0001021408-01-509277.txt : 20011107
0001021408-01-509277.hdr.sgml : 20011107
ACCESSION NUMBER: 0001021408-01-509277
CONFORMED SUBMISSION TYPE: SC TO-C
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20011102
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: ABENGOA SA
CENTRAL INDEX KEY: 0001161785
STANDARD INDUSTRIAL CLASSIFICATION: []
IRS NUMBER: 000000000
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC TO-C
BUSINESS ADDRESS:
STREET 1: AVDA DE LA BUHAIRA 2
CITY: SEVILLA SPAIN
STATE: U3
ZIP: 00000
MAIL ADDRESS:
STREET 1: AVDA DE LA BUHAIRA 2
CITY: SEVILLA SPAIN
STATE: U3
ZIP: 00000
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: HIGH PLAINS CORP
CENTRAL INDEX KEY: 0000317551
STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860]
IRS NUMBER: 480901658
STATE OF INCORPORATION: KS
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: SC TO-C
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-33505
FILM NUMBER: 1774001
BUSINESS ADDRESS:
STREET 1: 200 W DOUGLAS
STREET 2: STE 820
CITY: WICHITA
STATE: KS
ZIP: 67202
BUSINESS PHONE: 3162694310
MAIL ADDRESS:
STREET 1: 200 W DOUGLAS
STREET 2: STE 820
CITY: WICHITA
STATE: KS
ZIP: 67202
FORMER COMPANY:
FORMER CONFORMED NAME: AMERICAN GASOHOL REFINERS INC
DATE OF NAME CHANGE: 19830807
SC TO-C
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dsctoc.txt
TENDER OFFER STATEMENT
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO
Tender Offer Statement under Section 14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
(Amendment No. . . . . . .)*
High Plains Corporation
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(Name of Subject Company (issuer))
Abengoa, S.A.
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(Name of Filing Persons (offeror)
Common Stock, $0.10 par value
--------------------------------------------------------------------------------
(Title of Class of Securities)
429701105
--------------------------------------------------------------------------------
(CUSIP Number of Class of Securities)
Joaquin Coronado Galdos
Joaquin Alarcon de la Lastra
Abengoa, S.A.,
Avda.de la Buhaira, 2,
41018 Sevilla, Spain
(3495) 493-7111
--------------------------------------------------------------------------------
(Name, address and telephone number of person authorized to receive notices and
communications on behalf of filing persons)
Copy to:
Laura D. Nemeth
Squire, Sanders & Dempsey L.L.P.
4900 Key Center
127 Public Square
Cleveland, Ohio 44114
(216) 479-8500
Calculation of Filing Fee
------------------------------------------------------------ ---------------------------------------------------------
Transaction valuation* Amount of filing fee
------------------------------------------------------------ ---------------------------------------------------------
Not Applicable Not Applicable
------------------------------------------------------------ ---------------------------------------------------------
*Set forth the amount on which the filing fee is calculated and state how it was
determined.
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|_| Check the box if any part of the fee is offset as provided by Rule
0-11(a)(2) and identify the filing with which the offsetting fee was
previously paid. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
Amount Previously Paid: _______________________________________________________
Form or Registration No.: _____________________________________________________
Filing Party: _________________________________________________________________
Date Filed: ___________________________________________________________________
|X| Check the box if the filing relates solely to preliminary communications
made before the commencement of a tender offer.
Check the appropriate boxes below to designate any transactions to which the
statement relates:
|X| third-party tender offer subject to Rule 14d-1.
|_| issuer tender offer subject to Rule 13e-4.
|_| going-private transaction subject to Rule 13e-3.
|_| amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting the results
of the tender offer: |_|
A. The following press release was issued by Abengoa, S.A. and High Plains
Corporation on November 1, 2001.
FOR IMMEDIATE RELEASE
ABENGOA, S.A. AND SUBSIDIARY SIGN AGREEMENT
TO ACQUIRE HIGH PLAINS CORPORATION
Seville, Spain and Wichita, Kansas, November 1, 2001 -- Abengoa, S.A. and
High Plains Corporation (NASDAQ: HIPC) announced today that Abengoa and its
wholly owned subsidiary, ASA Environment and Energy Holding, A.G. (ASA) have
signed an agreement with High Plains Corporation providing for ASA to acquire
all of the outstanding shares of High Plains pursuant to a cash tender offer at
a price which is expected to be approximately $5.63 per share. The Boards of
Directors of all the parties have approved the transaction, as has a special
committee of the Board of Directors of High Plains comprised of High Plain's
independent outside directors. The transaction is subject to certain conditions,
including the tender of High Plains shares giving ASA at least 75% of the
outstanding shares of High Plains common stock on a fully diluted basis, and the
expiration or termination of the applicable waiting period under the
Hart-Scott-Rodino Act. The tender offer is not conditioned upon obtaining
financing and the agreement does
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contain a provision allowing High Plains to consider other competing purchase
offers which might be received from third parties on an unsolicited basis.
Following the successful completion of the tender offer, ASA will acquire
the remaining High Plains shares in a second step merger with a subsidiary of
ASA, in which each share of High Plains common stock will be converted into the
right to receive the same price per share paid in the tender offer. After the
merger, High Plains Corporation will be the surviving entity, and will become a
wholly owned subsidiary of ASA.
