SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.1)
MedQuist Inc.
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(Name of Issuer)
Common Stock, No Par Value
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(Title of Class of Securities)
584949101
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(CUSIP Number)
Stephen M. Kotran, Esq.
Sullivan & Cromwell
125 Broad Street
New York, New York 10004-2498
(212) 558-4000
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 28, 2000
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(Date of Event which Requires Filing of this Statement)
If a 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- 1(g), check
the following box [ ].
<PAGE>
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CUSIP NO. 584949101
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1. NAME OF REPORTING PERSON
Koninklijke Philips Electronics N.V.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
222531298
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
OO
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
[ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
The Netherlands
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7. SOLE VOTING POWER
NUMBER OF 23,400,086
SHARES --------------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 1,910,974
EACH --------------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 23,400,086
WITH --------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
1,910,974
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
25,311,060
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
62.2%
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14. TYPE OF REPORTING PERSON
CO
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<PAGE>
This Amendment No. 1 to Schedule 13D relates to the Schedule 13D filed
on June 6, 2000 with respect to the Shares of MedQuist Inc. (the "Issuer") by
Koninklijke Philips Electronics N.V.("Royal Philips"), a corporation
incorporated under the laws of the Netherlands. Unless otherwise defined herein,
all capitalized terms used herein shall have the meanings ascribed to them in
the original Schedule 13D.
Item 1. Security and Issuer.
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No Change.
Item 2. Identity and Background.
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Item 2 is hereby amended and supplemented as follows:
(a)-(c); (f). No Change.
(d)-(e). During the last five years, neither Royal Philips, nor, to the
best of its knowledge, any person listed in Schedule I has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
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 future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
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Item 3 is hereby amended and supplemented as follows:
Royal Philips presently intends to finance the purchases with its cash
position and cash flow from existing businesses.
Item 4. Purpose of the Transaction.
--------------------------
Item 4 is hereby amended and supplemented as follows:
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<PAGE>
On July 28, 2000, Royal Philips announced that it may from time to time
purchase additional Shares of the Issuer. Such purchases would depend on market
conditions and other factors, and would be made through open market purchases or
privately negotiated transactions. Under the terms of the Governance Agreement,
Royal Philips is currently permitted to acquire up to seventy five percent (75%)
of the outstanding Shares of the Issuer on a fully diluted basis.
Item 5. Interest in Securities of Issuer.
--------------------------------
Item 5 is hereby amended and supplemented as follows:
(a). As of the date hereof, Royal Philips beneficially owns 25,311,060
Shares, which constitutes approximately 62.2% of the outstanding Shares on a
fully diluted basis.
(b). Royal Philips has sole voting and dispositive power over
23,400,086 Shares of the Issuer and has shared voting and/or dispositive power
over 1,910,974 Shares of the Issuer.
(c). On July 7, 2000, Royal Philips acquired 22,250,327 Shares of the
Issuer at a price of $51 per Share, pursuant to the terms and conditions of the
Tender Offer Agreement. Between July 12, 2000 and July 20, 2000, Royal Philips
acquired an additional 1,149,459 Shares of the Issuer at a price of $51 per
Share, pursuant to the terms and conditions of the Shareholder Agreements.
None of the persons listed in Schedule I beneficially owns or has the
right to acquire any Shares or has engaged in any transaction in the Shares in
the past 60 days.
This Item 5 is qualified in its entirety by reference to the Tender
Offer Agreement and the Shareholder Agreements which were filed as Exhibits to
Schedule 13D and are hereby incorporated by reference.
Item 6. Contracts, Arrangements, Understandings
or Relationships with Respect to
Securities of the Issuer.
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No Change.
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<PAGE>
Item 7. Material to be Filed as Exhibits
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Exhibit Description
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1 Press Release by Royal Philips, dated
July 28, 2000.
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<PAGE>
SIGNATURES
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After reasonable 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.
Date: July 28, 2000
KONINKLIJKE PHILIPS ELECTRONICS N.V.
By: /s/ ADRI BAAN
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Name: Adri Baan
Title: Executive Vice President
Royal Philips Electronics.
By: /s/ JAN H.M. HOMMEN
---------------------------------
Name: Jan H.M. Hommen
Title: Executive Vice President
Royal Philips Electronics.
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