-----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, KpWmRrAgO+8gUl90fbH++jKEdW1R8366d5OegklkVzkuDN10GTg7lCSixQrPZp/G s+EQaawLdMGJtlsxzXF2RQ== 0000909518-00-000268.txt : 20000425 0000909518-00-000268.hdr.sgml : 20000425 ACCESSION NUMBER: 0000909518-00-000268 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20000424 GROUP MEMBERS: INTERNATIONAL SPECIALTY PRODUCTS GROUP MEMBERS: ISP INVESTMENTS, INC. GROUP MEMBERS: ISP OPCO HOLDINGS INC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: DEXTER CORP CENTRAL INDEX KEY: 0000028582 STANDARD INDUSTRIAL CLASSIFICATION: PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODUCTS [2851] IRS NUMBER: 060321410 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-11068 FILM NUMBER: 606910 BUSINESS ADDRESS: STREET 1: ONE ELM ST CITY: WINDSOR LOCKS STATE: CT ZIP: 06096 BUSINESS PHONE: 8602927675 MAIL ADDRESS: STREET 1: ONE ELM ST CITY: WINDSOR LOCKS STATE: CT ZIP: 06096 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ISP OPCO HOLDINGS INC CENTRAL INDEX KEY: 0001067851 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: C/O ISP MANAGEMENT CO INC STREET 2: 1361 ALPS RD CITY: WAYNE STATE: NJ ZIP: 07470 BUSINESS PHONE: 9736283000 MAIL ADDRESS: STREET 1: C/O ISP MANAGEMENT CO INC STREET 2: 1361 ALPS RD CITY: WAYNE STATE: NJ ZIP: 07470 SC 13D/A 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 10) ------------------------------ DEXTER CORPORATION (Name of Issuer) COMMON STOCK, $1.00 PAR VALUE PER SHARE 252165105 (Title of class of securities) (CUSIP number) RICHARD A. WEINBERG, ESQ. C/O ISP MANAGEMENT COMPANY, INC. 1361 ALPS ROAD WAYNE, NEW JERSEY 07470 (973) 628-4000 (Name, address and telephone number of person authorized to receive notices and communications) WITH A COPY TO: STEPHEN E. JACOBS, ESQ. WEIL, GOTSHAL & MANGES LLP 767 FIFTH AVENUE NEW YORK, NEW YORK 10153-0119 (212) 310-8000 APRIL 20, 2000 (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 ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-(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 ss. 240.13d-7 for other parties to whom copies are to be sent. * 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 purposes of Section 18 of the Securities Exchange Act of 1934 (the "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.) (Continued on following pages) (Page 1 of 7 Pages) NY2:\903915\02\JDGR02!.DOC\54104.0016
- ----------------------------------------------------------- -------------------------------------------------------- CUSIP No. 252165105 13D Page 2 of 7 Pages - ----------------------------------------------------------- -------------------------------------------------------- - ---------------------- ------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON ISP OPCO HOLDINGS INC. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON - ---------------------- ------------------------------------------------------------------------------------ ------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ] (b) [X] - ---------------------- ------------------------------------------------------------------------------------ ------------------ 3 SEC USE ONLY - ---------------------- ------------------------------------------------------------------------------------ ------------------ 4 SOURCE OF FUNDS: OO - ---------------------- ------------------------------------------------------------------------------------ ------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ] - ---------------------- ------------------------------------------------------------------------------------ ------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - ---------------------- ------------------------------------------------------------------------ ------------------------------ NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------------------- ------------------------------------------------ ------------------------------ BENEFICIALLY 8 SHARED VOTING POWER: 2,299,200 OWNED BY ------------------- ------------------------------------------------ ------------------------------ EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------------------- ------------------------------------------------ ------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,299,200 - ---------------------- ------------------------------------------------------------------------ ------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,299,200 - ---------------------- ------------------------------------------------------------------------ ------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ] - ---------------------- ------------------------------------------------------------------------ ------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.97% - ---------------------- ------------------------------------------------------------------------ ------------------------------ 14 TYPE OF REPORTING PERSON: CO - ---------------------- ------------------------------------------------------------------------ ------------------------------
