-----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, JsnXMTraXizYMO+NdRKFDG6Dnzv4U99lF6dbujmE+Eo2exX4dzsxMtW8dQqfUWNt ID7fEnSK3g/OkAjGtaiXLA== /in/edgar/work/20000901/0000950157-00-000478/0000950157-00-000478.txt : 20000922 0000950157-00-000478.hdr.sgml : 20000922 ACCESSION NUMBER: 0000950157-00-000478 CONFORMED SUBMISSION TYPE: SC TO-C PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20000901 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SYBRON CHEMICALS INC CENTRAL INDEX KEY: 0000832815 STANDARD INDUSTRIAL CLASSIFICATION: [2890 ] IRS NUMBER: 510301280 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC TO-C SEC ACT: SEC FILE NUMBER: 005-45069 FILM NUMBER: 715648 BUSINESS ADDRESS: STREET 1: BIRMINGHAM RD STREET 2: PO BOX 66 CITY: BIRMINGHAM STATE: NJ ZIP: 08011 BUSINESS PHONE: 6098931100 MAIL ADDRESS: STREET 1: P O BOX 66 BIRMINGHAM ROAD CITY: BIRMINGHAM STATE: NJ ZIP: 08011 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BAYER CORP CENTRAL INDEX KEY: 0001008007 STANDARD INDUSTRIAL CLASSIFICATION: [ ] IRS NUMBER: 251339219 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC TO-C BUSINESS ADDRESS: STREET 1: 100 BAYER ROAD CITY: PITTSBURGH STATE: PA ZIP: 152059741 BUSINESS PHONE: 4127772000 MAIL ADDRESS: STREET 1: 100 BAYER ROAD CITY: PITTSBURGH STATE: PA ZIP: 15209 SC TO-C 1 0001.txt TENDER OFFER STATEMENT ============================================================================== SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------ SCHEDULE TO Tender Offer Statement under Section 14(d)(1) or 13(e)(1) of the Securities Exchange Act of 1934 ------------------------ SYBRON CHEMICALS INC. (Name of Subject Company (Issuer)) PROJECT TOLEDO ACQUISITION CORP. BAYER CORPORATION BAYER AKTIENGESELLSCHAFT (Names of Filing Persons (Offerors)) Common Stock, Par Value $.01 Per Share (including the associated Series A Junior Participating Preferred Stock Purchase Rights) (Title of Class of Securities) 87090310 (CUSIP Numbers of Classes of Securities) ------------------------- Bruce A. Mackintosh, Esq. Bayer Corporation 100 Bayer Road Pittsburgh, PA 15205-9741 (412) 777-2000 (Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications on Behalf of Filing Persons) ------------------------ Copy to: Daniel P. Cunningham, Esq. Cravath, Swaine & Moore Worldwide Plaza 825 Eighth Avenue New York, New York 10019 (212) 474-1000 ------------------------ AUGUST 30, 2000 ------------------------ ============================================================================== [X] Check the box if the filing relates solely to preliminary communications made before the commencement oa tender offer. Check the appropriate boxes below to designate any transactions to which the statement relates: [X] third-party tender offer subject to Rule 14d-1. [ ] issuer tender-offer subject to Rule 13e-4. [ ] going private transaction subject to Rule 13e-3. [ ] amendment to Schedule 13D under Rule 12. Check the following box if the filing is a final amendment reporting the results of the tender offer: [ ] EX-99.1 2 0002.txt JOINT RELEASE Joint Release Strategic Move to Strengthen Bayer's Core Businesses Bayer to Acquire Sybron Chemicals Inc., U.S. Producer of Polymers and Specialty Chemicals Expansion of Market Position in the NAFTA Region / Access to New Technologies and Products - ------------------------------------------------------------------------------ Leverkusen, Germany; Birmingham, N.J., U.S.A., August 30, 2000 - Bayer Corporation of Pittsburgh, Pa., a wholly owned subsidiary of Bayer AG, Germany, and Sybron Chemicals Inc. (AMEX: SYC), a U.S.