================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
----------
LIFE TECHNOLOGIES, INC.
(Name of Issuer)
Common Stock, $.01 par value per share 532177201
(Title of class of securities) (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 25, 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 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 (the "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.)
(Continued on following pages)
(Page 1 of 14 pages)
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NYFS01...:\01\47201\0001\2037\SCHN248Y.08B
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 532177201 13D Page 2 of 24 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON ISP OPCO HOLDINGS INC.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX 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: 0
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,035,400
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,035,400
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 2,035,400
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.56%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 532177201 13D Page 3 of 24 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON ISP INVESTMENTS INC.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX 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: 2,035,400
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 2,035,400
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 2,035,400
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.56%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 532177201 13D Page 4 of 24 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON INTERNATIONAL SPECIALTY
S.S. OR I.R.S. IDENTIFICATION NO. PRODUCTS INC.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX 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: 0
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,035,400
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,035,400
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 2,035,400
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.56%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 532177201 13D Page 5 of 24 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON SAMUEL J. HEYMAN
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 2,035,400
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,035,400
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 2,035,400
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.56%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 532177201 13D Page 6 of 24 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON BEAR, STEARNS & CO. INC.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: WC, PF
- ------------------ -------------------------------------------------------------
5 CHECK BOX 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: 414,215
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 414,215
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 414,215
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.74%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 532177201 13D Page 7 of 24 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON FREDERICK R. ADLER
S.S. OR I.R.S. IDENTIFICATION NO. INTANGIBLE ASSET
OF ABOVE PERSON MANAGEMENT TRUST
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: PF
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: NEW YORK
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 713,395
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 713,395
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 713,395
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.0%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 532177201 13D Page 8 of 24 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON THE COHEN REVOCABLE TRUST
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: PF
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: California
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 397,100
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 397,100
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 397,100
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.67%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ------------------ -------------------------------------------------------------
<PAGE>
- ----------------------------------- ----------------------------------
CUSIP No. 532177201 13D Page 9 of 24 Pages
- ----------------------------------- ----------------------------------
- ------------------ -------------------------------------------------------------
1 NAME OF REPORTING PERSON A. CHANG
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ------------------ -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ------------------ -------------------------------------------------------------
3 SEC USE ONLY
- ------------------ -------------------------------------------------------------
4 SOURCE OF FUNDS: PF
- ------------------ -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ------------------ -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 135,500
SHARES
------- --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------- --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 135,500
REPORTING
------- --------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ------------------ -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 135,500
- ------------------ -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ------------------ -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.57%
- ------------------ -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ------------------ -------------------------------------------------------------
<PAGE>
This Amendment No. 1 ("Amendment No. 1") amends the Statement on
Schedule 13D (the "Schedule 13D") filed on November 20, 1998 by and on behalf of
ISP Opco Holdings Inc. ("ISP Opco"), ISP Investments Inc. ("ISP Investments"),
International Specialty Products Inc. ("ISP"), and Samuel J. Heyman
(collectively, the "Original Reporting Persons") with respect to their ownership
of common stock, par value $.01 per share (the "Common Stock"), of Life
Technologies, Inc. (the "Company"). As indicated in Item 2, Bear, Stearns & Co.
Inc. ("Bear, Stearns"), Frederick R. Adler Intangible Asset Management Trust
(the "Adler Trust"), The Cohen Revocable Trust (the "Cohen Trust"), and A. Chang
("Chang") (collectively, the "Additional Reporting Persons") have joined with
the Original Reporting Persons to form a group (the "13D Group") for the
purposes of the filing requirements of Section 13(d) of the Securities and
Exchange Act of 1934. The Original Reporting Persons, together with the
Additional Reporting Persons, are sometimes hereinafter referred to as the
Reporting Persons. Capitalized terms used herein and not defined herein have the
meanings ascribed thereto in the Schedule 13D.
ITEM 2. Identity and Background
Bear, Stearns, a Delaware corporation, is a securities
broker/dealer. The business address of Bear, Stearns is 245 Park Avenue, New
York, New York 10167. The name, position, business address and citizenship of
each director and executive officer of Bear, Stearns are set forth on Schedule A
hereto.
The Adler Trust is a New York trust established for the benefit of
Frederick R. Adler. The Adler Trust does not conduct business, but principally
holds 713,395 Shares. The business address of the Adler Trust is c/o Susan R.