- ----------------------------------------------------------- -------------------------------------------------------- CUSIP No. 252165105 13D Page 3 of 7 Pages - ----------------------------------------------------------- -------------------------------------------------------- - ---------------------- ------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON ISP INVESTMENTS INC. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON - ---------------------- ------------------------------------------------------------------------------------ ------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ] (b) [X] - ---------------------- ------------------------------------------------------------------------------------ ------------------ 3 SEC USE ONLY - ---------------------- ------------------------------------------------------------------------------------ ------------------ 4 SOURCE OF FUNDS: WC, OO - ---------------------- ------------------------------------------------------------------------------------ ------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ] - ---------------------- ------------------------------------------------------------------------------------ ------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - ---------------------- ------------------------------------------------------------------------ ------------------------------ NUMBER OF 7 SOLE VOTING POWER: 2,299,200 SHARES ------------------- ------------------------------------------------ ------------------------------ BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ------------------- ------------------------------------------------ ------------------------------ EACH 9 SOLE DISPOSITIVE POWER: 2,299,200 REPORTING ------------------- ------------------------------------------------ ------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - ---------------------- ------------------------------------------------------------------------ ------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,299,200 - ---------------------- ------------------------------------------------------------------------ ------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ] - ---------------------- ------------------------------------------------------------------------ ------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.97% - ---------------------- ------------------------------------------------------------------------ ------------------------------ 14 TYPE OF REPORTING PERSON: CO - ---------------------- ------------------------------------------------------------------------ ------------------------------
- ----------------------------------------------------------- -------------------------------------------------------- CUSIP No. 252165105 13D Page 4 of 7 Pages - ----------------------------------------------------------- -------------------------------------------------------- - ---------------------- ------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON INTERNATIONAL SPECIALTY S.S. OR I.R.S. IDENTIFICATION NO. PRODUCTS INC. OF ABOVE PERSON - ---------------------- ------------------------------------------------------------------------------------ ------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ] (b) [X] - ---------------------- ------------------------------------------------------------------------------------ ------------------ 3 SEC USE ONLY - ---------------------- ------------------------------------------------------------------------------------ ------------------ 4 SOURCE OF FUNDS: OO - ---------------------- ------------------------------------------------------------------------------------ ------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ] - ---------------------- ------------------------------------------------------------------------------------ ------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - ---------------------- ------------------------------------------------------------------------ ------------------------------ NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------------------- ------------------------------------------------ ------------------------------ BENEFICIALLY 8 SHARED VOTING POWER: 2,299,200 OWNED BY ------------------- ------------------------------------------------ ------------------------------ EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------------------- ------------------------------------------------ ------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,299,200 - ---------------------- ------------------------------------------------------------------------ ------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 2,299,200 - ---------------------- ------------------------------------------------------------------------ ------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ] - ---------------------- ------------------------------------------------------------------------ ------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.97% - ---------------------- ------------------------------------------------------------------------ ------------------------------ 14 TYPE OF REPORTING PERSON: CO - ---------------------- ------------------------------------------------------------------------ ------------------------------
