================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)
------------------------------
DEXTER CORPORATION
(Name of Issuer)
COMMON STOCK, $1.00 PAR VALUE PER SHARE 252165105
(Title of class of securities) (CUSIP number)
RICHARD A. WEINBERG, ESQ.
C/O ISP MANAGEMENT COMPANY, INC.
1361 ALPS ROAD
WAYNE, NEW JERSEY 07470
(973) 628-3000
(Name, address and telephone number of person authorized
to receive notices and communications)
WITH A COPY TO:
STEPHEN E. JACOBS, ESQ.
WEIL, GOTSHAL & MANGES LLP
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153-0119
(212) 310-8000
APRIL 19, 1999
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-(g), check the
following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act. (However, see the
Notes.)
(Continued on following pages)
(Page 1 of 12 Pages)
================================================================================
NY2:\421880\03\91$W03!.DOC\47201.0001
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 2 of 12 Pages
- ----------------------------------------------------------- --------------------------------------------------------
- ---------------------- -------------------------------------------------------------------------------------------------------
<S> <C>
1 NAME OF REPORTING PERSON ISP OPCO HOLDINGS INC.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ---------------------- ------------------------------------------------------------------------------------ ------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
- ---------------------- ------------------------------------------------------------------------------------ ------------------
3 SEC USE ONLY
- ---------------------- ------------------------------------------------------------------------------------ ------------------
4 SOURCE OF FUNDS: OO
- ---------------------- ------------------------------------------------------------------------------------ ------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ]
- ---------------------- ------------------------------------------------------------------------------------ ------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ---------------------- ------------------------------------------------------------------------ ------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 1,152,400
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 1,152,400
- ---------------------- ------------------------------------------------------------------------ ------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
1,152,400
- ---------------------- ------------------------------------------------------------------------ ------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
- ---------------------- ------------------------------------------------------------------------ ------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.07%
- ---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------ ------------------------------
<PAGE>
- ----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 3 of 12 Pages
- ----------------------------------------------------------- --------------------------------------------------------
- ---------------------- ------------------------------------------------------------------------------------ ------------------
1 NAME OF REPORTING PERSON ISP INVESTMENTS INC.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ---------------------- ------------------------------------------------------------------------------------ ------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
- ---------------------- ------------------------------------------------------------------------------------ ------------------
3 SEC USE ONLY
- ---------------------- ------------------------------------------------------------------------------------ ------------------
4 SOURCE OF FUNDS: WC, OO
- ---------------------- ------------------------------------------------------------------------------------ ------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ]
- ---------------------- ------------------------------------------------------------------------------------ ------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ---------------------- ------------------------------------------------------------------------------------ ------------------
7 SOLE VOTING POWER: 1,152,400
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 0
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 1,152,400
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
1,152,400
- ---------------------- ------------------------------------------------------------------------------------ ------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
- ---------------------- ------------------------------------------------------------------------------------ ------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.07%
- ---------------------- ------------------------------------------------------------------------------------ ------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------------------ ------------------
<PAGE>
- ----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 4 of 12 Pages
- ----------------------------------------------------------- --------------------------------------------------------
- ---------------------- ------------------------------------------------------------------------------------ ------------------
1 NAME OF REPORTING PERSON INTERNATIONAL SPECIALTY PRODUCTS INC.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ---------------------- ------------------------------------------------------------------------------------ ------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
- ---------------------- ------------------------------------------------------------------------------------ ------------------
3 SEC USE ONLY
- ---------------------- ------------------------------------------------------------------------------------ ------------------
4 SOURCE OF FUNDS: OO
- ---------------------- ------------------------------------------------------------------------------------ ------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [ ]
- ---------------------- ------------------------------------------------------------------------------------ ------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ---------------------- ------------------------------------------------------------------------------------ ------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 1,152,400
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 1,152,400
- ---------------------- ------------------------------------------------------------------------------------ ------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
1,152,400
- ---------------------- ------------------------------------------------------------------------------------ ------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
- ---------------------- ------------------------------------------------------------------------------------ ------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.07%
- ---------------------- ------------------------------------------------------------------------------------ ------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------------------ ------------------
</TABLE>
<PAGE>
ITEM 1. SECURITY AND ISSUER
This statement of beneficial ownership on Schedule 13D
("Schedule 13D") relates to the common stock, par value $1.00 per share ("Common
Stock"), of Dexter Corporation (the "Corporation"). The address of the principal
executive office of the Corporation is One Elm Street, Windsor Locks,
Connecticut 06096.
