-----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, FjdDC/wMQzPx6nss3MPRg64L2So8fptFEp0EfvIO0jke3xjkSPtPlNhiC9JwJuzS ZK35FGTLsrp2ibuk4bKSvw== 0000912057-96-028017.txt : 19961203 0000912057-96-028017.hdr.sgml : 19961203 ACCESSION NUMBER: 0000912057-96-028017 CONFORMED SUBMISSION TYPE: SC 14D1/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19961202 SROS: NONE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PROLER INTERNATIONAL CORP CENTRAL INDEX KEY: 0000080693 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 741051251 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: SC 14D1/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-10062 FILM NUMBER: 96674841 BUSINESS ADDRESS: STREET 1: 4265 SAN FELIPE SUITE 900 CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 7136273737 MAIL ADDRESS: STREET 1: 4265 SAN FELIPE STREET 2: STE 900 CITY: HOUSTON STATE: TX ZIP: 77027 FORMER COMPANY: FORMER CONFORMED NAME: PROLER STEEL CORP DATE OF NAME CHANGE: 19740129 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PIC ACQUISITION CORP CENTRAL INDEX KEY: 0001023309 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 14D1/A BUSINESS ADDRESS: STREET 1: PO BOX 10047 CITY: PORTLAND STATE: OR ZIP: 97210 BUSINESS PHONE: 5032249900 MAIL ADDRESS: STREET 1: PO BOX 10047 CITY: PORTLAND STATE: OR ZIP: 97210 SC 14D1/A 1 FORM 14D-1 ------------------------ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------------- AMENDMENT NO. 7 TO SCHEDULE 14D-1 Tender Offer Statement Pursuant to Section 14(d)(1) of the Securities Exchange Act of 1934 PROLER INTERNATIONAL CORP. (Name of Subject Company) PIC ACQUISITION CORPORATION AND SCHNITZER STEEL INDUSTRIES, INC. (Bidders) COMMON STOCK, $1.00 PAR VALUE (Including the associated rights) (Title of Class of Securities) 743396-10-3 (CUSIP Number of Class of Securities) ANTON U. PARDINI SCHNITZER STEEL INDUSTRIES, INC. 3200 N.W. YEON AVENUE PORTLAND, OREGON 97210 (503) 323-2807 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Bidder) COPY TO: STUART W. CHESTLER STOEL RIVES LLP 900 SW FIFTH AVENUE, SUITE 2300 PORTLAND, OREGON 97204-1268 CUSIP No. 743396-10-3 14D-1 - ------------------------------------------------------------------------------------------- 1. Name of reporting person SS or I.R.S. Identification No. of above person PIC Acquisition Corporation, I.R.S. No.: 93-1219503 - ------------------------------------------------------------------------------------------- 2. Check the appropriate box if a member of a group (a) / / (b) / / - ------------------------------------------------------------------------------------------- 3. SEC Use Only - ------------------------------------------------------------------------------------------- 4. Sources of Funds AF - ------------------------------------------------------------------------------------------- 5. Check box if disclosure of legal proceedings is required pursuant to Items 2(e) /X/ OR 2(f) - ------------------------------------------------------------------------------------------- 6. Citizenship or place of organization Delaware - ------------------------------------------------------------------------------------------- 7. Aggregate amount beneficially owned by each reporting person None (0) - ------------------------------------------------------------------------------------------- 8. Check box if the aggregate amount in row (7) excludes certain shares. / / - ------------------------------------------------------------------------------------------- 9. Percent of class represented by amount in row (7) None (0) - ------------------------------------------------------------------------------------------- 10. Type of reporting person CO - -------------------------------------------------------------------------------------------
CUSIP No. 743396-10-3 14D-1 - ------------------------------------------------------------------------------------------- 1. Name of reporting person SS or I.R.S. Identification No. of above person Schnitzer Steel Industries, Inc., I.R.S. No.: 93-0341923 - ------------------------------------------------------------------------------------------- 2. Check the appropriate box if a member of a group (a) / / (b) / / - ------------------------------------------------------------------------------------------- 3. SEC Use Only - ------------------------------------------------------------------------------------------- 4. Sources of Funds BK - ------------------------------------------------------------------------------------------- 5. Check box if disclosure of legal proceedings is required pursuant to Items 2(e) /X/ OR 2(f) - ------------------------------------------------------------------------------------------- 6. Citizenship or place of organization Oregon - ------------------------------------------------------------------------------------------- 7. Aggregate amount beneficially owned by each reporting person None (0) - ------------------------------------------------------------------------------------------- 8. Check box if the aggregate amount in row (7) excludes certain shares. / / - ------------------------------------------------------------------------------------------- 9. Percent of class represented by amount in row (7) None (0) - ------------------------------------------------------------------------------------------- 10. Type of reporting person CO - -------------------------------------------------------------------------------------------
