SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 8)
Weis Markets, Inc.
---------------------------------------
(Name of Issuer)
COMMON STOCK, NO PAR VALUE
---------------------------------------
(Title of Class of Securities)
948849-104
---------------------------------------
(CUSIP Number)
Edward D. Herlihy, Esq.
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, New York 10019
---------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 2, 2000
---------------------------------------
(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 that is the subject of this Schedule 13D, and is
filing this schedule because of Section 240.13d-1(e), Section 240.13d-1(f) or
Section 240.13d-1(g), check the following box: [X]+
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
+ Each of Michael M. Apfelbaum and Sidney Apfelbaum have previously filed a
statement on Schedule 13G made pursuant to Rule 13d-1(c).
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 2 of 17
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Weis Family Holdings, L.P.
I.R.S. I.D. No. 51-0390495
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 8,087,773
---------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY
0
EACH ---------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 8,087,773
---------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,090,626 shares of Common Stock*
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41%*
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
-----------------------------------------------------------------------------
* Together with the other Reporting Persons.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 3 of 17
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Weis Family Holdings, L.L.C.
I.R.S. I.D. No. 51-0390495
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 8,087,773
---------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY
0
EACH ---------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 8,087,773
---------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,090,626 shares of Common Stock*
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41%*
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
-----------------------------------------------------------------------------
* Together with the other Reporting Persons.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 4 of 17
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Janet C. Weis
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 8,132,411
---------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY
0
EACH ---------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 8,132,411
---------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,090,626 shares of Common Stock*
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41%*
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-----------------------------------------------------------------------------
* Together with the other Reporting Persons.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 5 of 17
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Michael M. Apfelbaum
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 27,064
---------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY
3,781,945
EACH ---------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 3,088
---------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
3,781,945
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,090,626 shares of Common Stock*
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41%*
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-----------------------------------------------------------------------------
* Together with the other Reporting Persons.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 6 of 17
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sidney Apfelbaum
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 2,409,313
---------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY
165,614
EACH ---------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 2,409,313
---------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
189,590
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,090,626 shares of Common Stock*
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41%*
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-----------------------------------------------------------------------------
* Together with the other Reporting Persons.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 7 of 17
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Susan Weis Mindel
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 724,085
---------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY
2,766,131
EACH ---------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 724,085
---------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
2,766,131
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,090,626 shares of Common Stock*
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41%*
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-----------------------------------------------------------------------------
* Together with the other Reporting Persons.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 8 of 17
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Joel S. Mindel
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 12,150
---------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY
0
EACH ---------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 12,150
---------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,090,626 shares of Common Stock*
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41%*
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-----------------------------------------------------------------------------
* Together with the other Reporting Persons.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 9 of 17
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Nancy Weis Wender
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 727,528
---------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY
2,653,935
EACH ---------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 727,528
---------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
2,653,935
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,090,626 shares of Common Stock*
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41%*
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-----------------------------------------------------------------------------
* Together with the other Reporting Persons.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 10 of 17
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ellen Weis Goldstein
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 737,444
---------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY
2,736,317
EACH ---------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 737,444
---------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
2,736,317
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,090,626 shares of Common Stock*
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41%*
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-----------------------------------------------------------------------------
* Together with the other Reporting Persons.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 11 of 17
-----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Joseph I. Goldstein
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
-----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 5,542
---------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY
4,555
EACH ---------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 5,542
---------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
4,555
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,090,626 shares of Common Stock*
-----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41%*
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-----------------------------------------------------------------------------
* Together with the other Reporting Persons.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 12 of 17
AMENDMENT NO. 8 TO
STATEMENT ON SCHEDULE 13D
Reference is made to the Statement on Schedule 13D (the "Schedule 13D")
filed on May 28, 1999 by Janet C. Weis ("Janet Weis"), Weis Family Holdings,
L.P. ("WFHLP") and Weis Family Holdings, L.L.C. ("WFHLLC"), the Statement on
Schedule 13G filed on December 28, 1998 by Michael M. Apfelbaum ("Michael
Apfelbaum"), as amended, and the Statement on Schedule 13G filed on December 18,
1998 by Sidney Apfelbaum, as amended, with respect to their beneficial ownership
of the common stock, no par value ("Common Stock"), of Weis Markets, Inc., a
Pennsylvania corporation (the "Issuer"), each as amended by Amendment No. 1 to
Schedule 13D filed November 30, 1999 ("Amendment No. 1"), Amendment No. 2 to
Schedule 13D filed December 2, 1999, Amendment No. 3 to Schedule 13D filed
December 8, 1999, Amendment No. 4 to Schedule 13D filed December 10, 1999,
Amendment No. 5 to Schedule 13D filed December 23, 1999, Amendment No. 6 to
Schedule 13D filed April 11, 2000 and Amendment No. 7 filed May 12, 2000. This
Amendment No. 8 to Schedule 13D amends the Schedule 13D as follows. Capitalized
terms used without definition in this Amendment No. 8 to the Schedule 13D shall
have the meanings set forth in Amendment No. 1.
