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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 17)
Under the Securities Exchange Act of 1934
SHOREWOOD PACKAGING CORPORATION
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(Name of Issuer)
COMMON STOCK, $0.01 par value per share
(Including Associated Rights)
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(Title of class of securities)
825229107
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(CUSIP Number)
Thomas H. Johnson
President & Chief Executive Officer
Chesapeake Corporation
1021 East Cary Street
Richmond, Virginia 23218-2350
Telephone No.: (804) 697-1000
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(Name, address and telephone number of person authorized to
receive notices and communications)
Copy to:
Gary E. Thompson, Esq.
Hunton & Williams
Riverfront Plaza, East Tower
951 East Byrd Street
Richmond, Virginia 23219-4074
(804) 788-8200
February 25, 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 Rule 13d-1(b)(3) or (4),
check the following box [ ].
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purposes 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 7 Pages
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CUSIP NO. 825229107 13D/A Page 2 of 7 Pages
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<S> <C> <C> <C>
1 NAME OF REPORTING PERSONS: Chesapeake Corporation
IDENTIFICATION NOS. OF ABOVE PERSONS: 54-0166880
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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*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Commonwealth of Virginia
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7 SOLE VOTING POWER
NUMBER OF 4,106,264 (1)
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SHARES 8 SHARED VOTING POWER
BENEFICIALLY 100
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OWNED BY 9 SOLE DISPOSITIVE POWER
EACH REPORTING 4,106,264 (1)
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PERSON WITH 10 SHARED DISPOSITIVE POWER
100
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,106,364 (1)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.99%
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14 TYPE OF REPORTING PERSON*
HC; CO
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</TABLE>
(1) On February 25, 2000, Chesapeake purchased 4,106,264 shares of common
stock of the Issuer pursuant to a stock purchase agreement with a
stockholder of the Issuer, dated November 26, 1999.
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CUSIP NO. 825229107 13D/A Page 3 of 7 Pages
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<S> <C> <C>
1 NAME OF REPORTING PERSONS: Sheffield, Inc.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS: 54-1966314.
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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 ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
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7 SOLE VOTING POWER
NUMBER OF --
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SHARES 8 SHARED VOTING POWER
BENEFICIALLY 100
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OWNED BY 9 SOLE DISPOSITIVE POWER
EACH REPORTING --
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PERSON WITH 10 SHARED DISPOSITIVE POWER
100
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
less than 1%
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14 TYPE OF REPORTING PERSON*
CO
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</TABLE>
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This Amendment No. 17 to Schedule 13D supplements and amends the statement
on Schedule 13D, filed on November 30, 1999 (the "Schedule 13D"), by Sheffield,
Inc., a Delaware corporation ("Purchaser"), and Chesapeake Corporation
("Chesapeake"), a Virginia corporation and the direct owner of all of the
outstanding capital stock of Purchaser. The Schedule 13D relates to the common
stock, par value $0.01 per share (the "Common Stock"), including the associated
rights to purchase shares of Series B Junior Participating Preferred Stock (the
"Rights," and together with the Common Stock, the "Shares"), of Shorewood
Packaging Corporation, a Delaware corporation (the "Issuer" or the "Company").
The principal executive offices of the Issuer are located at 277 Park Avenue,
New York, New York 10172.
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
Item 3 of the Schedule 13D is hereby amended and supplemented by adding
thereto the following:
The amount of funds used by Chesapeake to purchase 4,106,264 Shares
pursuant to the Purchase Agreement was approximately $70,833,054. All of such
funds were provided from internally generated funds of Chesapeake.
Item 4. Purpose of Transaction.
----------------------
Item 4 of the Schedule 13D is hereby amended and supplemented by adding
thereto the following:
The purpose of the purchase by Chesapeake of the 4,106,264 Shares pursuant
to the Purchase Agreement was to acquire a significant equity position in the
Issuer. The Reporting Persons no longer intend to seek to acquire control of the
Issuer. The Reporting Persons currently intend to dispose of all of the Shares
owned by them in one of more of the following transactions: open market sales;
privately negotiated sales; or by tendering Shares into the previously announced
tender offer for Shares to be commenced by International Paper Company.
Other than as indicated above, the Reporting Persons do not have any
present plans or proposals which relate to or would result in any of the
following (although the Reporting Persons reserve the right to develop such
plans or proposals in the future if circumstances warrant): (i) the
acquisition of additional securities of the Issuer, or the disposition of
securities of the Issuer; (ii) an extraordinary corporate transaction, such as
a merger, reorganization or liquidation, involving the Issuer or any of its
subsidiaries; (iii) a sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries; (iv) any change in the present Board of
Directors or management of the Issuer, including any plans or proposals to
change the number or term of directors or to fill any existing vacancies on
the Issuer's Board of Directors; (v) any material change in the present
capitalization or dividend policy of the Issuer; (vi) any other material
change in the Issuer's business or corporate structure; (vii) any change in
the Issuer's charter or bylaws or other actions which may impede the
acquisition of control of the Issuer by any person; (viii) causing a class of
securities of the Issuer to be delisted from a national securities exchange or
to cease to be authorized to be quoted in an inter-dealer quotation system of
a registered national securities
Page 4 of 7 Pages
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association; (ix) a class of equity securities of the Issuer becoming eligible
for termination of registration pursuant to Section 12(g)(4) of the Exchange
Act; or (x) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer.
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Item 5 of the Schedule 13D is hereby amended and supplemented by adding
thereto the following:
(a) To the best of Chesapeake's and Purchaser's knowledge, there were
27,375,771 Shares of Common Stock outstanding as of February 15, 2000. The
aggregate number and percentage of Shares to which this Statement relates is
4,106,364 Shares, representing 14.99% of the 27,375,771 Shares of Common Stock
outstanding as of February 15, 2000. Sheffield owns 100 Shares, representing
less than 1% of the issued and outstanding Shares. Such Shares were purchased in
an open market transaction. Pursuant to the Purchase Agreement, Chesapeake has
purchased 4,106,264 Shares from a stockholder in a privately negotiated
transaction.
Page 5 of 7 Pages
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SIGNATURE
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After reasonable inquiry and to the best of their knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Date: February 25, 2000 CHESAPEAKE CORPORATION
By: /s/ J. P. Causey Jr.
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Name: J. P. Causey Jr.
Title: Senior Vice President,
Secretary and General Counsel
Date: February 25, 2000 SHEFFIELD, INC.
By: /s/ J. P. Causey Jr.
--------------------
Name: J. P. Causey Jr.
Title: Vice President and Secretary
Page 6 of 7 Pages
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Appendix B
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Appendix B is hereby amended to reflect the following transaction:
TRANSACTIONS EFFECTED DURING THE PAST 60 DAYS
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<TABLE>
<CAPTION>
Shares Purchased Average Price
Reporting Person Date [Sold] Per Share
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<S> <C> <C> <C>
Chesapeake Corporation February 25, 2000 4,106,264*** $17.25
</TABLE>
* Price excludes commission.
** Open market purchase effected on the New York Stock Exchange.
*** On February 25, 2000, Chesapeake Corporation closed the purchase of
4,106,264 Shares pursuant to a privately negotiated Stock Purchase
Agreement, dated November 26, 1999, by and between Ariel Capital
Management, Inc. and Chesapeake Corporation.
Page 7 of 7 Pages
