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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14D-1/A
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
AUTHENTIC SPECIALTY FOODS, INC.
(Name of Subject Company)
AUTHENTIC ACQUISITION CORPORATION (TEXAS)
AUTHENTIC ACQUISITION CORPORATION (DELAWARE)
AGROBIOS, S.A. DE C.V.
DESC, S.A. DE C.V.
(Bidder)
Common Stock, par value $1.00 per share
(Title of Class of Securities)
05266E 10 7 (Common Stock)
(CUSIP Number of Class of Securities)
ARTURO D'ACOSTA RUIZ
CORPORATE DIRECTOR (TREASURY AND ACCOUNTING)
DESC, S.A. DE C.V.
PASEO DE LOS TAMARINDOS 400-B
28TH FLOOR
BOSQUES DE LAS LOMAS
MEXICO, D.F. 05120
TELEPHONE: (525) 261-8000
FACSIMILE: (525) 261-8096
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications on Behalf of Bidders)
------------
COPIES TO:
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PETER J. TENNYSON, ESQ. FREDERICK S. GREEN, ESQ.
PAUL, HASTINGS, JANOFSKY & WALKER LLP WEIL, GOTSHAL & MANGES LLP
695 TOWN CENTER DRIVE, 17TH FLOOR 767 FIFTH AVENUE
COSTA MESA, CA 92626 NEW YORK, NY 10153
(714) 668-6200 (212) 310-8000
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CALCULATION OF FILING FEE
Transaction Valuation*: $142,173,142 Amount of Filing Fee: $28,435
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* Estimated for purposes of calculating the amount of the filing fee only.
This amount assumes the purchase of 8,363,126 shares of common stock, $1.00
par value (the "Shares"), of Authentic Specialty Foods, Inc., at price of
$17.00 per Share in cash. Such number of Shares represents the 8,027,126
Shares outstanding as of May 6, 1998 and assumes the issuance prior to the
consummation of the Offer of 336,000 Shares upon the exercise of outstanding
options and warrants not subject to cancellation agreements. The amount of
the filing fee calculated in accordance with Regulation 240.0-11 of the
Securities Exchange Act of 1934, as amended, equals 1/50th of one percent of
the value of the transaction.
[_] 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: $28,435 Filing Party: Desc, S.A. de C.V.
Form or Registration No.: Schedule 14D-1 Date Filed: May 14, 1998
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14D-1
CUSIP NO. 05266E 10 7
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Authentic Acquisition Corporation
74-2877980
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
- ---------------------------------------------------------------------------
3. SEC USE ONLY
- ---------------------------------------------------------------------------
4. SOURCES OF FUNDS
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
Texas
- ---------------------------------------------------------------------------
7. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- ---------------------------------------------------------------------------
8. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES [_]
- ---------------------------------------------------------------------------
9. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
0%
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10. TYPE OF REPORTING PERSON
CO
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2
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CUSIP NO. 05266E 10 7
- --------------------------------------------------------------------------------
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Authentic Acquisition Corporation
Applied For
- ---------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
- ---------------------------------------------------------------------------
3. SEC USE ONLY
- ---------------------------------------------------------------------------
4. SOURCES OF FUNDS
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
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7. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- ---------------------------------------------------------------------------
8. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES [_]
- ---------------------------------------------------------------------------
9. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
0%
- ---------------------------------------------------------------------------
10. TYPE OF REPORTING PERSON
CO
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3
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CUSIP NO. 05266E 10 7
- --------------------------------------------------------------------------------
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Agrobios, S.A. de C.V.
- ---------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
- ---------------------------------------------------------------------------
3. SEC USE ONLY
- ---------------------------------------------------------------------------
4. SOURCES OF FUNDS
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
United Mexican States
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7. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
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8. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES [_]
- ---------------------------------------------------------------------------
9. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
0%
- ---------------------------------------------------------------------------
10. TYPE OF REPORTING PERSON
CO
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4
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CUSIP NO. 05266E 10 7
- -------------------------------------------------------------------------------
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<C> <S> <C>
1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Desc, S.A. de C.V.