Chapman, Trustee, 175 East 64th Street, New York, New York 10021. Susan R.
Chapman, Trustee to the Adler Trust, is an individual investor whose business
address is 175 East 64th Street, New York, New York 10021. Susan R. Chapman is a
citizen of the United States of America.
The Cohen Trust is a California trust established for the benefit of
S. and J. Cohen. The Cohen Trust does not conduct business, but principally
holds 397,100 Shares and certain other investment assets. The business address
of the Cohen Trust is c/o Kirkland & Ellis, 153 East 53rd Street, New York, New
York 10022. The name of the trustee of the Cohen Trust is S. Cohen.
Chang, a citizen of the United States of America, is engaged in the
business of research. Chang's principal place of business is not fixed.
None of the Additional Reporting Persons nor any of the persons
listed on Schedule A 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 the future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding a violation with respect to such laws.
ITEM 3. Source and Amount of Funds or Other Consideration
Since the filing of the Schedule 13D, ISP Investments purchased an
aggregate of 84,000 Shares for total consideration (including brokerage
commissions) of $3,144,737 derived from working capital of ISP Investments,
loans from affiliates and borrowings pursuant to standard margin arrangements.
10
<PAGE>
Bear, Stearns has purchased an aggregate of 414,215 Shares for total
consideration (including brokerage commissions) of $15,325,955 derived from
working capital of Bear, Stearns and from personal funds of discretionary
accounts.
The Adler Trust has purchased an aggregate of 713,395 Shares for
total consideration (including brokerage commissions) of $12,465,017.33 derived
from personal funds.
The Cohen Trust received an aggregate of 397,100 Shares as a
contribution from its settlors, S. and J. Cohen, who utilized personal funds to
make the purchases. The amounts utilized to make the initial purchases are
unavailable to S. and J. Cohen.
Chang has purchased an aggregate of 135,500 Shares utilizing
personal funds for the purchases. The amounts utilized to make the initial
purchases are unavailable to A. Chang.
ITEM 4. Purpose of Transaction
On November 23 1998, ISP filed a Notification and Report Form under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, seeking
clearance to purchase up to 15% of the Common Stock.
The Reporting Persons do not intend to tender their Shares pursuant
to the tender offer being made by Dexter Corporation because the Reporting
Persons believe that the price being offered substantially undervalues the
Shares.
Except as set forth above, the response of the Reporting Persons to
this Item 4 as previously disclosed in the Schedule 13D has not changed.
ITEM 5. Interest in Securities of the Issuer
As of the close of business on November 27, 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 3,695,610 Shares,
representing approximately 15.55% of the Common Stock outstanding on November
27, 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 the sole power to vote, direct the voting of,
dispose of and direct the disposition of 2,035,400 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
owned by ISP Investments. 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 owned by ISP Investments. Mr. Heyman, by
virtue of his beneficial ownership (as defined in Rule 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 owned by ISP Investments.
Bear, Stearns has the sole power to vote, direct the voting of,
dispose of and direct the disposition of 414,215 Shares.
The Adler Trust has the sole power to vote, direct the voting of,
dispose of and direct the disposition of 713,395 Shares.
11
<PAGE>
The Cohen Trust has the sole power to vote, direct the voting of,
dispose of and direct the disposition of 397,100 Shares.
Chang has the sole power to vote, direct the voting of, dispose of
and direct the disposition of 135,500 Shares.
Each of the Original Reporting Persons disclaims beneficial
ownership of the Shares owned by each of the Additional Reporting Persons and
each of the Additional Reporting Persons disclaims beneficial ownership of the
Shares owned by each of the other Reporting Persons.
Since the filing of the Schedule 13D, ISP Investments effected
transactions in Shares in open market transactions as set forth in Schedule B
hereto. In the past 60 days, the Additional Reporting Persons effected
transactions in Shares in open market transactions as set forth in Schedule C
hereto.
ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
On November 25, 1998, ISP and each of the Additional Reporting
Persons entered into a letter agreement (the "Group Agreement") pursuant to
which each of the parties agreed (i) for a period of six months not to sell or
otherwise dispose of any Shares unless all of the parties mutually agree (or, in
the case of Bear, Stearns, sell Shares pursuant to its market-making activities
which would reduce its ownership to below 300,000 Shares), (ii) to bear its own
costs and expenses incurred in connection with its ownership of Shares, the
Group Agreement or any transactions entered into pursuant to the Group
Agreement, provided that any expenses incurred by a party for the common benefit
of all shall be shared by the parties, other than the Adler Trust, on a pro rata
basis, (iii) to join with ISP in a Schedule 13D filing and any required
amendments and (iv) not to enter into any other contract, arrangement,
understanding or relationship with any other person with respect to equity
securities of the Company for a period of six months without the written consent
of the other parties.
A copy of the Group Agreement is set forth as Exhibit 1 hereto and
incorporated herein by reference.
ITEM 7. Materials to be Filed as Exhibits
1. Form of Group Agreement among the Reporting Persons with respect
to the filing of this Schedule 13D.
[The remainder of this page intentionally left blank.]
12
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information set forth in this Statement
is true, complete and correct.
Dated: November 30, 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
BEAR, STEARNS & CO. INC.
By: /s/ Robert Steinberg
----------------------------------
Robert Steinberg
Senior Managing Director
FREDERICK R. ADLER INTANGIBLE ASSET
MANAGEMENT TRUST
By: /s/ Susan R. Chapman
----------------------------------
Susan R. Chapman
Trustee
THE COHEN REVOCABLE TRUST
By: /s/ S. Cohen
----------------------------------
S. Cohen
Trustee
/s/ A. Chang
----------------------------------
A. Chang
13
<PAGE>
SCHEDULE A
DIRECTORS AND EXECUTIVE OFFICERS OF BEAR, STEARNS AND CO. INC.
--------------------------------------------------------------
Name Principal Occupation or Employment
---- ----------------------------------
Alan C. Greenberg Chairman of the Board and Director
James E. Cayne President, Chief Executive Officer and Director
Alan D. Schwartz Executive Vice President and Director
Warren J. Spector Executive Vice President and Director
Michael L. Tarnopol Executive Vice President and Director
John L. Knight Director
John H. Slade Director Emeritus
Kenneth L. Edlow Secretary
William J. Montgoris Chief Operating Officer
Michael J. Abatemarco Controller and Assistant Secretary
Michael Minikes Treasurer
Frederick B. Casey Assistant Treasurer
Mark E. Lehman Executive Vice President - General Counsel and
Director
Samuel L. Molinaro, Jr. Chief Financial Officer
John L. Knight is a citizen of the United Kingdom and his business
address is One Canada Square, London E16 5AD England. Michael J. Abatemarco is a
citizen of the United States and his business address is One Metrotech Center
North, Brooklyn, New York 11201. All other Directors and Executive Officers are
citizens of the United States and their business address is 245 Park Avenue, New
York, New York 10167. Bear, Stearns & Co. Inc. is a wholly-owned subsidiary of
the Bear Stearns Companies Inc. and of the persons named, all but John L. Knight
hold similar office in the parent company.
14
<PAGE>
SCHEDULE B
The following schedule sets forth information with respect to each
purchase of Shares which was effectuated by the Original Reporting Persons since
the filing of the Schedule 13D. 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*
==== ================ ================
11-23-98 1,500 $37.55
11-24-98 82,500 37.44
- --------
*Excluding commissions.
16
<PAGE>
SCHEDULE C
The following schedule sets forth information with respect to each
transaction in Shares which was effectuated by the Additional Reporting Persons
in the 60 day period prior to the filing of this Amendment No. 1. All
transactions were effectuated in the open market through a broker.
BEAR, STEARNS & CO. INC.
