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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)*
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JACOR COMMUNICATIONS, INC.
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(NAME OF ISSUER)
COMMON STOCK
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(TITLE OF CLASS OF SECURITIES)
469858 41 0
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(CUSIP NUMBER)
SHELI Z. ROSENBERG, TWO N. RIVERSIDE PLAZA, CHGO., IL 60606 (312) 466-3990
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES AND
COMMUNICATIONS)
February 12, 1996
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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 which is the subject of this Schedule 13D, and is filing this
schedule 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 / /. (A
fee is not required only if the reporting person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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ONLY THOSE ITEMS AMENDED ARE REPORTED HEREIN.
CAPITALIZED TERMS NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE SAME MEANING AS
THEY HAVE IN THE SCHEDULE 13D.
Item 4. Purpose of Transaction
The information set forth in Item 6. below is incorporated
herein by reference.
Item 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
On February 12, 1996, the Issuer, JCAC, Inc., a Florida Corporation
("Acquisition") and a wholly owned subsidiary of the Issuer, and Citicasters,
Inc., a Florida Corporation ("Citicasters"), entered into an Agreement and Plan
of Merger ("Merger Agreement") which provides, among other things, that
Acquisition will be merged with and into Citicasters such that each share of
Class A Common Stock of Citicasters will be converted into the right to receive
the merger consideration. The merger consideration is (i) $29.50 in cash,
plus, in the event that the consummation of the merger under the Merger
Agreement does not occur prior to October 1, 1996, for each full calendar month
ending prior to the merger, commencing with October 1996, an additional amount
of $.22125 in cash; plus (ii) a warrant of the Issuer to acquire a fractional
share of Common Stock ("Merger Consideration").
As an inducement for Citicasters to enter into the Merger Agreement,
Zell/Chilmark agreed to enter into the Jacor Shareholders Agreement with
Citicasters ("Shareholders Agreement"). Pursuant to the Shareholders
Agreement, Zell/Chilmark has granted Citicasters an irrevocable proxy to vote
all of Zell/Chilmark's Common Stock of the Issuer at any meeting of
stockholders of the Issuer in favor of any proposal to approve for issuance
shares of Common Stock or warrants to purchase Common Stock, in each case, in
an amount necessary for the payment of the Merger Consideration, and if
required, the adoption of the Merger Agreement and the approval of the merger.
Additionally, Zell/Chilmark has agreed to vote or cause to be voted all of
Zell/Chilmark's Common Stock of the Issuer in favor of any proposal to approve
for issuance shares of Common Stock and warrants to purchase Common Stock, in
each case, in an amount necessary for the payment of the Merger Consideration.
The summary contained in this Amendment to Schedule 13D of certain provisions
of the Shareholders Agreement is qualified in its entirety by reference to the
Shareholders Agreement attached as Exhibit 1 hereto and incorporated herein by
reference.
Item 7. Material to be Filed as Exhibits
Exhibit 1 Shareholders Agreement dated February 13, 1996 between
Citicasters and Zell/Chilmark.
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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 the statement is true, complete and correct.
Zell/Chilmark Fund, L.P.
By: ZC Limited Partnership, general
partner
By: ZC Partnership, general partner
DATED: FEBRUARY 20, 1996 By: ZC, Inc., a partner
By: /s/ Sheli Z. Rosenberg
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Sheli Z. Rosenberg
Vice President
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EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT PAGE
NUMBER DESCRIPTION NUMBER
- ------ ----------- ------
<S> <C> <C>
* Restructuring Agreement *
* Amended Agreement of Merger *
* Agreement of Understanding *
1 Jacor Shareholders Agreement 5
</TABLE>
* Incorporated herein by reference to Appendix A, B and C, respectively,
of the Issuer's Proxy Statement-Prospectus dated December 1, 1992
included in its Registration Statement on Form S-4, File No. 33-53612.
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EXHIBIT 1
JACOR SHAREHOLDERS AGREEMENT
THIS SHAREHOLDERS AGREEMENT, dated as of February 12th, 1996, is among
Citicasters Inc., a Florida corporation ("Citicasters"), and the Zell/Chilmark
Fund L.P., a Delaware limited partnership ("ZCF").