- ---------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
- ---------------------------------------------------------------------------
3. SEC USE ONLY
- ---------------------------------------------------------------------------
4. SOURCES OF FUNDS
WC
- ---------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OR 2(f) [_]
- ---------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United Mexican States
- ---------------------------------------------------------------------------
7. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- ---------------------------------------------------------------------------
8. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES [_]
- ---------------------------------------------------------------------------
9. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
0%
- ---------------------------------------------------------------------------
10. TYPE OF REPORTING PERSON
CO
- ---------------------------------------------------------------------------
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This Amendment No. 1 (this "Statement") amends the Schedule 14D-1 (the
"Schedule 14D-1") filed with the Securities and Exchange Commission on May 14,
1998 by Authentic Acquisition Corporation, a Texas corporation ("Purchaser") and
a wholly owned subsidiary of Authentic Acquisition Corporation, a Delaware
corporation ("AAC Delaware") and a wholly owned subsidiary of Agrobios, S.A. de
C.V. ("Parent"), a corporation organized under the laws of the United Mexican
States ("Mexico") and a wholly owned subsidiary of Desc, S.A. de C.V., a
corporation organized under the laws of Mexico ("Desc"). As amended, this
Statement relates to the offer by Purchaser to purchase all of the outstanding
shares of common stock, par value $1.00 per share (the "Shares"), of Authentic
Specialty Foods, Inc., a Texas corporation (the "Company"), at $17.00 per Share,
net to the seller in cash, without interest, upon the terms and subject to the
conditions set forth in the Offer to Purchase dated May 14,
5
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1998 (the "Offer to Purchase"), a copy of which has been filed as Exhibit 99.1
to the Schedule 14D-1, and in the related Letter of Transmittal, a copy of which
has been filed as Exhibit 99.2 to the Schedule 14D-1 (which together constitute
the "Offer"). Capitalized terms used but not defined herein have the meanings
given to them in the Offer to Purchase.
The following items are amended as follows:
ITEM 2. IDENTITY AND BACKGROUND.
Item 2(a) is hereby amended by adding the following:
(a) AAC Delaware was incorporated in connection with the transactions
contemplated by the Offer and the Merger to permit access to certain potential
income tax advantages that may be available following completion of the Offer
and the Merger. Reference to AAC Delaware was omitted, for the most part, from
the Offer to Purchase in order to avoid unnecessary confusion to the Company's
shareholders.
Item 2(b) is hereby amended by adding the following:
(b) The principal office of AAC Delaware is located at 7150 Village Drive,
Buena Park, California 90621. The telephone number of AAC Delaware is (714)
521-7999.
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ITEM 7. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO THE SUBJECT COMPANY'S SECURITIES.
Item 7 is hereby amended by adding the following:
The information set forth in Section 9 ("Certain Information Concerning Desc,
Parent and Purchaser") of the Offer to Purchase is incorporated herein by
reference.
ITEM 9. FINANCIAL STATEMENTS OF CERTAIN BIDDERS.
Item 9 is hereby amended and restated in its entirety as follows:
The information set forth in Section 9 ("Certain Information Concerning Desc,
Parent and Purchaser") of the Offer to Purchase is incorporated herein by
reference. The incorporation by reference herein of the above referenced
information does not constitute an admission that such information is material
to a decision by a security holder of the Shares as to whether to sell, tender
or hold Shares being purchased in the Offer.
ITEM 10. ADDITIONAL INFORMATION.
Item 10(f) is hereby amended by adding the following:
(f) Although the first paragraph of Section 2 of the Offer to Purchase states
that "all determinations concerning the satisfaction of such...conditions [in
Section 14] will be within Purchaser's sole discretion...", Purchaser intends to
use its reasonable judgment to determine whether or not a condition to the Offer
is satisfied.
