-----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, G+0Otk41MRUE3IZ1Z+cxvCDaoSXBk2n8iHNLAJtJd26sB3OouhcebMDV6MYwOF+I DFPc0bEe1oNIYjKkkU1Kfg== 0000950159-98-000038.txt : 19980218 0000950159-98-000038.hdr.sgml : 19980218 ACCESSION NUMBER: 0000950159-98-000038 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980211 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980217 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYBRON CHEMICALS INC CENTRAL INDEX KEY: 0000832815 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS CHEMICAL PRODUCTS [2890] IRS NUMBER: 510301280 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12263 FILM NUMBER: 98540743 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 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 11, 1998 Sybron Chemicals Inc. (Exact name of Registrant as specified in its charter) Delaware 0-19983 51-0301280 (State or other juris- (Commission (IRS Employer diction of incorporation) File No.) Identification No.) Birmingham Road, P.O. Box 66 Birmingham, New Jersey 08011 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (609) 893-1100 (Former name or former address, if changed since last report) Item 5. Other Events. On December 11, 1997, Sybron Chemicals Inc. ("Sybron") entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among Sybron, Sybron Holdings, Inc., a Delaware corporation ("Holdings"), and Sybron Acquisition Corp. ("Acquisition"), a Delaware corporation and wholly owned subsidiary of Holdings, pursuant to which Acquisition was to merge with and into Sybron (the "Merger"), with Sybron being the surviving corporation, and Sybron's stockholders (other than Holdings and Acquisition) were to receive for their shares of common stock of Sybron, par value $0.01 per share (each a "Share"), $34.50 per Share, in cash. A copy of the Merger Agreement was filed as Exhibit 2 to Sybron's Current Report on Form 8-K dated December 11, 1997. Holdings is owned by an investor group comprised of certain executive officers of Sybron, including Richard M. Klein, Ph.D., President and Chief Executive Officer, and John H. Schroeder, executive Vice President, and by an affiliate of Citicorp Venture Capital Ltd. ("CVC") and certain employees of CVC (collectively, the "Investor Group"). On February 11, 1998, the special committee (the "Special Committee") of the Board of Directors of Sybron (the "Board") informed the Investor Group that the Special Committee was withdrawing its support of the Merger. On that same date, the Board was notified by the Investor Group that the Investor Group was terminating the Merger Agreement in accordance with its terms. On February 11, 1998, Sybron issued a press release relating to the foregoing, a copy of which is filed herewith as Exhibit 99. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (a) Financial Statements of Business Acquired. Not applicable. (b) Pro Forma Financial Information. Not applicable. -2- (c) Exhibits. Exhibit 99 Press Release dated February 11, 1998. -3- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Sybron Chemicals Inc. (Registrant) Date: February 13, 1998 By: /s/Dennis J. Fiore Dennis J. Fiore Vice President, Finance and Chief Financial Officer -4- EXHIBIT INDEX Exhibit Description Method of Filing 99 Press Release dated February 11, 1998. Filed electronically herewith. -5- EX-99 2 FROM: Sybron Chemicals Inc. Birmingham Road Birmingham, NJ 08011 CONTRACT: Richard M. Klein President and Chief Executive Officer (609) 893-1100 FOR RELEASE: Immediately February 11, 1998 SYBRON CHEMICALS INC. ANNOUNCES TERMINATION OF MERGER AGREEMENT AFTER SPECIAL COMMITTEE WITHDRAWS SUPPORT BIRMINGHAM, NJ, February 11, 1998 -- Sybron Chemicals Inc. (the "Company") (AMEX: SYC) said today that its previously announced merger agreement with a company formed by an investor group has been terminated. The action came after the Company and the investor group were informed by the Special Committee of the Company's Board of Directors, which had previously recommended the transaction to stockholders, that it has withdrawn its recommendation. Although the Special Committee's financial advisor maintained its opinion that the proposed transaction was fair from a financial point of view, the Special Committee nevertheless concluded that the terms of the transaction were no longer sufficient. Because of the Special Committee's decision to withdraw its support for the transaction, the fairness opinion that was issued by the Special Committee's financial advisor is no longer available. As previously announced, the merger would have resulted in a cash payment of $34.50 per share to the Company's stockholders. The transaction would have been subject to the affirmative vote of a majority of the Company's stockholders not affiliated with the investor group. In its letter terminating the merger agreement, the investor group said: "We appreciate the time and energy devoted to this process by the members of the Special Committee, but we respectfully disagree with the conclusion they have reached. The proposed transaction presented an attractive opportunity for Sybron Chemicals' public stockholders to receive a premium in cash for their shares. We continue to believe that the transaction would have been supported by a substantial majority of the non-affiliated stockholders. However, we are not prepared to continue to pursue the transaction without the support of the Special Committee. [We] remain committed to our investment in Sybron Chemicals and to working to build value for all of the Company's stockholders." Commenting for the Company, Dr. Richard Klein, President and CEO, said that this development will have no adverse impact on the Company's ongoing business activities. "We had a record year in 1997 and we are dedicated to continuing our growth." Sybron Chemicals, Inc. is an international specialty chemical company that develops, produces and markets specialty chemicals in two main market segments: Textile preparation, dyeing, printing and finishing, and Environmental (primarily related to water and waste treatment). Products include Tanatex(R) dyehouse chemicals and Jersey State(TM), Auralux(TM) and other finishing chemicals for the textile and carpet industries; Ionac(R) ion exchange resins for use in water treatment and special applications; specialty resins for use in reprographic and laser printer toners, Bi-Chem(R) biologically active seeds cultures for industrial, municipal and sanitary waste treatment and groundspill clean-up. For more information on Sybron Chemicals Inc., please visit us on the World Wide Web at http://www.sybronchemicals.com/ -----END PRIVACY-ENHANCED MESSAGE-----