns an aggregate of 35,759 shares of Common Stock, representing less than 1% of the outstanding shares of Common Stock. As of the date hereof, RCG Ambrose Master Trust, Ltd. beneficially owns an aggregate of 35,760 shares of Common Stock, representing less than 1% of the outstanding shares of Common Stock. As of the date hereof, Ramius Securities, LLC beneficially owns an aggregate of 96,469 shares of Common Stock, representing approximately 1.8% of the outstanding shares of Common Stock. (b) As of the date hereof, each of the Reporting Entities has sole voting and dispositive power over the shares of Common Stock beneficially owned by such Reporting Entity. (c) Except as set forth above or in the attached Schedule, no person identified in Item 2 hereof has effected any transaction in shares of such Common Stock during the 60 days preceding the date hereof. (d) Not applicable. (e) Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. The information previously provided in response to this Item 6 is hereby amended by adding the following: On October 23, 2003, the Issuer announced that it had received a preliminary offer from a management-led buyout group to acquire the business of the Issuer, as a going concern. On October 28, 2003, Barington Capital Group, L.P., on behalf of the Reporting Persons, sent a letter to the Chairman and Chief Executive Officer of the Issuer, a copy of which is attached as Exhibit 2 (the "Barington Letter"). In the Barington Letter, the Reporting Persons expressed surprise as to the offer from management, and noted that the offer was 48% lower than the October 30th closing price of $7.15 per share of Common Stock, and also 60% lower than the Issuer's August 31, 2003 tangible book value of approximately $9.45 per share of Common Stock. The Barington Letter cited an expectation that the independent members of the Board of Directors of the Issuer will very carefully consider all of the Issuer's alternatives in light of their fiduciary duties and seek to maximize value for all of the Issuer's shareholders. CUSIP No. 302747100 Page 7 of 8 The foregoing description of the Barington Letter is not, and does not purport to be, complete and is qualified in its entirety by reference to the Barington Letter, a copy of which is filed as Exhibit 2 hereto and is incorporated herein by reference. Item 7. Material to be Filed as Exhibits. The information previously provided in response to this Item 7 is hereby amended by adding the following: Exhibit No. Description - ----------- ----------- Exhibit 1* Agreement of Joint Filing among Barington Companies Equity Partners, L.P., Jewelcor Management, Inc., RCG Ambrose Master Fund, Ltd., and Ramius Securities, LLC dated March 7, 2003 Exhibit 2** Letter from Barington Capital Group, L.P. to FAB Industries, Inc. dated October 28, 2003 Exhibit 3** Agreement of Joint Filing among Barington Companies Equity Partners, L.P., Jewelcor Management, Inc., RCG Ambrose Master Fund, Ltd., and Ramius Securities, LLC dated November 4, 2003 - ------------------ * Previously filed. ** Filed herewith CUSIP No. 302747100 Page 8 of 8 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. November 4, 2003 BARINGTON COMPANIES EQUITY PARTNERS, L.P. By: Barington Companies Investors, LLC, its general partner By: /s/ S. E. Cassetta ----------------------------------------- S.E Cassetta Executive Vice President and Chief Operating Officer JEWELCOR MANAGEMENT, INC. By: /s/ Richard Huffsmith ----------------------------------------- Richard Huffsmith Vice President and General Counsel RCG AMBROSE MASTER FUND, LTD. By: /s/ Marran H. Ogilvie ----------------------------------------- Marran H. Ogilvie Authorized Signatory RAMIUS SECURITIES, LLC By: Ramius Capital Group, LLC, its managing member By: /s/ Marran H. Ogilvie ----------------------------------------- Marran H. Ogilvie Authorized Signatory CUSIP No. 302747100 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- Exhibit 