========================
Number of
Date Shares Purchased (Sold) Price Per Share**
==== ======================= =================
10/7 1,000 31
10/7 1,000 31 3/4
10/8 (500) 30 3/16
10/13 100 32 7/8
10/23 (5,900) 34 7/8
10/26 (200) 36 1/2
10/26 (1,000) 35 3/4
10/28 (25,000) 36 11/16
10/28 (30,000) 36.5288
10/28 2,500 36 9/16
10/28 3,300 36 11/16
10/28 5,000 36 9/16
10/28 5,000 36 1/2
10/28 5,000 36 3/8
10/28 5,000 36 1/2
10/28 5,000 36 9/16
10/28 7,500 36 9/16
10/28 9,000 36 5/8
10/28 10,000 36 1/2
10/28 64,000 36 1/2
10/28 (300) 36 5/8
10/28 (4,700) 36 1/2
10/28 100 36 5/8
10/28 900 36 5/8
10/28 1,000 36 5/8
10/28 1,000 36 5/8
10/28 1,000 36 5/8
10/28 1,000 36 5/8
10/28 1,100 36 5/8
10/28 2,000 36 9/16
10/28 2,000 36 9/16
10/28 2,000 36 9/16
10/28 2,000 36 9/16
10/28 2,000 36 9/16
10/28 400 36.5288
10/28 6,501 36.5288
10/28 300 36.5288
- -----------------------------
**Excluding commissions.
16
<PAGE>
10/28 300 36.5288
10/28 1,940 36.5288
10/28 6,062 36.5288
10/28 12,700 36.5288
10/28 1,797 36.5288
10/29 (90,000) 37.0063
10/29 600 36 31/32
10/29 700 36 31/32
10/29 14,300 36 31/32
10/29 15,000 36 31/32
10/29 25,000 37
10/29 3,300 36.9450
10/29 15,000 36 5/8
10/29 20,000 36 7/8
10/29 31,264 36 3/4
10/29 (5,000) 37
10/30 1,500 37 1/16
10/30 5,000 37 1/16
10/30 5,000 37 1/8
10/30 9,300 37 1/16
10/30 10,000 37 1/16
10/30 10,000 37 1/16
10/30 15,000 37
10/30 20,000 37 1/8
10/30 35,000 37.0357
10/20 (120,000) 37.1226
11/02 (70,000) 37.1582
11/02 500 37 1/8
11/02 2,500 37
11/02 3,700 37 1/8
11/02 5,000 37 1/8
11/02 5,000 37 1/8
11/02 5,000 37 1/8
11/02 5,000 37 1/8
11/02 5,800 37 1/8
11/02 10,000 37
11/02 10,000 37 1/8
11/02 8,500 37 1/8
11/02 10,900 37 1/16
11/02 100 37
11/02 200 37 1/8
11/03 600 37 1/4
11/03 1,500 37 1/4
11/03 1,600 37 1/4
11/03 7,800 37 1/4
11/03 47,500 37 3/16
11/03 75,000 37.2500
11/03 (5,000) 37 1/4
11/03 (5,000) 37 5/16
11/03 (132,500) 37.3501
11/04 600 37 1/4
11/04 900 37 1/4
11/04 1,000 37 1/4
11/04 1,900 37 19/64
11/04 2,400 37 1/4
11/04 2,500 37 3/16
11/04 9,100 37 1/4
11/04 10,000 37 5/16
17
<PAGE>
11/04 10,000 37 1/4
11/04 10,000 37 1/4
11/04 10,000 37 1/4
11/04 250,000 37.2500
11/04 (307,500) 37.3642
11/04 65,000 37.2500
11/04 (65,000) 37.2500
11/04 500 37 3/16
11/05 (5,000) 37
11/05 (7,500) 37
11/05 (10,000) 37
11/05 (10,000) 37 3/8
11/05 (55,000) 37.1736
11/05 9,000 37 5/16
11/05 10,000 37 3/8
11/05 25,800 37
11/05 (100) 37 1/16
11/05 (100) 37
11/05 (100) 37
11/05 (100) 37 1/16
11/05 (500) 37
11/05 (2,000) 37
11/05 (5,000) 37
11/05 (5,000) 37
11/05 (5,000) 37
11/05 (5,000) 37
11/05 5,000 37
11/05 7,500 37 5/16
11/05 (344) 37 3/8
11/05 (1,952) 37 3/8
11/05 (304) 37 3/8
11/05 (284) 37 3/8
11/05 (753) 37 3/8
11/05 (2,929) 37 3/8
11/05 (2,767) 37 3/8
11/05 (667) 37 3/8
11/06 200 37 1/4
11/06 300 37 3/16
11/06 1,000 37 3/16
11/06 1,000 37 3/16
11/06 1,200 37 7/32
11/06 10,000 37 1/8
11/06 (15,000) 37.2500
11/09 (108,000) 37.3935
11/09 100 37 5/16
11/09 8,000 37 1/8
11/09 100,000 37.2813
11/10 (1,100) 37 1/8
11/10 (1,100) 37 9/32
11/10 (2,500) 37 1/16