PIC Acquisition Corporation and Schnitzer Steel Industries, Inc. hereby amend and supplement their Tender Offer Statement on Schedule 14D-1 (the "Statement"), originally filed on September 20, 1996, as amended by Amendments No. 1 - 6, with respect to their offer to purchase all outstanding shares of Common Stock, par value $1.00 per share, of Proler International Corp. (the "Company"), a Delaware corporation, together with the associated stock rights as set forth in this Amendment No. 7. Capitalized terms not defined herein have the meanings assigned thereto in the Statement. ITEM 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY. (a) On December 2, 1996, Schnitzer Steel Industries, Inc. issued a press release, a copy of which is attached hereto as Exhibit (a)(14) and is incorporated herein by reference. ITEM 10. ADDITIONAL INFORMATION. (f) On December 2, 1996, Schnitzer Steel Industries, Inc. issued a press release, a copy of which is attached hereto as Exhibit (a)(14) and is incorporated herein by reference. ITEM 11. MATERIAL TO BE FILED AS EXHIBITS. (a) (1) Offer to Purchase, dated September 20, 1996.+ (2) Letter of Transmittal.+ (3) IRS Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9.+ (4) Form of Summary Advertisement, dated September 20, 1996.+ (5) Form of Notice of Guaranteed Delivery.+ (6) Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.+ (7) Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and other Nominees.+ (8) Press Release, dated September 16, 1996.+ (9) Press Release, dated October 7, 1996.+ (10) Press Release, dated October 18, 1996.+ (11) Press Release, dated November 1, 1996+ (12) Press Release, dated November 15, 1996.+ (13) Joint Press Release issued by Proler International Corp. and Schnitzer Steel Industries, Inc., dated November 25, 1996.+ (14) Press Release, dated December 2, 1996.* (b) Credit Agreement dated as of March 27, 1995, among Schnitzer, the syndicate of lenders party thereto and The First National Bank of Chicago, as Agent.+ (c) (1) Agreement and Plan of Merger, dated September 15, 1996, among the Purchaser, Schnitzer and the Company.+ (2) Agreement with Depositary.+ (3) Agreement with Information Agent.+ (4) Confidentiality Agreement dated as of June 11, 1996.+ (5) Letter from Schnitzer Steel Industries, Inc. to Mr. Bruce Wilkerson of Proler International Corp. dated November 13, 1996.+ (6) Letter from Proler International Corp. to Mr. Robert Philip of Schnitzer Steel Industries, Inc. dated November 13, 1996.+ (7) Press Release issued by Proler International Corp. dated November 19, 1996 and attached letter dated November 19, 1996 from the Board of Directors of Proler International Corp. to stockholders.+ (d) Not applicable. (e) Not applicable. (f) The Offer to Purchase and the Letter of Transmittal are incorporated herein by reference.+ - -------------------------- * Filed herewith. + Previously filed. SIGNATURE After due 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. Date: December 2, 1996 ------------------- PIC ACQUISITION CORPORATION By: /s/ ANTON U. PARDINI ----------------------------------------- Name: Anton U. Pardini ----------------------------------- Title: Assistant Secretary and General Counsel ----------------------------------- SCHNITZER STEEL INDUSTRIES, INC. By: /s/ BARRY ROSEN ----------------------------------------- Name: Barry Rosen ----------------------------------- Title: Vice President of Finance ----------------------------------- EX-99.(A)(14) 2 EXHIBIT 99.(A)(14) [Schnitzer Letterhead] PRESS RELEASE December 2, 1996 FOR IMMEDIATE RELEASE Contact: Tom Zelenka (503) 323-2821 SCHNITZER ANNOUNCES COMPLETION OF PROLER TENDER OFFER Portland, Oregon - December 2, 1996, Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) today announced that it successfully completed its tender offer to acquire the common stock of Proler International Corp. (Proler) at $9.00 per share. At the expiration of the tender offer at midnight on Friday, November 29, 1996, 4.1 million shares of Proler stock (or about 86% of the outstanding shares) had been tendered, and all tendered shares have been accepted for payment by a Schnitzer subsidiary. "We are pleased to have completed the acquisition of Proler," stated Robert W. Philip, president of Schnitzer. "This acquisition is consistent with our belief in the long-term growth of the scrap business. We believe that this acquisition will be additive to earnings. We also look forward to working with the Hugo Neu organization to grow the Proler and Hugo Neu joint venture operations." The preceding paragraph contains a forward looking statement regarding the effect of the Proler acquisition on future earnings. The impact of the acquisition on earnings will depend primarily on the profitability of the joint ventures as well as scrap market conditions generally. Future market conditions are subject to supply and demand conditions and decisions of other market participants over which the Company has no control and which are inherently difficult to predict. Schnitzer operates one of the largest scrap recycling businesses in the Western United States. The Company supplies ferrous scrap to Asian and domestic steel producers through its scrap collection, processing and deep water facilities located in Oakland, California; Portland, Oregon; and Tacoma, Washington. The Company also operates collection and processing facilities in Eugene, Bend, White City and Grants Pass, Oregon; and Sacramento and Fresno, California. Schnitzer's subsidiary, Cascade Steel Rolling Mills, Inc. (Cascade) operates the only vertically integrated mini-mill in the Western United States which can obtain its entire scrap requirements from its own scrap operations. Cascade's steel mini-mill in McMinnville, Oregon manufactures rebar, merchant bar, fence posts, special sections and grape stakes. In addition, Cascade maintains mill depots in Union City and El Monte, California. Proler is an environmental services company involved in the recovery and recycling of scrap metals and industrial wastes to produce high-quality, commercial products. -----END PRIVACY-ENHANCED MESSAGE-----