SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 3
to
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Safety-Kleen Corp.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
78648R
(CUSIP Number)
Ivan R. Cairns
Senior Vice-President & General Counsel
Laidlaw Inc.
3221 North Service Road
Burlington, Ontario L7R 3Y8
(905)-336-1800
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 13, 1999
(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 which
is the subject of this Schedule 13D, and is filing this
statement because of Rule 13d-1(b)(3) or (4), check the
following box: [ ]
Check the following box if a fee is being paid
with the statement: [ ]
Page 1 of 6 Pages
<PAGE>
CUSIP Number 78648R Page 2 of 6 Pages
SCHEDULE 13D
- ------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LAIDLAW INC.
NOT APPLICABLE - CANADIAN
- ------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP*
(a) [ X ] (b) [ ]
- ------------- -----------------------------------------------------------------
3 SEC USE ONLY
- ------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
- ------------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E)
- ------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
CANADA
- ------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
0
SHARES ---------- ---------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 43,846,287*
---------- ---------------------------------------------------
OWNED BY EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING ---------- ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON WITH 43,846,287*
- ------------- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- ------------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- ------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
- ------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ------------- -----------------------------------------------------------------
*Laidlaw Inc. may be deemed to be the beneficial owner of the Common Shares
beneficially owned by Laidlaw Finance (Barbados) Ltd. Such securities have
been included in rows 8 and 10 but excluded from row 11 to avoid double
counting of the aggregate number of Common Shares owned by the Reporting
Persons.
<PAGE>
CUSIP Number 78648R Page 3 of 6 Pages
SCHEDULE 13D
- ------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LAIDLAW INVESTMENTS LTD.
NOT APPLICABLE - ONTARIO
- ------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP*
(a) [ X ] (b) [ ]
- ------------- -----------------------------------------------------------------
3 SEC USE ONLY
- ------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
- ------------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E)
- ------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
ONTARIO
- ------------- -----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
---------- ---------------------------------------------------
SHARES
8 SHARED VOTING POWER
BENEFICIALLY 43,846,287*
---------- ---------------------------------------------------
OWNED BY EACH
9 SOLE DISPOSITIVE POWER
REPORTING 0
---------- ---------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
43,846,287*
- ------------- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- ------------- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- ------------- -----------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
- ------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ------------- -----------------------------------------------------------------
*Laidlaw Investments Ltd. may be deemed to be the beneficial owner of the
Common Shares beneficially owned by Laidlaw Finance (Barbados) Ltd. Such
securities have been included in rows 8 and 10 but excluded from row 11 to
avoid double counting of the aggregate number of Common Shares owned by the
Reporting Persons.
<PAGE>
CUSIP Number 78648R Page 4 of 6 Pages
SCHEDULE 13D
- ------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LAIDLAW FINANCE (BARBADOS) LTD.
NOT APPLICABLE - BARBADOS
- ------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP*
(a) [ x ] (b) [ ]
- ------------- -----------------------------------------------------------------
3 SEC USE ONLY
- ------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
- ------------- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E)
- ------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
BARBADOS
- ------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
43,846,287
SHARES ---------- ---------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 0
---------- ---------------------------------------------------
OWNED BY EACH 9 SOLE DISPOSITIVE POWER
43,846,287
REPORTING ---------- ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON WITH 0
- ------------- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
43,846,287
- ------------- ---------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
- ------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.6%
- ------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ------------- -----------------------------------------------------------------
<PAGE>
CUSIP Number 78648R Page 5 of 6 Pages
This Amendment No. 3 to the Schedule 13D (the "Schedule 13D")
filed by Laidlaw Inc. with respect to Shares of Common Stock of Safety-Kleen
Corp. ("Safety-Kleen") hereby amends and supplements the Schedule 13D as set
forth below. All capitalized terms used and not otherwise defined herein have
the meanings ascribed to them in the Schedule 13D, as amended and supplemented.
Item 1. Security and Issuer
-------------------
This statement relates to the Common Stock, par value $1.00 per
share of Safety-Kleen, formerly Laidlaw Environmental Services, Inc., the
principal executive offices of which are: 1301 Gervais Street, Columbia, SC
29201.
Item 4. Purpose of transaction
----------------------
Item 4 is hereby amended and supplemented by adding the
following:
Laidlaw has announced that it plans to actively seek a buyer for
its 44% common equity interest in Safety-Kleen.