1* Agreement of Joint Filing among Barington Companies Equity Partners, L.P., Jewelcor Management, Inc., RCG Ambrose Master Fund, Ltd., and Ramius Securities, LLC dated March 7, 2003 Exhibit 2** Letter from Barington Capital Group, L.P. to FAB Industries, Inc. dated October 28, 2003 Exhibit 3** Agreement of Joint Filing among Barington Companies Equity Partners, L.P., Jewelcor Management, Inc., RCG Ambrose Master Fund, Ltd., and Ramius Securities, LLC dated November 4, 2003 - ------------------ * Previously filed. ** Filed herewith CUSIP No. 302747100 SCHEDULE Shares sold by Barington Companies Equity Partners, L.P. Date Number of Shares Price per Share Total(*) - ---- ---------------- --------------- -------- 11/03/03 12,913 $4.9705 $64,184.07 Shares sold by Jewelcor Management, Inc. Date Number of Shares Price per Share Total(*) - ---- ---------------- --------------- -------- 11/03/03 4,766 $4.9705 $23,689.40 Shares sold by RCG Ambrose Master Trust, Ltd. Date Number of Shares Price per Share Total(*) - ---- ---------------- --------------- -------- 11/03/03 4,765 $4.9705 $23,684.43 Shares sold by Ramius Securities LLC Date Number of Shares Price per Share Total(*) - ---- ---------------- --------------- -------- 11/03/03 12,856 $4.9705 $63,900.75 * Excludes commissions and other execution-related costs. EX-99.2 3 b327853_ex99-2.txt LETTER FROM BARINGTON CAPITAL GROUP, L.P. EXHIBIT 2 [LETTERHEAD OF BARINGTON CAPITAL GROUP, L.P.] October 28, 2003 Mr. Samson Bitensky Chairman and Chief Executive Officer Fab Industries, Inc. 200 Madison Avenue New York, NY 10016 Dear Mr. Bitensky, We were surprised to read the recent announcement that FAB Industries, Inc. has received a preliminary offer from a management-led buyout group to acquire the business, as a going concern, for $19,556,366 (or $3.75 per share). The offer is not only 48% lower than the October 30th closing price of $7.15 per share, but also 60% lower than FAB's August 31, 2003 tangible book value of approximately $9.45 per share. It appears to us that the offer represents a lower return to shareholders than the liquidation of the company. We also note that only two weeks ago, FAB announced that it had not received any bona fide offers, so the timing of an offer from management concerns us. We expect that the independent members of the Board will very carefully consider all of the company's alternatives in light of their fiduciary duties and seek to maximize value for all of the shareholders. Sincerely, James Mitarotonda cc: Mr. Martin B. Bernstein, Mr. Lawrence H. Bober, Mr. Frank S. Greenberg, Ms. Susan B. Lerner, Mr. Richard Marlin EX-99.3 4 b327853_ex99-3.txt AGREEMENT OF JOINT FILING EXHIBIT 3 AGREEMENT OF JOINT FILING Pursuant to Rule 13d-1(k)(l) of Regulation 13D-G of the General Rules and Regulations of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that only one statement containing the information required on Schedule 13D need be filed with respect to beneficial ownership by each of the undersigned of common stock of FAB Industries, Inc., and that such statement shall be filed on behalf of each of them. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original. November 4, 2003 BARINGTON COMPANIES EQUITY PARTNERS, L.P. By: Barington Companies Investors, LLC, its general partner By: /s/ S. E. Cassetta ----------------------------------------- S.E Cassetta Executive Vice President and Chief Operating Officer JEWELCOR MANAGEMENT, INC. By: /s/ Richard Huffsmith ----------------------------------------- Richard Huffsmith Vice President and General Counsel RCG AMBROSE MASTER FUND, LTD. By: /s/ Marran H. Ogilvie ----------------------------------------- Marran H. Ogilvie Authorized Signatory RAMIUS SECURITIES, LLC By: Ramius Capital Group, LLC, its managing member By: /s/ Marran H. Ogilvie ----------------------------------------- Marran H. Ogilvie Authorized Signatory -----END PRIVACY-ENHANCED MESSAGE-----