Item 4. Purpose of Transaction.
Item 4 is hereby amended and supplemented by adding the following:
On June 2, 2000, the Weis Markets Shareholders Committee (the
"Shareholders Committee"), though two of its members, Michael Apfelbaum and
Joseph I. Goldstein, transmitted a letter to the Board of the Issuer. The text
of this letter reads as follows:
At this year's annual meeting, the shareholders of Weis Markets will
be asked to elect a board of directors that includes Jeffrey E. Perelman,
who was nominated by the Weis Markets Shareholders Committee (the
"Committee") late last year when the Committee announced its initiative to
improve shareholder value and to align the Company's governance with
shareholder interests.
Of course, we, along with the other holders of over 40% of the
Company's stock who make up the Committee, enthusiastically support and
urge the election of Mr. Perelman. With his impressive track record in
business and community involvement, he will make a fine addition to the
Board. We feel certain that he will take very seriously his obligation to
represent the best interests of all Weis Markets shareholders.
As the Committee indicated in its initial press release in November,
1999, the Committee believes that the membership of the Board, which has
historically been dominated by insider, management directors, must be
changed to make the Board representative of all Weis Markets shareholder
constituencies. The Board has now indicated that it will consider adding
at least two new independent directors in addition to Mr. Perelman. The
Committee believes that a Board comprised of a majority of truly
independent directors is long overdue, and we will continue to vigilantly
monitor the Board's progress in this area.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 13 of 17
We also reiterate our call on the Board to include John S. Furst
among any such additional independent director appointees. His extensive
accounting and management experience, including his years as a member of
the governing body of Coopers & Lybrand, and his existing familiarity with
Weis Markets make him an ideal candidate.
Although these changes in the Board represent a move in the right
direction, they likely will not go far enough in achieving our goal of
enhanced shareholder value. The Company continues to face many of the
same challenges that prompted the Committee to make its public statements
late last year.
In November, 1999, the Committee filed a 13D and requested that the
Company call a special meeting of shareholders. The Committee's goals in
doing so at that time were clear and simple: First, to urge the Company to
pursue all available strategies for enhancing shareholder value and
liquidity. Second, to change the structure of the Company's Board of
Directors in order to make it more representative of all Weis Markets
shareholder constituencies and to increase its focus on delivering
shareholder value. The Committee acted publicly at that time because of
the long-standing unsatisfactory performance of the Company's stock price
and because earlier attempts by individual members of the Committee to
encourage the Company's Board of Directors to take these steps had not
been productive. The Committee stated its hope that an amicable resolution
to the elements of the Committee's platform could be reached with the
Company's management.
After the Committee's public statements, the Company's stock price
climbed into the mid-$40s, a level it had not achieved since 1987.
The response of the Company's management was to publicly label the
members of the Committee - including the wife of former Chairman and
President Sigfried Weis and the Company's long-time outside counsel, and
their families - as "dissidents" and to suggest that we were driven by a
"personal financial agenda." In contrast to our call for an open,
inclusive process to seek enhanced value for all shareholders, the Board
formed an exclusive "special committee" consisting of all directors other
than the two of us.