ITEM 2. IDENTITY AND BACKGROUND
The persons filing this Schedule 13D are ISP Opco Holdings
Inc., a Delaware corporation ("ISP Opco"), ISP Investments Inc., a Delaware
corporation ("ISP Investments"), and International Specialty Products Inc., a
Delaware corporation ("ISP"). ISP Opco, ISP Investments and ISP have their
principal place of business at 300 Delaware Avenue, Wilmington, Delaware 19801.
ISP Opco, ISP Investments and ISP are sometimes hereinafter referred to as the
"Reporting Persons."
ISP Opco is a wholly-owned subsidiary of ISP. ISP Investments
is an indirect, wholly-owned subsidiary of ISP Opco. Samuel J. Heyman
beneficially owns (as defined in Rule 13d-3 of the Act) approximately 76% of the
capital stock of ISP and is the Chairman and Chief Executive Officer of ISP and
Chief Executive Officer of each of ISP Opco and ISP Investments.
The business of ISP consists primarily of owning 100% of the
outstanding common stock of ISP Opco. The business of ISP Investments consists
of holding investments for ISP Opco. ISP Opco, through its wholly-owned
subsidiaries, develops, manufactures, sells and distributes specialty chemicals,
mineral products and filter products.
The name, position, business address and citizenship of each
director and executive officer of ISP Opco are set forth on Schedule A hereto.
The name, position, business address and citizenship of each
director and executive officer of ISP Investments are set forth on Schedule B
hereto.
The name, position, business address and citizenship of each
director and executive officer of ISP are set forth on Schedule C hereto.
None of the Reporting Persons nor any of the persons listed on
Schedules A through C hereto has, during the last five years, (i) been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors)
or (ii) been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction as a result of which such person was or is subject to
a judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
a violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The aggregate amount of funds used by the Reporting Persons to
purchase the 1,152,400 shares of Common Stock (the "Shares") beneficially owned
(or deemed, solely for purposes of Rule 13d-3, to be beneficially owned) by
them, directly or indirectly, was approximately $30,342,978, or an average price
per Share of $26.33, including commissions.
5
<PAGE>
The funds used to purchase such Shares were obtained by ISP
Investments from working capital of ISP Investments, loans from affiliates and
borrowings pursuant to standard margin arrangements.
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons acquired the Shares to obtain an equity
position in the Corporation, the Common Stock of which, in the opinion of the
Reporting Persons, has been undervalued. Subject to availability at prices
deemed favorable by the Reporting Persons, the Reporting Persons may purchase
additional shares of Common Stock from time to time in the open market or
otherwise. The Reporting Persons also may attempt to dispose of Shares in the
open market, in privately negotiated transactions or otherwise.
The Reporting Persons consider their equity position to be for
investment purposes only. Although the possibility of a business combination
with the Corporation has been raised and may be considered in the future, the
Reporting Persons have made no determination to seek control of the Corporation.
Except as set forth above, the Reporting Persons have no
present plans or intentions which would result in or relate to any of the
transactions described in subparagraphs (a) through (j) of Item 4 of Schedule
13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
As of the close of business on April 21, 1999, the Reporting
Persons beneficially owned (or are deemed, solely for purposes of Rule 13d-3, to
beneficially own), directly or indirectly, an aggregate of 1,152,400 Shares,
representing approximately 5.07% of the Common Stock outstanding on April 21,
1999 (based on 22,750,513 shares of Common Stock believed by the Reporting
Persons to be outstanding as of March 31, 1999, as derived from a press release
issued by the Corporation on April 19, 1999). ISP Investments has direct
beneficial ownership of all of such Shares.
ISP Investments has the sole power to vote, direct the voting
of, dispose of and direct the disposition of the Shares. ISP Opco, by virtue of
its ownership of all of the outstanding capital stock of ISP Investments, may be
deemed to own beneficially (solely for purposes of Rule 13d-3) the Shares. ISP,
by virtue of its ownership of all of the outstanding common stock of ISP Opco,
may be deemed to own beneficially (solely for purposes of Rule 13d-3) the
Shares. Mr. Heyman, by virtue of his beneficial ownership (as defined in Rule
13d-3) of approximately 76% of the capital stock of ISP, may be deemed to own
beneficially (solely for purposes of Rule 13d-3) the Shares.
