<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
GIBSON GREETINGS, INC.
----------------------
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
----------------------------
(Title of Class of Securities)
374827103
--------------
(CUSIP Number)
Richard J. Lampen
Executive Vice President & General Counsel
New Valley Corporation
100 S.E. Second Street, 32nd Floor
Miami, FL 33131
(305) 579-8000
-----------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 7, 1999
--------------------------------------------------------
(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 SECTIONS 240.13D-1(e), 240.13D-1(f) OR 240.13D.1(g), CHECK
THE FOLLOWING BOX [ ].
Note: SCHEDULES FILED IN PAPER FORMAT SHALL INCLUDE A SIGNED ORIGINAL AND FIVE
COPIES OF THE SCHEDULE, INCLUDING ALL EXHIBITS. SEE SECTION 240.13D-7(b) 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).
Page 1 of 10 Pages
<PAGE> 2
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CUSIP NO. 374827103 PAGE 2 OF 10 PAGES
- --------------------------- ---------------------------
===============================================================================
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NEW VALLEY CORPORATION
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS) WC, 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
================================================================================
7 SOLE VOTING POWER
1,073,800
----------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED - 0 -
BY EACH REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
1,073,800
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,073,800
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.78%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
================================================================================
<PAGE> 3
- --------------------------- ---------------------------
CUSIP NO. 374827103 PAGE 3 OF 10 PAGES
- --------------------------- ---------------------------
===============================================================================
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NEW VALLEY HOLDINGS, INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS) N/A
- --------------------------------------------------------------------------------
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
================================================================================
7 SOLE VOTING POWER
- 0 -
----------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED - 0 -
BY EACH REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
- 0 -
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO; HC
================================================================================
<PAGE> 4
- --------------------------- ---------------------------
CUSIP NO. 374827103 PAGE 4 OF 10 PAGES
- --------------------------- ---------------------------
===============================================================================
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BGLS INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS) N/A
- --------------------------------------------------------------------------------
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
================================================================================
7 SOLE VOTING POWER
- 0 -
----------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED - 0 -
BY EACH REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
- 0 -
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO; HC
================================================================================
<PAGE> 5
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CUSIP NO. 374827103 PAGE 5 OF 10 PAGES
- --------------------------- ---------------------------
===============================================================================
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BROOKE GROUP LTD.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS) N/A
- --------------------------------------------------------------------------------
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
================================================================================
7 SOLE VOTING POWER
- 0 -
----------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED - 0 -
BY EACH REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
- 0 -
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO; HC
================================================================================
<PAGE> 6
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CUSIP NO. 374827103 PAGE 6 OF 10 PAGES
- --------------------------- ---------------------------
===============================================================================
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BENNETT S. LEBOW
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS) N/A
- --------------------------------------------------------------------------------
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
================================================================================
7 SOLE VOTING POWER
- 0 -
----------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED - 0 -
BY EACH REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
- 0 -
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- 0 -
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN
================================================================================
<PAGE> 7
This Schedule 13D filed with the Securities and Exchange
Commission ("SEC") on May 10, 1999 (the "Schedule 13D"), as amended by Amendment
No. 1 filed with the SEC, on behalf of New Valley Corporation ("New Valley"),
New Valley Holdings, Inc., BGLS Inc., Brooke Group Ltd. and Bennett S. LeBow, in
connection with the common stock, $.01 par value ("Common Stock"), of Gibson
Greetings Inc., a Delaware corporation (the "Company"), is hereby further
amended as follows (unless otherwise defined, all capitalized terms used herein
shall have the meanings set forth in the Schedule 13D):
ITEM 2. IDENTITY AND BACKGROUND.
The second sentence of the second paragraph in Item 2 of the
Schedule 13D is hereby deleted and replaced in its entirety by the following:
"The Reporting Persons collectively may be deemed to be a
group beneficially owning, in the aggregate, 1,073,800 shares
of Common Stock (the "Securities") or approximately 6.78% of
the outstanding shares of the Common Stock within the meaning
of Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended (the "Act")."
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The first sentence of Item 3 of the Schedule 13D is hereby
deleted and replaced in its entirety by the following:
"The aggregate purchase price for the Securities acquired by
New Valley, including the shares acquired by its wholly-owned
subsidiary Alki Corp. ("Alki"), a Delaware corporation, was
approximately $7,040,000."
