SC 13D/A 1 0001.txt ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 14) ------------------------------ 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 JUNE 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 73 Pages) NY2:\924316\01
----------------------------------------------------------- -------------------------------------------------------- CUSIP No. 252165105 13D Page 2 of 73 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): 9.91% ---------------------- ------------------------------------------------------------------------ ------------------------------ 14 TYPE OF REPORTING PERSON: CO ---------------------- ------------------------------------------------------------------------ ------------------------------
----------------------------------------------------------- -------------------------------------------------------- CUSIP No. 252165105 13D Page 3 of 73 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): 9.91% ---------------------- ------------------------------------------------------------------------ ------------------------------ 14 TYPE OF REPORTING PERSON: CO ---------------------- ------------------------------------------------------------------------ ------------------------------
----------------------------------------------------------- -------------------------------------------------------- CUSIP No. 252165105 13D Page 4 of 73 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): 9.91% ---------------------- ------------------------------------------------------------------------ ------------------------------ 14 TYPE OF REPORTING PERSON: CO ---------------------- ------------------------------------------------------------------------ ------------------------------
This Amendment No. 14 ("Amendment No. 14") 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, Amendment No. 9 filed on March 23, 2000, Amendment No. 10 filed on April 24, 2000, Amendment No. 11 filed on May 2, 2000, Amendment No. 12 filed on May 9, 2000, and Amendment No. 13 filed on May 24, 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 June 20, 2000, Samuel J. Heyman, Chairman of the Board of ISP, sent the following letter to K. Grahame Walker, Chairman of the Board and Chief Executive Officer of the Company: Dear Grahame, This is to advise you that ISP will be promptly commencing a $45 per share, all cash tender offer for all Dexter shares not already owned by ISP. Conditions of the tender offer will be consistent with those provided for in the merger agreement referred to below. We are forwarding to your counsel a revised merger agreement and revised commitment from Chase which we believe addresses virtually all of your concerns, and we stand ready, willing, and able to enter into this agreement should the Dexter Board be agreeable. We believe that ISP's offer is a full and fair one and in the best interests of all Dexter shareholders. Should the Dexter Board, however, be unwilling to enter into the proposed merger agreement, we would request that it at least take action to remove the "poison pill," and any other legal impediments to the purchase of shares, so that Dexter shareholders can decide for themselves whether to accept ISP's offer. If you have any questions concerning this matter, please do not hesitate to let us know. Sincerely, /s/ Samuel J. Heyman On June 20, 2000, ISP Opco obtained a commitment from Chase (the "Commitment Letter"), which supersedes and replaces the commitment previously received from Chase, dated March 23, 2000, as amended, to provide, subject to certain limited customary conditions described therein, senior credit facilities in the aggregate amount of $1,775,000,000 in order to finance the acquisition of 5 the Company, refinance certain existing indebtedness of ISP's subsidiaries, the Company and the Company's subsidiaries, and to provide working capital for the combined companies following the acquisition. On June 21, 2000, ISP delivered to the Company the Commitment Letter, a copy of which is attached hereto as Exhibit 1. On June 20, 2000, ISP delivered to the Company a proposed form of merger agreement (the "Merger Agreement") that provides for a tender offer for all outstanding shares of Common Stock for $45 per share in cash, followed by the merger of a wholly owned subsidiary of ISP with and into the Company. The form of Merger Agreement is attached hereto as Exhibit 2. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit No. 1: Commitment Letter. Exhibit No. 2: Form of Merger Agreement. [The remainder of this page intentionally left blank.] 6 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: June 21, 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 7 EXHIBIT INDEX Exhibit No. Document Page No. ---------- -------- ------- 1 Commitment Letter. 2 Form of Merger Agreement. 8