SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Merisel, Inc.
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(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
589849108
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(CUSIP Number)
Judith A. Witterschein, Vice President & Corporate Counsel
Stonington Partners, Inc., 767 Fifth Avenue, New York, NY 10153
(212) 339-8536
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(Name, Address and Telephone Number of
Person Authorized to Receive Notices and
Communications)
October 6, 1997
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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 |_|.
<PAGE>
13D
CUSIP No. 589849108
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Phoenix Acquisition Company II, L.L.C.
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
|_| (a)
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|_| (b)
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(3) SEC Use Only
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(4) Source of Funds (See Instructions) OO
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(5) Check 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 5,985,621 Shares
Shares ---------------------
Beneficially ----------------------------------------
Owned by (8) Shared Voting Power
Each ---------------------
Reporting (9) Sole Dispositive Power 5,985,621 Shares
Person ----------------
With ----------------------------------------
(10) Shared Dispositive Power
---------------
----------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
5,985,621 Shares
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
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(13) Percent of Class Represented by Amount in Row (11) 16.60%
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(14) Type of Reporting Person (See Instructions) OO
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<PAGE>
13D
CUSIP No. 589849108
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stonington Capital Appreciation 1994 Fund, L.P.
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
|_| (a)
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|_| (b)
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(3) SEC Use Only
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(4) Source of Funds (See Instructions) OO
----------------------------------
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(5) Check 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
--------------------------------
Number of (7) Sole Voting Power
Shares ---------------------
Beneficially ----------------------------------------
Owned by (8) Shared Voting Power 5,985,621 Shares
Each ---------------------
Reporting (9) Sole Dispositive Power
Person ----------------
With ----------------------------------------
(10) Shared Dispositive Power 5,985,621 Shares
---------------
----------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
5,985,621 Shares
-----------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
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(13) Percent of Class Represented by Amount in Row (11) 16.60%
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(14) Type of Reporting Person (See Instructions) PN
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<PAGE>
13D
CUSIP No. 589849108
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stonington Partners, L.P.
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
|_| (a)
------------------------------------------------------------------
|_| (b)
------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------
(4) Source of Funds (See Instructions) OO
----------------------------------
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(5) Check 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
--------------------------------
Number of (7) Sole Voting Power
Shares ---------------------
Beneficially ----------------------------------------
Owned by (8) Shared Voting Power 5,985,621 Shares
Each ---------------------
Reporting (9) Sole Dispositive Power
Person ----------------
With ----------------------------------------
(10) Shared Dispositive Power 5,985,621 Shares
---------------
----------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
5,985,621 Shares
-----------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
---------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 16.60%
------------------
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(14) Type of Reporting Person (See Instructions) PN
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<PAGE>
13D
CUSIP No. 589849108
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stonington Partners, Inc. II
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
|_| (a)
------------------------------------------------------------------
|_| (b)
------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------
(4) Source of Funds (See Instructions) OO
----------------------------------
----------------------------------------------------------------------
(5) Check 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
--------------------------------
Number of (7) Sole Voting Power
Shares ---------------------
Beneficially ----------------------------------------
Owned by (8) Shared Voting Power 5,985,621 Shares
Each ---------------------
Reporting (9) Sole Dispositive Power
Person ----------------
With ----------------------------------------
(10) Shared Dispositive Power 5,985,621 Shares
---------------
----------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
5,985,621 Shares
-----------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
---------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 16.60%
------------------
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(14) Type of Reporting Person (See Instructions) CO
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<PAGE>
13D
CUSIP No. 589849108
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stonington Partners, Inc.
----------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (See Instructions)
|_| (a)
------------------------------------------------------------------
|_| (b)
------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------
(4) Source of Funds (See Instructions) OO
----------------------------------
----------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to Item
2(d) or 2(e).
----------------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
--------------------------------
Number of (7) Sole Voting Power
Shares ---------------------
Beneficially ----------------------------------------
Owned by (8) Shared Voting Power 5,985,621 Shares
Each ---------------------
Reporting (9) Sole Dispositive Power
Person ----------------
With ----------------------------------------
(10) Shared Dispositive Power 5,985,621 Shares
---------------
----------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
5,985,621 Shares
-----------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
---------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 16.60%
------------------
----------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
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<PAGE>
This Amendment No. 1 amends the Statement on Schedule 13D filed with
the Securities and Exchange Commission on September 29, 1997 by Phoenix
Acquisition Company II, L.L.C. ("Phoenix"), Stonington Capital Appreciation 1994
Fund, L.P. (the "Fund"), Stonington Partners, L.P. ("Stonington L.P.),
Stonington Partners, Inc. II ("Stonington II") and Stonington Partners, Inc.
("Stonington"). This Amendment No. 1 is filed with respect to the shares of
common stock, par value $0.01 per share (the "Shares"), of Merisel, Inc., a
Delaware corporation (the "Company").
