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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 14)
------------------------------
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) 628-4000
(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
JUNE 20, 2000
(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 73 Pages)
NY2:\924316\01
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 252165105 13D Page 2 of 73 Pages
----------------------------------------------------------- --------------------------------------------------------
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<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: 2,299,200
OWNED BY
------------------- ------------------------------------------------ ------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------------------- ------------------------------------------------ ------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,299,200
---------------------- ------------------------------------------------------------------------ ------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
2,299,200
---------------------- ------------------------------------------------------------------------ ------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- ------------------------------------------------------------------------ ------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.91%
---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
---------------------- ------------------------------------------------------------------------ ------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 252165105 13D Page 3 of 73 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: 2,299,200
SHARES
------------------- ------------------------------------------------ ------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------------------- ------------------------------------------------ ------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 2,299,200
REPORTING
------------------- ------------------------------------------------ ------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
---------------------- ------------------------------------------------------------------------ ------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
2,299,200
---------------------- ------------------------------------------------------------------------ ------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- ------------------------------------------------------------------------ ------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.91%
---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
---------------------- ------------------------------------------------------------------------ ------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 252165105 13D Page 4 of 73 Pages
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<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: 2,299,200
OWNED BY
------------------- ------------------------------------------------ ------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------------------- ------------------------------------------------ ------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,299,200
---------------------- ------------------------------------------------------------------------ ------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
2,299,200
---------------------- ------------------------------------------------------------------------ ------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
---------------------- ------------------------------------------------------------------------ ------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.91%
---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
---------------------- ------------------------------------------------------------------------ ------------------------------
</TABLE>
<PAGE>
This Amendment No. 14 ("Amendment No. 14") 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, Amendment No. 2 filed on
September 8, 1999, Amendment No. 3 filed on September 27, 1999, Amendment No. 4
filed on December 14, 1999, Amendment No. 5 filed on December 16, 1999,
Amendment No. 6 filed on January 27, 2000, Amendment No. 7 filed on February 11,
2000, Amendment No. 8 filed on February 24, 2000, Amendment No. 9 filed on March
23, 2000, Amendment No. 10 filed on April 24, 2000, Amendment No. 11 filed on
May 2, 2000, Amendment No. 12 filed on May 9, 2000, and Amendment No. 13 filed
on May 24, 2000, 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 Investments and ISP Opco, 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, as amended.
ITEM 4. PURPOSE OF THE TRANSACTION
On June 20, 2000, Samuel J. Heyman, Chairman of the Board of
ISP, sent the following letter to K. Grahame Walker, Chairman of the Board and
Chief Executive Officer of the Company:
Dear Grahame,
This is to advise you that ISP will be promptly commencing a
$45 per share, all cash tender offer for all Dexter shares not already
owned by ISP. Conditions of the tender offer will be consistent with
those provided for in the merger agreement referred to below.
We are forwarding to your counsel a revised merger agreement
and revised commitment from Chase which we believe addresses virtually
all of your concerns, and we stand ready, willing, and able to enter
into this agreement should the Dexter Board be agreeable.
We believe that ISP's offer is a full and fair one and in the
best interests of all Dexter shareholders. Should the Dexter Board,
however, be unwilling to enter into the proposed merger agreement, we
would request that it at least take action to remove the "poison
pill," and any other legal impediments to the purchase of shares, so
that Dexter shareholders can decide for themselves whether to accept
ISP's offer.
If you have any questions concerning this matter, please do
not hesitate to let us know.
Sincerely,
/s/ Samuel J. Heyman
On June 20, 2000, ISP Opco obtained a commitment from Chase
(the "Commitment Letter"), which supersedes and replaces the commitment
previously received from Chase, dated March 23, 2000, as amended, to provide,
subject to certain limited customary conditions described therein, senior credit
facilities in the aggregate amount of $1,775,000,000 in order to finance the
acquisition of
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the Company, refinance certain existing indebtedness of ISP's subsidiaries, the
Company and the Company's subsidiaries, and to provide working capital for the
combined companies following the acquisition. On June 21, 2000, ISP delivered to
the Company the Commitment Letter, a copy of which is attached hereto as Exhibit
1.
On June 20, 2000, ISP delivered to the Company a proposed form
of merger agreement (the "Merger Agreement") that provides for a tender offer
for all outstanding shares of Common Stock for $45 per share in cash, followed
by the merger of a wholly owned subsidiary of ISP with and into the Company. The
form of Merger Agreement is attached hereto as Exhibit 2.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit No. 1: Commitment Letter.
Exhibit No. 2: Form of Merger Agreement.
[The remainder of this page intentionally left blank.]
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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: June 21, 2000
ISP OPCO HOLDINGS INC.
ISP INVESTMENTS INC.
INTERNATIONAL SPECIALTY PRODUCTS INC.
By: /s/ Susan B. Yoss
-----------------------------------
Susan B. Yoss
Senior Vice President and Treasurer
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EXHIBIT INDEX
Exhibit No. Document Page No.
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1 Commitment Letter.
2 Form of Merger Agreement.
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