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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO
SECTION 14(d)(1)
(Amendment No.6 Final Amendment)
SCHEDULE 13D
(Amendment No. 4)*
OF THE
SECURITIES EXCHANGE ACT OF 1934
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TSI Incorporated
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(Name of Subject Company [Issuer])
John J. Fauth, JJF Group, Inc. and JJF Acquisition, Inc.
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(Bidder)
Common Stock $.10 Par Value
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(Title of Class of Securities)
872876107
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(CUSIP Number of Class of Securities)
(Name, Address and Telephone numbers of Person Authorized
to Receive Notices and Communications on Behalf of Bidder)
Copies to: Richard D. McNeil, Esq.
Richard A. Primuth, Esq.
Lindquist & Vennum P.L.L.P.
4200 IDS Center
Minneapolis, Minnesota 55402
(612) 371-3211
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CALCULATION OF FILING FEE
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Transaction valuation Amount of filing fee(2)
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<S> <C>
$154,476,140(1) $30,895.23
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(1) Estimated for purposes of calculating the filing fee only. The calculation
is based on the purchase of an aggregate of 11,034,000 shares of TSI
Incorporated, which (i) includes 11,232,816 shares of currently outstanding
shares of TSI common stock as of June 16, 1999 as disclosed in TSI's Form
10-K for the fiscal year ended March 31, 1999; (ii) includes 810,194 shares
of TSI's common stock subject to outstanding options as of March 31, 1999
as disclosed in TSI's Form 10-K; and (iii) excludes 1,009,000 shares of
common stock owned by the bidder.
(2) Calculated based upon 1/50 of 1% of the transaction valuation.
(*) This statement is also being filed to satisfy the reporting requirements of
Section 13(d) of the Securities and Exchange Act of 1934, as amended, and
shall constitute Amendment No. 4 to the Statement of Schedule 13(D), filed
with the Securities and Exchange Commission on June 2, 1999 by John J.
Fauth as amended.
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/ / Check box if any part of the fee is offset as provided by Rule
0-11(a)(2) and identify the filing with which the offsetting fee was
previously paid. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
Amount Previously Paid: Not applicable Filing Party: Not applicable
Form or Registration No.: Not applicable Date Filed: Not applicable
872876107
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(CUSIP NO. of Class of Securities)
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(1) Names of reporting person John J. Fauth
I.R.S. Identification Nos. of
above persons (entities only)
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(2) Check the appropriate box if a (a) / /
member of a group (see --------------------------------------
instructions). (b) / /
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(3) SEC use only
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(4) Source of funds (see PF, 00
instructions)
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(5) Check if disclosure of legal / /
proceedings is required pursuant
to Items 2(e) or 2(f).
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(6) Citizenship or place of United States
organization
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(7) Aggregate amount beneficially 1,009,000
owned by each reporting person.
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(8) Check if the aggregate amount in / /
Row (7) excludes certain shares
(see instructions).
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(9) Percent of class represented by 9.0%
amount in Row (7)
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(10) Type of reporting person (see IN
instructions)
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872876107
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(CUSIP NO. of Class of Securities)
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(1) Name of reporting person JJF Group, Inc.
I.R.S. Identification Nos. of
above persons (entities only)
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Page 2 of 8
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(2) Check the appropriate box if a (a) / /
member of a group (see --------------------------------------
instructions). (b) / /
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(3) SEC use only
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(4) Source of funds (see OO
instructions)
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(5) Check if disclosure of legal / /
proceedings is required pursuant
to Items 2(e) or 2(f)
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(6) Citizenship or place of United States
organization
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(7) Aggregate amount beneficially
owned by each reporting person 1,009,000
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(8) Check if the aggregate amount in / /
Row (7) excludes certain shares
(see instructions).
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(9 Percent of class represented by
amount in Row (7) 9.0%
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(10) Type of reporting person (see
instructions) CO
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872876107
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(CUSIP NO. of Class of Securities)
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(1) Name of reporting person JJF Acquisition, Inc.
I.R.S. Identification Nos. of
above persons (entities only)
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(2) Check the appropriate box if a (a) / /
member of a group (see --------------------------------------
instructions). (b) / /
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(3) SEC use only
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(4) Source of funds (see OO
instructions)
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(5) Check if disclosure of legal / /
proceedings is required pursuant
to Items 2(e) or 2(f)
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(6) Citizenship or place of United States
organization
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(7) Aggregate amount beneficially
owned by each reporting person 1,009,000
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Page 3 of 8
<PAGE>
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(8) Check if the aggregate amount in / /
Row (7) excludes certain shares
(see instructions).
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(9 Percent of class represented by
amount in Row (7) 9.0%
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(10) Type of reporting person (see
instructions) CO
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The purpose of this amendment is to amend and supplement the Purchaser's
Tender Offer Statement on Schedule 14D-1 filed on July 12, 1999, and to file
an additional exhibit. Capitalized terms used herein and not defined have
the meanings ascribed to them in the Schedule 14D-1 or in the Offer to
Purchase.
ITEM 10: ADDITIONAL INFORMATION.
Item 10(f) of the Schedule 14D-1 is hereby amended and supplemented by
the following:
The Purchaser's offer terminated on August 11, 1999 with the conditions to
the offer not having been satisfied. No Shares were accepted for
payment or paid pursuant to the Offer and all Shares previously
tendered will be returned by the Depositary. A copy of the Purchaser's
press release dated August 11, 1999 is attached hereto as Exhibit (a)(19)
and is incorporated herein by reference.
ITEM 11: MATERIAL TO BE FILED AS EXHIBITS.
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<S> <C>
*(a)(1) Offer to Purchase dated July 12, 1999.
*(a)(2) Form of Letter of Transmittal.
