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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(AMENDMENT NO. 20)
THE LIMITED, INC.
(Name of Issuer)
COMMON STOCK, $0.50 PAR VALUE 532716-10-7
(Title of class of securities) (CUSIP number)
RAYMOND O. GIETZ, ESQ.
WEIL, GOTSHAL & MANGES LLP
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153
(212) 310-8000
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(Name, address and telephone number of person authorized to
receive notices and communications)
JUNE 23, 1999
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(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 Rules 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box [_].
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#685788 v1.
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<TABLE>
<CAPTION>
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CUSIP No. 532716-10-7 Page 2
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<S> <C>
1 NAME OF REPORTING PERSON: Leslie H. Wexner
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- -------------- ----------------------------------------------------------------------------------------------------- -------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
- -------------- ----------------------- -------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
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NUMBER OF 7 SOLE VOTING POWER: 42,099,299
SHARES
----- -------------------------------------- -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 16,058,317
OWNED BY
----- -------------------------------------- -------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 42,640,697
REPORTING
----- -------------------------------------- -------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 16,058,317
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 58,699,014
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [X]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 27.3%
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14 TYPE OF REPORTING PERSON: IN
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SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 532716-10-7 Page 3
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1 NAME OF REPORTING PERSON: The Wexner Foundation
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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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
- -------------- ----------------------- -------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Ohio
- ---------------------- ------ -------------------------------------- -------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 708,317
SHARES
------ -------------------------------------- -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: -0-
OWNED BY
------ -------------------------------------- -------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 708,317
REPORTING
------ -------------------------------------- -------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 708,317
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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): 0.3%
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14 TYPE OF REPORTING PERSON: OO
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SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 532716-10-7 Page 4
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1 NAME OF REPORTING PERSON: Health and Science Interests II
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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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
- -------------- ----------------------- -------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Ohio
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NUMBER OF 7 SOLE VOTING POWER: 350,000
SHARES
----- -------------------------------------- -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: -0-
OWNED BY
----- -------------------------------------- -------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 350,000
REPORTING
----- -------------------------------------- -------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 350,000
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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): 0.2%
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14 TYPE OF REPORTING PERSON: OO
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SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 532716-10-7 Page 5
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1 NAME OF REPORTING PERSON: The Wexner Children's Trust
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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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
- -------------- ----------------------- -------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Ohio
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NUMBER OF 7 SOLE VOTING POWER: 18,750,000
SHARES
------- ------------------------------------ ----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: -0-
OWNED BY
------- ------------------------------------ ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 18,750,000
REPORTING
------- ------------------------------------ ----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 18,750,000
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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): 8.8%
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14 TYPE OF REPORTING PERSON: OO
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SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 532716-10-7 Page 6
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1 NAME OF REPORTING PERSON: Harry, Hannah, David and Sarah Wexner Trust
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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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: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Ohio
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NUMBER OF 7 SOLE VOTING POWER: 5,000,000
SHARES
------ ---------------------------------- -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: -0-
OWNED BY
------ ---------------------------------- -------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 5,000,000
REPORTING
------ ---------------------------------- -------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 5,000,000
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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): 2.3%
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14 TYPE OF REPORTING PERSON: OO
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SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 532716-10-7 Page 7
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1 NAME OF REPORTING PERSON: ASW Holdings, Inc.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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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: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
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NUMBER OF 7 SOLE VOTING POWER: 10,000,000
SHARES
------ ---------------------------------- -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: -0-
OWNED BY
------ ---------------------------------- -------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 10,000,000
REPORTING
------ ---------------------------------- -------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 10,000,000
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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): 4.7%
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14 TYPE OF REPORTING PERSON: CO
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</TABLE>
<PAGE>
This Amendment No. 20 amends the Schedule 13D dated June 25,
1985, as amended in certain respects by Amendments No. 1 through 19 thereto,
filed by a group currently comprised of Leslie H. Wexner, The Wexner Foundation,
Health and Science Interests II, The Wexner Children's Trust, the Harry, Hannah,
David and Sarah Wexner Trust and ASW Holdings, Inc. (collectively, the
"Purchasers"), with respect to the common stock, $.50 par value per share (the
"Common Stock"), of The Limited, Inc. (the "Company").
Item 2. Identity and Background.
On June 23, 1999, Leslie H. Wexner contributed 10,000,000
shares of Common Stock to ASW Investments, a trust organized under the laws of
Ohio. On that same date, ASW Investments contributed its 10,000,000 shares of
Common Stock to ASW Holdings, Inc., a Delaware corporation ("ASW Holdings"), in
consideration of the issuance to ASW Investments of all of the outstanding
shares of capital stock of ASW Holdings.
