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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FINAL AMENDMENT
TO
SCHEDULE 14D-1
TENDER OFFER STATEMENT
PURSUANT TO SECTION 14(D)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
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NATIONAL EDUCATION CORPORATION
(NAME OF SUBJECT COMPANY)
NICK ACQUISITION CORPORATION
HARCOURT GENERAL, INC.
(BIDDER)
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COMMON STOCK, PAR VALUE $.01 PER SHARE
(TITLE OF CLASS OF SECURITIES)
63577110
(CUSIP NUMBER OF CLASS OF SECURITIES)
ERIC P. GELLER
SENIOR VICE PRESIDENT AND GENERAL COUNSEL
27 BOYLSTON STREET
CHESTNUT HILL, MASSACHUSETTS 02167
TELEPHONE: (617) 232-8200
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED
TO RECEIVE NOTICES AND COMMUNICATIONS ON BEHALF OF BIDDER)
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Copy to:
ROBERT L. FRIEDMAN, ESQ.
SIMPSON THACHER & BARTLETT
425 LEXINGTON AVENUE
NEW YORK, NEW YORK 10017
TELEPHONE: (212) 455-2000
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CUSIP No. 63577110
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<S> <C> <C>
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1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS NICK
ACQUISITION 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 ITEM 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: 34,448,557
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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) 95.6%*
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10 TYPE OF REPORTING PERSON CO
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</TABLE>
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* As of June 9, 1997.
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CUSIP No. 63577110
<TABLE>
<S> <C> <C>
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1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS HARCOURT
GENERAL, 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 WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 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 INDIRECTLY THROUGH A
WHOLLY-OWNED SUBSIDIARY: 34,448,557
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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) 95.6%*
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10 TYPE OF REPORTING PERSON CO
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</TABLE>
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* As of June 9, 1997.
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This Final Amendment amends and supplements the Tender Offer Statement on
Schedule 14D-1 filed on April 21, 1997 (as amended and supplemented, the
"Schedule 14D-1") relating to the offer by Nick Acquisition Corporation, a
Delaware corporation (the "Purchaser") and a wholly-owned subsidiary of Harcourt
General, Inc., a Delaware corporation (the "Parent" or "Harcourt"), to purchase
all of the outstanding shares of Common Stock, par value $.01 per share (the
"Shares"), of National Education Corporation, a Delaware corporation (the
"Company"), at an amended purchase price of $21.00 per Share, net to the seller
in cash, without interest thereon, upon the terms and subject to the conditions
set forth in the Offer to Purchase dated April 21, 1997, as amended and
supplemented on May 14, 1997 (the "Offer to Purchase") and in the related Letter
of Transmittal. Unless otherwise indicated, all capitalized terms used but not
defined herein shall have the meanings assigned to them in the Schedule 14D-1.
ITEM 5. PURPOSE OF THE TENDER OFFER AND PLANS OR PROPOSALS OF THE BIDDER.
Item 5 is amended and supplemented as follows:
On June 11, 1997, the Parent announced that it had merged the Purchaser
into the Company with the Company continuing as the surviving corporation in the
Merger and that the Merger became effective at 5:00 P.M. on June 10, 1997.
Because the Purchaser had acquired at least 90% of the outstanding Shares, the
Merger was effected without a meeting of stockholders of the Company. As a
result of the Merger, the Company became a wholly-owned subsidiary of the Parent
and each outstanding Share (other than Shares held in the treasury of the
Company, Shares owned by the Parent, the Purchaser or any other direct or
indirect wholly-owned subsidiary of the Parent or the Company, and Shares owned
by stockholders choosing to dissent and demand appraisal of their Shares) was
cancelled, extinguished and converted into the right to receive $21.00 per Share
in cash, without interest thereon, less any applicable withholding taxes. The
full text of the press release is set forth in Exhibit 11(a)(22) and is
incorporated herein by reference.
On June 10, 1997 the Parent requested that the New York Stock Exchange (the
"NYSE") and the Pacific Exchange (the "PSE") delist the Shares from the NYSE and
the PSE, respectively, and requested that the NYSE apply on Form 25 to
deregister the Shares with the Securities and Exchange Commission as soon as
practicable following the Merger.
ITEM 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
Item 6 is amended and supplemented as follows:
Pursuant to the Offer, which expired at 5:00 P.M., New York City time, on
Wednesday, June 4, 1997, the Purchaser acquired 34,448,557 Shares (or
approximately 95.6% of the issued and outstanding Shares). Pursuant to the
Merger, which became effective at 5:00 p.m. on June 10, 1997, the Company became
a wholly-owned subsidiary of the Parent.
The information provided in this Final Amendment under Item 5 is
incorporated herein by reference.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
(a)(22) Press Release issued by the Parent on June 11, 1997.
2
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SIGNATURE
After due 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.
HARCOURT GENERAL, INC.
By: /s/ ERIC P. GELLER
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Name: Eric P. Geller
Title: Senior Vice President,
General
Counsel and Secretary
NICK ACQUISITION CORPORATION
By: /s/ ERIC P. GELLER
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Name: Eric P. Geller
Title: Vice President and Secretary
Date: June 11, 1997
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EXHIBIT INDEX
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EXHIBIT PAGE
NO. DESCRIPTION NO.
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11(a)(22) Press Release issued by the Parent on June 11, 1997.......................
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EXHIBIT 11(A)(22)
H A R C O U R T HARCOURT GENERAL, INC.
G E N E R A L 27 BOYLSTON STREET,
CHESTNUT HILL, MA 02167
TEL 617 232 8200
Contact Peter Farwell News Release
Vice President George Sard or Anna Cordasco
Corporate Relations Sard Verbinnen & Co.
(617) 232-8200 (212) 687-8080
FOR IMMEDIATE RELEASE
HARCOURT COMPLETES MERGER WITH
NATIONAL EDUCATION CORPORATION
CHESTNUT HILL, MA, June 11, 1997 -- Harcourt General, Inc. (NYSE:H)
announced today that it completed the merger of National Education Corporation
(NEC) on June 10th.
The merger was the second step in a two-step acquisition. The first step, a
cash tender offer for all the outstanding shares of NEC at $21.00 per share, was
completed on June 4, 1997. As a result of the merger, NEC is now a wholly-owned
subsidiary of Harcourt General.
The merger results in the automatic conversion of the remaining NEC shares
into the right to receive $21.00 per former NEC share.
Harcourt General, Inc. is a growth-oriented operating company with core
businesses in publishing and specialty retailing. The Company also provides
professional outplacement services to clients worldwide.
National Education Corporation's operations include ICS Learning Systems,
the largest provider of distance education in vocational, academic and
professional studies; National Education Training Group, the leader in
information technology interactive multimedia-based learning products; and 83%
ownership of Steck-Vaughn Publishing Corporation, one of the largest publishers
of supplemental education materials.
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