In the past 60 days, ISP Investments effected transactions in
Shares in open market transactions as set forth in Schedule D hereto.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
None.
6
<PAGE>
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
None.
[The remainder of this page intentionally left blank.]
7
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certifies that the information set forth in this
Statement is true, complete and correct.
Dated: April 22, 1999
ISP OPCO HOLDINGS INC.
ISP INVESTMENTS INC.
INTERNATIONAL SPECIALTY PRODUCTS INC.
By: /s/ Richard A. Weinberg
------------------------------------
Executive Vice President,
General Counsel and Secretary
8
<PAGE>
SCHEDULE A
The name and position of the director and executive officers
of ISP Opco Holdings Inc. are set forth below. The business address of the
director and each executive officer is c/o ISP Management Company, Inc., 1361
Alps Road, Wayne, New Jersey 07470. All executive officers and the director are
citizens of the United States, except for Peter R. Heinze who is a citizen of
Germany.
Name Position
- ---- --------
Samuel J. Heyman Chief Executive Officer
Peter R. Heinze President and Chief Operating Officer
Carl R. Eckardt Executive Vice President - Corporate Development
James P. Rogers Executive Vice President - Finance
Richard A. Weinberg Director, Executive Vice President, General Counsel
and Secretary
Andrew G. Mueller Executive Vice President - Operations
Randall R. Lay Senior Vice President and Chief Financial Officer
9
<PAGE>
SCHEDULE B
The name and position of the director and executive officers
of ISP Investments Inc. are set forth below. The business address of the
director and each executive officer is c/o ISP Management Company, Inc., 1361
Alps Road, Wayne, New Jersey 07470. All executive officers and the director are
citizens of the United States, except for Peter R. Heinze who is a citizen of
Germany.
Name Position
- ---- --------
Samuel J. Heyman Chief Executive Officer
Peter R. Heinze President and Chief Operating Officer
James P. Rogers Executive Vice President - Finance
Richard A. Weinberg Director, Executive Vice President, General Counsel
and Secretary
Andrew G. Mueller Executive Vice President - Operations
Randall R. Lay Senior Vice President and Chief Financial Officer
10
<PAGE>
SCHEDULE C
The name and position of the directors and executive officers of
International Specialty Products Inc. are set forth below. The business address
of each executive officer and director is c/o ISP Management Company, Inc., 1361
Alps Road, Wayne, New Jersey 07470, except as indicated below. All executive
officers and directors are citizens of the United States, except for Peter R.
Heinze who is a citizen of Germany.
Name Position
- ---- --------
Samuel J. Heyman Director, Chairman and Chief Executive Officer
Peter R. Heinze Director, President and Chief Operating Officer
Carl R. Eckardt Director and Executive Vice President -
Corporate Development
James P. Rogers Executive Vice President-Finance
Richard A. Weinberg Executive Vice President, General Counsel and
Secretary
Andrew G. Mueller Executive Vice President - Operations
Randall R. Lay Senior Vice President and Chief Financial Officer
Harrison J. Goldin Director
Charles M. Diker Director
Sanford Kaplan Director
Burt Manning Director
Mr. Goldin is the senior managing director of Goldin Associates, L.L.C., a
consulting firm, the address of which is 767 Fifth Avenue, New York, New York
10153. Mr. Diker is a non-managing principal of Weiss, Peck & Greer, an
investment management firm, the address of which is 1 New York Plaza, New York,
New York 10004. Mr. Kaplan is a private investor and consultant. Mr. Manning is
Chairman Emeritus of J. Walter Thompson Company, a multinational advertising
company, and President of Brookbound Incorporated, a strategic consultancy
company, the address of which is 1200 Summer Street, Stamford, CT 06905.
11
<PAGE>
SCHEDULE D
The following schedule sets forth information with respect to each
purchase of Shares which was effectuated by the Reporting Persons during the
past 60 days. All transactions were effectuated in the open market through a
broker.
ISP Investments Inc. (through ISP Investments Grantor Trust)
Number of
Date Shares Purchased Price per Share*
- ---- ---------------- ----------------
3-31-99 7,500 $31.11
*Excluding commissions
12
