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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section
14(d)(1) of the Securities Exchange Act of 1934
and
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
(Final Amendment)
BRENCO, INCORPORATED
(Name of Subject Company)
BAS, INC.,
GRANTLEY CORPORATION
and
VARLEN CORPORATION
(Bidders)
Common Stock, par value $1.00 per share
(Title of Class of Securities)
107061 10 3
(CUSIP Number of Class of Securities)
Vicki L. Casmere
Vice President, General Counsel and Secretary
Varlen Corporation
55 Shuman Boulevard
P.O. Box 3089
Naperville, Illinois 60556-7089
(708) 420-0400 (ext. 304)
(Name, Address and Telephone Numbers of Person Authorized to
Receive Notices and Communications on Behalf of Bidders)
Copies to:
Claude A. Baum, Esq.
Dechert Price & Rhoads
477 Madison Avenue
New York, New York 10022
(212) 326-3576
(Page 1 of 7 Pages)
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CUSIP No. 107061 10 3 | 14D-1 | Page 2 of 7 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BAS, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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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
Virginia
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
Directly: 9,339,986 shares of Common Stock, par value $1.00 per
share (including approximately 7,030 shares subject to
guarantee of delivery)
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES |_|
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
Approximately 91.5% of the outstanding Common Stock
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10 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 107061 10 3 | 14D-1 | Page 3 of 7 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Grantley Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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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
Directly: 460,000 shares of Common Stock, par value $1.00 per share
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES* |_|
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
Approximately 4.5% of the outstanding Common Stock
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10 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 107061 10 3 | 14D-1 | Page 4 of 7 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Varlen Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
BK, WC
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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
Directly: 9,799,986 shares of Common Stock, par value $1.00 per
share (including approximately 7,030 shares subject to
guarantee of delivery)
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES |_|
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
Approximately 96.0% of the outstanding Common Stock
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10 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 1 amends and supplements the Tender Offer Statement
on Schedule 14D-1 and Schedule 13D filed with the Securities and Exchange
Commission on June 20, 1996 (the "Schedule 14D-1") by BAS, Inc., a Virginia
corporation (the "Purchaser"), Grantley Corporation, a Delaware corporation
("Grantley"), and Varlen Corporation, a Delaware corporation ("Varlen"),
relating to a tender offer by the Purchaser to purchase all outstanding shares
of Common Stock, par value $1.00 per share (the "Shares") of Brenco,
Incorporated, a Virginia corporation (the "Company"), at a price of $16.125 per
Share net to the seller in cash without any interest, upon the terms and subject
to the conditions set forth in the Offer to Purchase dated June 20, 1996 (the
"Offer to Purchase") and in the related Letter of Transmittal (which
collectively constitute the "Offer"), each of which was annexed to, and filed
with, the Schedule 14D-1, as Exhibits (a)(1) and (a)(2), respectively.
Capitalized terms used and not defined herein shall have the meanings
assigned to them in the Offer to Purchase and the Schedule 14D-1.
Item 6. Interest in Securities of the Subject Company.
Item 6 is hereby amended to add the following:
Following the expiration of the Offer at 12:00 Midnight, New York City
time, on July 18, 1996, the Purchaser accepted for payment all Shares validly
tendered pursuant to the Offer. The Purchaser has been informed by the
Depositary that 9,339,986 Shares (including approximately 7,030 Shares tendered
pursuant to guarantee delivery procedures), representing approximately 91.5% of
the outstanding Shares, were tendered pursuant to the Offer. As previously
disclosed in the Offer to Purchase, Grantley, a wholly-owned subsidiary of
Varlen, owns 460,000 Shares, representing approximately 4.5% of the outstanding
Shares. Therefore, Varlen, as the parent of the Purchaser and Grantley,
indirectly beneficially owns 9,799,986 Shares, representing approximately 96.0%
of the outstanding Shares. A copy of the press release issued by Varlen on July
19, 1996 with respect to the foregoing is filed as Exhibit (a)(10) hereto and is
incorporated herein by reference.
Item 11. Material to be Filed as Exhibits.
