SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
LIFE TECHNOLOGIES, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
532177201
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(CUSIP Number)
Richard A. Weinberg, Esq.
c/o ISP Management Company, Inc.
1361 Alps Road
Wayne, New Jersey 07470
(973) 628-3000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
With a copy to:
Stephen E. Jacobs, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, New York 10153-0119
(212) 310-8000
---------------------
November 10, 1998
- --------------------------------------------------------------------------------
(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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7(b) 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.)
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE 13D
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CUSIP NO. 532177201 Page 2 of 12 Pages
- ----------------------------------------- -------------------------------------------
- ---------- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ISP Opco Holdings Inc.
- ---------- --------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
00
- ---------- --------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------- --------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES ----------- ---------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY OWNED 1,951,400
BY EACH REPORTING ----------- ---------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
PERSON 0
WITH ----------- ---------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,951,400
- ---------- --------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,951,400
- ---------- --------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ---------- --------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.2%
- ---------- --------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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<PAGE>
SCHEDULE 13D
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CUSIP NO. 532177201 Page 3 of 12 Pages
- ----------------------------------------- -------------------------------------------
- ---------- --------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ISP Investments Inc.
- ---------- --------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC,00
- ---------- --------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------- --------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 1,951,400
SHARES ----------- -------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY OWNED 0
BY EACH REPORTING ----------- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
PERSON 1,951,400
WITH ----------- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ---------- --------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,951,400
- ---------- --------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ---------- --------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.2%
- ---------- --------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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<PAGE>
SCHEDULE 13D
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CUSIP NO. 532177201 Page 4 of 12 Pages
- ----------------------------------------- -------------------------------------------
- ---------- --------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
International Specialty Products Inc.
- ---------- --------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
00
- ---------- --------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------- --------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES ----------- -------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY OWNED 1,951,400
BY EACH REPORTING ----------- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
PERSON 0
WITH ----------- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,951,400
- ---------- --------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,951,400
- ---------- --------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ---------- --------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.2%
- ---------- --------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- ---------- --------------------------------------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
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CUSIP NO. 532177201 Page 5 of 12 Pages
- ----------------------------------------- -------------------------------------------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Samuel J. Heyman
- ---------- --------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
00
- ---------- --------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- ---------- --------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES ----------- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY OWNED 1,951,400
BY EACH REPORTING ----------- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
PERSON 0
WITH ----------- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,951,400
- ---------- --------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,951,400
- ---------- --------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- ---------- --------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.2%
- ---------- --------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- ---------- --------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Item 1. Security and Issuer
-------------------
This statement of beneficial ownership on Schedule 13D ("Schedule 13D")
relates to the common stock, par value $.01 per share ("Common Stock"), of Life
Technologies, Inc. (the "Corporation"). The address of the principal executive
office of the Corporation is 9800 Medical Center Drive, Rockville, MD 20850.
Item 2. Identity and Background
-----------------------
The persons filing this Schedule 13D are ISP Opco Holdings Inc., a
Delaware corporation ("ISP Opco"), ISP Investments Inc., a Delaware corporation
("ISP Investments"), International Specialty Products Inc., a Delaware
corporation ("ISP"), and Samuel J. Heyman, a citizen of the United States of
America. ISP Opco, ISP Investments and ISP have their principal place of
business at 818 Washington Street, Wilmington, Delaware 19801. Mr. Heyman has
his principal place of business at 1361 Alps Road, Wayne, New Jersey 07470. ISP
Opco, ISP Investments and ISP are sometimes hereinafter referred to as the "ISP
Reporting Persons." The ISP Reporting Persons, together with Mr. Heyman, are
sometimes hereinafter referred to as the "Reporting Persons."
ISP Opco is a wholly-owned subsidiary of ISP. ISP Investments is an
indirect, wholly-owned subsidiary of ISP Opco. Mr. Heyman beneficially owns (as
defined in Rule 13d-3) approximately 76% of the capital stock of ISP and is the
Chairman and Chief Executive Officer of ISP and Chief Executive Officer of each
of ISP Opco and ISP Investments.
The business of ISP consists primarily of owning 100% of the
outstanding common stock of ISP Opco. The business of ISP Investments consists
of holding investments for ISP Opco. ISP Opco, through its wholly-owned
subsidiaries, develops, manufactures, sells and distributes specialty chemicals,
mineral products and filter products.