-based producer of polymers and specialty chemicals, announced today that Bayer Corporation and its wholly owned subsidiary Project Toledo Acquisition Corp. have entered into a definitive agreement to acquire all of Sybron's outstanding shares at a price of $35 per share payable in cash. Bayer will commence a tender offer for all of the outstanding Sybron Chemicals shares within seven business days. Any shares not purchased in the tender offer will be exchanged for cash in the amount of $35 per share in a merger of Sybron Chemicals Inc. and Project Toledo Acquisition Corp. The acquisition is subject to approvals from regulatory authorities both in the U.S. and in Europe and other customary conditions. "Sybron Chemicals Inc. offers us an excellent opportunity to strategically augment and strengthen important business sectors and thus continue to enhance the value of our business," said Bayer Management Board Chairman Dr. Manfred Schneider. This acquisition will provide Bayer's Coatings and Colorants Business Group (Polymers segment) and Specialty Products Business Group (Chemicals segment) with access to new technologies and products and will enable them to expand their market positions in the NAFTA region. Along with Health Care and Agriculture business segments, Polymers and Chemicals make up the core activities of the Bayer Group. According to Dr. Richard Klein, President and CEO of Sybron Chemicals Inc., the agreement provides maximum shareholder value. "This transaction represents an excellent value for our shareholders and should be of tremendous benefit to our customers and employees," said Klein. "It was unanimously approved by our board, which believes the acquisition is the best way to help our business and people to grow further and faster." In the polymer intermediates business, Sybron Chemicals has expertise and a good market position in the NAFTA region for powder coating raw materials - an environmentally friendly technology for industrial coatings. The same is true of Sybron's business in functional polyesters outside the powder coatings field. Both these activities complement Bayer's polyurethane hardeners business. The substantial synergy that is expected to result from the transaction will come primarily from combining Sybron's North American polymer intermediates business with the worldwide distribution structure of Bayer's Coatings and Colorants Business Group. Other advantages for Bayer will result from combined purchase volume of raw materials and services. "The acquisition of Sybron Chemicals leads us to our planned entry into the powder coating raw materials market and is a further step toward achieving our growth goals," said Dr. Ulrich Koemm, general manager of the business group. - 2 - The acquisition also will improve the market positions of the Textile Processing Chemicals and Special Fields unit of Bayer's Specialty Products Business Group in North America and Europe. "In addition, high performance resins and flame retardants will be added to our portfolio," said Dr. Richard Pott, general manager of the Specialty Products Business Group. He expects integration of the businesses to generate significant synergy. The companies' Boards of Directors have unanimously approved the merger agreement. In addition, three of Sybron Chemicals' shareholders, collectively owning approximately 45 percent of Sybron's outstanding and issued shares, have entered into an agreement pursuant to which they have agreed to tender all of their shares in the Bayer tender offer. In connection with its consideration of the transaction, the Board of Directors of Sybron Chemicals Inc. received the opinion of J.P. Morgan Securities Inc., its