-----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, QF/KUX0Cz/B0jZKsObz4M4GWaRS2tMIP1DpDg6rSquG6u3iJr3jvQYOIDkF9OgIa qJ1toHfb4oZBJpf0pl9hRA== 0000950172-97-000472.txt : 19970515 0000950172-97-000472.hdr.sgml : 19970515 ACCESSION NUMBER: 0000950172-97-000472 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19970514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENVIRODYNE INDUSTRIES INC CENTRAL INDEX KEY: 0000033073 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 952677354 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: 1934 Act SEC FILE NUMBER: 000-05485 FILM NUMBER: 97605828 BUSINESS ADDRESS: STREET 1: 701 HARGER ROAD STE 190 CITY: OAK BROOK STATE: IL ZIP: 60521 BUSINESS PHONE: 7085718800 FORMER COMPANY: FORMER CONFORMED NAME: MGN INC DATE OF NAME CHANGE: 19790425 DEFA14A 1 SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. 1) Filed by the Registrant {X} Filed by a Party other than the Registrant {_} Check the appropriate box: {_} Preliminary Proxy Statement (Revocation of Consent Statement) {_} Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) {_} Definitive Proxy Statement (Revocation of Consent Statement) {X} Definitive Additional Materials {_} Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 ENVIRODYNE INDUSTRIES, INC. ----------------------------------------- (Name of Registrant as Specified in Its Charter) ----------------------------------------- (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) Payment of Filing Fee (Check the appropriate box): {X} No fee required. {_} Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): _____ (4) Proposed maximum aggregate value of transactions: _____________ (5) Total fee paid. - ------------ {_} Fee paid previously with preliminary materials. {_} Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: _______________________________________ (2) Form, Schedule or Registration Statement No.: _________________ (3) Filing Party: _________________________________________________ (4) Date Filed: ___________________________________________________ FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION: NASDAQ Small Cap - EDNY MEDIA: INVESTORS Roy Wiley Stephen M. Schuster (312) 255-3035 Gordon S. Donovan (630) 575-2400 ENVIRODYNE INDUSTRIES RESPONDS TO ACQUISITION PROPOSAL BY ZAPATA CORPORATION OAK BROOK, IL, May 14 -- Envirodyne Industries, Inc. (NASDAQ Small Cap: EDYN) announced today that it received a proposal from Zapata Corporation to acquire it. Pursuant to the proposal, Envirodyne would receive $4 in cash per share and shares of Zapata common stock described by Zapata as being valued at $4, based on a formula to be negotiated. Zapata's proposal is subject to a number of significant conditions, including negotiation of the valuation of Zapata's stock to be offered to Envirodyne stockholders, refinancing of Envirodyne's outstanding debt and election of Zapata's three director nominees to Envirodyne's Board. Edward F. Gustafson, chairman, president and chief executive officer of Envirodyne, said, "As we have said repeatedly, Envirodyne's Board is prepared to carefully consider any bona fide proposal to acquire Envirodyne at a price that is fair to all stockholders, and will carefully review Zapata's proposal. "If the independent board concludes that Zapata's proposal is in the best interest of stockholders, we would obviously proceed with further discussions with Zapata. But, it makes no sense to begin the process of negotiating a possible acquisition transaction by turning over control of Envirodyne to the very person attempting to buy it, as Zapata's offer requires. "If Zapata's proposal is a bona fide bid to acquire Envirodyne at a fair price, Zapata would in fact gain control of Envirodyne and its Board of Directors at the appropriate time -- after it had negotiated an acceptable transaction and paid a fair price to all stockholders. But, if the proposal, which does not obligate Zapata to do anything and does not even specify how the Zapata shares are to be valued, is merely a cynical attempt to manipulate the upcoming election, we are confident that our stockholders will see the proposal for what it really is. "We continue to believe that the best interests of our stockholders are served by maintaining an independent Board to negotiate with Zapata or any other bidder," Gustafson concluded. IMPORTANT 1. Regardless of how many shares you own, YOUR VOTE IS VERY IMPORTANT. Please sign, date and mail the enclosed WHITE proxy card. PLEASE VOTE EACH WHITE PROXY CARD you receive since each account in which you own shares must be voted separately. Only your latest dated proxy card counts. 2. We urge you NOT TO RETURN ANY BLUE PROXY CARD sent to you by Zapata. 3. IF YOUR SHARES ARE HELD IN THE NAME OF A BANK, BROKER OR OTHER NOMINEE, please direct the party responsible for your account to vote the WHITE proxy card as recommended by the Board of Directors. IF YOU HAVE ANY QUESTIONS on how to vote your shares, please contact Envirodyne at (630) 575-2400 or call our proxy solicitor MORROW & CO. at (800) 662-5200. -----END PRIVACY-ENHANCED MESSAGE-----