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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
------------------------------
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
SEPTEMBER 3, 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 8 Pages)
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809046 v. 3
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 2 of 8 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
- ---------------------- ------------------------------------------------------------------------ ------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------------------- ------------------------------------------------ ------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,996,900
OWNED BY
------------------- ------------------------------------------------ ------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------------------- ------------------------------------------------ ------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,996,900
- ---------------------- ------------------------------------------------------------------------ ------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
1,996,900
- ---------------------- ------------------------------------------------------------------------ ------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
- ---------------------- ------------------------------------------------------------------------ ------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.67%
- ---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------ ------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 252165105 13D Page 3 of 8 Pages
- ----------------------------------------------------------- --------------------------------------------------------
- ---------------------- -------------------------------------------------------------------------------------------------------
<S> <C>
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
- ---------------------- ------------------------------------------------------------------------ ------------------------------
NUMBER OF 7 SOLE VOTING POWER: 1,996,900
SHARES
------------------- ------------------------------------------------ ------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------------------- ------------------------------------------------ ------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,996,900
REPORTING
------------------- ------------------------------------------------ ------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ---------------------- ------------------------------------------------------------------------ ------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
1,996,900
- ---------------------- ------------------------------------------------------------------------ ------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
- ---------------------- ------------------------------------------------------------------------ ------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.67%
- ---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------ ------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 252165105 13D Page 4 of 8 Pages
- ----------------------------------------------------------- --------------------------------------------------------
- ---------------------- -------------------------------------------------------------------------------------------------------
<S> <C>
1 NAME OF REPORTING PERSON INTERNATIONAL SPECIALTY
S.S. OR I.R.S. IDENTIFICATION NO. PRODUCTS INC.
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
- ---------------------- ------------------------------------------------------------------------ ------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------------------- ------------------------------------------------ ------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,996,900
OWNED BY
------------------- ------------------------------------------------ ------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------------------- ------------------------------------------------ ------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,996,900
- ---------------------- ------------------------------------------------------------------------ ------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
1,996,900
- ---------------------- ------------------------------------------------------------------------ ------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
- ---------------------- ------------------------------------------------------------------------ ------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.67%
- ---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------ ------------------------------
</TABLE>
<PAGE>
This Amendment No. 2 ("Amendment No. 2") amends the
Statement on Schedule 13D (the "Schedule 13D") filed on April 22, 1999, as
amended by Amendment No. 1 filed on August 11, 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 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Since the filing of Amendment No. 1, ISP Investments
purchased an aggregate of 359,900 Shares for total consideration (including
brokerage commissions) of $13,585,337 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. 2, the Reporting
Persons beneficially owned (or are deemed, solely for purposes of Rule 13d-3, to
beneficially own), directly or indirectly, an aggregate of 1,996,900 Shares,
representing approximately 8.67% of the Common Stock outstanding on September 7,
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 $31.47 (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
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.
Since the filing of Amendment No. 1, ISP Investments
effected transactions in Shares in open market transactions as set forth in
Schedule A hereto.
[The remainder of this page intentionally left blank.]
5
<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: September 8, 1999
ISP OPCO HOLDINGS INC.
ISP INVESTMENTS INC.
INTERNATIONAL SPECIALTY PRODUCTS INC.
By: /s/ Richard A. Weinberg
------------------------------------
Executive Vice President,
General Counsel and Secretary
<PAGE>
SCHEDULE A
The following schedule sets forth information with respect to each
purchase and sale of Shares which was effectuated by the Reporting Persons since
the filing of Amendment No. 1. 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*
---- ---------------- ----------------
08/11/99 100 $ 37.6250
08/11/99 2,300 37.8750
08/11/99 2,800 37.7500
08/11/99 2,500 38.0000
08/19/99 (5,300) 38.3785
08/20/99 15,000 38.5000
08/20/99 15,000 38.6250
08/20/99 5,000 38.5000
08/20/99 2,500 38.5000
08/20/99 3,500 38.5000
08/20/99 600 38.3750
08/20/99 14,400 38.5000
08/23/99 7,100 38.5000
08/23/99 17,400 38.6250
08/23/99 10,000 38.5625
08/23/99 14,000 38.5625
08/23/99 20,000 38.3750
08/23/99 400 38.5625
08/23/99 1,000 38.5000
08/23/99 1,100 38.3125
08/23/99 3,800 38.3125
08/23/99 1,400 38.3750
08/23/99 5,000 38.3750
08/23/99 1,000 38.3125
08/23/99 5,000 38.3750
08/23/99 7,700 38.3750
08/24/99 1,000 37.8125
08/24/99 5,200 37.8750
08/24/99 6,800 37.9375
08/24/99 1,800 37.8750
08/24/99 2,600 37.9375
08/24/99 5,000 38.0000
08/24/99 1,500 38.0625
08/24/99 1,100 38.1250
08/24/99 100 37.6250
08/24/99 1,900 37.7500
08/24/99 1,900 37.9375
08/25/99 1,700 38.0000
08/25/99 200 37.9375
08/25/99 1,800 37.8750
<PAGE>
ISP Investments Inc. (through ISP Investments Grantor Trust)
------------------------------------------------------------
Number of Shares
Date Purchased/(Sold) Price per Share*
---- ---------------- ----------------
08/25/99 500 $ 38.0625
08/25/99 1,000 38.1250
08/25/99 2,800 38.3125
08/25/99 1,600 38.3125
08/25/99 2,700 38.2500
08/27/99 1,700 37.8750
08/27/99 2,800 37.9375
08/27/99 7,500 38.0000
08/30/99 500 37.3750
08/30/99 500 37.4375
08/30/99 100 37.5000
08/30/99 3,000 37.5000
08/30/99 300 37.4375
08/30/99 2,600 37.3750
08/30/99 100 37.5000
08/30/99 1,500 37.4375
08/30/99 4,400 37.3750
08/31/99 5,000 36.8125
08/31/99 1,400 36.7500
08/31/99 900 36.8125
08/31/99 200 36.7500
09/03/99 3,300 36.9375
09/03/99 5,000 36.5000
09/03/99 10,000 36.7500
09/03/99 10,000 36.8750
09/03/99 11,000 36.3750
09/03/99 20,000 36.2500
09/03/99 25,000 36.5000
09/07/99 6,300 37.0000
09/07/99 11,300 37.1250
09/07/99 22,200 37.1875
09/07/99 1,700 37.2500
09/07/99 6,500 37.3750
09/07/99 600 37.5000
*Excluding commissions
