UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
THE UNION CORPORATION
(NAME OF ISSUER)
COMMON STOCK, $0.50 PAR VALUE PER SHARE
(TITLE OF CLASS OF SECURITIES)
906072103
(CUSIP NUMBER)
DAVID E. KING WITH COPY TO:
MCCOWN DE LEEUW & CO. FRANK L. SCHIFF, ESQ.
101 EAST 52ND STREET WHITE & CASE
NEW YORK, NY 10022 1155 AVENUE OF THE AMERICAS
212-270-6266 NEW YORK, NY 10036
212-819-8200
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
FEBRUARY 10, 1998
(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 this statement ( ).
Page 1 of 9 Pages
<PAGE>
SCHEDULE 13D
- ---------------------- -------------------
CUSIP NO. 906072103 PAGE 2 OF 9 PAGES
- ---------------------- -------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MCCOWN DE LEEUW & CO. III, L.P.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) ( )
(B) (X)
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
SC, BK
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED ( )
PURSUANT TO ITEMS 2(D) OR 2(E)
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF CALIFORNIA
- ------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0*
EACH REPORTING PERSON
WITH
-----------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------
9 SOLE DISPOSITIVE POWER
0*
-----------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,920,668*
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
APPROXIMATELY 83.05% OF THE SHARES ISSUED AND OUTSTANDING AS
OF FEBRUARY 11, 1998
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- ------------------------------------------------------------------------------
* SEE ITEMS 5(A) AND 5(B) OF BOTH THIS AMENDMENT NO. 1 AND THE ORIGINAL SCHEDULE
13D FILED ON FEBRUARY 4, 1998.
<PAGE>
SCHEDULE 13D
- ---------------------- -------------------
CUSIP NO. 906072103 PAGE 3 OF 9 PAGES
- ---------------------- -------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MCCOWN DE LEEUW & CO. III (EUROPE), L.P.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) ( )
(B) (X)
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
SC, BK
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED ( )
PURSUANT TO ITEMS 2(D) OR 2(E)
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
- ------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0*
EACH REPORTING PERSON
WITH
-----------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------
9 SOLE DISPOSITIVE POWER
0*
-----------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,920,688*
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
APPROXIMATELY 83.05% OF THE SHARES ISSUED AND OUTSTANDING
AS OF FEBRUARY 11, 1998
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- ------------------------------------------------------------------------------
* SEE ITEMS 5(A) AND 5(B) OF BOTH THIS AMENDMENT NO. 1 AND THE ORIGINAL SCHEDULE
13D FILED ON FEBRUARY 4, 1998.
<PAGE>
SCHEDULE 13D
- ---------------------- -------------------
CUSIP NO. 906072103 PAGE 4 OF 9 PAGES
- ---------------------- -------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MCCOWN DE LEEUW & CO. III (ASIA), L.P.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) ( )
(B) (X)
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
SC, BK
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED ( )
PURSUANT TO ITEMS 2(D) OR 2(E)
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
- ------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0*
EACH REPORTING PERSON
WITH
-----------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------
9 SOLE DISPOSITIVE POWER
0*
-----------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,920,668*
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
APPROXIMATELY 83.05% OF THE SHARES ISSUED AND OUTSTANDING
AS OF FEBRUARY 11, 1998
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- ------------------------------------------------------------------------------
* SEE ITEMS 5(A) AND 5(B) OF BOTH THIS AMENDMENT NO. 1 AND THE ORIGINAL SCHEDULE
13D FILED ON FEBRUARY 4, 1998.
<PAGE>
SCHEDULE 13D
- ---------------------- -------------------
CUSIP NO. 906072103 PAGE 5 OF 9 PAGES
- ---------------------- -------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
GAMMA FUND LLC
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) ( )
(B) (X)
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
SC, BK
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED ( )
PURSUANT TO ITEMS 2(D) OR 2(E)
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF CALIFORNIA
- ------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0*
EACH REPORTING PERSON
WITH
-----------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------
9 SOLE DISPOSITIVE POWER
0*
-----------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,920,668*
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
APPROXIMATELY 83.05% OF THE SHARES ISSUED AND OUTSTANDING
AS OF FEBRUARY 11, 1998
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO**
- ------------------------------------------------------------------------------
* SEE ITEMS 5(A) AND 5(B) OF BOTH THIS AMENDMENT NO. 1 AND THE ORIGINAL SCHEDULE
13D FILED ON FEBRUARY 4, 1998.
