-----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, SRM0YxjAT8Wfb8GFNzXnOapZo3+0v6D1EdCoMA9LbelyuMDWho9uKIWgLttGtyPz a66mar5SUWOCzaxgAvmeVw== 0001017918-98-000060.txt : 19980519 0001017918-98-000060.hdr.sgml : 19980519 ACCESSION NUMBER: 0001017918-98-000060 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 19980518 SROS: NASD SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: VAIL RESORTS INC CENTRAL INDEX KEY: 0000812011 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 510291762 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-49757 FILM NUMBER: 98626999 BUSINESS ADDRESS: STREET 1: 137 BENCHMARK ROAD STREET 2: C/O ANACONDA TOWER CITY: AVON STATE: CO ZIP: 81620 BUSINESS PHONE: 9708452950 MAIL ADDRESS: STREET 1: 137 BENCHMARK ROAD CITY: AVON STATE: CO ZIP: 81620 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BANCO INC CENTRAL INDEX KEY: 0001017918 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 133390015 STATE OF INCORPORATION: NY FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 767 PARK AVE STREET 2: 24TH FL CITY: NEW YORK STATE: NY ZIP: 10153 BUSINESS PHONE: 2125832000 MAIL ADDRESS: STREET 1: 767 PARK AVE STREET 2: 24TH FL CITY: NEW YORK STATE: NY ZIP: 10153 SC 13D/A 1 SCHEDULE 13D, AMENDMENT NO. 3 Page 1 of of 12 Pages UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No.3)* VAIL RESORTS, INC. ----------------------------------------------------- (Name of Issuer) COMMON STOCK ----------------------------------------------------- (Title of Class of Securities) 91879Q109 ----------------------------------------------------- (CUSIP Number) Linda S. Martinson, Esq. (212) 583-2000 767 Fifth Avenue, 24th Floor, New York, NY 10153 ----------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) May 13, 1998 ----------------------------------------------------- (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 which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ]. Check the following box if a fee is being paid with this statement [ ]. (A fee is not required only if the filing person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7.) *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 ("Act") 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). SEC 1746 (12-91) Amendment Number 3 to Schedule 13D (continued) CUSIP No. 91879Q109 Page 2 of 12 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Baron Capital Group, Inc. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(C) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 160,000 BENEFICIALLY -------------------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 993,300 REPORTING -------------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 160,000 -------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 10,442,200 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,602,200 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 40.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* HC, CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT Amendment Number 3 to Schedule 13D (continued) CUSIP No. 91879Q109 Page 3 of 12 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON BAMCO, Inc. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(C) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY -------------------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 200,000 REPORTING -------------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH -------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 9,648,900 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,648,900 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 36.4% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA, CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT Amendment Number 3 to Schedule 13D (continued) CUSIP No. 91879Q109 Page 4 of 12 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Baron Capital Management, Inc. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(C) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 160,000 BENEFICIALLY -------------------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 793,300 REPORTING -------------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 160,000 -------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 793,300 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 953,300 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.6% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA, CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT Amendment Number 3 to Schedule 13D (continued) CUSIP No. 91879Q109 Page 5 of 12 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Baron Asset Fund - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(C) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 9,448,900 BENEFICIALLY ------------------------------------------------------------ OWNED BY 8 SHARED VOTING POWER EACH REPORTING -------------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH -------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 9,448,900 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,448,900 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 35.6% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IV, OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT Amendment Number 3 to Schedule 13D(continued) CUSIP No. 91879Q109 Page 6 of 12 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Ronald Baron - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(C) OR 2(E) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 160,000 BENEFICIALLY -------------------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 993,300 REPORTING -------------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 160,000 -------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 10,442,200 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,602,200 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 40.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT Page 7 of 12 Pages Item 1. Security and Issuer (a) Name of Issuer: Vail Resorts, Inc. (b) Address of Issuer's Principal Executive Offices: Post Office Box 7 c/o Anaconda Towers Vail, CO 81658 (c) Title and Class of Securities: Common Stock Item 2. Identity and Background (a) Name: Baron Capital Group, Inc. ("BCG") BAMCO, Inc. ("BAMCO") Baron Capital Management, Inc. ("BCM") Baron Asset Fund ("BAF") Ronald Baron (b) Business Address: 767 Fifth Avenue 24th Floor New York, NY 10153 (c) Present Principal Employment: BCG: Holding company BAMCO: Investment adviser BAF: Investment company Ronald Baron: President and majority shareholder: BCG, BCM, BAMCO 767 Fifth Avenue 24th Floor New York, NY 10153 (d) Record of Convictions: During the last five years, Filing Persons were not convicted In a criminal proceeding (excluding traffic violations or similar misdemeanors.) (e) Record of Civil Proceedings: During the last five years, Filing Persons were not a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating such activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) Citizenship: BCG, BAMCO and BCM are New York corporations. Ronald Baron is a citizen of the United States. Item 3. Source and Amount of Funds or Other Consideration Ronald Baron owns no shares of the issuer directly. BAMCO directed the purchase of 5,648,900 shares of the Issuer for its investment advisory clients for an aggregate purchase price of $125,190,939. Of those shares, 5,448,900 were purchased for the account of BAF, for a total purchase price of $120,903,585. An additional 4,000,000 shares of the Issuer were purchased in a privately negotiated transaction for the account of BAF from Apollo Ski Partners, L.P. The shares were purchased for an aggregate price of $112,000,000. BCM directed the purchase of 793,300 shares of the issuer for its investment advisory clients for an aggregate purchase price of $17,746,878 and 160,000 shares for two investment partnerships for an aggregate purchase price of $3,529,265. All of the shares were paid for by cash assets in the respective clients' accounts and by margin borrowings for the account of one BCM client pursuant to standard margin agreements with Spear, Leeds & Kellogg. Page 8 of 12 Pages Item 4. Purpose of Transaction The securities referred to herein were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the Issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purposes or effect. Filing Persons reserve the right to discuss management and other proposals with other persons. Item 5. Interest in Securities of the Issuer (a) Amount and percentage beneficially owned: BCG: 10,620,200 40.0%* BAMCO: 9,648,900 36.4%* BCM: 953,300 3.6%* BAF: 9,448,900 35.6% Ronald Baron: 10,620,200 40.0%* *Disclaims beneficial ownership of these shares (b) Number of shares as to which such person has: (i) sole power to vote or direct the vote: BCG*: 160,000 BAMCO*: 0 BCM*: 160,000 BAF: 9,448,900 Ronald Baron*: 160,000 (ii) shared power to vote or direct the vote: BCG*: 993,300 BAMCO*: 200,000 BCM*: 793,300 BAF: 0 Ronald Baron*: 993,300 (iii) sole power to dispose or to direct the disposition: BCG*: 160,000 BAMCO*: 0 BCM*: 160,000 BAF: 0 Ronald Baron*: 160,000 (iv) shared power to dispose or direct the disposition: BCG*: 10,442,200 BAMCO*: 9,648,900 BCM*: 793,300 BAF: 9,448,900 Ronald Baron*: 10,442,200 *Reporting Persons may be deemed to share power to vote and dispose of shares referred to herein as a result of control relationships (BCG and Ronald Baron with respect to all of the shares; BAMCO with respect to disposition, but not vote, of the BAF shares) and pursuant to investment advisory relationships with advisory clients. The shares reported above for sole power are attributable to investment partnerships for which BCM and Ronald Baron serve as general partners. BAMCO