Item 11 is hereby amended to add the following exhibit:
(a)(10) Press Release issued by Varlen on July 19, 1996.
(Page 5 of 7 Pages)
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SIGNATURES
After due inquiry and to the best of our knowledge and belief, each of
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: July 23, 1996
VARLEN CORPORATION
By: /s/ Richard L. Wellek
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Name: Richard L. Wellek
Title: President and Chief
Executive Officer
GRANTLEY CORPORATION
By: /s/ Larry Koral
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Name: Larry Koral
Title: Vice President
BAS, INC.
By: /s/ Richard L. Wellek
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Name: Richard L. Wellek
Title: President and Chief
Executive Officer
(Page 6 of 7 Pages)
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EXHIBIT INDEX
Exhibit
Number Description
(a)(10) Press Release issued by Varlen on July 19, 1996.
<PAGE>
Exhibit (a)(10)
CONTACT: Richard L. Wellek, Varlen President & CEO or
Richard A. Nunemaker, Varlen Vice President & CFO
(708) 420-0400
FOR IMMEDIATE RELEASE
VARLEN CASH TENDER OFFER FOR BRENCO SUCCEEDS;
96% OF SHARES SUPPORT VARLEN OFFER
Path Now Clear to Create Preeminent International Railroad
Equipment Manufacturer within Varlen
NAPERVILLE, Ill., July 19, 1996 - Varlen Corporation (NASDAQ:VRLN) said today it
had received 91.5 percent of the outstanding common stock of Brenco,
Incorporated (NASDAQ:BREN) in a previously announced cash tender offer that
expired Thursday, a milestone that will enable Varlen to consummate a merger
with the Virginia railroad bearing and automotive components manufacturer.
Ninety-six percent of Brenco shares now support the merger with Varlen, which
will significantly strengthen Varlen's position in railroad products. Varlen had
acquired 4.5 percent of Brenco stock prior to commencing the tender offer.
Varlen officials said they would now move to rapidly complete the merger, in
which the 4 percent of shares that were not tendered will be converted into the
right to receive the same price of $16 1/8 per share in cash. Varlen said it
expects to close the merger in August.
"I am pleased that Brenco shareholders have responded favorably to the excellent
value we offered for the company," said Richard L. Wellek, Varlen's president
and chief executive officer. "Brenco now becomes an equally valuable part of our
strategy to create a preeminent international railroad equipment manufacturer
with Varlen. Our enhanced position in a core industry gives Varlen excellent
prospects for future revenue growth and for giving our shareholders an excellent
return on their investment."
The addition of Brenco is expected to make railroad products approximately 40
percent of Varlen's revenues for the next full fiscal year, when sales are
expected to increase to approximately $500 million.
<PAGE>
Brenco is a leading manufacturer and reconditioner of tapered roller bearings
which are used in domestic and overseas markets. Other Varlen subsidiaries
serving the railroad industry make rail car shock control devices, outlet gates,
locomotive products and track fastening devices.
"Varlen will be an excellent steward of Brenco's reputation and the legacy left
by its founder, my father," said Brenco chairman and chief executive officer,
Needham B. Whitfield. "Brenco's employees and customers can be assured that
Varlen will continue our track record of manufacturing quality products and
excellent customer service. Varlen's plans to invest in Brenco's growth will
benefit its employees and customers in the years to come."
Upon completion of the merger, Brenco will become a wholly-owned subsidiary of
Varlen, which will maintain all four of Brenco's current manufacturing
facilities: Petersburg Va., Little Rock, Ark., Louisville, Ky., and Sparks, Nev.
Varlen, headquartered in Naperville, Ill., is a leading manufacturer of
precision engineered transportation products and analytical instruments for the
railroad, heavy-duty truck and trailer, automotive and petroleum industries.
Varlen's customers include Freightliner, PACCAR, General Motors, Chrysler and
TTX. The company had 1995 annual sales of $387 million.
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More information on Varlen and Brenco can be found on the Chlopak, Leonard,
Schechter site on the World Wide Web at http://clsdc.com/news/varlen
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