SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
SCHEDULE TO
(RULE 14D-100)
TENDER OFFER STATEMENT UNDER SECTION 14(D) (1) OR 13(E) (1)
OF THE SECURITIES EXCHANGE ACT OF 1934
DEXTER CORPORATION
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(Name of Subject Company (Issuer))
ISP ACQUISITION CORP. (OFFEROR)
an indirect wholly-owned subsidiary of
INTERNATIONAL SPECIALTY PRODUCTS INC.
--------------------------------------------------------------------------------
(Names of Filing Persons
(Identifying Status as Offeror, Issuer or Other Person))
Common Stock, par value $1.00 per share, together with
associated Rights to Purchase Fractional Units of
Preferred Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
252165105
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(CUSIP Number of Class of Securities)
Richard A. Weinberg, Esq.
c/o ISP Management Company, Inc.
1361 Alps Road
Wayne, New Jersey 07470
(973) 628-4000
COPY TO:
Stephen E. Jacobs, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, New York 10153
(212) 310-8320
--------------------------------------------------------------------------------
(Name, Address and Telephone Numbers of Person
Authorized to Receive Notices and Communications on Behalf of Filing Persons)
CALCULATION OF FILING FEE
---------------------------- -----------------------------------
Transaction
Valuation* Amount of Filing Fee
$1,060,424,400 $191,392.10
---------------------------- -----------------------------------
NY2:\878980\07\$%8407!.DOC\54104.0016
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*Estimated for purposes of calculating the amount of the filing fee only. The
amount assumes the purchase of (i) 23,195,118 shares of common stock of Dexter
Corporation outstanding as of May 15, 2000 and (ii) 369,868 shares of common
stock of Dexter Corporation subject to options as of December 31, 1999 (less
2,299,200 shares of common stock of Dexter Corporation owned by an affiliate of
the Offeror), at a price per share of $45.00 in cash. The amount of the filing
fee, calculated in accordance with Rule 0-11 of the Securities Exchange Act of
1934, as amended, equals 1/50 of 1% of the transaction value.
[ ] Check the box if any part of the fee is offset as provided by Rule
0-11(a) (2) and identify the filing with which the offsetting fee was
previously paid. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
Amount Previously Paid:_______________ Filing Party:_________________
Form or Registration No.:_____________ Date Filed:___________________
[ ] Check the box if the filing relates solely to preliminary
communications made before the commencement of a tender offer:
Check the appropriate boxes below to designate any transactions to
which the statement relates:
[X] third-party tender offer subject to Rule 14d-1.
[ ] issuer tender offer subject to Rule 13e-4.
[ ] going-private transaction subject to Rule 13e-3.
[X] amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting
the results of the tender offer: [ ]
<PAGE>
<TABLE>
<S> <C>
---------------------------------------------------------------- --------------------------------------------------
CUSIP No. 252165105 TO Page 3 of 11 Pages
---------------------------------------------------------------- --------------------------------------------------
---------------- ---------------------------------------------------------------- ----------------------------------------------
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: 2,299,200
----------------
------------------- --------------------------------------------------------- ----------------------------
9 SOLE DISPOSITIVE POWER: 0
----------------
------------------- --------------------------------------------------------- ----------------------------
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
---------------- ---------------------------------------------------------------- ----------------------------------------------
3
<PAGE>
---------------------------------------------------------------- --------------------------------------------------
CUSIP No. 252165105 TO Page 4 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: 2,299,200
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
----------------- --------------------------------------------------------- ----------------------------
8 SHARED VOTING POWER: 0
----------------- --------------------------------------------------------- ----------------------------
9 SOLE DISPOSITIVE POWER: 2,299,200
----------------- --------------------------------------------------------- ----------------------------
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
---------------- ---------------------------------------------------------------- ----------------------------------------------
4
<PAGE>
---------------------------------------------------------------- --------------------------------------------------
CUSIP No. 252165105 TO Page 5 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: 2,299,200
------------------ --------------------------------------------------------- ----------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------ --------------------------------------------------------- ----------------------------
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>
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<PAGE>
SCHEDULE TO
This Tender Offer Statement on Schedule TO ("Schedule TO")
relates to the offer by ISP Acquisition Corp., a Delaware corporation
("Purchaser") and indirect wholly-owned subsidiary of International Specialty
Products Inc., a Delaware corporation ("ISP"), to purchase all of the
outstanding shares of common stock, par value $1.00 per share (the "Common
Stock"), of Dexter Corporation, a Connecticut corporation, and the associated
rights to purchase fractional units of Preferred Stock of Dexter (the "Rights"
and, together with the Common Stock, the "Shares"), at a purchase price of $45
per Share, net to the seller in cash, without interest thereon, upon the terms
and subject to the conditions set forth in the Offer to Purchase dated June 26,
2000 and in the related Letter of Transmittal (which, together with any
supplements or amendments, collectively constitute the "Offer"), copies of which
are attached as Exhibits (a)(1)(A) and (a)(1)(B) hereto, respectively. The item
numbers and response thereto below are in accordance with the requirements of
Schedule TO.
