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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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AMENDMENT NO. 4 (FINAL AMENDMENT) TO SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(D)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNDER THE SECURITIES EXCHANGE ACT OF 1934
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KAPSON SENIOR QUARTERS CORP.
(NAME OF SUBJECT COMPANY)
PROMETHEUS ACQUISITION CORP.
PROMETHEUS SENIOR QUARTERS, LLC
LF STRATEGIC REALTY INVESTORS II L.P.
LAZARD FRERES REAL ESTATE INVESTORS, L.L.C.
(BIDDERS)
COMMON STOCK, $.01 PAR VALUE
$2.00 CONVERTIBLE EXCHANGEABLE PREFERRED STOCK, $.01 PAR VALUE
(TITLES OF CLASSES OF SECURITIES)
-------------------
(CUSIP NUMBER OF CLASS OF SECURITIES) (COMMON STOCK)
ROBERT P. FREEMAN AND MURRY N. GUNTY
C/O LAZARD FRERES REAL ESTATE INVESTORS L.L.C.
30 ROCKEFELLER PLAZA, 63RD FLOOR
NEW YORK, NEW YORK 10020
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO
RECEIVE NOTICES AND COMMUNICATIONS ON BEHALF OF BIDDER)
Copies to:
JONATHAN L. MECHANIC, ESQ.
FRIED, FRANK, HARRIS, SHRIVER & JACOBSON
ONE NEW YORK PLAZA
NEW YORK, NEW YORK 10004 - 1980
(212) 859-8000
MARCH 31, 1998
(DATE OF EVENT WHICH REQUIRES FILING STATEMENT ON SCHEDULE 14D-1)
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AMOUNT PREVIOUSLY PAID: N/A FILING PARTY: N/A
FORM OR REGISTRATION NO.: N/A DATE FILED: N/A
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Prometheus Acquisition Corp.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCES OF FUNDS (SEE INSTRUCTIONS)
AF/BK
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING Person
7,655,369 shares of Common Stock (see Item 6)
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8 CHECK BOX 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
98.78% (see Item 6)
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10 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Prometheus Senior Quarters, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)|_|
(b)|X|
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCES OF FUNDS (SEE INSTRUCTIONS)
AF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OR 2(f). |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,655,369 shares of Common Stock (see Item 6)
- -------------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 7 EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) |_|
- -------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 7
98.78% (see Item 6)
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10 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LF Strategic Realty Investors II L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) |_|
(b) |X|
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCES OF FUNDS (SEE INSTRUCTIONS)
AF/BK
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OR 2(f). |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,655,369 shares of Common Stock (see Item 6)
- -------------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 7 EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS) |_|
- -------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 7
98.78% (see Item 6)
- -------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lazard Freres Real Estate Investors L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)|_|
(b)|X|
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3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCES OF FUNDS (SEE INSTRUCTIONS)
AF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OR 2(f). |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,655,369 shares of Common Stock (see Item 6)
- -------------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 7 EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) |_|
- -------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 7
98.78% (see Item 6)
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10 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
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This Amendment No. 4 supplements and amends, and constitutes the final
amendment to, the Tender Offer Statement in Schedule 14D-1, as amended to
date, relating to a tender offer by Prometheus Acquisition Corp., a
Delaware corporation (the "Offeror") and a wholly owned subsidiary of
Prometheus Senior Quarters, L.L.C., a Delaware limited liability company
("Parent"), to purchase all outstanding shares of (i) Common Stock, par
value $.01 per share (the "Common Stock") and (ii) $2.00 Convertible
Exchangable Preferred Stock, par value $.01 per share (the "Preferred
Stock" and, together with the Common Stock, the "Shares"), of Kapson Senior
Quarters Corp, a Delaware corporation (the "Company").
ITEM 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
Item 6 of the Schedule 14D-1 is hereby amended to add the following
information:
Following the expiration of the Offer at 12:00 midnight, New York City
time, on March 27, 1998, the Offeror accepted for payment all Shares
validly tendered pursuant to the Offer and not withdrawn. The Offeror has
been informed by the Depositary that 7,655,369 shares of Common Stock and
2,400,000 shares of Preferred Stock (including 74,464 shares of Common
Stock tendered pursuant to guaranteed delivery procedures as of 5:00 p.m.
on March 30, 1998), representing approximately 99% of the outstanding
shares of Common Stock and 100% of shares of Preferred Stock, were validly
tendered and not withdrawn. A copy of the press release issued prior to
9:00 a.m., New York City time, on March 30, 1998 with respect to the
foregoing is attached as Exhibit (a)(8) hereto and is incorporated herein
by reference.
ITEM 10. ADDITIONAL INFORMATION.
The information set forth in Item 10(f) of Schedule 14D-1 is hereby
amended and supplemented by the following:
The Offer of the Offeror to purchase all outstanding Shares expired at
12:00 midnight, New York City time, on March 27, 1998. Following the
expiration of the Offer, the Offeror accepted for payment all Shares
validly tendered pursuant to the Offer and not withdrawn, subject to the
terms of the Offer. Parent and the Offeror issued a press release on March
30, 1998, in connection with the expiration of the Offer, the text of which
is attached hereto as Exhibit (a)(8) and incorporated herein by reference.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
(a)(8) Text of Press Release, dated March 30, 1998.