This Amendment No. 10 ("Amendment No. 10") amends the Statement on Schedule 13D (the "Schedule 13D") filed on April 22, 1999, as amended by Amendment No. 1 filed on August 11, 1999, Amendment No. 2 filed on September 8, 1999, Amendment No. 3 filed on September 27, 1999, Amendment No. 4 filed on December 14, 1999, Amendment No. 5 filed on December 16, 1999, Amendment No. 6 filed on January 27, 2000, Amendment No. 7 filed on February 11, 2000, Amendment No. 8 filed on February 24, 2000, and Amendment No. 9 filed on March 23, 2000, by and on behalf of ISP Opco Holdings Inc. ("ISP Opco"), ISP Investments Inc. ("ISP Investments") and International Specialty Products Inc. ("ISP" and together with ISP Investments and ISP Opco, the "Reporting Persons") with respect to their ownership of common stock, par value $1.00 per share (the "Common Stock"), of Dexter Corporation (the "Company"). Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Schedule 13D, as amended. ITEM 4. PURPOSE OF THE TRANSACTION On April 20, 2000, in response to a request for final bids from the Company's financial advisor, Lehman Brothers Inc. ("Lehman"), ISP submitted a written proposal to Lehman (the "Bid Letter") to acquire all of the outstanding Common Stock of the Company for a price per share of $50 plus one Contingent Value Right (as defined in the Bid Letter). ISP's proposal is subject to the execution of a definitive merger agreement. For a complete description of the terms of ISP's proposal, please see the Bid Letter, a copy of which is attached hereto as Exhibit 1. On April 20, 2000, ISP Opco entered into a letter agreement (the "Commitment Letter Amendment") with The Chase Manhattan Bank and Chase Securities Inc. (collectively, "Chase") that amends certain provisions of the Commitment Letter, dated March 23, 2000, among ISP Opco and Chase to allow for the issuance by ISP of the Contingent Value Rights as part of the proposed acquisition of the Company. A copy of the Commitment Letter Amendment is attached hereto as Exhibit 2. While Chase Securities Inc., ISP's financial advisor, has offered to meet with Lehman to discuss ISP's proposal, no meetings have been held as of the time of this filing. Lehman has advised Chase Securities Inc. that the Company has scheduled a Board meeting for 2:00 p.m. on April 24, 2000, after which ISP would receive a response if appropriate. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit No. 1: Bid Letter. Exhibit No. 2: Commitment Letter Amendment. [The remainder of this page intentionally left blank.] 5 SIGNATURES After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this Statement is true, complete and correct. Dated: April 20, 2000 ISP OPCO HOLDINGS INC. ISP INVESTMENTS INC. INTERNATIONAL SPECIALTY PRODUCTS INC. By: /s/ Susan B. Yoss ------------------------------------- Susan B. Yoss Senior Vice President and Treasurer 6 EXHIBIT INDEX Exhibit No. Document Page No. - ---------- -------- ------- 1 Bid Letter. 2 Commitment Letter Amendment. 7 EX-99 2 1 Exhibit 1 [LETTERHEAD OF INTERNATIONAL SPECIALTY PRODUCTS] April 20, 2000 BY HAND AND TELEFAX Lehman Brothers Inc. 3 World Financial Center, 18th Floor New York, New York 10285 Attention: Mr. Gary J. Posternack Re: Dexter Corporation Dear Gary: International Specialty Products Inc. ("ISP") is pleased to submit the following proposal to acquire Dexter Corporation ("Dexter"), upon the terms and subject to the conditions set forth in this letter. This letter, together with ISP's enclosed comments to the draft merger agreement prepared by Skadden, Arps, Slate, Meagher & Flom LLP (the "Merger Agreement"), shall constitute ISP's proposal (the "Proposal"). The basic terms of the Proposal are as follows: Price and Form of Consideration - ------------------------------- For each issued and outstanding share of common stock of Dexter, ISP will (a) pay $50 per share in cash and (b) issue one Contingent Value Right ("CVR"), having the terms set forth on the Term Sheet attached to this letter. The CVRs are intended to allow Dexter shareholders to participate in the proceeds from a sale by ISP of Dexter's shares of Life Technologies, Inc. at a price in excess of $50 per share. Chase Securities Inc. has advised us that the CVRs would be a source of significant value for Dexter shareholders. We encourage you to call Federico Mennella of Chase Securities Inc., at 