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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Schedule 14D-1
(Amendment No. 3)
Tender Offer Statement Pursuant to Section 14(d)(1)
Of the Securities Exchange Act of 1934
and
Schedule 13D
(Amendment No. 1)
Under the Securities Exchange Act of 1934*
---------------------------
ALBA-WALDENSIAN, INC.
(Name of Subject Company)
---------------------------
AWS ACQUISITION CORP.
a wholly-owned subsidiary of
TEFRON U.S. HOLDINGS CORP.
a wholly-owned subsidiary of
TEFRON LTD.
(Bidders)
Common Stock, par value $2.50 per share
(Title of Class of Securities)
--------------------------
012041109
(CUSIP Number of Class of Securities)
ARIE WOLFSON, PRESIDENT
AWS ACQUISITION CORP.
C/O TEFRON LTD.
28 CHIDA STREET
BNEI-BRAK, 51371, ISRAEL
011-972-3-579-8701
(Names, Addresses and Telephone Numbers of Persons Authorized
to Receive Notices and Communications on Behalf of Bidders)
With copies to:
Morton A. Pierce, Esq.
Douglas L. Getter, Esq.
Dewey Ballantine LLP
1301 Avenue of the Americas
New York, New York 10019
(212) 259-8000
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*This Amendment No. 3 to Schedule 14D-1 also constitutes Amendment No. 1 to the
statement on Schedule 13D of AWS Acquisition Corp., Tefron U.S. Holdings Corp.
and Tefron Ltd. with respect to the shares of common stock, par value $2.50 per
share of Alba-Waldensian, Inc. beneficially owned by AWS Acquisition Corp.,
Tefron U.S. Holdings Corp. and Tefron Ltd.
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CUSIP No. 012041109 SCHEDULE 13D Page 2 of 6 Pages
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
AWS Acquisition Corp.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
BK, AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES --------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 3,136,679
EACH --------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,136,679
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,136,679
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
96.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
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CUSIP No. 012041109 SCHEDULE 13D Page 3 of 6 Pages
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Tefron U.S. Holdings, Corp.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
BK, AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES --------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 3,136,679
EACH --------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,136,679
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,136,679
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
96.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
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CUSIP No. 012041109 SCHEDULE 13D Page 4 of 6 Pages
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Tefron Ltd.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
BK, WC
- --------------------------------------------------------------------------------
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
Israel
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES --------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 3,136,679
EACH --------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,136,679
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,136,679
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
96.6%
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14 TYPE OF REPORTING PERSON
CO
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AWS Acquisition Corp., a Delaware corporation (the "Purchaser") and
wholly-owned subsidiary of Tefron U.S. Holdings Corp., a Delaware corporation
("Parent") and wholly-owned subsidiary of Tefron Ltd. ("Tefron"), a company
organized under the laws of the State of Israel, Parent and Tefron hereby amend
and supplement their (i) Tender Offer Statement on Schedule 14D-1, as amended,
(the "Schedule 14D-1") relating to the offer by Tefron, the Purchaser and Parent
to purchase all of the outstanding shares of common stock, par value $2.50 per
share (the "Shares"), of Alba-Waldensian, Inc., a Delaware corporation (the
"Company") and (ii) statement on Schedule 13D with respect to the Shares
beneficially owned by Purchaser, Parent and Tefron. Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the
Schedule 14D-1 or the Offer to Purchase filed as an exhibit thereto.
Item 4. Source and Amount of Funds or other Consideration.
The information set forth in Item 4(b) is hereby amended and
restated by the following:
The second paragraph set forth in the Offer to Purchase under
caption "12. Source and Amount of Funds." is hereby amended by deleting the
fourth sentence and inserting the following in lieu thereof:
The Credit Agreement further provides that after the Effective Time,
a seven year term loan facility (the "Term Loan Facility") of up to
$65.5 million, which is to be drawn down as a single borrowing at the
Effective Time, and a one year revolving loan facility of up to $5
million (the "Revolving Facility") will be used to repay the Tender
Offer Facility and to purchase the remaining Shares in connection
with the Merger.
Item 6. Interest in Securities of the Subject Company.
Item 6 is hereby amended to add the following:
At 12:00 midnight, New York City time, on December 13, 1999, the Offer
expired. Following expiration of the Offer, Purchaser accepted for payment all
Shares validly tendered and not withdrawn pursuant to the Offer. Purchaser has
been informed by the Depositary that, after giving effect to 45,200 Shares
tendered pursuant to the guaranteed delivery procedures, 3,136,679 Shares,
representing approximately 96.6% of the outstanding Shares, were validly
tendered and not withdrawn pursuant to the Offer.
Item 10. Additional Information
Item 10 is hereby amended to add the following:
Pursuant to the Merger Agreement, the Purchaser intends to effect the
Merger in which each remaining Share (other than Shares held by the Company or
any subsidiary of the Company, each Share that is owned by Parent or Purchaser,
and Shares with respect to which appraisal rights have been properly exercised)
will be converted into the right to receive $18.50 in cash, without interest
thereon.