investment banker for the transaction, that the $35 to be received by Sybron shareholders in the tender offer and the merger is fair to such shareholders from a financial point of view. At the start of 1999, all of Bayer's activities in the coatings, pigments, dyes and adhesives fields were placed into the Coatings and Colorants Business Group. With 4,800 employees worldwide, the business group increased sales in 1999 by 11 percent to EUR 1.73 billion. Further growth of 16 percent was recorded in the first half of 2000. The activities of the Specialty Products Business Group comprise specialty chemicals for the textile, leather and paper industries, ion exchange resins, water chemicals, polymer additives and ingredients for wood and industrial preservatives. It has 3,800 employees worldwide and achieved revenues of EUR 1.15 billion in 1999, an increase of 3 percent over the prior year. Sales grew by 12 percent in the first six months of 2000. - 3 - During the first half of 2000, Sybron Chemicals' revenues rose by 10 percent to $147.13 million and the company recorded an operating profit of $15.22 million. It had 900 employees as of the end of 1999. Investors and security holders are strongly advised to read both the tender offer statement and the solicitation/recommendation statement regarding the tender offer referred to in this press release, when they become available, because they will contain important information. The tender offer statement will be filed by Bayer with the Securities and Exchange Commission (SEC), and the solicitation/recommendation statement will be filed by Sybron Chemicals Inc. with the SEC. Investors and security holders may obtain a free copy of these statements (when they are available) and other documents filed by Bayer and Sybron Chemicals with the SEC at the SEC's web site at wwww.sec.gov. The tender offer statement and related materials may be obtained for free from Bayer by directing a request to the information agent, Morrow & Company, telephone 800-566-9061. The solicitation/ recommendation statement and such other documents may be obtained by directing such requests to Sybron Chemicals Inc., Attention: Investor Relations, telephone: 609-893-1100 x 234, e-mail: mpullen@sybronchemicals.com - 4 - Contacts: Bayer Corporation: Mark A. Ryan, Tel.: 412-777-2500 E-Mail: mark-a.ryan.b@bayer.com Bayer AG: Gunter Forneck, Tel.: +49 214 30 50446 E-Mail: guenter.forneck.gf@bayer-ag.de Sybron Chemicals Inc.: Name: Steven F. Ladin, Tel.: 609-893-1100 E-Mail: sladin@sybronchemicals.com - 5 - EX-99.2 3 0003.txt JOINT RELEASE Achtung: Nicht zur Veroffentlichung in den USA, Kanada und Japan Gemeinsame Mitteilung der Bayer AG und der Sybron Chemicals Inc. Gezielte Verstarkung von Kerngeschaften: Bayer will US-Hersteller von Polymer- und Chemie-Spezialitaten Sybron Chemicals Inc. ubernehmen Ausbau der Marktpositionen im Nafta-Raum / Zugang zu neuen Technologien und Produkten Leverkusen/Birmingham (N.J./USA) - Die Bayer Corporation, Tochter der Leverkusener Bayer AG, will den US-Hersteller von Polymer- und Chemie-Spezialitaten Sybron Chemicals Inc. erwerben. Eine entsprechende Vereinbarung, wonach den Sybron-Aktionaren ein Ubernahmeangebot von 35 US-Dollar je Aktie unterbreitet wird, wurde jetzt unterzeichnet. Die Ubernahme von Sybron muss noch von den Wettbewerbsbehorden in den USA und Europa genehmigt werden. "Wir haben mit Sybron eine sehr gute Moglichkeit, die Aktivitaten wichtiger Geschaftsbereiche gezielt abzurunden, zu starken und dadurch unseren Unternehmenswert nachhaltig zu steigern", erlauterte der Bayer-Vorstandsvorsitzende Dr. Manfred Schneider. Mit dem Erwerb erhalten