================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 16)
------------------------------
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
JULY 11, 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 13 Pages)
54104.0016
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 2 of 13 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): 9.91%
---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
---------------------- ------------------------------------------------------------------------ ------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 3 of 13 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>
----------------------------------------------------------- --------------------------------------------------------
CUSIP No. 252165105 13D Page 4 of 13 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): 9.91%
---------------------- ------------------------------------------------------------------------ ------------------------------
14 TYPE OF REPORTING PERSON: CO
---------------------- ------------------------------------------------------------------------ ------------------------------
</TABLE>
<PAGE>
This Amendment No. 16 ("Amendment No. 16") 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, Amendment No. 13 filed on
May 24, 2000, Amendment No. 14 filed on June 21, 2000, and Amendment No. 15
filed on Schedule TO on June 26, 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 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 4. PURPOSE OF THE TRANSACTION
On July 11, 2000, ISP issued a press release announcing the
termination of its tender offer for all outstanding shares of Common Stock for
$45 per share in cash. In addition, ISP announced that it no longer intends to
submit its proposals to elect its nominees for directorships and adopt certain
resolutions at the Company's July 14, 2000 annual meeting of shareholders. A
copy of the press release is attached hereto as Exhibit 1.
In light of the foregoing, ISP may from time to time,
depending on market conditions, buy or sell shares of Common Stock in the open
market, through negotiated transactions, or otherwise.
5
<PAGE>
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit No. 1: Press release issued July 11, 2000.
[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: July 11, 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
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
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
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
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
Susan B. Yoss Senior Vice President and Treasurer
Ronald E. Brandt Senior Vice President, Sales and Commercial Director--Americas
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 105 East 67th Street, New York, New York 10021.
10
<PAGE>
EXHIBIT INDEX
Exhibit No. Document Page No.
---------- -------- -------
1 Press release issued July 11, 2000. 12
11