** GAMMA FUND LLC IS A CALIFORNIA LIMITED LIABILITY COMPANY.
<PAGE>
SCHEDULE 13D
- ---------------------- -------------------
CUSIP NO. 906072103 PAGE 6 OF 9 PAGES
- ---------------------- -------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MDC MANAGEMENT COMPANY III, L.P.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) ( )
(B) (X)
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
SC, BK
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED ( )
PURSUANT TO ITEMS 2(D) OR 2(E)
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF CALIFORNIA
- ------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0*
EACH REPORTING PERSON
WITH
-----------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------
9 SOLE DISPOSITIVE POWER
0*
-----------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,920,668*
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
APPROXIMATELY 83.05% OF THE SHARES ISSUED AND OUTSTANDING
AS OF FEBRUARY 11, 1998
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- ------------------------------------------------------------------------------
* SEE ITEMS 5(A) AND 5(B) OF BOTH THIS AMENDMENT NO. 1 AND THE ORIGINAL SCHEDULE
13D FILED ON FEBRUARY 4, 1998.
<PAGE>
SCHEDULE 13D
- ---------------------- -------------------
CUSIP NO. 906072103 PAGE 7 OF 9 PAGES
- ---------------------- -------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MDC MANAGEMENT COMPANY IIIA, L.P.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) ( )
(B) (X)
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
SC, BK
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED ( )
PURSUANT TO ITEMS 2(D) OR 2(E)
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BERMUDA
- ------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0*
EACH REPORTING PERSON
WITH
-----------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------
9 SOLE DISPOSITIVE POWER
0*
-----------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,920,668*
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
APPROXIMATELY 83.05% OF THE SHARES ISSUED AND OUTSTANDING
AS OF FEBRUARY 11, 1998
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- ------------------------------------------------------------------------------
* SEE ITEMS 5(A) AND 5(B) OF BOTH THIS AMENDMENT NO. 1 AND THE ORIGINAL SCHEDULE
13D FILED ON FEBRUARY 4, 1998.
<PAGE>
-------------------
PAGE 8 OF 9 PAGES
-------------------
This Amendment No. 1 ("Amendment No. 1") amends a statement on
Schedule 13D filed on February 4, 1998 (the "Schedule 13D") jointly filed by:
(i) McCown De Leeuw & Co. III, L.P., a California limited partnership; (ii)
McCown De Leeuw & Co. III (Europe), L.P., a Bermuda limited partnership; (iii)
McCown De Leeuw & Co. III (Asia), L.P., a Bermuda limited partnership; (iv)
Gamma Fund LLC, a California limited liability company; (v) MDC Management
Company III, L.P., a California limited partnership and (vi) MDC Management
Company IIIA, L.P., a Bermuda limited partnership, relating to the common stock,
par value $0.50 per share (the "Common Stock"), of The Union Corporation
("Union"), a Delaware corporation.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 of the Schedule 13D is hereby amended by adding the following
text to the end of such item:
(a) A total of 4,920,668 shares of Common Stock, or 83.05% of the
issued and outstanding Common Stock (approximately 83.01% on a fully diluted
basis), is owned by Sherman Acquisition Corporation ("Sherman") as of February
11, 1998. This amount includes 4,614, 568 shares acquired by Sherman in
connection with its December 24, 1997 offer to purchase (the "Offer") any and
all shares of Common Stock. This amount also includes 306,100 shares of Common
Stock purchased by Sherman in an open market transaction on February 10, 1998.
(c) Sherman acquired an additional 306,100 shares of Common Stock at
$31.50 per share on February 10, 1998 from Dimensional Fund Advisors Inc. in an
open market transaction.
<PAGE>
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: February 11, 1998
McCOWN DE LEEUW & CO. III, L.P.
By: MDC Management Company III,
L.P., its general partner
By: /s/ David E. King
-----------------------
Name: David E. King
Title: General Partner
McCOWN DE LEEUW & CO. III (Europe), L.P.
By: MDC Management Company IIIA,
L.P., its general partner
By: /s/ David E. King
-----------------------
Name: David E. King
Title: General Partner
McCOWN DE LEEUW & CO. III (Asia), L.P.
By: MDC Management Company IIIA,
L.P., its general partner
By: /s/ David E. King
-----------------------
Name: David E. King
Title: General Partner
GAMMA FUND LLC
By: /s/ David E. King
-----------------------
Name: David E. King
Title: Member
MDC MANAGEMENT COMPANY III, L.P.
By: /s/ David E. King
-----------------------
Name: David E. King
Title: General Partner
MDC MANAGEMENT COMPANY IIIA, L.P.
By: /s/ David E. King
-----------------------
Name: David E. King
Title: General Partner