die beiden Bayer-Geschaftsbereiche Lackrohstoffe (Arbeitsgebiet Polymere) und Spezialprodukte (Arbeitsgebiet Chemie) Zugang zu neuen Technologien und Produkten. Zudem konnen sie ihre Marktstellung im Nafta-Raum ausbauen. Neben Gesundheit und Landwirtschaft zahlen Polymere und Chemie zu den Kernaktivitaten des Bayer-Konzerns. Nach Angaben von Dr. Richard Klein, President und Chief Executive Officer von Sybron, wird mit dieser Ubernahme durch Bayer der hochste Shareholder-Value fur die Aktionare des US-Unternehmens erzielt. "Der Sybron-Board hat die Vereinbarung einstimmig gebilligt, denn sie ist auch im besten Interesse unserer Kunden und Mitarbeiter", sagte Klein. Im Segment Polymer-Zwischenprodukte verfugt Sybron bei Pulverlacken - einer neuen, umweltfreundlichen Technologie fur die industrielle Lackierung - uber eine sehr hohe Kompetenz und eine gute Marktstellung im Nafta-Raum. Ahnliches gilt auch fur das Sybron-Geschaft mit funktionellen Polyestern au(beta)erhalb des Pulverbereichs. Beide 2 Geschafte stellen eine hervorragende Erganzung zum Bayer-Geschaft mit Polyurethan-Hartern dar. Die erwarteten Synergien aus der Ubernahme sind erheblich. Sie ergeben sich u.a. aus der Koppelung des Nordamerika-Geschafts von Sybron bei Polymer-Zwischenprodukten mit der weltweiten Vertriebsstruktur des Bayer-Geschaftsbereichs Lackrohstoffe. Weitere Vorteile resultieren aus der konzerninternen Belieferung mit Vorprodukten sowie dem gemeinsamen Einkauf von Rohstoffen und Dienstleistungen. "Fur den geplanten Einstieg in das Pulverlack-Geschaft sowie zur Realisierung unserer Wachstumsziele ist die Akquisition von Sybron ein idealer Kauf", erklarte Dr. Ulrich Koemm, Leiter des Geschaftsbereichs Lackrohstoffe, Farbmittel und Sondergebiete. Auch fur den Bayer-Geschaftsbereich Spezialprodukte bedeutet die Ubernahme eine Starkung seines Geschaftsfelds Textilhilfsmittel und Sondergebiete in Nordamerika und Europa. "Daruber hinaus wird unser Produktportfolio um Hochveredelungsharze und Flammschutzmittel erganzt", sagte Dr. Richard Pott, Leiter des Geschaftsbereichs Spezialprodukte. Er erwartet aus der Integration der Geschafte hohe Synergien. In dem Geschaftsbereich Lackrohstoffe, Farbmittel und Sondergebiete sind seit Anfang 1999 alle Aktivitaten des Bayer-Konzerns auf den Gebieten Lacke, Beschichtungen, Pigmente, Farbstoffe und Klebstoffe zusammengefasst. Mit insgesamt 4.800 Beschaftigten steigerte der Geschaftsbereich seinen Umsatz 1999 um elf Prozent auf 1,73 Milliarden Euro. Im ersten Halbjahr 2000 wuchs das Geschaft gegenuber der Vorjahreszeit weiter um 16 Prozent. Der Geschaftsbereich Spezialprodukte befasst sich mit Spezialchemikalien fur die Textil-, Leder- und Papierindustrie sowie mit Produkten fur Ionenaustauscher und Wasserchemikalien, Polymer-Additive, Holzschutz und Industrielle Konservierung. Er erzielte 1999 mit 3.800 Beschaftigten einen Umsatz von 1,15 Milliarden Euro, drei Prozent mehr als im Jahr zuvor. Fur das 1. Halbjahr 2000 weist der Geschaftsbereich ein Umsatzplus von zwolf Prozent aus. Sybron erzielte im 1. Halbjahr 2000 bei einem um zehn Prozent auf 147,13 Millionen Dollar gesteigerten Umsatz ein operatives Ergebnis von 15,22 Millionen Dollar. Ende 1999 beschaftigte das Unternehmen rund 900 Mitarbeiter. Leverkusen, Birmingham 30. August 2000 3 hhb/fo (2000-08-277) Ihre Ansprechpartner: Bayer AG: Gunter Forneck, Tel.: 0214/30 50446 E-Mail: guenter.forneck.gf@bayer-ag.de Bayer Corporation: Mark A. Ryan, Tel.: 001-412-777-2500 E-Mail: mark-a.ryan.b@bayer.com Sybron Chemicals Inc.: Steven F. Ladin, Tel.: 001-609-893-1100 E-Mail: ladin@sybronchemicals.com -----END PRIVACY-ENHANCED MESSAGE-----