*(a)(3) Form of Notice of Guaranteed Delivery.
*(a)(4) Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies
and Other Nominees.
*(a)(5) Form of Letter to Clients for use by Brokers, Dealers, Commercial
Banks, Trust Companies and Other Nominees.
*(a)(6) Text of press release issued by the Purchaser dated July 9, 1999.
*(a)(7) Guidelines for Certification of Taxpayer Identification Number on
Substitute Form W-9.
Page 4 of 8
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*(a)(8) Form of summary advertisement dated June 13, 1999.
*(a)(9) Definitive Proxy Materials filed July 2, 1999 with the Securities and
Exchange Commission by John J. Fauth and JJF Group, Inc. for the
Annual Meeting of Shareholders of TSI Incorporation (SEC File No. 000-
02958), incorporated herein by reference.
*(a)(10) Supplement of July 12, 1999 to Proxy Statement of John J. Fauth and
JJF Group, Inc.
*(a)(11) Letter to TSI shareholders dated July 13, 1999.
*(a)(12) Advertisement dated July 15, 1999.
*(a)(13) Letter to TSI shareholders dated July 15, 1999.
*(a)(14) Letter from R.J. Steichen & Co. to TSI shareholders dated July 16,
1999.
*(a)(15) Press Release dated July 15, 1999.
*(a)(16) Press Release dated July 19, 1999.
*(a)(17) Advertisement dated July 21, 1999.
*(a)(18) Press Release dated July 21, 1999.
(a)(19) Press Release dated August 11, 1999.
*(b)(1) Highly Confident Letter from BNY Capital Markets, Inc. dated July 9,
1999.
*(b)(2) Form of Margin Loan Agreement (previously filed with the Statement of
Schedule 13(D), filed with the Securities and Exchange Commission on
June 2, 1999 by John J. Fauth.
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(c) None.
(d) None.
(e) Not applicable.
(f) None.
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* Previously filed.
Page 5 of 8
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SIGNATURE
After due inquiry and to the best of the undersigned's knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: August 11, 1999
JJF ACQUISITION, INC.
By: /s/ John J. Fauth
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John J. Fauth, President
JJF GROUP, INC.
By: /s/ John J. Fauth
-------------------------------------
John J. Fauth, President
/s/ John J. Fauth
-----------------------------------------
John J. Fauth
Page 6 of 8
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EXHIBIT INDEX
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<CAPTION>
EXHIBIT NAME
<S> <C>
*(a)(1) Offer to Purchase dated July 12, 1999.
*(a)(2) Form of Letter of Transmittal.
*(a)(3) Form of Notice of Guaranteed Delivery.
*(a)(4) Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies
and Other Nominees.
*(a)(5) Form of Letter to Clients for use by Brokers, Dealers, Commercial
Banks, Trust Companies and Other Nominees.
*(a)(6) Text of press release issued by the Purchaser dated July 9, 1999.
*(a)(7) Guidelines for Certification of Taxpayer Identification Number on
Substitute Form W-9.
*(a)(8) Form of summary advertisement dated July 13, 1999.
*(a)(9) Definitive Proxy Materials filed July 2, 1999 with the Securities and
Exchange Commission by John J. Fauth and JJF Group, Inc. for the
Annual Meeting of Shareholders of TSI Incorporation (SEC File No. 000-
02958), incorporated herein by reference.
*(a)(10) Supplement of July 12, 1999 to Proxy Statement of John J. Fauth and
JJF Group, Inc.
*(a)(11) Letter to TSI shareholders dated July 13, 1999.
*(a)(12) Advertisement dated July 15, 1999.
*(a)(13) Letter to TSI shareholders dated July 15, 1999.
*(a)(14) Letter from R.J. Steichen & Co. to TSI shareholders dated July 16,
1999.
*(a)(15) Press Release dated July 15, 1999.
*(a)(16) Press Release dated July 19, 1999.
Page 7 of 8
<PAGE>
*(a)(17) Advertisement dated July 21, 1999.
*(a)(18) Press Release dated July 21, 1999.
(a)(19) Press Release dated August 11, 1999.
*(b)(1) Highly Confident Letter from BNY Capital Markets, Inc. dated July 9,
1999.
*(b)(2) Form of Margin Loan Agreement (previously filed with the Statement of
Schedule 13(D), filed with the Securities and Exchange Commission on
June 2, 1999 by John J. Fauth.
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(c) None.
(d) None.
(e) Not applicable.
(f) None.
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* Previously filed.
Page 8 of 8
<PAGE>
CONTACTS:
John Kopchik Ann Barkelew
JJF Group, Inc. Fleishman-Hillard
(612) 673-6700 (612) 337-0354
FOR IMMEDIATE RELEASE
WITH TSI TENDER EXPIRATION, JJF RESERVES ALL RIGHTS
Minneapolis, August 11, 1999 -- JJF Group, Inc., announced today that
its interest in the sale of TSI, Inc. is undiminished, even though the $14 per
share tender offer made by its subsidiary, JJF Acquisition, Inc., expires at
midnight today.
"We take TSI's board at its word that it is aggressively pursuing
offers of higher value to maximize shareholder value. We would like to
participate in the auction process, but have not been able to do so because
TSI's investment bankers have required that we enter into an agreement giving
up a variety of our shareholder rights," said John J. Fauth, chairman and
chief executive officer of JJF Group, Inc.
"TSI knows that we are a serious and interested buyer, and that we will
await the results of the auction process with great interest. We will then
decide what action is appropriate. Clearly, the current price of TSI's stock
indicates that other shareholders also expect a successful sale of the company
at a higher price per share," Fauth said.
Fauth is TSI's largest individual shareholder, holding approximately 9
percent of the company's common stock.
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