The disclaimer as to the validity, reasonableness, accuracy or completeness of
certain forecasts referenced in Section 8 of the Offer to Purchase is made by
Desc, Parent, AAC Delaware and Purchaser and is not intended to extend to any
person other than those filing this Statement. Accordingly, the paragraph set
forth under the heading "Certain Projections" in Section 8 of the Offer to
Purchase is hereby amended and restated in its entirety as follows:
"Certain Projections. During the course of the discussions between Parent and
the Company that led to the execution of the Merger Agreement, the Company
provided Parent with certain information about the Company and its financial
performance that is not publicly available. The information provided to Parent
and its advisors included financial forecasts for the Company as an independent
company (i.e., without regard to the impact to the Company of a transaction with
Parent or Purchaser), which included the following: forecasts of revenues, gross
profit, earnings before income, taxes, depreciation and amortization ("EBITDA"),
operating income and net income of approximately $101.2 million, $44.6 million,
$14.0 million, $10.6 million and $5.9 million, respectively, for fiscal 1998.
The foregoing information was prepared by the Company solely for internal use
and not for publication or with a view to complying with the published
guidelines of the Commission regarding projections or with the guidelines
established by the American Institute of Certified Public Accountants and is
included in this Offer to Purchase only because it was furnished to Parent. The
foregoing information is inherently subject to significant uncertainties and
contingencies, many of which are beyond the control of the Company, including
industry performance, general business and economic conditions, changing
competition, adverse changes in applicable laws, regulations or rules governing
environmental, food processing, tax or accounting matters and other matters. One
cannot predict whether the assumptions made in preparing the foregoing
information will be accurate, and actual results may be materially higher or
lower than those described above. The inclusion of this information should not
be regarded as an indication that Desc, Parent, or the Purchaser considered it a
reliable predictor of future events, and this information should not be relied
on as such. None of Desc, Parent, or the Purchaser assumes any responsibility
for the validity, reasonableness, accuracy or completeness of the forecasts, and
the Company has made no representation to Desc, Parent or the Purchaser
regarding the financial information described above."
7
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SIGNATURE
After due 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: May 28, 1998
AUTHENTIC ACQUISITION CORPORATION,
a Texas Corporation
/s/ Ramon F. Estrada Rivero
By: ________________________________
Ramon F. Estrada Rivero
Secretary
AUTHENTIC ACQUISITION CORPORATION,
a Delaware Corporation
/s/ Ramon F. Estrada Rivero
By: ________________________________
Ramon F. Estrada Rivero
Secretary
AGROBIOS, S.A. DE C.V.
/s/ Ramon F. Estrada Rivero
By: ________________________________
Ramon F. Estrada Rivero
Secretary
DESC, S.A. DE C.V.
/s/ Ernesto Vega Velasco
By: ________________________________
Ernesto Vega Velasco
Secretary
8
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EXHIBIT INDEX
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EXHIBIT
NO. DESCRIPTION
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99.1* Offer to Purchase dated May 14, 1998.
99.2* Letter of Transmittal.
99.3* Notice of Guaranteed Delivery.
99.4* Letter to Brokers, Dealers, Commercial Banks, Trust Companies and
Other Nominees.
99.5* Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust
Companies and Other Nominees.
99.6* Guidelines for Certification of Taxpayer Identification Number on
Substitute Form W-9.
99.7* Summary Advertisement, as published in The Wall Street Journal on May
14, 1998.
99.8* Text of Press Release of Desc dated May 8, 1998.
99.9* Text of Press Release of Desc dated May 14, 1998.
99.10* Agreement and Plan of Merger, dated as of May 7, 1998, by and among
Parent, Purchaser and the Company.
99.11* Confidentiality Letter Agreement, dated February 26, 1998, by and
between Desc and the Company.
99.12* Supplemental Confidentiality Letter Agreement, dated March 31, 1998,
by and between Desc and the Company.
99.13* Letter Agreement, dated May 7, 1998, by and among Shansby Partners,
L.L.C., TSG2 L.P., TSG2 Management, L.L.C. and the Company.
</TABLE>
________________
* Previously filed