Item 7. Material to be filed as exhibits
--------------------------------
Item 7 is hereby amended and supplemented by adding the
following:
Exhibit F: Press Release issued September 13, 1999.
<PAGE>
CUSIP Number 78648R Page 6 of 6 Pages
SIGNATURE
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.
LAIDLAW INC.
By: /s/ Ivan R. Cairns
------------------------
Ivan R. Cairns
Senior Vice-President
& General Counsel
LAIDLAW INVESTMENTS LTD.
By: /s/ Ivan R. Cairns
------------------------
Ivan R. Cairns, Senior Vice-President
LAIDLAW FINANCE (BARBADOS) LTD.
By: /s/ Jeffrey Cassell
------------------------
Jeffrey Cassell, Director
<PAGE>
Exhibit F
Laidlaw To Focus On Bus Passenger Transportation;
Exit U.S. Healthcare Industry through
Divestiture of American Medical Response and EmCare
Burlington, Ontario...September 13, 1999. Laidlaw Inc. (NYSE:LDW; TSE and
ME:LDM) has announced it plans to focus on its highly successful bus passenger
transportation businesses and divest its U.S. healthcare operations. As well,
the company plans to actively seek a buyer for its 44% common equity interest in
Safety-Kleen Corp. (NYSE:SK), the Columbia, South Carolina-based industrial
services provider.
Laidlaw is the largest bus company in North America and has significant
opportunities for further growth. With the company's current stock price
providing little or no recognition of the substantial underlying value of its
healthcare businesses, the company believes shareholder value will be better
served by proactively taking steps to realize value for those businesses and
dedicating the company's resources to enhancing its intercity, school and
municipal bus operations.
Laidlaw's healthcare operations consist of American Medical Response and EmCare.
American Medical Response is the largest provider of emergency and non-emergency
ambulance services in the U.S. with estimated fiscal 1999 revenue of $1 billion.
EmCare is a leading U.S. provider of physician practice management services in
hospital emergency departments with estimated fiscal 1999 revenue of $475
million.
As a result of this changed strategy, effective with the reporting of its fiscal
year ended August 31, 1999, the company will reflect results from its ambulance
and emergency department management services as discontinued operations held for
divestiture. Sales of the healthcare businesses and the interest in Safety-Kleen
are expected to take place over the next six to twelve months and realize net
proceeds in excess of $2 billion. These funds will be used to substantially
reduce the company's debt and support the growth of Laidlaw's core bus
transportation businesses. The company will provide for an anticipated book loss
on the sale of its healthcare businesses of approximately $1 billion ($3.03 per
share) at its 1999 fiscal year end. The gain to be achieved in the sale of its
interest in Safety-Kleen will be recorded at the time such sale occurs. Laidlaw
has engaged Merrill Lynch & Co., Inc. to assist the company in these
divestitures.
Commenting on the new strategy, Laidlaw's president & CEO, James R. Bullock,
said,
"Obviously, the past year in the U.S. healthcare industry has been
extremely difficult for all participants, including Laidlaw. Although
the restructuring of American Medical Response, which began in early
spring, is taking hold and will deliver improving results, we do not
believe AMR and EmCare have been or will be attributed appropriate
value as part of Laidlaw's business portfolio.
"Selling these assets will unlock value not presently reflected in our
share price, dramatically improve our balance sheet and provide us with
the liquidity for expansion opportunities in our bus businesses. The
Laidlaw story will be greatly simplified as we focus on expanding our
position as North America's largest provider of specialty bus
services."
Laidlaw is North America's largest provider of school busing, intercity and
municipal transit, patient transportation and emergency department management
services.
This news release contains forward-looking statements that involve a number of
risks and uncertainties. Among the important factors that could cause actual
results to differ materially from those indicated by such forward-looking
statements are competitive pressures, changes in pricing policies, business
conditions in the marketplace, general economic conditions and the risk factors
detailed from time to time in the company's periodic reports and registration
statements filed with the Securities and Exchange Commission.
- 30 -
Contact: 800-563-6072
Laidlaw Inc.
J.R. Bullock President & CEO ext. 201
T.A.G. Watson Vice President, Communications ext. 309
Website: www.laidlaw.com
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