11/10 (3,900) 37 1/4
11/10 (5,500) 37 1/8
11/10 (9,900) 37 1/16
11/10 (10,000) 37 1/16
11/10 (75,000) 37 1/8
11/10 300 37 1/4
11/10 400 37 1/4
11/10 158,350 37
18
<PAGE>
11/10 (100) 37 3/16
11/10 (100) 37 1/8
11/10 (1,000) 37 1/16
11/11 200 37 3/16
11/11 1,300 37 3/16
11/11 3,700 37 3/16
11/11 27,475 37.1546
11/11 (35,000) 37.2500
11/11 200 37 1/4
11/12 200 37 1/2
11/12 500 37 1/2
11/12 1,500 37 1/4
11/12 (3,500) 37.3100
11/13 4,400 37 5/16
11/13 6,900 37 1/4
11/13 7,500 37 5/16
11/13 (4,000) 37.3100
11/13 (19,500) 37.3470
11/13 200 37 3/16
11/13 200 37 1/4
11/13 300 37 7/32
11/13 600 37 5/16
11/13 600 37 1/4
11/13 900 37 5/16
11/13 2,800 37 3/16
11/16 7,500 37 1/4
11/16 7,500 37 5/16
11/16 7,500 37 5/16
11/16 14,700 37 3/8
11/16 20,000 37 5/16
11/16 (80,000) 37.3799
11/16 100 37 3/8
11/16 200 37 3/8
11/16 200 37 5/16
11/16 300 37 3/8
11/16 500 37 3/8
11/16 900 37 1/4
11/16 1,200 37 3/8
11/16 2,500 37 5/16
11/16 5,000 37 5/16
11/16 5,000 37 5/16
11/16 7,500 37 5/16
11/17 10,000 37 1/4
11/17 (55,000) 37.3270
11/17 200 37 5/16
11/17 300 37 1/4
11/17 300 37 5/16
11/17 600 37 5/16
11/17 700 37 1/4
11/17 800 37 5/16
11/17 1,000 37 5/16
11/17 3,100 37 5/16
11/17 4,200 37 5/16
11/17 4,300 37 1/4
11/17 5,000 37 1/4
11/17 5,000 37 5/16
11/17 5,000 37 1/4
11/17 5,000 37 1/4
19
<PAGE>
11/17 10,000 37 1/4
11/17 100 37 5/16
11/17 100 37 3/8
11/17 100 37 1/4
11/18 5,000 37 5/16
11/18 5,000 37 1/4
11/18 5,000 37 1/4
11/18 5,000 37 5/16
11/18 5,000 37 1/4
11/18 294,610 37 1/4
11/18 (24,000) 37 3/8
11/18 (311,000) 37.3696
11/18 100 37 5/16
11/18 400 37 5/16
11/18 700 37 1/4
11/18 800 37 5/16
11/18 1,000 37 1/4
11/18 1,000 37 1/4
11/18 1,000 37 1/4
11/18 1,000 37 1/4
11/18 1,500 37 5/16
11/18 1,700 37 5/16
11/18 3,300 37 1/4
11/18 4,000 37 1/4
11/19 (84,000) 37.3063
11/19 100 37 5/32
11/19 100 37 1/4
11/19 300 37 1/4
11/19 1,000 37 3/8
11/19 1,100 37 3/8
11/19 1,300 37 1/4
11/19 1,300 37 1/4
11/19 1,500 37 3/8
11/19 1,500 37 3/8
11/19 2,300 37 1/4
11/19 4,900 37 3/16
11/19 9,000 37 1/4
11/19 15,000 37 1/4
11/19 25,000 37 1/4
11/19 25,000 37 1/4
11/20 600 37 3/8
11/20 3,500 37/3/8
11/20 5,000 37 1/4
11/20 5,000 37 1/4
11/20 90,000 37 5/16
11/20 (105,000) 37.4253
11/23 8,500 37 11/16
11/24 (12,000) 37 5/16
11/24 (82,500) 37.4353
11/24 3,000 37 3/8
11/24 4,600 37 3/8
11/24 5,000 37 3/8
11/24 5,000 37 3/8
11/24 6,500 37 3/8
11/24 7,500 37 3/8
11/24 7,500 37 3/8
11/24 7,500 37 3/8
11/24 7,500 37 3/8
20
<PAGE>
11/24 7,500 37 3/8
11/24 10,000 37 3/8
11/24 11,500 37 5/16
11/24 10,100 37 5/16
11/24 400 37 3/8
11/24 1,000 37 3/8
11/24 2,500 37 3/8
11/24 2,000 37 5/16
11/24 10,000 37 5/16
11/25 100 37 3/8
11/25 3,000 37 3/8
11/25 33,200 37 1/8
11/25 65,000 37 3/8
11/25 (5,000) 37 1/4
11/25 (5,000) 37.4732
11/25 (24,000) 37.3836
11/25 344 37.3836
11/25 200 37.4732
11/25 3,290 37.3836
11/25 304 37.3836
11/25 1,400 37.4732
11/25 284 37.3836
11/25 1,248 37.3836
11/25 1,400 37.4732
11/25 6,722 37.3836
11/25 10,539 37.3836
11/25 1,269 37.3836
11/25 1,400 37.4732
11/25 10,539 37.3836
11/25 100 37 3/8