ITEM 4. PURPOSE OF TRANSACTIONS.
Item 4 of the Schedule 13D is hereby amended to insert the
following paragraph at the end:
"On September 7, 1999, Bennett S. LeBow, the Chairman of New
Valley, sent the following letter to Frank J. O'Connell, the
President and Chief Executive Officer of the Company.
September 7, 1999
Mr. Frank J. O'Connell
President
Gibson Greetings, Inc.
2100 Section Road
Cincinnati, Ohio 45237
Dear Frank:
New Valley Corporation is the holder of approximately
6.8% of Gibson Greetings' shares. As one of the largest
stockholders of Gibson, we are deeply troubled by the
significant operating losses incurred by the
Pages 7 of 10 Pages
<PAGE> 8
Company this year and the accompanying precipitous decline in
the stock price.
We believe it would be in the best interests of all
stockholders if we became actively involved in working with
management on strategies for Gibson's future. In addition, we
are prepared to make an additional investment in Gibson,
either in the market or directly from the Company. We request
a meeting with the Board of Directors as it would be in the
best interest of all for New Valley to have substantial
representation on the Gibson Board of Directors.
We look forward to hearing from you to schedule a
mutually convenient meeting with your Board.
Sincerely,
/s/ Bennett S. LeBow
Bennett S. LeBow
Chairman"
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(1) The first sentence of clause (a) of Item 5 of the
Schedule 13D is hereby deleted and replaced in its entirety by the following:
"As of the date hereof, the Reporting Persons may be deemed to
be acting as a group, within the meaning of Section 13(d)(3)
of the Act, beneficially owning, in the aggregate, 1,073,800
shares of Common Stock of the Company, which constituted
approximately 6.78% of the 15,831,897 shares of Common Stock
outstanding as of August 6, 1999 (as reported in the Company's
Quarterly Report on Form 10-Q for the quarter ended June 30,
1999)."
(2) The first sentence of clause (b) of Item 5 of the
Schedule 13D is hereby deleted and replaced by in its entirety by the following:
"With respect to the 1,073,800 shares of Common Stock acquired
by New Valley, New Valley exercises both sole voting power and
sole dispositive power."
(3) Clause (c) of Item 5 of the Schedule 13D is hereby amended
to insert the following sentence at the end:
"Between July 30, 1999 and August 19, 1999, New Valley
purchased in the open market on NASDAQ 80,600 shares of Common
Stock as described in Exhibit B, which is attached hereto and
incorporated herein by reference."
Page 8 of 10 Pages
<PAGE> 9
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit B of Item 7 of the Schedule 13D is hereby deleted and
replaced in its entirety by the following:
Exhibit B: Transactions in the Common Stock in the past 60 days.
Page 9 of 10 Pages
<PAGE> 10
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: September 9, 1999
NEW VALLEY CORPORATION
By: /s/ Richard J. Lampen
----------------------------------
Name: Richard J. Lampen
Title: Executive Vice President
NEW VALLEY HOLDINGS, INC.
By: /s/ Richard J. Lampen
----------------------------------
Name: Richard J. Lampen
Title: Executive Vice President
BGLS INC.
By: /s/ Richard J. Lampen
----------------------------------
Name: Richard J. Lampen
Title: Executive Vice President
BROOKE GROUP LTD.
By: /s/ Richard J. Lampen
----------------------------------
Name: Richard J. Lampen
Title: Executive Vice President
BENNETT S. LEBOW
By: New Valley Corporation
By: /s/ Richard J. Lampen
----------------------------------
Name: Richard J. Lampen
Title: Executive Vice President
Page 10 of 10 Pages
<PAGE> 1
EXHIBIT B
---------
TRANSACTIONS IN THE COMMON STOCK IN THE PAST 60 DAYS:
<TABLE>
<CAPTION>
No. of Shares Price Per
Name(1) Date Purchased Share(2)
-------- ---- --------- --------
<S> <C> <C> <C>
New Valley 7/20/99 6,000 $4.7500
131,000 4.8125
63,000 4.9375
New Valley 7/30/99 50,000 4.8125
New Valley 8/19/99 30,600 4.2500
</TABLE>
- ---------------------------------
(1) With respect to New Valley, includes shares purchased by Alki.
(2) Excludes brokerage commissions.
