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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 13)
------------------------------
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
MAY 23, 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 7 Pages)
NY2:\915145\01\54104.0016
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 2 of 7 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: 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): 9.97%
- ---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------ ------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 3 of 7 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): 9.97%
- ---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------ ------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 4 of 7 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: 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): 9.97%
- ---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------ ------------------------------
</TABLE>
<PAGE>
This Amendment No. 13 ("Amendment No. 13") 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,
and Amendment No. 12 filed on May 9, 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 May 23, 2000, Samuel J. Heyman, Chairman of the Board of ISP, and
Sunil Kumar, President and Chief Executive Officer 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 is withdrawing herewith the
increase in its proposal to acquire Dexter from $45 to $50 per share.
Our original December $45 per share cash proposal to acquire the
Company still stands.
As we previously indicated, ISP has been struggling for quite
some time now to keep its offer in place in the face of what we view to
be Dexter's delaying tactics and its mishandling of the process to
maximize shareholder value, as well as the recent volatility of the
financial markets and substantial increases in interest rates. In
addition, as we previously warned, your most recent decision to proceed
down a path toward piecemeal liquidation of the Company's wholly owned
businesses, we believe, has now diminished shareholder values. As a
result of the above, ISP is no longer in a position to continue its $50
per share offer for Dexter.
We note that although the financial and equity markets were
taking a decided downturn over recent months, you persisted in our view
in overplaying your hand -- refusing to accept any of our proposals.
Moreover, Dexter has continued to make repeated optimistic
prognostications as to its progress with respect to the bidding
process. Notwithstanding the fact that Dexter's deadline for final bids
was April 19th, not until your May 17th letter to Dexter shareholders
did you disclose for the first time that the downturn in the markets
had adversely affected your efforts to sell Dexter. We also take note
of the fact that, notwithstanding these developments, you continue to
report in your May 17th shareholders' letter that you believe there is
strong interest in the acquisition of Dexter and Life Technologies in a
single transaction and that values in excess of $50 per share are
achievable by selling off Dexter's individual businesses.
We are extremely skeptical of these pronouncements in light of
the fact that your Company has been unable to realize on its program
for maximizing shareholder values since our proposal for Dexter more
5
<PAGE>
than five months ago. So also, as we stated earlier, we believe that
the way in which the Company has handled this entire matter has only
diminished shareholder value and will in our opinion continue to do so.
We, of course, reserve the right to make further adjustments to our
proposal for Dexter prior to the June 30 Annual Meeting so as to
reflect the impact of any additional actions you may take.
As is made clear by your threat to enter into "unconditional,
binding agreements to sell the businesses" and statements by Dexter's
representatives in the press to do so before the June 30 Annual
Meeting, it would appear that you do not intend to seek the approval of
Dexter shareholders for such sale of assets. As we have communicated
earlier, we believe this is not only violative of Connecticut corporate
law but totally contrary to Dexter's prior stated commitment to
"present a definitive transaction to [its] shareholders". Accordingly,
unless you disavow such intention, we intend to bring a legal action to
preserve the right of Dexter shareholders to vote on any transactions
you may be contemplating.
Sincerely,
/s/ Samuel J. Heyman
Chairman
International Specialty Products Inc.
/s/ Sunil Kumar
President and Chief Executive Officer
International Specialty Products Inc.
[The remainder of this page intentionally left blank.]
6
<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: May 24, 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