On December 22, 1999, the Committee agreed to withdraw its request
for a special meeting. We did so on the understanding that the Board of
Directors had authorized its financial advisor, Morgan Stanley, to conduct
a full review of all options available to the Company, including a
possible sale or recapitalization of the Company, to best serve the
interests of its various shareholder, employee and community
constituencies. The Committee took this step based on its preference for
achieving enhanced shareholder value through, to the extent possible, a
consensual, cooperative process.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 14 of 17
On March 1, the Company announced that it had concluded that
transactions other than the sale of the Company would best serve the
Company and its shareholders. The Company did not, and has not, stated
what those other transactions might be. Following the Company's
announcement that a sale would not be among the options considered, the
stock price has returned to the low-30's range in which it had languished
since 1997 prior to the Committee's actions. Following this action by the
Company, as we disclosed in an amendment to our 13D on April 12, 2000, we
sent the Board a letter expressing our disappointment with the efforts
undertaken by the Company's management to enhance shareholder value.
While the Committee welcomes the addition of Mr. Perelman to the
Board and the prospect of adding further truly independent, experienced
Board members, we are mindful of the fact that otherwise little progress
has been made since our initial 13D filing in November, 1999.
After the Company's announcement that a sale would not be among the
range of strategic options that it would consider, the stock price has
returned to the lower range prevailing during the past several years.
While the Company highlights the fact that it has invested $400 million in
an expansion program since 1995 and expects to spend a further $135
million over the next 18 months, based on the Company's financial results
and the performance of the stock, shareholders are clearly justified in
questioning whether these investments are reasonable in light of the
returns generated to date.
The performance of the Company's stock price has continued to be
poor. Since January, 1995, the S&P 500 has outperformed the Company's
stock by more than a factor of five. While the Company's management has
said that a sale would not be in the best interests of the Company, the
stocks of larger, multi-regional supermarket chains, including Safeway,
Kroger, Albertsons and Royal Ahold, have dramatically outperformed the
Company's stock during the last several years.
While the Company's management has said that a sale would not be in
the best interests of the Company, the public regional supermarket chains
that have been acquired since 1995 have, as a group, produced a median
share price increase to shareholders of more than 4 times the increase
experienced by Weis Markets shareholders in that period.
These facts serve to underline what the Committee has said before.
First, Weis Markets needs a board of directors that is independent
enough to question whether the Company's current strategy is working to
deliver shareholder value. While the Committee believes that the addition
of Mr. Perelman and at least two other independent, qualified directors
(which the Committee strongly believes should include Mr. Furst) will move
the Company closer to this ideal, the Committee remains concerned that
changes will not go far enough in achieving our goal of enhanced
shareholder value.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 15 of 17
Second, the Committee believes that the Board of Directors must move
much more aggressively to investigate all options for increasing
shareholder value. This obligation is ongoing. It can only be achieved if
the management of the Company continuously pursues all available
strategies - and does not arbitrarily rule out any particular approach. In
this regard, the Committee believes that it is the responsibility of the
Company's management to promptly and fully inform the full Board of any
bona fide third party approach regarding a possible transaction.
The Committee will await the results of the Company's ongoing
strategic review of options to enhance shareholder value and welcomes the
addition of additional independent directors to the Board who can add a
fresh perspective on such a review. The Committee will remain vigilant and
committed to its goals of fair representation of all shareholder
constituencies, enhanced value for all of the Company's shareholders and a
continued commitment to our Company's employees and communities.
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 16 of 17
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Date: June 2, 2000
WEIS FAMILY HOLDINGS, L.P.,
By: WEIS FAMILY HOLDINGS, L.L.C.,
its General Partner
By: *
---------------------------
Name: Janet C. Weis
Title: Manager
WEIS FAMILY HOLDINGS, L.L.C.,
By: *
-------------------------------
Name: Janet C. Weis
Title: Manager
*
-------------------------------------------
JANET C. WEIS
*
-------------------------------------------
MICHAEL M. APFELBAUM
*
-------------------------------------------
SIDNEY APFELBAUM
/s/Susan Weis Mindel
-------------------------------------------
SUSAN WEIS MINDEL
*
-------------------------------------------
JOEL MINDEL
*
-------------------------------------------
NANCY WEIS WENDER
<PAGE>
CUSIP NO. 948849-104 Schedule 13D/A Page 17 of 17
*
-------------------------------------------
ELLEN WEIS GOLDSTEIN
*
-------------------------------------------
JOSEPH I. GOLDSTEIN
* By: /s/ Susan Weis Mindel
----------------------------------
SUSAN WEIS MINDEL
Attorney-in-fact