212-270-1690, if you have any questions or need any assistance in your valuation of the CVRs. Financing - --------- ISP has received a commitment from The Chase Manhattan Bank ("Chase") to provide senior credit facilities in the aggregate amount of $1,825,000,000 to finance the acquisition of Dexter, refinance certain existing indebtedness of ISP's subsidiaries, Dexter and its subsidiaries, and to provide working capital for the combined companies following the acquisition. A copy of Mr. Gary J. Posternack Lehman Brothers April 20, 2000 Page 2 the commitment letter from Chase, as amended, is enclosed. If you have any questions regarding the financing, please call Christopher Iannaccone of Chase, at 212-270-9802. Merger Agreement - ---------------- We submit with this letter our comments to the Merger Agreement. Our Proposal contemplates that Dexter will continue to hold approximately 75% of the outstanding shares of Life Technologies. ISP does not propose to enter into a separate merger agreement with respect to Life Technologies. Due Diligence - ------------- ISP's Proposal is not conditioned on further due diligence. Contacts - -------- Questions regarding the Proposal or the Merger Agreement should be addressed to: Stephen E. Jacobs, Esq. Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, New York 10153-0119 Office Telephone: 212-310-8320 Office Facsimile: 212-735-4777 Home Telephone: 212-628-2489 914-273-2507 Conditions - ---------- The Proposal has been approved by our Board of Directors and is not subject to ISP stockholder approval. However, our Proposal is subject to our satisfaction with the contents of the schedules to the Merger Agreement, which have not been provided to us to date. ISP does not anticipate any regulatory issues relating to the acquisition of Dexter by ISP that will affect ISP's ability to consummate the acquisition of Dexter in a timely fashion. Neither ISP nor any affiliate thereof will be deemed to have any liability or obligation whatsoever relating to the transaction described herein by virtue of this letter or any written or oral expression with respect to such a transaction by any of its directors, officers, employees or agents unless and until a definitive Merger Agreement, Mr. Gary J. Posternack Lehman Brothers April 20, 2000 Page 3 in form satisfactory to ISP, has been executed by ISP and Dexter. Notwithstanding anything to the contrary contained in your April 12 letter, ISP does not waive any claims or rights to which it may be entitled by virtue of submitting this Proposal. Expiration of Proposal - ---------------------- Our Proposal will expire on Monday, April 24, 2000, unless Dexter has commenced substantive negotiations with us before that time. We welcome the opportunity to discuss with you all aspects of our Proposal. Accordingly, please feel free to call Stephen Jacobs, of Weil, Gotshal & Manges, to discuss the Proposal or any related matters. Very truly yours, /s/ Samuel J. Heyman ---------------------------- Samuel J. Heyman /s/ Sunil Kumar ---------------------------- Sunil Kumar INTERNATIONAL SPECIALTY PRODUCTS INC. CONTINGENT VALUE RIGHTS TERM SHEET - -------------------------------------------------------------------------------- Issuer International Specialty Products Inc. ("ISP") - -------------------------------------------------------------------------------- Security Contingent Value Rights ("CVRs"), which would entitle each former Dexter shareholder to participate in the proceeds above $50 per share from a sale by ISP of Dexter's 18,815,000 shares of common stock of Life Technologies, Inc. (the "Majority Life Technologies Shares") prior to September 30, 2001. - -------------------------------------------------------------------------------- Terms of Issuance On the date that ISP and Dexter enter into a definitive merger agreement, ISP would commit to issue, subject to the terms and conditions contained in the merger agreement, a total number of CVRs equal to one (1) CVR for each share of Common Stock of Dexter Corporation ("Dexter") issued and outstanding on that date or reserved for issuance upon the exercise of an outstanding option, whether or not then vested. CVRs would be issued (i) upon ISP's acceptance of tendered Dexter shares for payment and (ii) in connection with payment of the "back end" merger consideration to holders of untendered Dexter shares and unexercised Dexter options. The CVRs would be certificated. - -------------------------------------------------------------------------------- Term of CVRs The CVRs would have a term (the "Term") commencing on the date of issuance (the "Original Issuance Date") and expiring on the earlier of (i) September 30, 2001 and (ii) the date on which ISP has sold or otherwise disposed of all of the Majority Life Technologies Shares; provided, that if ISP has entered into a definitive agreement providing for a sale or other disposition of the Majority Life Technologies shares on or prior to September 30, 2001, the Term shall be extended, if necessary, past September 30, 2001 until the earlier of the date on which ISP has consummated the sale of the Majority Life Technologies Shares pursuant to such agreement, or the date on which such agreement is terminated. