-----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, Do7hgOe2ZNi5VlpuXCpOdQSndXsH0RP5HRjMAZIGT9u7RbC6uC8SOhAXdrp0DaRI q2ahUDt8SXXKjR/zRcYDMQ== 0000950172-99-001023.txt : 19990812 0000950172-99-001023.hdr.sgml : 19990812 ACCESSION NUMBER: 0000950172-99-001023 CONFORMED SUBMISSION TYPE: SC 14D9/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990811 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ORION CAPITAL CORP CENTRAL INDEX KEY: 0000074931 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 956069054 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 14D9/A SEC ACT: SEC FILE NUMBER: 005-06048 FILM NUMBER: 99683406 BUSINESS ADDRESS: STREET 1: 600 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 8606746600 MAIL ADDRESS: STREET 1: 600 FIFTH AVENUE STREET 2: 24TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10020-2302 FORMER COMPANY: FORMER CONFORMED NAME: EQUITY FUNDING CORP OF AMERICA DATE OF NAME CHANGE: 19760518 FORMER COMPANY: FORMER CONFORMED NAME: TONGOR CORP OF AMERICA DATE OF NAME CHANGE: 19670330 FORMER COMPANY: FORMER CONFORMED NAME: TONGOR CORP DATE OF NAME CHANGE: 19661024 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ORION CAPITAL CORP CENTRAL INDEX KEY: 0000074931 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 956069054 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 14D9/A BUSINESS ADDRESS: STREET 1: 600 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 8606746600 MAIL ADDRESS: STREET 1: 600 FIFTH AVENUE STREET 2: 24TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10020-2302 FORMER COMPANY: FORMER CONFORMED NAME: EQUITY FUNDING CORP OF AMERICA DATE OF NAME CHANGE: 19760518 FORMER COMPANY: FORMER CONFORMED NAME: TONGOR CORP OF AMERICA DATE OF NAME CHANGE: 19670330 FORMER COMPANY: FORMER CONFORMED NAME: TONGOR CORP DATE OF NAME CHANGE: 19661024 SC 14D9/A 1 SCHEDULE 14D9 AMENDMENT NO. 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14D-9 SOLICITATION/RECOMMENDATION STATEMENT PURSUANT TO SECTION 14(D)(4) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 1) ORION CAPITAL CORPORATION (NAME OF SUBJECT COMPANY) ORION CAPITAL CORPORATION (NAME OF PERSON(S) FILING STATEMENT) COMMON STOCK, PAR VALUE $1.00 PER SHARE (TITLE OF CLASS OF SECURITIES) 686268-10-3 (CUSIP NUMBER OF CLASS OF SECURITIES) JOHN J. MCCANN, ESQ. EXECUTIVE VICE PRESIDENT AND SECRETARY ORION CAPITAL CORPORATION 9 FARM SPRINGS ROAD FARMINGTON, CT 06032 (860) 674-6834 (NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICE AND COMMUNICATIONS ON BEHALF OF THE PERSON(S) FILING STATEMENT) WITH A COPY TO: ALAN C. MYERS, ESQ. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 919 THIRD AVENUE NEW YORK, NEW YORK 10022-3897 (212) 735-3000 INTRODUCTION Orion Capital Corporation, a company incorporated under the laws of the State of Delaware (the "Company"), hereby amends and supplements its Solicitation/Recommendation Statement on Schedule 14D-9 initially filed with the Securities and Exchange Commission on July 16, 1999, relating to the offer by NTG Acquisition Corp., a company incorporated under the laws of the State of Delaware ("Purchaser"), to purchase all of the issued and outstanding common stock, par value $1.00 per share, of the Company (the "Shares"), upon the terms and subject to the conditions set forth in the Offer to Purchase dated July 16, 1999 and the Letter of Transmittal dated July 16, 1999. ITEM 4. THE SOLICITATION OR RECOMMENDATION Item 4(b) is hereby amended and supplemented by deleting and replacing in their entirety roman numerals (ix) and (x) of the eleventh paragraph with the following: (ix) The fact that the terms of the Merger Agreement, including the price to be paid, compare favorably to the terms and prices paid in other recent acquisition transactions. The following transactions in 1999 and 1998 were considered: Acquiring Company Acquired Company ----------------- ---------------- Fireman's Fund Insurance Co. Wm. H. McGee & Company Fortis American Bankers Insurance Group Inc. XL Capital Ltd. NAC Re Corp. The Chubb Corporation Executive Risk Inc. AXA-UAP GRE Financial Ltd. Liberty Mutual Insurance Co. GRE Financial Ltd. ACE Limited CIGNA Property and Casualty Businesses EXEL Ltd. Intercargo Corporation Markel Corporation Gryphon Holdings Inc. Ohio Casualty Corporation Great American Insurance Company Associates First Capital Co. The Northland Company Fund American Companies Folksamerica Group Berkshire Hathaway Inc. General Re Corporation Nationwide Mutual Insurance Co. Allied Group Inc. Guardian Royal Exchange Plc. The Netherlands Insurance Company EXEL Ltd. Mid Ocean Ltd. The St. Paul Companies Inc. USF&G Corporation (x) Possible alternatives to the Offer that might be available to the Company and its shareholders, including, without limitation, continuing to operate the Company as a independent entity and the risks associated therewith. In this connection, the Board considered pursuing investments in or joint ventures with other entities engaged in businesses similar to the Company's or investments by such entities in the Company. The Board also considered the likelihood that any other entity would be willing and able to complete a transaction involving the acquisition of the Company with a price and other terms superior to the Offer and Merger. ITEM 5. PERSONS RETAINED, EMPLOYED OR TO BE COMPENSATED Item 5 is hereby amended and supplemented by deleting and replacing in its entirety the second paragraph with the following: In addition if the Company is entitled to receive a "break-up fee" or "termination fee," then the Company will pay to DLJ an amount equal to 20% of such fee, less the fee paid in connection with the DLJ Fairness Opinion. In the event that the Company were to receive a breakup or termination fee, the Merger Agreement would have been terminated and DLJ would not receive the transaction fee described in the preceding paragraph. Accordingly, in order to compensate DLJ for its time and effort on the Company's behalf under this circumstance, and as part of the overall negotiations relating to DLJ's engagement as financial advisor and the fees to be paid by the Company to it, the Company determined that it would be appropriate, and accordingly agreed, to pay DLJ a portion of any break-up or termination fee it received. SIGNATURE 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. ORION CAPITAL CORPORATION By: /s/ W. Marston Becker ----------------------------- W. Marston Becker Chairman and Chief Executive Officer -----END PRIVACY-ENHANCED MESSAGE-----