WHEREAS, Jacor Communications, Inc., an Ohio corporation (the
"Company"), JCAC, Inc., a Florida corporation ("Acquisition") and Citicasters
are, concurrently with the execution of this Agreement, entering into an
Agreement and Plan of Merger (the "Merger Agreement"), which provides, among
other things, upon the terms and subject to the conditions thereof, that
Acquisition will be merged with and into Citicasters in accordance with the
Florida Business Corporation Act (the "Merger") such that each share of Class A
Common Stock, par value $.01 per share, of Citicasters (the "Shares") issued
and outstanding immediately prior to the effective time of the Merger (other
than Shares owned by Citicasters, the Company, Acquisition or any direct or
indirect subsidiary of Citicasters, the Company or Acquisition, and any Shares
held in the treasury of the Company) will be converted into the right to
receive the Merger Consideration (as defined in the Merger Agreement);
WHEREAS, ZCF owns in excess of 69.0% of the outstanding shares (the
"ZCF Shares") of the Company's common stock, without par value ("Common
Stock"); and
WHEREAS, in order to induce Citicasters to enter into the Merger
Agreement, ZCF has agreed to enter into this Agreement.
NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, and intending to be legally bound
hereby, ZCF and Citicasters hereby agree as follows.
Section 1. Representations and Warranties of ZCF. ZCF represents and
warrants to Citicasters as follows:
(a) ZCF is a limited partnership duly organized, validly existing
and in good standing under the laws of the State of Delaware.
(b) ZCF has all necessary power and authority to execute and
deliver this Agreement, to perform its obligations hereunder and to consummate
the transactions contemplated hereby.
(c) The execution, delivery and performance of this Agreement and
the consummation of the transactions contemplated hereby have been duly and
validly authorized by ZCF and no other
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proceedings on the part of ZCF are necessary to authorize this Agreement or to
consummate the transactions so contemplated.
(d) This Agreement has been duly and validly executed and delivered
by ZCF and constitutes a legal, valid and binding agreement of ZCF enforceable
against ZCF in accordance with its terms, except that the enforceability hereof
may be subject to applicable bankruptcy, insolvency or other similar laws now
or hereinafter in effect, affecting creditors' rights generally.
(e) For so long as this Agreement is in effect, ZCF hereby grants
Citicasters an irrevocable proxy and irrevocably appoints Citicasters or its
designees, with full power of substitution, its attorney and proxy to vote all
the ZCF Shares, and any shares of Common Stock hereafter acquired by ZCF, at any
meeting of the shareholders of the Company, however called, in favor of any
proposal to approve for issuance shares of Common Stock and warrants to
purchase shares of Common Stock, in each case, in an amount necessary for the
payment of the Merger Consideration pursuant to the Merger Agreement, and if
required, the adoption of the Merger Agreement and the approval of the Merger.
This Agreement does not grant to Citicasters or its designees any right to vote
on any other matters which may be presented to the Company's shareholders at
such meeting. The proxy granted hereby shall be deemed to be a proxy coupled
with an interest for purposes of Section 1701.48(D) of the Ohio Revised Code.
(f) For so long as this Agreement is in effect, in any meeting of
the stockholders of the Company, however called, ZCF shall vote or cause to be
voted all of the ZCF Shares, and any shares of Common Stock hereafter acquired
by ZCF, in favor of any proposal to approve for issuance shares of Common Stock
and warrants to purchase shares of Common Stock, in each case, in an amount
necessary for the payment of the Merger Consideration pursuant to the Merger
Agreement.
(g) As of the date of this Agreement, ZCF is the beneficial owner
of at least 69.0% of the outstanding shares of Common Stock.
Section 2. Specific Performance. The parties hereto agree that
irreparable damage would occur in the event any provision of this Agreement
was not performed in accordance with the terms hereof and that the parties
shall be entitled to specific performance of the terms hereof, in addition to
any other remedy at law or in equity.
Section 3. Expenses. Each party shall bear its own expenses and costs
in connection with this Agreement and the transactions contemplated hereby.