and its related control persons have no power to vote the shares owned by BAF. (c) A schedule of transactions effected in the last sixty days is attached hereto. (d) Ownership of More than Five Percent on Behalf of Another Person: BAF and the investment advisory clients have the right to receive the dividends from, or the proceeds from the sale of the securities in their respective accounts. To the best of Reporting Person's knowledge, no person has such interest relating to more than 5% of the outstanding class of securities. (e) Ownership of Less than Five Percent: Not applicable. Page 9 of 12 Pages Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer BAMCO and the Issuer have entered into a Standstill and Registration Rights Agreement where, among other things, BAMCO agrees that it will not directly or indirectly (through affiliates or otherwise)acquire more than 500,000 additional shares of the Issuer's common stock, as adjusted for recapitalization. The Board of Trustees of BAF has determined to allocate sole voting power of all shares held by BAF to a committee of the independent trustees of BAF until such time as the Board of Trustees determine otherwise. By virtue of their investment advisory agreements with their clients, BCM and BAMCO have been given the discretion to vote and to dispose or direct the disposition of the securities in the advisory accounts subject, in the case of BAF, to the overall authority and supervision of the Board of Trustees. All such agreements are, however, revocable on not more than 60 days prior notice. Accordingly, the Filing Persons believe that as a general matter the Filing Persons that are investment advisers share voting and disposition power with their clients. The investment advisory agreements of the Baron Funds are filed as exhibit 99 to Form N1-A for BAF and are incorporated by reference herein. All the advisory agreements are pursuant to a standard form. Item 7. Material to be Filed as Exhibits Exhibit 99 - 60 days of transactions. Exhibit 99A- Standstill Agreement Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: May 14, 1998 Baron Capital Group, Inc., BAMCO, Inc., Baron Capital Management, Inc. and Baron Asset Fund By: /s/ Ronald Baron _______________________________________ Ronald Baron, President Ronald Baron, Individually By: /s/ Ronald Baron _______________________________________ Ronald Baron EX-99 2 REGISTRATION RIGHTS AGREEMENT Page 11 of 12 Pages TRANSACTION SCHEDULE From 03/13/98 To 05/13/98 All transactions were executed on the primary exchange for the Issuer unless otherwise indicated. Acct Exec. Date ID Trans Qty Price - -------- ---- ----- ------ --------- 03/25/98 bcm sell 2,500 31.0000 03/31/98 bcm buy 10,000 29.2500 04/01/98 bcm buy 20,000 29.0625 04/02/98 baf buy 3,100 28.8120 04/02/98 bcm buy 20,000 28.8120 04/03/98 baf buy 10,000 29.0625 04/07/98 baf buy 300 28.7500 04/08/98 baf buy 300 28.9375 04/13/98 baf buy 10,000 29.6250 04/22/98 baf buy 7,900 30.2668 04/22/98 bcm buy 4,000 30.2668 04/23/98 baf buy 8,400 30.4405 04/27/98 bcm buy 3,500 29.9821 04/29/98 baf buy 8,900 29.3750 04/29/98 bcm buy 2,000 29.3750 05/12/98 bcm buy 11,000 27.5335 05/13/98 baf buy* 4,000,000 28.0000 * The transaction was privately negotiated. EX-99.A 3 12-DAY TRANSACTION SCHEDULE Page 12 of 12 Standstill and Registration Rights Agreement between Vail Resorts, Inc. and BAMCO, Inc. * * * Standstill Covenant. BAMCO hereby represents that it and its Affiliates collectively beneficially own on behalf of themselves and/or their clients, as of the date hereof, 6,602,200 shares of Common Stock of Vail. BAMCO agrees that during the term of this Agreement, it will not, directly or indirectly (through its Affiliates or otherwise), acquire, offer to acquire or agree to acquire by purchase or otherwise any additional Vail Securities except (i) as a result of a stock split, stock dividend, rights offering or similar recapitalization by Vail: (ii) the 4,000,000 shares of Common Stock of Vail to be purchased pursuant to the Stock Purchase Agreements dated the date hereof with Apollo; and (iii) up to an additional 500,000 shares of Common Stock of Vail so long as the aggregate number of shares Common Stock beneficially owned by BAMCO and it's affiliates does not exceed 11,102,200 (as adjusted for any stock split, stock dividend or recapitalization) at any time. For purposes of this Section 3, "Vail Securities" means the Common Stock and Class A Common Stock of Vail, and any other voting securities of Vail, including any securities convertible into or exercisable or exchangeable for any voting securities of Vail. * * * IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their respective officers thereunto duly authorized as of the date first above written. BAMCO, Inc. By: /s/ Name: Title: Vail Resorts, Inc. By: /s/ Name: Title: -----END PRIVACY-ENHANCED MESSAGE-----