-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ppjOteKsCFxDWdhcZofH9gBfFxTDOlpKGdAWc6Y4eHYTjsy1ryiz7qJamlb4DUZe qXmK0GR/z8z9cEQcMdZ3HA== 0000889812-95-000335.txt : 19950620 0000889812-95-000335.hdr.sgml : 19950620 ACCESSION NUMBER: 0000889812-95-000335 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19950619 SROS: NONE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MARIETTA CORP CENTRAL INDEX KEY: 0000792969 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 161074992 STATE OF INCORPORATION: NY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-38479 FILM NUMBER: 95547908 BUSINESS ADDRESS: STREET 1: 37 HUNTINGTON ST CITY: CORTLAND STATE: NY ZIP: 13045 BUSINESS PHONE: 6077536746 MAIL ADDRESS: STREET 1: 37 HUNTINGTON STREET CITY: CORTLAND STATE: NY ZIP: 13045 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FLORESCUE BARRY W CENTRAL INDEX KEY: 0000931063 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 701 SOUTHEAST 6TH AVE STREET 2: STE 204 CITY: DELRAY BEACH STATE: FL ZIP: 33483 BUSINESS PHONE: 4072727746 SC 13D/A 1 AMENDMENT NO. 5 TO SCHEDULE 13D OMB APPROVAL OMB Number 3235-0145 Expires: October 31, 1994 Estimated average burden hours per form ......14.90 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 5)* MARIETTA CORPORATION (Name of Issuer) COMMON STOCK, $.01 PAR VALUE (Title of Class of Securities) 567634100 (CUSIP Number) Barry Florescue Charles I. Weissman 701 Southeast 6th Avenue, Suite 204 Shereff, Friedman, Hoffman & Goodman , LLP Delray Beach, Florida 33483 919 Third Avenue (407) 272-7746 New York, New York 10022 (212) 758-9500 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) June 16, 1995 (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 / / Check the following box if a fee is being paid with the statement / /. (A fee is not required only if the reporting person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7.) Note: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) 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 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). Schedule 13D Amendment No. 5 Marietta Corporation This Amendment No. 5 to the statement on Schedule 13D (as defined below) amends and supplements the statement on Schedule 13D dated September 26, 1994, as amended by Amendment No. 1 thereto dated November 2, 1994, Amendment No. 2 thereto dated January 20, 1995, Amendment No. 3 thereto dated March 7, 1995, as amended and restated by Amendment No. 4 thereto dated May 28, 1995 (together, the "Schedule 13D") by Barry W. Florescue, 286 Bridge Street, Inc. ("286 Bridge Street") and Florescue Family Corporation ("FFC", and collectively with Mr. Florescue and 286 Bridge Street, the "Reporting Persons"), relating to the common stock, $.01 par value per share (the "Common Stock"), of Marietta Corporation (the "Issuer"). Item 4 Purpose of the Transaction Item 4 of the Schedule 13D is hereby supplemented as follows: On June 16, 1995 Mr. Florescue, as President of FFC, in response to a letter of solicitation dated June 6, 1995 from the Issuer's investment advisor, Goldman, Sachs & Co., forwarded a letter to the Board of Directors of the Issuer proposing to acquire all of the outstanding capital stock of the Issuer for $12.30 per share in cash, subject to the terms and conditions contained in such letter. The letter is attached hereto as Exhibit H and incorporated herein by reference. Item 7 Material to be Filed as Exhibits Item 7 of the Schedule 13D is hereby supplemented as follows: Exhibit H. Letter, dated June 16, 1995, from FFC to the Board of Directors of the Issuer. 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. Dated: June 19, 1995 /s/ Barry W. Florescue BARRY W. FLORESCUE 286 BRIDGE STREET, INC. By: /s/ Barry W. Florescue Name: Barry W. Florescue Title: President FLORESCUE FAMILY CORPORATION By: /s/ Barry W. Florescue Name: Barry W. Florescue Title: President EX-99.H 2 LETTER, DATED JUNE 16, 1995, FROM FFC TO THE BOARD OF DIRECTORS OF THE ISSUER. EXHIBIT H Florescue Family Corporation 701 S.E. 6th Street, Suite 204 Delray Beach, Florida 33483 June 16, 1995 Board of Directors Marietta Corporation c/o Goldman, Sachs & Co. 85 Broad Street, 23rd Floor New York, New York 10004 Attention: Jide J. Zeitlin, Vice President - Investment Banking Division Gentlemen: This letter sets forth the basic terms pursuant to which Florescue Family Corporation ("Florescue") proposes (the "Proposal") to acquire all of the outstanding capital stock of Marietta Corporation, a New York corporation (the "Company"), for $12.30 per share in cash (the "Acquisition"). The Acquisition would be effected through a merger (the "Merger") of the Company and a corporation organized by Florescue ("Newco"). 