The anticipated total net proceeds to holders of High Plains common stock,
exclusive of expenses, is approximately $92.5 million. The offered consideration
represents a 47% premium to High Plains' 30-day average closing price of $3.83,
and a 38% premium to the 60-day average of $4.08. In addition, in connection
with the transaction, ASA will assume indebtedness under High Plains' credit
facility in the amount of approximately $15 million and will pay expenses,
including payments to option holders, of approximately $7.5 million.
High Plains Corporation is among the nation's largest producers of ethanol,
the gasoline additive that helps clean the air while reducing our dependence on
foreign oil. High Plains is the only public company which is a pure play in
ethanol, and with its recent Nebraska facility expansion, will produce over 85
million gallons of ethanol annually. The Company operates facilities in Colwich,
Kansas, York, Nebraska, and Portales, New Mexico. Additional information about
the Company can be found at its Web site, www.highplainscorp.com.
----------------------
Abengoa, S.A. is a $1.3 billion company headquartered in Seville, Spain and
is listed on the Madrid Stock Exchange. It owns companies and conducts business
around the world in engineering and construction, systems and network
integration, environment, and ethanol production. Abengoa currently operates in
Spain one 25 million gallon per year ethanol plant and has a second 35 million
gallon per year plant planned to start up before June 2002. Additional
information about Abengoa can be found at its Web site, www.abengoa.com.
---------------
The transaction is anticipated to allow High Plains to benefit fully from
the expected growth of the U.S. ethanol industry. Abengoa intends to expand its
European position in the sale of ethanol and create an international business
unit, increase the current production capacity of the acquired facilities and
combine Abengoa's and High Plain's excellence in operational performance and
research and development. The description contained herein is neither an offer
to purchase nor a solicitation of an offer to sell shares of High Plains
Corporation. At the time the tender offer is commenced, ASA will file a Tender
Offer Statement and High Plains will file a Solicitation/Recommendation
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Statement with respect to the offer. The Tender Offer Statement (including an
offer to purchase, a related letter of transmittal and other offer documents)
and the Solicitation/Recommendation Statement will contain important information
that should be read carefully before any decision is made with respect to the
offer.
The offer to purchase, the related letter of transmittal and certain other
documents, as well as the Solicitation/Recommendation Statement, will be made
available to all shareholders of High Plains, at no expense to them. The Tender
Offer Statement (including an offer to purchase, a related letter of transmittal
and other offer documents) and the Solicitation/Recommendation Statement will
also be available at no charge at the Securities and Exchange Commission's
website at www.sec.gov.
The matters discussed in this press release which are not historical facts
contain forward looking information with respect to plans or projections of
future performance of High Plains, the occurrence of which involve risks and
uncertainties which include, but are not limited to, general economic
conditions, industry trends, legislative changes regarding air quality, fuel
specifications or incentive programs, changes in cost of grain feedstock and
changes in market prices or demand for motor fuels and ethanol. A complete
description of those factors, as well as other factors which could affect High
Plain's business, is set forth in High Plain's Form 10-K/A for the fiscal year
ended June 30, 2001.
For further information contact:
ABENGOA, S.A. HIGH PLAINS CORPORATION
Jesus Perez Gary R. Smith
34 95 493 71 11 316-269-4310
B. The following press release was issued by Abengoa, S.A. on November 2, 2001
Abengoa adquiere High Plains, quinto productor de Bioetanol en USA
------------------------------------------------------------------
Abengoa ha presentado una oferta de compra de la sociedad norteamericana High
Plains Corporation, cotizada en Nasdaq ("HIPC"), por valor de 92,4 MUSD. La
operacion se materializara a traves de una Oferta Publica de Adquisicion por el
100% de las acciones al precio de 5,63$ por cada accion de High Plains, a
desembolsar en efectivo, y condicionada al control de al menos el 81% de los
titulos. Este precio implica valorar HP en 92,4 MUSD, con una prima del 34%
respecto al cambio al cierre de octubre, y un 16% sobre el precio maximo al que
ha cotizado HP en 2001.
La Oferta Publica tiene caracter instrumental, ya que el Consejo de
Administracion de High Plains ha aprobado por unanimidad la recomendacion de
aceptacion y ambas companias han ejecutado un contrato que regula los terminos
de la transaccion.
High Plains Corporation es el quinto productor de bioetanol en Estados Unidos,
con una reconocida experiencia en este mercado y enfocado exclusivamente en esta
actividad, siendo ademas propietario de tres plantas en operacion, con una
capacidad total de produccion de 85 millones de galones (322 millones de litros)
al ano. Sus ventas en el ultimo ano fueron de 150 M.USD.
Abengoa cuenta actualmente con una planta en produccion en Cartagena (100
millones de litros) y una en construccion en Galicia de 126 milliones de litros
anuales, al tiempo que esta promoviendo otro proyecto en Castilla y Leon
conjuntamente con Ebro-Puleva. El objetivo de Abengoa con la adquisicion de High
Plains, es impulsar el desarrollo de su actividad de bioetanol en el mercado mas
importante a nivel mundial, lo que le permitira contar con una base
internacional para el crecimiento de su actual actividad de bioetanol y ademas
captar las sinergias de los procesos de produccion y experiencia de I+D en el
mercado americano, donde el bioetanol es una importante oportunidad de negocio
por la creciente demanda de combustibles de origen limpio.
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