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A press release issued by Parent is filed as Exhibit (a) (9) and is
incorporated herein by reference.
Item 11. Material to be Filed as Exhibits.
Item 11 is hereby amended by adding the following exhibit:
(a)(9) Press Release, dated December 14, 1999, issued by
Tefron Ltd.
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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: December 14, 1999
AWS ACQUISITION CORP.
By: /s/ Arie Wolfson
-------------------------------
Name: Arie Wolfson
Title: President
By: /s/ Micha Korman
-------------------------------
Name: Micha Korman
Title: Vice President
TEFRON U.S. HOLDINGS, INC.
By: /s/ Arie Wolfson
-------------------------------
Name: Arie Wolfson
Title: President
By: /s/ Micha Korman
-------------------------------
Name: Micha Korman
Title: Vice President
TEFRON LTD.
By: /s/ Arie Wolfson
-------------------------------
Name: Arie Wolfson
Title: President
By: /s/ Micha Korman
-------------------------------
Name: Micha Korman
Title: Chief Financial Officer
7
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Exhibit 99 (a) (9)
[TEFRON LOGO]
FOR IMMEDIATE RELEASE
TEFRON ANNOUNCES SUCCESSFUL COMPLETION OF
TENDER FOR ALBA-WALDENSIAN
BNEI-BRAK, ISRAEL and VALDESE, N.C. December 14, 1999 -- Tefron Ltd. (NYSE: TFR)
and Alba-Waldensian, Inc. (AMEX: AWS) today announced the successful completion
of the tender by Tefron's wholly-owned subsidiary, AWS Acquisition Corp. for all
outstanding shares of Alba-Waldensian, at $18.50 per share. Tefron and
Alba-Waldensian announced the terms of the offer on November 12, 1999.
The transaction which joins together Tefron, one of the world's leading
producers of seamless intimate apparel, and Alba-Waldensian, a leading US
manufacturer of seamless apparel and a manufacturer of healthcare products,
significantly reinforces Tefron's position as a leader in the market for
seamless intimate apparel.
Commenting, Sigi Rabinowicz, Chief Executive Officer of Tefron said, "We are
delighted by the successful completion of the tender offer. As we described last
month, Alba brings significant assets to Tefron including significant additional
production capacity, a presence in the United States, direct store distribution
capability, an attractive customer base and, of course, incremental revenues.
The resulting company will begin the new millennium with a combined annualized
revenue run rate of almost a quarter of a billion dollars, a long list of the
world's most prestigious customers, including several new customers announced
recently, and global manufacturing capabilities. This strong base will allow us
to better address the enormous and growing demand for seamless intimate apparel
and position us to better serve our customers.
The tender offer expired at 12:00 midnight, Eastern Standard time, on Monday,
December 13, 1999. Following expiration of the Offer, AWS Acquisition Corp.
accepted for payment all shares validly tendered and not withdrawn pursuant to
the Offer. Tefron has been advised by the depositary for the Offer that as of
the expiration of the Offer 3,136,679 shares of Alba-Waldensian were validly
tendered and now withdrawn (including 45,200 shares tendered pursuant to the
procedures for guaranteed delivery), representing 96.6% of total shares
outstanding. Tefron plans to acquire the remaining Alba-Waldensian shares at
$18.50 per share through a cash merger of AWS Acquisition Corp. into
Alba-Waldensian, expected to be completed shortly.
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[GRAPHIC OMITTED]
TEFRON LTD.
Head Office: 28 CHIDA St. Bnei-Brak 51371 ISRAEL
TEL. 972-3-5978701 FAX. 972-3-5798715
Plant: IND. Center Teradyon P.O. Box 1365 Misgav 20179 ISRAEL
TEL. 972-4-9900000 FAX. 972-4-9990051/3/5
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-2-
The waiting period under the Hart-Scott-Rodino Anti-Trust Improvements Act
applicable to the acquisition of Alba-Waldensian by a subsidiary of Tefron,
expired on November 27, 1999, as previously reported.
Tefron manufactures boutique-quality everyday seamless intimate apparel sold
throughout the world by such name-brand marketers as Victoria's Secret, Gap,
Banana Republic, DIM, Cacharet, Schiesser, the Benetton Group, B.H.S., as well
as two other well known American designer labels. The Company's product line
includes knitted briefs, tank tops, loungewear, nightwear, bras, T-shirts and
bodysuits, primarily for women.
This press release contains certain forward-looking statements with respect to
the Company's business, financial condition and results of operations. These
forward looking statements are subject to risks and uncertainties that could
cause actual results to differ materially from those contemplated in such
forward-looking statements, including, but not limited to, fluctuations in
product demand, economic conditions as well as certain other risks detailed from
time to time in the Company's filings with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
# # #
Contact:
Mr. Sigi Rabinowicz, CEO
Tefron Limited
Telephone: 972-3-579-8701
Fax: 972-3-579-8715
Ms. Jennifer Leavitt
Taylor Rafferty Associates
Telephone: 212-889-4350
Fax: 212-683-2614
Email: [email protected]
