-----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, GZfaNLtg9Af8eL4k0imeeG/cF6RUaZmDjrck2xXwZkTgxogyFQHgFZ3y1IHE4niM 6SajjlbbtnuDjhWapUHDUQ== 0000909518-99-000723.txt : 19991215 0000909518-99-000723.hdr.sgml : 19991215 ACCESSION NUMBER: 0000909518-99-000723 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19991214 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: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-11068 FILM NUMBER: 99773802 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. 4) ------------------------------ 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) 628-3000 (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 DECEMBER 14, 1999 (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:\856139\03\$CLN03!.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): 9.98% - ---------------------- ------------------------------------------------------------------------ ------------------------------ 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): 9.98% - ---------------------- ------------------------------------------------------------------------ ------------------------------ 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): 9.98% - ---------------------- ------------------------------------------------------------------------ ------------------------------ 14 TYPE OF REPORTING PERSON: CO - ---------------------- ------------------------------------------------------------------------ ------------------------------
This Amendment No. 4 ("Amendment No. 4") 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, and Amendment No. 3 filed on September 27, 1999, 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 Opco and ISP Investments, 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. ITEM 4. PURPOSE OF THE TRANSACTION On December 14, 1999, 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, with respect to ISP's interest in the Company and its majority-owned subsidiary, Life Technologies, Inc.: Dear Grahame: It was nice meeting with you, John Thompson, and Bruce Beatt on December 3rd. As Kumar Shah and I indicated to you, our interest is in the realization of shareholder values for all Dexter Corporation and Life Technology shareholders. In this connection, based on our analysis, we believe that Life Technologies, with its higher growth and higher margins, can better fulfill its potential as an independent entity, or in combination with another similarly strategically situated company, rather than in combination with Dexter Corporation. We also believe that it will be in the best interests of both companies and their respective shareholders if Dexter Corporation and Life Technologies were separate corporate entities. The overriding reason for this conclusion stems primarily from the fact that there are practically no overlaps and the companies add no value to each other. Specifically, Dexter Corporation's R&D, product development and manufacturing technology have no interface, and lack any synergy, with Life Technologies. Furthermore, we believe that Dexter Corporation has restrained Life Technologies' growth by limiting Life Technologies' R&D expenditures, new product development and new product introductions. Marketing, sales and distribution likewise provide no crossover benefits for the two companies. In addition to the operational issues, we note that Dexter Corporation management has little or no experience in the life science field. From a financial perspective, as an independent company, Life Technologies would have much greater access to the capital markets, without the constraints of Dexter Corporation's financial profile. Life Technologies, as a pure play on which analysts and shareholders can more clearly and easily focus, would attract a high level of Wall Street coverage, providing the opportunity to achieve P/E multiples similar to those achieved by others, who serve the same market. This would enable Life Technologies to consummate attractive stock acquisitions and mergers in the emerging life science field, which you acknowledge has been constrained under your ownership. Finally, as an independent company, or as part of a high technology company serving the biotechnology industry, Life Technologies would be in a position to provide greater incentives for its executives. Through making available stock options with a 5 significant upside potential to all key-operating employees, Life Technologies would be providing a better opportunity to attract, hire, and most importantly, retain quality personnel to insure and maximize its continued profitable growth. As a substantial shareholder of both Dexter Corporation and Life Technologies, it is our position that, for the foregoing reasons, there is value to be realized in the separate corporate existence of these two entities. At our meeting, while I was pleased that you appeared to share our view that there are few, if any, synergies between Dexter Corporation and Life Technologies, I had hoped that you would be more receptive to our proposal. However, since that time, by your lack of response and your recent comments to security analysts, it appears that you disagree with our approach to maximizing shareholder value nor do you appear to have in mind any alternative strategy for accomplishing the same goal. As long term shareholders of both Dexter and Life Technologies, we think we have been more than patient. Our Board has therefore decided to propose acquiring all of the Dexter Corporation common stock not owned by International Specialty Products Inc. and its affiliates for a price of $45.00 per share subject to the execution of a mutually acceptable merger agreement. Such a price represents a 38% premium over where Dexter Corporation closed last night (32-9/16), and is higher than the stock has ever traded. In addition, if you would provide us additional information on Dexter Corporation and Life Technologies that justifies an increased price we would be willing to pay more. We would be willing to enter into a confidentiality agreement in connection therewith (but not any such agreement that would limit our rights as shareholders). We and our advisors are available to move quickly to consummate this transaction. Grahame, please let me know how you and your Board would like to proceed. Sincerely, /s/ Samuel J. Heyman [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: December 14, 1999 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 -----END PRIVACY-ENHANCED MESSAGE-----