-----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, G53fGfHb8phPoZjvNNcgH/DQZ3L7gYtsPNYlZjsib8qB4heVXpZTBYveRtcEtJWP cRzXRzQrhRfDJjixcYiD+g== 0000950123-97-005494.txt : 19970701 0000950123-97-005494.hdr.sgml : 19970701 ACCESSION NUMBER: 0000950123-97-005494 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19970630 SROS: NONE GROUP MEMBERS: HARCOURT GENERAL INC GROUP MEMBERS: NATIONAL EDUCATION CORPORATION SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: STECK VAUGHN PUBLISHING CORP CENTRAL INDEX KEY: 0000904081 STANDARD INDUSTRIAL CLASSIFICATION: BOOKS: PUBLISHING OR PUBLISHING AND PRINTING [2731] IRS NUMBER: 330556929 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-45610 FILM NUMBER: 97633174 BUSINESS ADDRESS: STREET 1: 4515 SETON CENTER PKWY STREET 2: STE 300 CITY: AUSTIN STATE: TX ZIP: 78759 BUSINESS PHONE: 5123438227 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: HARCOURT GENERAL INC CENTRAL INDEX KEY: 0000040493 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DEPARTMENT STORES [5311] IRS NUMBER: 041619609 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 27 BOYLSTON ST / BOX 1000 CITY: CHESTNUT HILL STATE: MA ZIP: 02167 BUSINESS PHONE: 6172328200 MAIL ADDRESS: STREET 1: 27 BOYLSTON ST STREET 2: BOX 1000 CITY: CHESTNUT HILL STATE: MA ZIP: 02167 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL CINEMA CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MID WEST DRIVE IN THEATRES INC DATE OF NAME CHANGE: 19660907 SC 13D/A 1 AMENDMENT #1 TO SCHEDULE 13D 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A Under the Securities Exchange Act of 1934 (Amendment No. 1) STECK-VAUGHN PUBLISHING CORPORATION (Name of Issuer) COMMON STOCK, $.01 PAR VALUE (Title of Class of Securities) 63577110 (CUSIP Number) ERIC P. GELLER HARCOURT GENERAL, INC. SENIOR VICE PRESIDENT, GENERAL COUNSEL AND SECRETARY 27 BOYLSTON STREET CHESTNUT HILL, MASSACHUSETTS 02167 TELEPHONE: (617) 232-8200 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) JUNE 23, 1997 (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 which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ]. *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 purpose of Section 18 of the Securities Exchange Act of 1934 ("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). 2 6 This Amendment No. 1 amends and supplements the Statement on Schedule 13D filed on June 16, 1997 (as amended and supplemented, the "Schedule 13D") for the event which occurred on June 5, 1997, and is being filed by Harcourt General, Inc., a Delaware corporation ("Parent" or "Harcourt"), and National Education Corporation, a Delaware corporation and wholly-owned subsidiary of Parent ("NEC"), to report the event which occurred on June 23, 1997 relating to the outstanding Common Stock, $.01 par value (the "Common Stock"), of Steck-Vaughn Publishing Corporation, a Delaware corporation ("Steck-Vaughn"). Unless otherwise indicated, all capitalized terms used but not defined herein shall have the meanings assigned to them in the Schedule 13D. Item 4. Purpose of Transaction. Items 4(a), (b) and (e) are amended and supplemented as follows: On June 23, 1997, Harcourt delivered a letter (the "Harcourt Proposal") to the independent directors (the "Independent Directors") of Steck-Vaughn (Messrs. Jaffe, Justiz, Klein and Lind) in which Harcourt proposed, pursuant to the Harcourt Agreement, to enter into a transaction pursuant to which NEC would acquire the shares of Steck-Vaughn it does not already own, and the stockholders of Steck-Vaughn (other than NEC and its affiliates) would receive $14.00 in cash for each share of Common Stock. Such transaction would be effected through a merger (the "Proposed Steck-Vaughn Merger") of Steck-Vaughn with a direct or indirect subsidiary of NEC. The Harcourt Proposal is filed as Exhibit 99.3 hereto and incorporated herein by reference. Although Harcourt's current intention is to consummate the Proposed Steck-Vaughn Merger as soon as practicable, such consummation depends on a number of factors and circumstances, including without limitation, compliance with the terms of the Harcourt Agreement, and there can be no assurance that the Proposed Steck-Vaughn Merger will be consummated or, if consummated, the timing thereof. Neither Harcourt nor NEC can give any assurance as to whether, as a result of information hereafter obtained by either Harcourt or NEC, changes in general economic or market conditions or in the business of Steck-Vaughn, or other presently unforeseen factors, the Proposed Steck-Vaughn Merger will be approved by the Committee or whether the Proposed Steck-Vaughn Merger will be delayed or abandoned. If for any reason the Proposed Steck-Vaughn Merger