ITEM 1. SUMMARY TERM SHEET.
The information set forth in the Offer to Purchase under
"Summary Term Sheet," is incorporated herein by reference.
ITEM 2. SUBJECT COMPANY INFORMATION.
(a) The name of the subject company is Dexter
Corporation, a Connecticut corporation ("Dexter").
The address of Dexter's principal executive offices
is One Elm Street, Windsor Locks, Connecticut 06096.
Its telephone number is (860) 292-7675.
(b) The class of equity securities to which this Schedule
TO relates is the Common Stock, together with the
associated Rights. The information set forth in the
Offer to Purchase under "Introduction" is
incorporated herein by reference.
(c) The information set forth in the Offer to Purchase
under Section 6 ("Price Range of Shares; Dividends"
and Section 13 "Dividends and Distributions") is
incorporated herein by reference.
ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSON.
(a),(b), (c) (1, 2, 5) This Statement is being filed by Purchaser and ISP.
The information set forth in the Offer to Purchase
under "Introduction", in Section 9 ("Certain
Information Concerning Purchaser and ISP") and in
Schedules I and II to the Offer to Purchase is
incorporated herein by reference.
(c) (3, 4) During the last five years, none of Purchaser, ISP
or, to the best of their knowledge, any of the
persons listed in Schedules I and II to the Offer to
Purchase (i) has been convicted in a criminal
proceeding (excluding traffic violations or similar
misdemeanors) or (ii) was a party to a civil
proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or
final order enjoining further violations of or
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<PAGE>
prohibiting activities subject to federal or state
securities laws or finding any violation with respect
to such laws.
ITEM 4. TERMS OF THE TRANSACTION.
(a) (1) (i-viii, xii),
(a) (2) (i-iv,vii). The information set forth in the Offer to Purchase
under "Introduction", Section 1 ("Terms of the Offer;
Expiration Date"), Section 2 ("Acceptance for Payment
and Payment"), Section 3 ("Procedures for Accepting
the Offer and Tendering Shares"), Section 4
("Withdrawal Rights"), Section 5 ("Certain Federal
Income Tax Consequences"), Section 11 ("Purpose of
the Offer and the Proposed Merger; Plans for
Dexter"), Section 14 ("Certain Conditions of the
Offer"), and Section 15 ("Certain Legal Matters;
Required Regulatory Approvals") is incorporated
herein by reference.
(a) (1) (ix) Not applicable.
(a) (1) (x) Not applicable.
(a) (1) (xi) Not applicable.
(a) (2) (v) Not applicable.
(a) (2) (vi) Not applicable.
ITEM 5. PAST CONTRACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS.
(a) No transactions, other than those described in
paragraph (b), have occurred during the past two
years between the filing person and Dexter or any of
its affiliates that are not natural persons.
(b) The information set forth in the Offer to Purchase
under "Introduction", Section 10 ("Background of the
Offer; Contacts with Dexter"), Schedule II and
Section 11 ("Purpose of the Offer and the Proposed
Merger; Plans for Dexter") is incorporated herein by
reference.
ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OF PROPOSALS.
(a) The information set forth in the Offer to Purchase
under "Introduction", Section 10 ("Background of the
Offer; Contacts with Dexter"), Schedule III and
Section 11 ("Purpose of the Offer and the Proposed
Merger; Plans for Dexter") is incorporated herein by
reference.
(c) The information set forth in the Offer to Purchase
under "Introduction", Section 10 ("Background of the
Offer; Contacts with Dexter"), Schedule III, Section
11 ("Purpose of the Offer and the Proposed Merger;
Plans for Dexter"), Section 13 ("Dividends and
Distributions") and Section 7 ("Effect of the Offer
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<PAGE>
on the Market for the Shares; Stock Exchange Listing;
Exchange Act Registration; Margin Regulations") is
incorporated herein by reference.