1. Acquisition. ----------- In the Merger, each outstanding share of common stock, par value $.01 per share, of the Company ("Common Stock") would be converted into the right to receive $12.30 in cash. The Proposal assumes that no more than (i) 3,596,049 shares of Common Stock are outstanding and (ii) 84,378 shares of Common Stock are reserved for issuance upon the exercise of outstanding options with an average purchase price of $8.51 as of the date of this letter and as of the effective date of the Merger. The Proposal further assumes that the 90,000 shares of Common Stock reserved for issuance upon the exercise of outstanding SARs are cancelled prior to the effective date of the Merger. The Proposal also assumes that cash and cash equivalents will be no less than $10,000,000 on the effective date of the Merger and that the projections previously provided to Florescue are accurate in all material respects. Board of Directors Marietta Corporation c/o Goldman, Sachs & Co. June 16, 1995 Page 2 2. Financing. --------- The willingness of Florescue to proceed to the execution and delivery of a definitive agreement relating to the Merger (the "Merger Agreement") and the consummation of the Acquisition is subject to financing. Florescue has retained Dabney/Resnick, Inc. ("Dabney/Resnick") to act as its financial adviser in connection with the Acquisition. Dabney/Resnick has delivered to Florescue a "highly confident" letter concerning its ability to raise the financing needed to consummate the Acquisition, a copy of which is annexed hereto. Florescue expects to have commitment letters at the time of execution of the Merger Agreement, subject to customary terms and conditions. 3. Due Diligence. ------------- Please note that the Proposal is based only on the information which Florescue has received to date and is subject to Florescue's satisfactory completion of its due diligence. The information which Florescue has previously requested but has not received includes, among other things, the cost accounting analysis relating to inventory, finished goods and cost of sales, all minutes of meetings of Marietta's Board of Directors for the past five years and all of the new information concerning Marietta's contract packing program which has been alluded to in our recent conversations with management. Further, Florescue has requested but has not been granted access to Marietta's significant customers, including, without limitation, Procter & Gamble, Marriott, Colgate-Palmolive and L'Oreal. Florescue believes that all of the foregoing information is important to its overall analysis of the Company. Florescue believes that it can complete its due diligence in a timely manner. 4. Draft Merger Agreement. ---------------------- Florescue has reviewed the draft Merger Agreement (the "Draft Agreement") provided in the Goldman, Sachs & Co. Incorporated ("Goldman, Sachs") bid solicitation letter dated June 6, 1995. In addition to the representations and warranties contained in the Draft Agreement, Florescue would expect certain additional representations and warranties of the Company to be added to the Draft Agreement concerning such matters as its undisclosed liabilities, inventories, accounts receivable, contracts, employee matters, compliance with laws (including environmental laws), insurance, title to assets, relationships with customers and affiliate transactions. Florescue does not believe that the request for additional representations and Board of Directors Marietta Corporation c/o Goldman, Sachs & Co. June 16, 1995 Page 3 warranties should be burdensome to the Company insofar as the representations and warranties will not survive the closing of the Merger and will simply require the Company to perform some additional due diligence. In addition to the conditions contained in the Draft Agreement, Florescue expects that the Merger Agreement would provide that consummation of the Acquisition would be subject to satisfaction of certain other conditions, including, without limitation, the following: a. Holders of sixty-six and two-thirds percent of the outstanding shares of Common Stock shall have voted in favor of the Merger, and dissenters' rights under applicable state laws shall have been perfected by holders of no more than a percentage of the outstanding Common Stock to be agreed upon in the Merger Agreement; b. There shall not have occurred any material adverse change in the Company's business, condition (financial or otherwise), prospects or properties, including its relationships with customers; c. The Board of Directors of the Company shall have received an opinion from Goldman, Sachs as to the fairness of the Acquisition to the Company's shareholders from a financial point of view; and d. The parties shall have exchanged appropriate closing opinions of counsel and officer's certificates. Furthermore, Florescue expects that the Merger Agreement would provide that, in the event the Company's Board of Directors accepts the Proposal, Florescue