11/25 3,000 37 3/8
11/27 41,100 37 1/8
11/27 (200) 37 1/8
11/27 (900) 37 1/32
11/27 (2,000) 37 1/8
11/27 (4,100) 37
11/27 (5,000) 37 1/8
11/27 (7,500) 37 1/8
11/27 (10,000) 37 1/8
11/27 (2,500) 37.1600
11/27 2,500 37.1600
FREDERICK R. ADLER INTANGIBLE ASSET MANAGEMENT TRUST
====================================================
Number of
Date Shares Purchased Price Per Share***
==== ================ ==================
9/30/98 20,000 $33-1/8
9/30/98 30,000 33-1/4
- ------------------------------
***Excluding commissions.
21
<PAGE>
9/30/98 25,000 33-1/4
9/30/98 30,000 33-3/8
9/30/98 25,000 33.15
10/8/98 15,000 29.9167
10/9/98 40,000 32.1406
10/14/98 20,000 33.459
10/15/98 15,000 33-1/2
THE COHEN REVOCABLE TRUST
=========================
None
A. CHANG
========
None
22
<PAGE>
EXHIBIT INDEX
Exhibit No. Document Page No.
- ----------- -------- --------
1 Form of Group Agreement among the
Reporting Persons with respect to
the filing of this Schedule 13D
23
AGREEMENT
THIS AGREEMENT ("Agreement"), dated as of November __, 1998, is among
International Specialty Products Inc. and the other parties signatory hereto
with respect to shares of common stock (the "Shares") of Life Technologies,
Inc., a Delaware corporation (the "Company").
As of the date hereof, each of the parties hereto owns, directly or
indirectly, that number of shares set forth after its respective name on the
signature page to this Agreement.
Each of the parties hereto agrees to bear its own costs and expenses
incurred in connection with its ownership of Shares, this Agreement and any
transaction entered into pursuant to this Agreement; provided, however, that
expenses incurred by any party for the common benefit of all shall be shared by
the parties hereto on a pro rata basis. Each party hereto agrees to join with
ISP in a Schedule 13D filing and any required amendments thereto.
Except for this Agreement, none of the parties hereto is a party to any
other contract, understanding, relationship or arrangement with any other person
or entity with respect to any equity securities of the Company, including any
such contract, understanding, relationship or arrangement requiring disclosure
under Section 13(d) of the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder. Each of the parties hereto agrees
not to enter into any other such contract, understanding, relationship or
arrangement for a period of six months from the date hereof without the written
consent of the other parties hereto.
This Agreement sets forth the entire understanding of the parties hereto
with respect to the subject matter hereof. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
NYFS01...:\01\47201\0001\2037\AGRN258P.350
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed this Agreement as of
the date written above.
[NAME OF PARTY]
By:
------------------------------------------
Name:
Title:
Shares owned: ____________
INTERNATIONAL SPECIALTY PRODUCTS INC.
By:
------------------------------------------
Name:
Title:
Shares owned: ____________
2