ITEM 7. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
(a), (b), (d) The information set forth in the Offer to Purchase
under Section 12 ("Source and Amount of Funds") is
incorporated herein by reference.
ITEM 8. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
(a), (b) The information set forth in the Offer to Purchase
under "Introduction", Section 9 ("Certain Information
Concerning Purchaser and ISP"), Section 10
("Background of the Offer; Contacts with Dexter"),
Schedule III and Section 11 ("Purpose of the Offer
and the Proposed Merger; Plans for Dexter") is
incorporated herein by reference.
ITEM 9. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED.
(a) The information set forth in the Offer to Purchase
under "Introduction" and Section 16 ("Certain Fees
and Expenses") is incorporated herein by reference.
ITEM 10. FINANCIAL STATEMENTS.
(a), (b) The information set forth in the Offer to Purchase
under Section 9 ("Certain Information Concerning
Purchaser and ISP") is incorporated herein by
reference.
ITEM 11. ADDITIONAL INFORMATION.
(a) The information set forth in the Offer to Purchase
under "Introduction", Section 7 ("Effect of the Offer
on the Market for the Shares, Stock Exchange Listing;
Exchange Act Registration; Margin Regulations"),
Section 11 ("Purpose of the Offer and the Proposed
Merger; Plans for Dexter") and Section 15 ("Certain
Legal Matters; Required Regulatory Approvals") is
incorporated herein by reference.
(b) The information set forth in the Offer to Purchase
and the related Letter of Transmittal, copies of
which are filed as Exhibits (a) (1) (A) and (a) (1)
(B) hereto, respectively, is incorporated herein by
reference.
ITEM 12. EXHIBITS.
(a) (1) (A) Offer to Purchase, dated June 26, 2000.
(a) (1) (B) Letter of Transmittal.
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<PAGE>
(a) (1) (C) Notice of Guaranteed Delivery.
(a) (1) (D) Form of letter from Chase Securities Inc. to Brokers,
Dealers, Commercial Banks, Trust Companies and
Nominees.
(a) (1) (E) Form of letter to clients for use by Brokers,
Dealers, Commercial Banks, Trust Companies and
Nominees.
(a) (1) (F) Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9.
(a)(1)(G) Press release issued by International Specialty
Products Inc., dated June 26, 2000, announcing the
commencement of the Offer.
(a)(1)(H) Summary Advertisement, dated June 26, 2000, appearing
in the New York Times.
(b) Commitment Letter, dated June 20, 2000, among The
Chase Manhattan Bank, Chase Securities Inc. and ISP
Opco Holdings Inc.
(d) Confidentiality Agreement, dated February 22, 2000,
between Dexter Corporation and International
Specialty Products Inc.
(g) Not applicable.
ITEM 13. INFORMATION REQUIRED BY SCHEDULE 13E-3.
Not applicable.
9
<PAGE>
SIGNATURES
After due inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
ISP ACQUISITION CORP.
By: /s/ Randall R. Lay
-------------------------------------------
Name: Randall R. Lay
Title: Executive Vice President and
Chief Financial Officer
INTERNATIONAL SPECIALTY PRODUCTS INC.
By: /s/ Randall R. Lay
-------------------------------------------
Name: Randall R. Lay
Title: Executive Vice President and
Chief Financial Officer
Dated: June 26, 2000
10
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
---------- -----------
(a) (1) (A) Offer to Purchase, dated June 26, 2000.
(a) (1) (B) Letter of Transmittal.
(a) (1) (C) Notice of Guaranteed Delivery.
(a) (1) (D) Form of letter from Chase Securities Inc. to Brokers,
Dealers, Commercial Banks, Trust Companies and
Nominees.
(a) (1) (E) Form of letter to clients for use by Brokers,
Dealers, Commercial Banks, Trust Companies and
Nominees.
(a) (1) (F) Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9.
(a)(1)(G) Press release issued by International Specialty
Products Inc., dated June 26, 2000, announcing the
commencement of the Offer.
(a)(1)(H) Summary Advertisement, dated June 26, 2000, appearing
in the New York Times.
(b) Commitment Letter, dated June 20, 2000, among The
Chase Manhattan Bank, Chase Securities Inc. and ISP
Opco Holdings Inc.
(d) Confidentiality Agreement, dated February 22, 2000,
between Dexter Corporation and International
Specialty Products Inc.
(g) Not applicable.
11