The principal business of ASW Investments is to hold the
outstanding capital stock of ASW Holdings. The principal business of ASW
Holdings is investments. The address of the principal office of each of ASW
Investments and AWS Holdings is 5906 East Dublin-Granville Road, New Albany,
Ohio 43054. Neither ASW Investments nor ASW Holdings has been convicted in a
criminal proceeding or been 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.
The sole trustee of ASW Investments is Abigail S. Wexner, Mr.
Wexner's wife. The directors and executive officers of ASW Holdings are Ms.
Wexner and Jeffrey E. Epstein.
Biographical information required by this Item 2 with respect
to Jeffrey E. Epstein is included in prior amendments to the Schedule 13D.
The following information is provided for Ms. Wexner:
(a) Name: Abigail S. Wexner
(b) Business Address: The Limited, Inc., Three Limited
Parkway, Columbus, Ohio 43230.
(c) Present principal occupation and related
information: Director of the Company; Director of
the Children's Defense Fund and member of the
Governing Committee of The Columbus Foundation and
the Board of Trustees of Children's Hospital, Inc.
in Columbus, Ohio.
(d) During the last five years, Ms. Wexner has not been
convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
(e) During the last five years, Ms. Wexner has not been
a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and,
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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.
(f) Citizenship: United States of America.
An agreement among the Purchasers with respect to the filing
of this statement is attached hereto as Exhibit 1.
Item 4. Purpose of Transaction.
From time to time in the future, one or more of the Purchasers
may dispose of shares of Common Stock in the open market, in privately
negotiated transactions or otherwise depending upon available terms and other
considerations deemed relevant by the Purchasers.
Item 5. Interest in Securities of the Issuer.
(a) The responses of the Purchasers to Rows (11) through (13)
of the cover pages of this Amendment No. 20 are incorporated herein by
reference. As of June 23, 1999, the Purchasers beneficially owned the number
shares of the Common Stock listed below, representing approximately the
percentage of the outstanding shares of Common Stock set forth opposite such
number (the outstanding shares of Common Stock, 214,080,134, being based on the
number of shares outstanding as of June 7, 1999 as reported in the Company's
Form 10-Q for the fiscal quarter ended May 1, 1999):
<TABLE>
<CAPTION>
Percent
Person Number of Shares of Class
------------------- ------------------------- --------
<S> <C> <C>
1. Leslie H. Wexner 58,699,014 (1)(2)(3)(4)(5)(6) 27.3%
2. The Wexner Foundation 708,317 (1) 0.3%
3. Health and Science Interests II 350,000 (2) 0.2%
4. The Wexner Children's Trust 18,750,000 (4) 8.8%
5. Harry, Hannah, David and Sarah Wexner 5,000,000 (5) 2.3%
Trust
6. ASW Holdings, Inc. 10,000,000 (6) 4.7%
</TABLE>
------------------------------
(1) Power to vote or direct the disposition of the 708,317 shares held by
The Wexner Foundation may be deemed to be shared by Leslie H. Wexner
and Jeffrey E. Epstein as the trustees of The Wexner Foundation. Leslie
H. Wexner and Jeffrey E. Epstein disclaim beneficial ownership of the
shares held by The Wexner Foundation.
(2) Power to vote or direct the disposition of the 350,000 shares held by
Health and Science Interests II may be deemed to be shared by Leslie H.
Wexner and Jeffrey E. Epstein as trustee thereof. Leslie H. Wexner and
Jeffrey E. Epstein disclaim beneficial ownership of shares held by
Health and Science Interests II.
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(3) Includes 541,398 shares held in The Limited, Inc. Savings and
Retirement Plan for Mr. Wexner's account (as of March 31, 1999) over
which he exercises dispositive but not voting control. Also includes
651,327 shares issuable upon exercise of options held by Mr. Wexner.
Excludes 820 shares and 254 options held directly by Abigail S. Wexner,
Mr. Wexner's wife, and 200,000 shares held in a trust of which Ms.
Wexner is a beneficiary, as to which Mr. Wexner disclaims beneficial
ownership.
(4) Power to vote or direct the disposition of the 18,750,000 shares held
by Leslie H. Wexner as the sole trustee of The Wexner Children's Trust.
(5) Power to vote or direct the disposition of the 5,000,000 shares held by
the Harry, Hannah, David and Sarah Wexner Trust may be deemed to be
shared by Leslie H. Wexner and Jeffrey E. Epstein as trustees of such
trust.