The name, position, business address and citizenship of each director
and executive officer of ISP Opco are set forth on Schedule A hereto.
The name, position, business address and citizenship of each director
and executive officer of ISP Investments are set forth on Schedule B hereto.
The name, position, business address and citizenship of each director
and executive officer of ISP are set forth on Schedule C hereto.
None of the Reporting Persons nor any of the persons listed on
Schedules A through C hereto has, during the last five years, (i) been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors)
or (ii) been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction as a result of which such person 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
a violation with respect to such laws.
6
<PAGE>
Item 3. Source and Amount of Funds or Other Consideration
-------------------------------------------------
The aggregate amount of funds used by the Reporting Persons to purchase
the 1,951,400 shares of Common Stock (the "Shares") beneficially owned (or
deemed, solely for purposes of Rule 13d-3, to be beneficially owned) by them,
directly or indirectly, was approximately $72,137,354 including commissions.
The funds used to purchase such Shares were obtained by ISP Investments
from working capital of ISP Investments, loans from affiliates and borrowings
pursuant to standard margin arrangements.
Item 4. Purpose of Transaction
----------------------
Following the announcement of Dexter Corporation's intention to acquire
the 48% interest in the Corporation not owned by it, the Reporting Persons have
acquired the Shares. These purchases were made to obtain an equity position in
the Corporation, the Common Stock of which, in the opinion of the Reporting
Persons, is substantially undervalued. Subject to availability at prices deemed
favorable by the Reporting Persons, the Reporting Persons may purchase
additional shares of Common Stock from time to time in the open market or
otherwise. The Reporting Persons also may attempt to dispose of Shares in the
open market, in privately negotiated transactions or otherwise.
The Reporting Persons consider their equity position to be for
investment purposes only. The Reporting Persons intend to closely monitor
developments at and pertaining to the Corporation.
Except as set forth above, the Reporting Persons have no present plans
or intentions which would result in or relate to any of the transactions
described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer
------------------------------------
As of the close of business on November 20, 1998, the Reporting Persons
beneficially owned (or are deemed, solely for purposes of Rule 13d-3, to
beneficially own), directly or indirectly, an aggregate of 1,951,400 Shares,
representing approximately 8.2% of the Common Stock outstanding on November 20,
1998 (based on 23,770,344 shares of Common Stock believed by the Reporting
Persons to be outstanding as of November 3, 1998). ISP Investments has direct
beneficial ownership of all of such Shares.
ISP Investments has the sole power to vote, direct the voting of,
dispose of and direct the disposition of the Shares. ISP Opco, by virtue of its
ownership of all of the outstanding capital stock of ISP Investments, may be
deemed to own beneficially (solely for purposes of Rule 13d-3) the Shares. ISP,
by virtue of its ownership of all of the outstanding common stock of ISP Opco,
may be deemed to own beneficially (solely for purposes of Rule 13d-3) the
Shares. Mr. Heyman, by virtue of his beneficial ownership (as defined in Rule
7
<PAGE>
13d-3) of approximately 76% of the capital stock of ISP, may be deemed to own
beneficially (solely for purposes of Rule 13d-3) the Shares. The Reporting
Persons disclaim that they constitute a group for purposes of Rule 13d-5 under
the Act.
In the past 60 days, ISP Investments effected transactions in Shares in
open market transactions as set forth in Schedule D hereto.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer
---------------------------------------------------------------------
None
Item 7. Materials to be Filed as Exhibits
---------------------------------
None
Signature
- ---------
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
Dated: November 20, 1998
ISP OPCO HOLDINGS INC.
ISP INVESTMENTS INC.
INTERNATIONAL SPECIALTY PRODUCTS INC.
By: /s/ James P. Rogers
----------------------------------
James P. Rogers
Executive Vice President -
Finance
/s/ Samuel J. Heyman
----------------------------------
Samuel J. Heyman
8
<PAGE>
SCHEDULE A
The name and position of the director and executive officers of ISP
Opco Holdings Inc. are set forth below. The business address of the director and
each executive officer is c/o ISP Management Company, Inc., 1361 Alps Road,
Wayne, New Jersey 07470, except as indicated below. All executive officers and
the director are citizens of the United States, except for Peter R. Heinze who
is a citizen of Germany.