is not consummated, Harcourt and NEC reserve the right, subject to the provisions of the Harcourt Agreement, to acquire additional shares of Common Stock through private purchases, market transactions, tender or exchange offers or otherwise or, subject to any applicable legal restrictions, to dispose of any or all shares of Common Stock acquired by Harcourt and NEC. Item 4(d) is amended and supplemented as follows: On June 23, 1997, the Board of Directors of Steck-Vaughn was reconstituted to reflect the Harcourt ownership position. The Steck-Vaughn Board now includes four Harcourt officers: Richard A. Smith, chairman and chief executive officer; Robert A. Smith And Brian J. Knez, co-presidents; and John R. Cook, senior vice president and chief financial officer. In addition, the Independent Directors remain on the Board of Directors of Steck-Vaughn. Item 7. Material to be Filed as Exhibits. Exhibit 99.3 Letter dated June 23, 1997 from Harcourt to the Independent Directors. 3 7 After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: June 30, 1997 HARCOURT GENERAL, INC. By: /s/ ERIC P. GELLER ------------------------------------ Eric P. Geller Senior Vice President, General Cousel and Secretary NATIONAL EDUCATION CORPORATION By: /s/ ERIC P. GELLER ------------------------------------ Eric P. Geller Vice President and Secretary 4 Exhibit Index Exhibit 99.3 Letter dated June 23, 1997 from Harcourt to the Independent Directors. EX-99.3 2 LETTER FROM HARCOURT TO INDEPENDENT DIRECTORS 1 Exhibit 99.3 [HARCOURT GENERAL, INC. LETTERHEAD] June 23, 1997 To the Independent Directors of Steck-Vaughn Publishing Corporation: As you know, Harcourt General, Inc. ("Harcourt") has recently completed the acquisition of all of the outstanding shares of common stock of National Education Corporation ("NEC") pursuant to a tender offer and merger transaction with NEC. As a result of such transaction, Harcourt has become the indirect owner of approximately 83% of the outstanding common stock of Steck-Vaughn Publishing Corporation (the "Company"). Pursuant to an agreement dated as of May 30, 1997 (the "Agreement") between the Company and Harcourt, we are writing to propose to the Board of Directors of the Company a transaction pursuant to which NEC would acquire the shares of the Company it does not already own, and the stockholders of the Company (other than NEC and its affiliates) would receive $14.00 in cash for each share of common stock. We believe that this proposal presents an attractive opportunity for your public stockholders to realize a price which represents a 33% premium over the market price of the Company's common stock on April 15, 1997, the trading day before Harcourt announced its intention to commence a tender offer for the NEC shares and to acquire the Company shares not owned by NEC. We believe that this price is at a level which both you and your stockholders should support. Our proposal contemplates a merger of the Company with a direct or indirect subsidiary of NEC. We believe that a mutually acceptable definitive merger agreement containing provisions customary for transactions of this type can be expeditiously negotiated and executed. We fully recognize the interests of the public stockholders in the Company. Accordingly, our proposed transaction would be subject to satisfaction of the requirements set forth in the Agreement, including the approval of a majority of the "disinterested directors" of the Company (as defined in the Agreement) after the retention of such financial and legal advisors deemed necessary or desirable by the disinterested directors. These requirements will ensure that the interests of the Company's minority stockholders are protected in our proposed transaction. 2 HARCOURT GENERAL [LOGO] Directors of Steck-Vaughn Publishing Corporation June 23, 1997 Page 2 We hope that we can proceed together promptly to allow the Company's public stockholders to realize value for their shares to an extent not likely to be available to them in the marketplace. As you know, Harcourt is required to file a Schedule 13D with the Securities and Exchange Commission relating to its indirect ownership of the common stock of the Company. We have been advised by our counsel that, as a result of our proposal of this transaction, we will be required by law to disclose this letter in such Schedule 13D and to make certain related disclosures in such filing. We look forward to discussing the foregoing with you soon. Sincerely, /s/ RICHARD A. SMITH -------------------------- Richard A. Smith Chairman and Chief Executive Officer Distribution: Mr. Leonard W. Jaffe Mr. Manuel J. Justiz Michael R. Klein, Esq. Mr. N. Colin Lind -----END PRIVACY-ENHANCED MESSAGE-----