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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
SCHEDULE 14D-1
TENDER OFFER STATEMENT
(AMENDMENT NO. 6)
(PURSUANT TO SECTION 14(D)(1) OF THE SECURITIES EXCHANGE ACT OF 1934)
------------------------
DYNAMICS CORPORATION OF AMERICA
(Name of Subject Company)
------------------------
CTS CORPORATION
CTS FIRST ACQUISITION CORP.
(Bidders)
COMMON STOCK, PAR VALUE $.10 PER SHARE
(Title of Class of Securities)
268039 10 4
(CUSIP Number of Class of Securities)
JOSEPH P. WALKER
Chairman, President
and Chief Executive Officer
CTS Corporation
905 West Boulevard North
Elkhart, Indiana 46314
Telephone: (219) 293-7511
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Bidder)
------------------------
Copies to:
ROBERT A. PROFUSEK, ESQ.
Jones, Day, Reavis & Pogue
599 Lexington Avenue
New York, New York 10022
Telephone: (212) 326-3939
MAY 16, 1997
(DATE TENDER OFFER FIRST PUBLISHED, SENT OR GIVEN TO SECURITY HOLDERS)
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<TABLE>
<C> <S> <C>
1. CTS CORPORATION (EIN: 35-0225010)
- ----------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
- ----------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- ----------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS
BK
- ----------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(e) or 2(f) / /
- ----------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Indiana
- ----------------------------------------------------------------------------------------------------
7. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
100
- ----------------------------------------------------------------------------------------------------
8. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(7) EXCLUDES CERTAIN SHARES / /
- ----------------------------------------------------------------------------------------------------
9. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (7)
0.0%
- ----------------------------------------------------------------------------------------------------
10. TYPE OF REPORTING PERSON
CO
- ----------------------------------------------------------------------------------------------------
</TABLE>
2
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<TABLE>
<C> <S> <C>
1. CTS FIRST ACQUISITION CORP. (EIN: Applied For)
- ----------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
- ----------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- ----------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS
BK
- ----------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(e) or 2(f) / /
- ----------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- ----------------------------------------------------------------------------------------------------
7. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
0
- ----------------------------------------------------------------------------------------------------
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
- ----------------------------------------------------------------------------------------------------
</TABLE>
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This Statement amends and supplements the Tender Offer Statement on Schedule
14D-1 (the "Schedule 14D-1") filed with the Securities and Exchange Commission
on May 16, 1997, as amended, by CTS First Acquisition Corp. ("Purchaser"), a New
York corporation and wholly owned subsidiary of CTS Corporation, an Indiana
corporation ("CTS"), to purchase up to 49.9% of the issued and outstanding
shares of Common Stock, par value $.10 per share (the "Shares"), of Dynamics
Corporation of America, a New York corporation (the "Company"), together with
the associated purchase rights issued pursuant to the Rights Agreement, dated as
of January 30, 1986, as amended, between the Company and First National Bank of
Boston, as Rights Agent, at $56.25 per Share, net to the seller in cash, without
interest thereon, on the terms and subject to the satisfaction or waiver prior
to the Expiration Date of the conditions set forth in the Offer To Purchase,
dated May 16, 1997 (the "Offer To Purchase"), as amended and supplemented by the
Supplement thereto, dated June 2, 1997 (the "Supplement"), and in the related
Letters of Transmittal (which, together with the Offer To Purchase, the
Supplement and any amendments or supplements thereto, constitute the "Offer").
Capitalized terms used and not defined herein shall have the meaning assigned to
such term in the Offer To Purchase, the Supplement and the Schedule 14D-1.
ITEM 9. FINANCIAL STATEMENTS OF CERTAINBIDDERS.
Item 9 is hereby amended and supplemented by the information set forth
below.
The Offer is to purchase 49.9% of the Shares with a 25% Minimum Share
Condition. The pro forma financial data provided in the Offer To Purchase and
the Supplement assume the purchase of 49.9% of the Shares. If 25%, rather than
49.9%, of the Shares were purchased in the Offer, (i) pro forma long-term debt
would decrease $53.8 million and pro forma total shareholder's equity would
increase by a like amount and (ii) pro forma net earnings and earnings per share
would (a) increase $0.6 million and decrease $0.12 per share, respectively, for
the three-months ended March 30, 1997 and (b) increase $2.4 million and decrease
$0.12 per share, respectively, for the year ended December 31, 1997.
ITEM 10. ADDITIONAL INFORMATION.
Item 10(f) is hereby amended and supplemented by the information set forth
below.
Notwithstanding any other provisions of the Offer To Purchase or the
Supplement to the contrary, (i) the conditions to the Offer set forth under the
caption "The Offer--Conditions of the Offer" in the Offer To Purchase must be
satisfied or waived on or prior to the Expiration Date, and (ii) assuming all of
the conditions set forth under the caption "The Offer--Conditions of the Offer"
in the Offer To Purchase are satisfied or waived, Purchaser will purchase, by
accepting for payment, and will pay for, all Shares (up to 49.9% of the total
number of Shares) which are validly tendered prior to the Expiration Date (and
not properly withdrawn in accordance with the procedures set forth under "The
Offer--Withdrawal Rights" in the Offer To Purchase) promptly after the
Expriration Date.
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SIGNATURE
After due inquiry and to the best of its knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: June 9, 1997 CTS CORPORATION
By: /s/ JOSEPH P. WALKER
------------------------------------------
Joseph P. Walker
Chairman, President
and Chief Executive Officer
CTS FIRST ACQUISITION CORP.
By: /s/ JOSEPH P. WALKER
------------------------------------------
Joseph P. Walker
President
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