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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(D)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
AND
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
AMENDMENT NO. 1
(FINAL AMENDMENT)
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CORNERSTONE NATURAL GAS, INC.
(NAME OF SUBJECT COMPANY)
THE EL PASO COMPANY
EL PASO FIELD SERVICES COMPANY
EL PASO NATURAL GAS COMPANY
(BIDDERS)
COMMON STOCK, $0.10 PAR VALUE
(TITLE OF CLASS OF SECURITIES)
00021922D102
(CUSIP NUMBER OF CLASS OF SECURITIES)
BRITTON WHITE, JR.
EL PASO NATURAL GAS COMPANY
ONE PAUL KAYSER CENTER
100 NORTH STANTON STREET
EL PASO, TX 79901
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO
RECEIVE NOTICES AND COMMUNICATIONS ON BEHALF OF BIDDERS)
Copies to:
GARY P. COOPERSTEIN, ESQ.
FRIED, FRANK, HARRIS, SHRIVER & JACOBSON
ONE NEW YORK PLAZA
NEW YORK, NEW YORK 10004 - 1980
(212) 859-8128
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The El Paso Company
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCES OF FUNDS (SEE INSTRUCTIONS)
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(e) OR 2(f). [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,296,769 shares.
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 7 EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) [ ]
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 7
98.2%.
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10 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
El Paso Field Services Company
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [x]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCES OF FUNDS (SEE INSTRUCTIONS)
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(e) OR 2(f). [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,296,769 shares.
- --------------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 7 EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) [ ]
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 7
98.2%.
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10 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
El Paso Natural Gas Company
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCES OF FUNDS (SEE INSTRUCTIONS)
WC, BK
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(e) OR 2(f). [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,296,769 shares.
- --------------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 7 EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) [ ]
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 7
98.2%.
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10 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
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This Amendment No. 1 and Final Amendment supplements and amends the Schedule
14D-1/13D Tender Offer Statement (the "Schedule 14D-1/13D") relating to a
tender offer (the "Offer") by The El Paso Company, a Delaware corporation, and
an indirect wholly owned subsidiary of El Paso Natural Gas Company, each a unit
of El Paso Energy Corporation, to purchase all outstanding shares of common
stock, par value $0.10 per share, of Cornerstone Natural Gas, Inc., a Delaware
corporation, at a purchase price of $6.00 per Share, net to the seller in cash,
without interest.
ITEM 10. ADDITIONAL INFORMATION.
Item 10(f) of the Schedule 14D-1/13D is hereby supplemented and amended by
adding the following:
On May 28, 1996, El Paso Energy Corporation issued a press
release, a copy of which is filed as Exhibit (a)(12) to the
Schedule 14D-1/13D and which is incorporated herein by reference.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
Item 11 of the Schedule 14D-1/13D is hereby supplemented and amended by
adding the following exhibit:
99.(a)(12) Press release issued by El Paso Energy Corporation on
May 28, 1996, announcing the completion and results of
the Offer.
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SIGNATURE
After due inquiry and to the best of its knowledge and belief, each of the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: May 28, 1996
THE EL PASO COMPANY
By: /s/ Robert G. Phillips
-----------------------------------
Name: Robert G. Phillips
Title: Senior Vice President
EL PASO FIELD SERVICES COMPANY
By: /s/ Robert G. Phillips
-----------------------------------
Name: Robert G. Phillips
Title: President and Chief
Executive Officer
EL PASO NATURAL GAS COMPANY
By: /s/ H. Brent Austin
-----------------------------------
Name: H. Brent Austin
Title: Executive Vice President and
Chief Financial Officer
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EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT DESCRIPTION
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<S> <C>
99.(a)(12) Press Release issued by El Paso Energy Corporation on May 28,
1996, announcing the completion and results of the Offer.
</TABLE>
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EXHIBIT 99(a)(12)
El Paso Energy Corporation Completes
Tender Offer For Cornerstone Natural Gas, Inc.
El Paso, Houston and Dallas, Texas, May 28, 1996 - El Paso Energy
Corporation (NYSE:EPG) announced today that a subsidiary of El Paso Energy, The
El Paso Company, has completed its $6.00 per share cash tender offer for all of
the outstanding shares of common stock of Cornerstone Natural Gas, Inc. (AMEX:
CGA).
El Paso Energy has been advised by The First National Bank of Boston,
the depositary for the tender offer, that as of the expiration of the tender
offer, there were validly tendered and not withdrawn 12,296,769 shares of
Cornerstone common stock (including 161,088 shares tendered by means of
guaranteed delivery) or approximately 98% of the outstanding shares. The offer
expired at 12:00 midnight, New York City time, on Friday, May 24, 1996. The El
Paso Company has accepted for payment all such shares validly tendered
according to the terms of the tender offer and will pay for such shares
promptly. In addition, The El Paso Company has today exercised its option to
acquire warrants to purchase 2,564,103 shares of Cornerstone common stock.
El Paso Energy intends to complete the merger of The El Paso Company
with and into Cornerstone as promptly as practicable. In the merger, each
Cornerstone share not acquired in the tender offer will be converted into the
right to receive $6.00 in cash.
El Paso Energy, through El Paso Natural Gas Company, El Paso Field
Services and El Paso Energy Marketing, provides natural gas transmission,
gathering and processing services and nationwide natural gas and power
marketing services.
Cornerstone is engaged in natural gas pipeline and processing
operations in Texas and Louisiana which include the purchasing, gathering,
treating, transportation and marketing of natural gas and the recovery and
marketing of natural gas liquids.
Contacts: El Paso Energy Corporation
Ms. Norma F. Dunn (915) 541-5443
Vice President, Investor, Government & Public Relations
Cornerstone Natural Gas, Inc.
Mr. Robert Cavnar (214) 691-5536
Chief Financial Officer