would receive fair remuneration from the Company if the Board subsequently withdrew or materially modified or changed its support for the Proposal in a manner adverse to Florescue or the Merger Agreement, once executed, is terminated. We are prepared to keep the Proposal open until 5:00 p.m., New York City time, on June 23, 1995. Please contact the undersigned (office tel. (407) 272-7555; home tel. (407) 276-4708) or our counsel, Charles I. Weissman of Shereff, Friedman, Hoffman & Goodman, LLP (office tel. (212) 891-9268; home tel. (914) 723-3880), should you have any questions concerning Board of Directors Marietta Corporation c/o Goldman, Sachs & Co. June 16, 1995 Page 4 the Proposal or Richard A. Bloom of Dabney/Resnick (office tel. (310) 246-3748; home tel. (310) 452-1937) should you wish to discuss the nature of Florescue's financing commitments. Yours very truly, FLORESCUE FAMILY CORPORATION By: /s/ Barry W. Floerscue --------------------------------- Barry W. Florescue, President cc: Barry A. Adelman, Esq. Rubin Baum Levin Constant & Friedman DABNEY RESNICK INCORPORATED 150 SOUTH RODEO DRIVE, SUITE 100 BEVERLY HILLS, CA 90212 310-246-3700 800-929-2299 FAX 310-246-3794 June 16, 1995 Barry Florescue Florescue Family Corporation 701 S.E. 6th Avenue Delray Beach, FL 33483 Dear Mr. Florescue: You have advised Dabney/Resnick, Inc. ("D/R") that it is the intention of Florescue Family Corporation or a subsidiary thereof (collectively, the "Company") to acquire (the "Acquisition") all of the issued and outstanding common stock of Marietta Corporation (the "Target"). You have advised us that the total purchase price for the Acquisition together with required repayment of existing indebtedness and transaction related expenses the total financing requirements of the Acquisition will not exceed $46 million. In addition, you have advised us that the Acquisition will be consummated pursuant to an agreement and plan of merger (the "Merger Agreement") to be entered into and negotiated between the Company and the Target. You have asked D/R to act as exclusive placement agent of up to $46 million of debt or equity securities (the "Securities") to finance the Acquisition. Based upon the information provided to us, financing for the Acquisition will take the form of senior or subordinated debt of up to $40 million and up to $8 million of equity capital. Based on the information you have provided to us to date and our analysis of the current market for similar securities, we are pleased to inform you that we are highly confident of our ability to place the Securities, subject to the matters set forth in the following paragraph. Our ability to consummate the sale or placement of the Securities is subject to: (i) the terms and conditions of the Securities and all other debt and equity financing for the Acquisition (including any debt to be assumed) and all related documentation being satisfactory in form and substance to D/R; (ii) the purchase price and other terms and conditions of the Acquisition being satisfactory in form and substance to D/R; (iii) the execution and delivery of documentation with respect to the Acquisition and all related transactions in form and substance satisfactory to D/R; (iv) the absence of any material adverse change in the business, condition (financial or otherwise), results of operations, assets, liabilities or prospects of the Company or the Target; (v) the receipt of all necessary governmental, regulatory and third party approvals and consents in connection with the Acquisition; (vi) the execution and delivery of documentation with respect to the Securities and the offering and sale thereof that is satisfactory in form and substance to D/R and the purchasers of such Securities; (vii) satisfactory completion of the due diligence investigation by the purchasers of such Securites; (viii) satisfactory market condition for new issuances of high yield debt and equity securities or in the securities markets in general. Please note that this letter is not a commitment by D/R or any associate to purchase or place the Securities, and no such commitment will be binding unless contained in a signed written agreement. This letter shall be treated as confidential and is being provided to the Company solely in connection with the Company's proposed acquisition of the Target and may not be used, circulated, quoted or otherwise referred to in any document, except with D/R's prior written consent. Notwithstanding the foregoing, this letter may be submitted to the Target's Board of Directors (the "Target Board") provided that the Target Board treats this letter as confidential. We look forward to working with you to complete the Acquisition. Very truly yours, DABNEY/RESNICK, INC. By: /s/ Richard Bloom ----------------- Richard A. Bloom Senior Vice President -----END PRIVACY-ENHANCED MESSAGE-----