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Section 4. Amendment; Assignment. This Agreement may not be
modified, amended, altered or supplemented except upon the execution and
delivery of a written agreement executed by the parties hereto. No party may
assign any of its rights or obligations under this Agreement without the prior
written consent of the other party.
Section 5. Parties in Interest. This Agreement shall be binding
upon and inure solely to the benefit of each party hereto and its successors
and permitted assigns, and nothing in this Agreement, express or implied, is
intended to or shall confer upon any other person any rights, benefits or
remedies of any nature whatsoever under or by reason of this Agreement.
Section 6. Notices. All notices, requests, claims, demands and
other communications hereunder shall be in writing and shall be given (and
shall be deemed to have been duly given upon receipt) by delivery in person, by
facsimile or by registered or certified mail (postage prepaid, return receipt
requested), to the other party as follows:
(a) If to ZCF, to:
David J. Rosen
Zell/Chilmark Fund L.P.
Two North Riverside Plaza
Suite 1900
Chicago, Illinois 60606
Facsimile: (312) 902-1573
with a copy to:
Thomas W. Kahle, Esq.
Graydon, Head & Ritchey
1900 Fifth Third Center
511 Walnut Street
Cincinnati, Ohio 45202
Facsimile: (513) 651-3836
and
Scott J. Davis, Esq.
Mayer, Brown & Platt
190 South LaSalle Street
Chicago, Illinois 60603
Facsimile: (312) 701-7711
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(b) If to Citicasters, to:
Samuel J. Simon, Esq.
Citicasters Inc.
Suite 600
One East Fourth Street
Cincinnati, Ohio 45202
Facsimile: (513) 562-8075
with a copy to:
James C. Kennedy, Esq.
American Financial Group, Inc.
One East Fourth Street
Suite 919
Cincinnati, Ohio 45202
Facsimile: (513) 579-2113
or to such other address as the person to whom notice is given may have
previously furnished to the other in writing in the manner set forth above.
Section 7. Reasonable Best Efforts. Subject to the terms and
conditions herein provided, each of the parties hereto agrees to use its
reasonable best efforts to take, or cause to be taken, all actions, and to do,
or cause to be done, all things reasonably necessary, proper or advisable under
applicable laws and regulations to consummate and make effective the
transactions contemplated by this Agreement.
Section 8. Governing Law. This Agreement shall be governed by and
construed in accordance with the law of the State of Ohio, without regard to
the principles of conflicts of law thereof.
Section 9. Termination. This Agreement shall terminate upon the
earlier to occur of the consummation of the Merger or the termination of the
Merger Agreement without the consummation of the Merger. No such termination
shall relieve any party from liability for any breach of this Agreement.
Section 10. Severability. The provisions of this Agreement shall be
deemed severable and the invalidity or unenforceability of any provision shall
not affect the validity and enforceability of the other provisions hereof. If
any provision of this Agreement, or the application thereof to any person or
entity or any circumstance, is invalid or unenforceable, (a) a suitable and
equitable provision shall be substituted therefor in order to carry out, so far
as may be valid and enforceable, the intent and purpose of such invalid and
unenforceable provision and (b) the
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remainder of this Agreement and the application of such provision to other
persons, entities or circumstances shall not be affected by such invalidity or
unenforceability, nor shall such invalidity or unenforceability affect the
validity or enforceability of such provision, or the application thereof, in
any other jurisdiction.
Section 11. Entire Agreement. This Agreement constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof
and supersedes all other prior agreements and understandings, both written and
oral, among the parties with respect to the subject matter hereof.
Section 12. Descriptive Headings. The descriptive headings herein are
inserted for convenience of reference only and are not intended to be part of
or to affect the meaning or interpretation of this Agreement.
Section 13. Counterparts. This Agreement may be executed in two or
more counterparts, each of which shall be deemed to be an original, but all of
which shall constitute one and the same agreement.
IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed on its behalf by its representatives thereunto duly authorized, all as
of the day and year first above written.
Zell/Chilmark Fund L.P.
By: Z/C, Inc.
By: Sheli Z. Rosenberg
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Name:
Title: Vice President
Citicasters Inc.
By: James C. Kennedy
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Name:
Title:
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