SIGNATURE
After due inquiry and to the best of its knowledge and belief, each of
the undersigned certifies that the information set forth in this statement
is true, complete and correct.
Dated: March 31, 1998
PROMETHEUS ACQUISITION CORP.
By: /s/ Robert P. Freeman
----------------------------------
Name: Robert P. Freeman
Title: President
PROMETHEUS SENIOR QUARTERS, LLC
By: LF STRATEGIC REALTY INVESTORS
II L.P., its Sole Member
By: LAZARD FRERES REAL ESTATE
INVESTORS LLC, its General Partner
By: /s/ Robert P. Freeman
-------------------------
Name: Robert P. Freeman
Title: Principal
LF STRATEGIC REALTY INVESTORS II L.P.
By: LAZARD FRERES REAL ESTATE
INVESTORS LLC, its General Partner
By: /s/ Robert P. Freeman
-----------------------
Name: Robert P. Freeman
Title: Principal
LAZARD FRERES REAL ESTATE INVESTORS LLC
By: /s/ Robert P. Freeman
---------------------------------
Name: Robert P. Freeman
Title: Principal
EXHIBIT INDEX
Exhibit Description Page No.
- ------- ----------- --------
* (a)(1) Offer to Purchase, dated March 2, 1998.
* (a)(2) Letter of Transmittal relating to Common
Stock and Preferred Stock.
* (a)(3) Letter from Lazard Freres & Co. LLC, as
Dealer Manager, to Brokers, Dealers,
Commercial Banks, Trust Companies and Other
Nominees.
* (a)(4) Letter from Brokers, Dealers, Commercial
Banks, Trust Companies and Other Nominees to
Clients.
* (a)(5) Notices of Guaranteed Delivery relating to
Common Stock and Preferred Stock.
* (a)(6) Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9.
* (a)(7) Press Release issued by the Parent and the
Company on February 24, 1998.
(a)(8) Text of Press Release, dated March 30, 1998.
* (b)(1) Revolving Credit Agreement, dated as of March
27, 1998, among the Fund, the Offeror, Chase
Manhattan Bank and other lenders parties
thereto.
* (c)(1) Amended and Restated Agreement and Plan of
Merger, dated as of February 23, 1998, among
the Company, Parent and the Offeror.
* (c)(2) Second Amended and Restated Stockholder
Agreement, dated as of February 23, 1998,
between Parent and the Kaplans.
* (c)(3) Escrow Agreement, dated as of February 23,
1998, among the Kaplans, the Company and the
Offeror.
* (c)(4) Amended and Restated Employment Agreement,
dated as of February 23, 1998, between the
Company and Glenn Kaplan.
* (c)(5) Amended and Restated Employment Agreement,
dated as of February 23, 1998, between the
Company and Wayne L. Kaplan.
* (c)(6) Amended and Restated Employment Agreement,
dated as of February 23, 1998, between the
Company and Evan A. Kaplan.
* (c)(7) Letter Agreement, dated as of February 23,
1998 among the Company, the Kaplans, the
Offeror and Parent.
* (d) None.
* (e) Not applicable.
* (f) None.
- -------------------------
* Previously filed.
LAZARD FRERES AFFILIATE COMPLETES TENDER OFFER
FOR SHARES OF KAPSON SENIOR QUARTERS CORP.
NEW YORK, March 30, 1998 - Prometheus Senior Quarters LLC, an affiliate of
Lazard Freres Real Estate Investors, LLC, today announced that Prometheus
has successfully completed its tender offer for all of the outstanding
shares of Kapson Senior Quarters Corp.'s (NASDAQ:KPSQ) Common Stock at
$14.50 per share and all of the outstanding shares of Convertible
Exchangeable Preferred Stock at $27.93 per share.
Prometheus also announced that it will accept for payment all shares of
common and preferred stock validly tendered pursuant to the offer. As of
12:00 midnight (EST) on March 27, 1998, based on a preliminary count from
the Depositary, IBJ Schroder Bank & Trust Co., approximately 7,655,369
shares of the common stock (including 116,886 shares tendered by Guarantee
Delivery) and 2,400,000 shares of the preferred stock had been validly
tendered and not withdrawn. As a result, Prometheus will own approximately
99% of the outstanding shares of common stock and 100% of the outstanding
shares of preferred stock of Kapson.
Subject to the terms of the merger agreement between Prometheus and Kapson,
shares of common stock not tendered will be converted into the right to
receive $14.50 net per share pursuant to a second-step merger between a
subsidiary of Prometheus and Kapson. The second-step merger is expected to
be effected as soon as practicable.
Lazard Freres Real Estate Investors, LLC is the real estate investment
affiliate of Lazard Freres & Co. LLC, a leading global investment bank.
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