(6) Power to vote or direct the disposition of the 10,000,000 shares held
by ASW Holdings may be deemed to be shared by ASW Holdings with Leslie
H. Wexner, by reason of his rights as the settlor of the trust that
holds 100% of the outstanding capital stock of ASW Holdings.
(b) The responses of the Purchasers to (i) Rows (7) through
(10) of the cover pages of this Amendment No. 20 and (ii) Item 5(a) hereof are
incorporated herein by reference.
(c) During the past 60 days, in addition to the transactions
disclosed in Item 2, the Purchasers effected the following transactions in the
Common Stock:
<TABLE>
<CAPTION>
Date of Amount of Price per Where and
Person Transaction Securities Share How Effected
------ ----------- ---------- ----- ------------
<S> <C> <C> <C> <C>
The Wexner Foundation 5/5/99 155,000 shares sold $48.9251 NYSE
The Wexner Foundation 5/6/99 20,000 shares sold $49.0000 NYSE
Leslie H. Wexner 5/18/99 50,885 shares N/A Restricted stock award granted by
the Company
</TABLE>
(d), (e): Not Applicable
Item 6. Contracts, Arrangements, Understandings or Relationships
With Respect to Securities of the Issuer.
Exhibit 1 Joint Filing Agreement by and among Leslie H. Wexner, The Wexner
Foundation, Health and Science Interests II, The Wexner Children's
Trust, Harry, Hannah and David Wexner Trust, the Harry, Hannah,
David and Sarah Wexner Trust, and ASW Holdings, Inc., dated June
23, 1999.
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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.
Dated: June 23, 1999
/s/ Leslie H. Wexner
-----------------------------------------
Leslie H. Wexner
THE WEXNER FOUNDATION
By: /s/ Darren K. Indyke
-------------------------------------
Darren K. Indyke, Secretary
HEALTH AND SCIENCE INTERESTS II
By: /s/ Jeffrey E. Epstein
-------------------------------------
Jeffrey E. Epstein, Trustee
THE WEXNER CHILDREN'S TRUST
By: /s/ Leslie H. Wexner
-------------------------------------
Leslie H. Wexner, Trustee
HARRY, HANNAH AND DAVID WEXNER TRUST
By: /s/ Jeffrey E. Epstein
-------------------------------------
Jeffrey E. Epstein, Trustee
HARRY, HANNAH, DAVID AND SARAH WEXNER
TRUST
By: /s/ Jeffrey E. Epstein
-------------------------------------
Jeffrey E. Epstein, Trustee
ASW HOLDINGS, INC.
By: /s/ Jeffrey E. Epstein
-------------------------------------
Jeffrey E. Epstein, President
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EXHIBIT INDEX
-------------
Exhibit No.
- -----------
Exhibit 1 Joint Filing Agreement by and among Leslie H. Wexner, The Wexner
Foundation, Health and Science Interests II, The Wexner Children's
Trust, Harry, Hannah and David Wexner Trust, the Harry, Hannah,
David and Sarah Wexner Trust, and ASW Holdings, Inc., dated June
23, 1999.
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Exhibit 1
JOINT FILING AGREEMENT
This will confirm the agreement by and among all the
undersigned that the Schedule 13D filed on or about this date and any amendments
thereto with respect to beneficial ownership by the undersigned of shares of the
common stock, par value $0.50 per share, of The Limited, Inc. is being filed on
behalf of each of the undersigned in accordance with Rule 13d-1(k)(1) under the
Securities Exchange Act of 1934. This agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
Dated: June 23, 1999
/s/ Leslie H. Wexner
-----------------------------------------
Leslie H. Wexner
THE WEXNER FOUNDATION
By: /s/ Darren K. Indyke
-------------------------------------
Darren K. Indyke, Secretary
HEALTH AND SCIENCE INTERESTS II
By: /s/ Jeffrey E. Epstein
-------------------------------------
Jeffrey E. Epstein, Trustee
THE WEXNER CHILDREN'S TRUST
By: /s/ Leslie H. Wexner
-------------------------------------
Leslie H. Wexner, Trustee
HARRY, HANNAH AND DAVID WEXNER TRUST
By: /s/ Jeffrey E. Epstein
-------------------------------------
Jeffrey E. Epstein, Trustee
13
<PAGE>
HARRY, HANNAH, DAVID AND SARAH WEXNER
TRUST
By: /s/ Jeffrey E. Epstein
-------------------------------------
Jeffrey E. Epstein, Trustee
ASW HOLDINGS, INC.
By: /s/ Jeffrey E. Epstein
-------------------------------------
Jeffrey E. Epstein, President
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