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Registration and Listing The CVRs would be registered under the Securities Act, and ISP would use its reasonable best efforts to cause the CVRs to be listed on the NASDAQ or a different securities exchange. - -------------------------------------------------------------------------------- Trustee A trustee or rights agent would be appointed for the purpose of making payments to, and otherwise acting on behalf of, the holders of CVRs. - -------------------------------------------------------------------------------- Contingent Payment Each CVR would entitle the holder to receive a payment (the "Contingent Payment") in the event that one or more Disposition(s) (as defined below) of the Majority Life Technologies Shares is consummated pursuant to a definitive agreement executed during the Term. The Contingent Payment, if any, would be made within 20 business days following the expiration of the Term. The Contingent Payment would be in an amount equal to a quotient, the numerator of which is the Extra Proceeds (as defined below) and the denominator of which is the total number of CVRs that have been issued. The Contingent Payment would be made in cash; provided, however, that if securities are received by ISP as proceeds for a Disposition, ISP, at its sole election, may make the related portion of the Contingent Payment using such securities. - -------------------------------------------------------------------------------- Extra Proceeds The "Extra Proceeds" shall be an aggregate amount, equal to the sum, for each share included in the Disposition of the Majority Life Technologies Shares consummated pursuant to a definitive agreement executed on or prior to September 30, 2001, of (i) 10% of the Net Proceeds Per Share (as defined below) in excess of $50 and up to $55 per share, (ii) 25% of the Net Proceeds Per Share in excess of $55 and up to $65 per share and (iii) 50% of the Net Proceeds Per Share in excess of $65 per share. Extra Proceeds would be determined by ISP by aggregating all Disposition(s) that have been consummated pursuant to a definitive agreement executed on or prior to September 30, 2001. "Net Proceeds" from each Disposition shall mean the gross amount realized by ISP from such Disposition, less the sum of all out-of-pocket fees, costs and expenses incurred by ISP and its affiliates in connection with such Disposition (including, without limitation, legal and financial advisory fees). The value of any non-cash proceeds would be determined by - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- an independent nationally recognized investment-banking firm. "Net Proceeds Per Share" from each Disposition shall mean the Net Proceeds of such Disposition divided by the number of Majority Life Technologies Shares sold or otherwise transferred in such Disposition. For example, if 8 million Majority Life Technologies shares were sold by ISP in a Disposition pursuant to a definitive agreement executed on or prior to September 30, 2001 at a price of $75 per share, and ISP incurred related transaction expenses of $2 million, the Extra Proceeds attributable to such Disposition would be computed as follows: o Gross Amount Realized = $600 million o Net Proceeds = $598 million o Net Proceeds Per Share = $74.75 (i.e. $598 million divided by 8 million) With Net Proceeds Per Share of $74.75, CVRs would entitle the holders to receive, in the aggregate on account of that Disposition: o 8,000,000 x 5 x .10 = $4,000,000; plus o 8,000,000 x 10 x .25 = $20,000,000; plus o 8,000,000 x 9.75 x .50 = $39,000,000 ---------------------------------- Total $63,000,000 A similar calculation would be made for each Disposition consummated pursuant to a definitive agreement executed on or prior to September 30, 2001. The sum of these calculations would be the "Extra Proceeds". If ISP were to effect a Disposition of all of the Majority Life Technologies Shares pursuant to a definitive agreement(s) executed on or prior to September 30, 2001 for Net Proceeds Per Share of $74, the holders of CVRs would receive aggregate Extra Proceeds of approximately $141,112,500. - -------------------------------------------------------------------------------- Maximum Extra Proceeds In no event will the holders of CVRs receive more than $10 per CVR. - -------------------------------------------------------------------------------- Disposition of the Life Technologies Shares A "Disposition" shall mean (i) a merger, consolidation or other business combination involving Life Technologies as a