Name Position
- ---- --------
Samuel J. Heyman Chief Executive Officer
Peter R. Heinze President and Chief Operating Officer
Carl R. Eckardt Executive Vice President - Corporate Development
James P. Rogers Executive Vice President - Finance
Richard A. Weinberg Director, Executive Vice President, General Counsel
and Secretary
Andrew G. Mueller Executive Vice President - Operations
Randall R. Lay Vice President and Chief Financial Officer
9
<PAGE>
SCHEDULE B
The name and position of the director and executive officers of ISP
Investments Inc. are set forth below. The business address of the director and
each executive officer is c/o ISP Management Company, Inc., 1361 Alps Road,
Wayne, New Jersey 07470. All executive officers and the director are citizens of
the United States, except for Peter R. Heinze who is a citizen of Germany.
Name Position
- ---- --------
Samuel J. Heyman Chief Executive Officer
Peter R. Heinze President and Chief Operating Officer
James P. Rogers Executive Vice President - Finance
Richard A. Weinberg Director, Executive Vice President, General Counsel
and Secretary
Andrew G. Mueller Executive Vice President - Operations
Randall R. Lay Vice President and Chief Financial Officer
10
<PAGE>
SCHEDULE C
The name and position of the directors and executive officers of
International Specialty Products Inc. are set forth below. The business address
of each executive officer and director is c/o ISP Management Company, Inc., 1361
Alps Road, Wayne, New Jersey 07470, except as indicated below. All executive
officers and directors are citizens of the United States, except for Peter R.
Heinze who is a citizen of Germany.
Name Position
- ---- --------
Samuel J. Heyman Director, Chairman and Chief Executive Officer
Peter R. Heinze Director, President and Chief Operating Officer
Carl R. Eckardt Director and Executive Vice President - Corporate
Development
James P. Rogers Executive Vice President-Finance
Richard A. Weinberg Executive Vice President, General Counsel and
Secretary
Andrew G. Mueller Executive Vice President - Operations
Randall R. Lay Vice President and Chief Financial Officer
Harrison J. Goldin Director
Charles M. Diker Director
Sanford Kaplan Director
Burt Manning Director
Mr. Goldin is the senior managing director of Goldin Associates, L.L.C., a
consulting firm, the address of which is 767 Fifth Avenue, New York, New York
10153. Mr. Diker is a non-managing principal of Weiss, Peck & Greer, an
investment management firm, the address of which is 1 New York Plaza, New York,
New York 10004. Mr. Kaplan is a private investor and consultant. Mr. Manning is
Chairman Emeritus of J. Walter Thompson Company, a multinational advertising
company, and President of Brookbound Incorporated, a strategic consultancy
company, the address of which is 1200 Summer Street, Stamford, CT 06905.
11
<PAGE>
SCHEDULE D
The following schedule sets forth information with respect to each
purchase of Shares which was effectuated by the Reporting Persons during the
past 60 days. All transactions were effectuated in the open market through a
broker.
ISP Investments Inc. (through ISP Investments Grantor Trust)
------------------------------------------------------------
Number of
Date Shares Purchased Price per Share*
---- ---------------- ----------------
09-23-98 7,500 $35.75
09-25-98 20,000 34.94
10-01-98 10,000 32.94
10-05-98 5,000 33.06
10-06-98 15,100 33.17
10-07-98 49,500 32.25
10-08-98 20,000 29.67
10-09-98 1,300 31.62
10-12-98 2,400 32.50
10-28-98 25,000 36.69
10-28-98 55,000 36.63
10-29-98 24,600 37.00
10-29-98 90,000 37.00
10-30-98 120,000 37.12
11-02-98 70,000 37.16
11-03-98 132,500 37.35
11-04-98 307,500 37.36
11-05-98 55,000 37.17
11-06-98 10,000 37.25
11-09-98 108,000 37.39
11-10-98 65,000 37.07
11-11-09 35,000 37.19
11-12-98 3,500 37.25
11-13-98 19,500 37.35
11-16-98 10,000 37.25
11-16-98 50,000 37.38
11-16-98 80,000 37.40
11-17-98 5,000 37.38
11-17-98 55,000 37.33
11-18-98 311,000 37.37
11-19-98 84,000 37.31
11-20-98 105,000 37.43
*Excluding commissions
12
