================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 11)
------------------------------
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 1, 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:\907735\01\JG#V01!.DOC\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. 11 ("Amendment No. 11") 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, and Amendment No. 10 filed on April 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 May 1, 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 is terminating further discussions
with Dexter and continuing its proxy contest so that Dexter
shareholders can decide for themselves how to best realize
shareholder values.
The reasons for this are as follows:
First, your representatives have indicated that ISP's most recent
offer is unacceptable, both as to price and a number of contract
terms. As you know, we consider our recent offer (which by its own
terms has expired) to have been a very fair and full one and tried to
meet with your advisors and lawyers over the April 22-23 weekend to
try and consummate a transaction, but your people refused to meet;
Second, despite the continued optimistic, public prognostications of
Dexter and its representatives -- 29 interested parties, results of
first stage of sale program "very positive," and "we expect to be in
a position to make a definitive announcement in the next few weeks or
so" (April 2nd statement) -- Dexter has failed over the last four
months to provide shareholders with a creditable alternative to our
proposals for the Company;
Finally, although ISP suggested that Dexter demonstrate additional
value, if it could, by providing information with respect to third
party interest in Life Technologies, no such information has been
forthcoming. While it was constructive for Dexter to have facilitated
our contact with a third party interested in acquiring Life
Technologies, presumably with a view toward assisting us in creating
additional value for Dexter shareholders, based upon the most
preliminary of discussions with the third party's advisors, there is
little reason to believe that this avenue will prove fruitful. You
should know that we intend now to deal directly with interested
5
<PAGE>
parties for Life Technologies, with a view toward determining what
makes the most sense, while at the same time continuing our proxy
contest.
Sincerely,
/s/ Samuel J. Heyman
[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 1, 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