result of which the Majority Life Technologies Shares are directly or indirectly exchanged for cash or non-cash consideration, (ii) a - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- sale or other transfer, directly or indirectly, of the Majority Life Technologies Shares or (iii) a sale, transfer or other disposition, in one or a series of transactions, of all or substantially all of the assets of Life Technologies. - -------------------------------------------------------------------------------- Redemption The CVRs would not be redeemable by ISP. - -------------------------------------------------------------------------------- Merger or Sale of ISP If ISP enters into a merger, consolidation or other business combination, or a sale of all or substantially all of its assets during the Term, it shall make adequate provision for the successor corporation (unless ISP continues to beneficially own all of the Majority Life Technologies Shares following such transaction) to assume all obligations of ISP under the CVRs. - -------------------------------------------------------------------------------- Pro Rata Inclusion in Dispositions If a Disposition involves less than all of the shares of common stock of Life Technologies beneficially owned by ISP, the Majority Life Technologies Shares and the other shares of common stock of Life Technologies beneficially owned by ISP immediately prior to the Original Issuance Date will be included in such Disposition on a pro rata basis. - -------------------------------------------------------------------------------- EX-99 3 2 Exhibit 2 [LETTERHEAD OF THE CHASE MANHATTAN BANK] April 20, 2000 Senior Credit Facilities ------------------------ Amendment to Commitment Letter ------------------------------ ISP Opco Holdings Inc. c/o ISP Management Company, Inc. 1361 Alps Road Wayne, New Jersey 07470 Attention: Susan Yoss, Treasurer/Senior Vice President Ladies and Gentlemen: Reference is made to the Commitment Letter dated March 23, 2000 (the "Commitment Letter"), between you, The Chase Manhattan Bank and Chase Securities Inc. with respect to the senior credit facilities to be provided to you in connection with the proposed acquisition of all of the capital stock of Dexter Corporation. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Commitment Letter. You have advised us that you are considering modifying the terms of your current proposal to effect the Acquisition. You have indicated that you are considering proposing to Target that the consideration to be paid to the stockholders of Target will consist of a price of $50 per share of Target stock in cash plus one contingent value right (a "CVR") issued by International Specialty Products Inc. (the "Modified Proposal"). A summary of the terms of the CVR is attached hereto as Annex A. We are pleased to confirm Chase's commitment to provide the entire amount of the senior credit facilities in order to finance the Acquisition with the consideration contemplated by the Modified Proposal upon the terms and subject to the conditions set forth or referred to in the Commitment Letter and in the Term Sheets, as modified by this letter agreement. If you do not elect to submit the Modified Proposal to Target, Chase's commitment will remain unchanged as described in the Commitment Letter. If you elect to submit the Modified Proposal, with respect to the provisions on mandatory prepayments and commitment reductions contained in Article III of the Term Sheets, the net proceeds of any sale or issuance of equity or sale or other disposition of assets referred to therein shall only be applied to the prepayments contemplated thereby after giving effect to any payments required to be made to the holders of the CVRs. Moreover, the negative covenants referred to in Article VI of the Term Sheets shall not prohibit the issuance of the CVRs or the payment obligations contemplated thereby. Finally, each reference to the Transaction in the Commitment Letter and the documents related thereto shall include, without limitation, all transactions relating to the CVRs. Except as expressly amended hereby, the Commitment Letter, the Term Sheets, the Fee Letter, the highly confident letter and the related indemnification agreement remain in full force and effect. All future references to any of such documents shall be deemed to be a reference to such documents as amended hereby. Very truly yours, THE CHASE MANHATTAN BANK By: /s/ Lawrence Palumbo, Jr. -------------------------------- Name: Lawrence Palumbo, Jr. Title: Vice President CHASE SECURITIES INC. By: /s/ John K. Kuhn -------------------------------- Name: John K. Kuhn Title: Vice President Accepted and agreed to as of the date first written above by: ISP OPCO HOLDINGS INC. By: /s/ Susan B. Yoss ----------------------------- Name: Susan B. Yoss Title: Senior Vice President - Treasurer -----END PRIVACY-ENHANCED MESSAGE-----