On September 19, 1997, Phoenix entered into a Stock and Note Purchase
Agreement (the "Agreement") with the Company and Merisel Americas, Inc., a
Delaware corporation and wholly owned subsidiary of the Company ("Merisel
Americas"), pursuant to which Phoenix purchased from the Company 4,901,316
Shares (the "Purchased Shares") for $14.9 million. Also pursuant to the
Agreement Phoenix acquired a Convertible Promissory Note (the "Note") from the
Company and Merisel Americas for $137.1 million. The Note will automatically
convert into approximately 45,098,684 Shares (the "Conversion Shares") (the
Purchased Shares and the Conversion Shares equal approximately 62.4% of the
outstanding Shares) upon a favorable stockholder vote and satisfaction of
certain other conditions.
The Fund made a Hart-Scott-Rodino Pre-merger Notification filing with
the U.S. Department of Justice with respect to the acquisition by Phoenix of the
Conversion Shares. On September 29, 1997, the waiting period for
Hart-Scott-Rodino Pre-merger Notification expired. On October 6, 1997 Phoenix
sent a conversion notice to the Company requesting that $3,296,285.70 be
converted into 1,084,305 Shares so as to increase its ownership to 16.60% of the
then outstanding Shares after giving effect to the issuance.
Item 5 of the Schedule 13D is hereby amended in its entirety to read as
follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 5,985,621 Shares constituting 16.60% of the
then outstanding Shares after giving effect to the issuance (the percentage of
Shares owned being based upon 30,078,495 Shares outstanding at August 8, 1997 as
set forth in the Company's Quarterly Report on Form 10-Q for the quarterly
period ended June 30, 1997 plus the 4,901,316 Shares reported on the Schedule
13D filed September 29, 1997 and the 1,084,305 Shares reported in this
Statement). The Reporting Persons may be deemed to have direct beneficial
ownership of the Shares as follows:
<PAGE>
APPROXIMATE PERCENTAGE OF
NAME NUMBER OF SHARES THE THEN OUTSTANDING SHARES
- ---- ---------------- ---------------------------
Phoenix 5,985,621 16.60%
The Fund, as the sole member of Phoenix may be deemed to own
beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) 5,985,621 Shares.
Stonington L.P., as the general partner of the Fund may be deemed to
own beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) 5,985,621 Shares. Stonington L.P. disclaims beneficial
ownership of such Shares for all other purposes.
Stonington II, as the general partner of Stonington L.P. may be deemed
to own beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) 5,985,621 Shares. Stonington II disclaims beneficial
ownership of such Shares for all other purposes.
Stonington, as the management company of the Fund may be deemed to own
beneficially (as that term is defined in Rule 13-d under the Securities Exchange
Act of 1934) 5,985,621 Shares. Stonington disclaims beneficial ownership of such
Shares for all other purposes.
(b) Phoenix has the sole power to vote or direct the vote of 5,985,621
Shares and the sole power to dispose or direct the disposition of such Shares.
The Fund, Stonington L.P., Stonington II and Stonington may be deemed to share
with Phoenix the power to vote or to direct the vote and to dispose or to direct
the disposition of such Shares.
(c) Other than the purchase reported on this Statement, there have been
no transactions in the Shares by the Reporting Persons or the individuals listed
in Item I above during the past sixty days.
(d) Not applicable.
(e) Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
The following Exhibits are filed herewith:
A. Joint Filing Agreement.
2
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certify that the information contained in this
Statement is true, complete and correct.
Dated: October 10, 1997
PHOENIX ACQUISITION COMPANY II, L.L.C.
By: Stonington Capital Appreciation 1994
Fund, L.P., its sole member
By: Stonington Partners, L.P., its general partner
By: Stonington Partners, Inc. II, its general partner
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
STONINGTON CAPITAL APPRECIATION 1994
FUND L.P.
By: Stonington Partners, L.P., its general partner
By: Stonington Partners, Inc. II, its general partner
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
STONINGTON PARTNERS, L.P.
By: Stonington Partners, Inc. II, its general partner
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
<PAGE>
STONINGTON PARTNERS, INC. II
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
STONINGTON PARTNERS, INC
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
<PAGE>
EXHIBIT INDEX
A. Joint Filing Agreement.
<PAGE>
EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13D (including amendments thereto) with
respect to the common stock, par value $0.01 per share, of Merisel, Inc. and
further agree that this Joint Filing Agreement be included as an Exhibit to such
joint filing. In evidence thereof, the undersigned hereby execute this Agreement
this 10th day of October, 1997.
PHOENIX ACQUISITION COMPANY II, L.L.C.
By: Stonington Capital Appreciation 1994
Fund, L.P., its sole member
By: Stonington Partners, L.P., its general partner
By: Stonington Partners, Inc. II, its general partner
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
STONINGTON CAPITAL APPRECIATION 1994
FUND L.P.
By: Stonington Partners, L.P., its general partner
By: Stonington Partners, Inc. II, its general partner
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
STONINGTON PARTNERS, L.P.
By: Stonington Partners, Inc. II, its general partner
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
<PAGE>
STONINGTON PARTNERS, INC. II
By: /s/ Judith A. Witterschein
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Name: Judith A. Witterschein
Title: Vice President & Secretary
STONINGTON PARTNERS, INC
By: /s/ Judith A. Witterschein
------------------------------------------
Name: Judith A. Witterschein
Title: Vice President & Secretary
