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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
------------------------------
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
AUGUST 9, 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 11 Pages)
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#457985 v4
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 2 of 11 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: 1,637,000
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 1,637,000
- ---------------------- ------------------------------------------------------------------------ ------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
1,637,000
- ---------------------- ------------------------------------------------------------------------ ------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
- ---------------------- ------------------------------------------------------------------------ ------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 7.11%
- ---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------ ------------------------------
<PAGE>
- ----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 3 of 11 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: 1,637,000
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- ------------------------------------------------ ------------------------------
8 SHARED VOTING POWER: 0
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 1,637,000
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
1,637,000
- ---------------------- ------------------------------------------------------------------------------------ ------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
- ---------------------- ------------------------------------------------------------------------------------ ------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 7.11%
- ---------------------- ------------------------------------------------------------------------------------ ------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------------------ ------------------
<PAGE>
- ----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 4 of 11 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: 1,637,000
------------------- ------------------------------------------------ ------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- ------------------------------------------------ ------------------------------
10 SHARED DISPOSITIVE POWER: 1,637,000
- ---------------------- ------------------------------------------------------------------------------------ ------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
1,637,000
- ---------------------- ------------------------------------------------------------------------------------ ------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
- ---------------------- ------------------------------------------------------------------------------------ ------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 7.11%
- ---------------------- ------------------------------------------------------------------------------------ ------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------------------ ------------------
</TABLE>
<PAGE>
This Amendment No. 1 ("Amendment No. 1") amends the
Statement on Schedule 13D (the "Schedule 13D") filed on April 22, 1999, by and
on behalf of ISP Opco Holdings Inc. ("ISP Opco"), ISP Investments Inc. ("ISP
Investments") and International Specialty Products Inc. ("ISP" and, together
with ISP Opco and ISP Investments, the "Reporting Persons") with respect to
their ownership of common stock, par value $1.00 per share (the "Common Stock"),
of Dexter Corporation (the "Company"). Capitalized terms used herein and not
defined herein have the meanings ascribed thereto in the Schedule 13D.
ITEM 2. IDENTITY AND BACKGROUND
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.
Except as set forth above, the response of the Reporting
Persons to this Item 2 as previously disclosed in the Schedule 13D has not
changed.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Since the filing of the Schedule 13D, ISP Investments
purchased an aggregate of 484,600 Shares for total consideration (including
brokerage commissions) of $18,913,058 from working capital of ISP Investments,
loans from affiliates and borrowings pursuant to standard margin arrangements.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
As of the filing of this Amendment No. 1, the Reporting
Persons beneficially owned (or are deemed, solely for purposes of Rule 13d-3, to
beneficially own), directly or indirectly, an aggregate of 1,637,000 Shares,
representing approximately 7.11% of the Common Stock outstanding on August 10,
1999 (based on 23,037,976 shares of Common Stock outstanding as of June 30,
1999, as set forth in the Company's quarterly report on Form 10-Q for the fiscal
quarter ended June 30, 1999), which Shares were purchased for an average price
per Share of $30.089 (including brokerage commissions). 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
5
<PAGE>
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.
[The remainder of this page intentionally left blank.]
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<PAGE>
SIGNATURES
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.
Dated: August 11, 1999
ISP OPCO HOLDINGS INC.
ISP INVESTMENTS INC.
INTERNATIONAL SPECIALTY PRODUCTS INC.
By: /s/ Richard A. Weinberg
----------------------------------
Executive Vice President,
General Counsel and Secretary
7
<PAGE>
SCHEDULE A
The name and position of the directors and executive
officers of ISP Opco Holdings Inc. are set forth below. The business address of
each director and executive officer 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.
<TABLE>
<CAPTION>
Name Position
- ---- --------
<S> <C>
Sunil Kumar President and Chief Executive Officer
Carl R. Eckardt Executive Vice President - Corporate Development
Randall R. Lay Executive Vice President and Chief Financial Officer
Richard A. Weinberg Director, Executive Vice President, General Counsel and Secretary
Andrew G. Mueller Executive Vice President - Operations
Barry A. Crozier Director and Vice President
Arthur W. Clark Director and Manager - Banking and Cash Operations
</TABLE>
Mr. Crozier is a certified public accountant with Belfint, Lyons & Shuman, an
accounting firm, the address of which is 200 West 9th Street, Suite 600,
Wilmington, Delaware 19801.
8
<PAGE>
SCHEDULE B
The name and position of the directors and executive
officers of ISP Investments Inc. are set forth below. The business address of
each director and executive officer 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.
<TABLE>
<CAPTION>
Name Position
- ---- --------
<S> <C>
Sunil Kumar President and Chief Executive Officer
Randall R. Lay Executive Vice President and Chief Financial Officer
Richard A. Weinberg Director, Executive Vice President, General Counsel and Secretary
Andrew G. Mueller Executive Vice President - Operations
Barry A. Crozier Vice President and Director
Arthur W. Clark Director and Manager - Banking and Cash Operations
</TABLE>
Mr. Crozier is a certified public accountant with Belfint, Lyons & Shuman, an
accounting firm, the address of which is 200 West 9th Street, Suite 600,
Wilmington, Delaware 19801.
9
<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 director and executive officer 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.
<TABLE>
<CAPTION>
Name Position
- ---- --------
<S> <C>
Samuel J. Heyman Director and Chairman
Sunil Kumar Director, President and Chief Executive Officer
Carl R. Eckardt Director and Executive Vice President - Corporate Development
Randall R. Lay Executive Vice President and Chief Financial Officer
Richard A. Weinberg Executive Vice President, General Counsel and Secretary
Andrew G. Mueller Executive Vice President - Operations
Harrison J. Goldin Director
Charles M. Diker Director
Sanford Kaplan Director
Burt Manning Director
</TABLE>
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.
10
<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 Shares
Date Purchased/(Sold) Price per Share*
---- ---------------- ----------------
06/15/99 1,100 $38.5000
06/15/99 3,900 38.3750
06/15/99 5,000 38.5000
06/24/99 (25,000) 39.9375
07/13/99 (2,900) 40.3125
07/22/99 4,600 39.2500
07/22/99 5,000 39.3750
07/23/99 5,000 39.3750
07/26/99 4,300 39.5000
07/26/99 200 39.3750
07/26/99 200 39.4375
07/28/99 2,000 39.3125
07/28/99 1,500 39.4375
07/28/99 1,200 39.3125
07/28/99 1,000 39.7500
07/28/99 1,000 39.6250
07/28/99 1,000 39.5000
08/03/99 (6,300) 38.5000
08/05/99 3,500 38.3125
08/06/99 (3,500) 38.1250
08/09/99 158,400 37.8750
08/09/99 90,000 37.7500
08/10/99 4,000 36.8750
08/10/99 2,500 36.8125
08/10/99 2,700 36.7500
08/10/99 1,100 36.6250
08/10/99 1,100 36.6875
08/11/99 4,000 37.4375
08/11/99 1,000 37.2500
*Excluding commissions
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