SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Gleason Corporation
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(Name of Issuer)
Common Stock, par value $1.00 per share
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(Title of Class of Securities)
377339106
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(CUSIP)
Andrew A. Ziegler
1000 North Water Street, #1770
Milwaukee, WI 53202
414-390-6100
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 20, 1999
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. [X]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Section 240.13d-7(b) for
other parties to whom copies are to be sent.
<F1> 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 the disclosures provided in a prior cover page.
The information required in 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).
<PAGE>
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CUSIP No. 377339106 13D Page 2 of 14
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Artisan Partners Limited Partnership ("Artisan Partners") 39-1807188
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<F1>
(a)[ ]
N/A (b)[ ]
- -------------------------------------------------------------------------------
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 limited partnership
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7 SOLE VOTING POWER
None
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 1,165,200
OWNED BY ------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
PERSON ------------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
1,165,200
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,165,200
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
N/A [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.15%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
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<PAGE>
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CUSIP No. 377339106 13D Page 3 of 14
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Artisan Investment Corporation ("Artisan Corp.")
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<F1>
(a)[ ]
N/A (b)[ ]
- -------------------------------------------------------------------------------
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) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Wisconsin corporation
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7 SOLE VOTING POWER
None
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 1,165,200
OWNED BY ------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
PERSON ------------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
1,165,200
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,165,200
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
N/A [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.15%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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<PAGE>
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CUSIP No. 377339106 13D Page 4 of 14
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Andrew A. Ziegler
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<F1>
(a)[ ]
N/A (b)[ ]
- -------------------------------------------------------------------------------
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
U.S. citizen
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 1,165,200
OWNED BY ------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
PERSON ------------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
1,165,200
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,165,200
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
N/A [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.15%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
<PAGE>
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CUSIP No. 377339106 13D Page 5 of 14
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Carlene Murphy Ziegler
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<F1>
(a)[ ]
N/A (b)[ ]
- -------------------------------------------------------------------------------
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
U.S. citizen
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 1,165,200
OWNED BY ------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING None
PERSON ------------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
1,165,200
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,165,200
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
N/A [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.15%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
<PAGE>
CUSIP NO 377339106
Item 1. SECURITY AND ISSUER
Common Stock, par value $1.00 per share
Gleason Corporation
1000 University Avenue
P.O. Box 22970
Rochester, NY 14692
Item 2 IDENTITY AND BACKGROUND
(a,b,c) Artisan Partners Limited Partnership ("Artisan Partners"), an
investment adviser registered with the Securities and Exchange Commission, is a
limited partnership organized in the State of Delaware. Artisan Investment
Corporation ("Artisan Corp."), its general partner, is incorporated in the State
of Wisconsin. Andrew A. Ziegler and Carlene Murphy Ziegler are officers and the
principal shareholders of Artisan Corp. The business address of these persons
is 1000 North Water Street, #1770, Milwaukee, WI 53202.
(d) During the last five years, none of Artisan Partners, Artisan Corp., Andrew
A. Ziegler or Carlene Murphy Ziegler (collectively, the "Reporting Persons") has
been convicted in any criminal proceeding (excluding traffic violations or
similar misdemeanors).
(e) During the last five years, none of the Reporting Persons has been a party
to any civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or any
violation with respect to such laws.
(f) All of the natural persons listed in this Item are citizens of the United
States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The securities were purchased on behalf of discretionary investment
advisory clients, including mutual fund clients, for which Artisan Partners is
the investment adviser. Therefore, funds used to purchase the securities came
from these clients. The total cost to purchase the securities was $21,070,978.
ITEM 4. PURPOSE OF TRANSACTION
As disclosed in the Schedule 13G as filed by the Reporting Persons on
December 14, 1999, the purchases reported herein were made in the ordinary
course of the Reporting Persons' business and not with the purpose, nor with
the effect, of changing or
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CUSIP NO 377339106
influencing the control of the issuer, nor in connection with, or as a
participant in, any transaction having such purpose or effect. Artisan
Partners may, in the future, purchase additional shares or dispose of
additional shares on behalf of its advisory clients, or make recommendations
to its clients with regard to such purchases and sales. The Reporting Persons
may also, in the future, for any reason and in their sole discretion subject
only to their fiduciary and regulatory obligations to Artisan Partners'
advisory clients, change their plans and proposals as they relate to such
matters.
At a meeting of the Board of Directors ("Board") of the issuer, Gleason
Corporation (the "Company"), held on December 8, 1999 (the "Board Meeting"), the
Board approved an Agreement and Plan of Merger (the "Merger Agreement"), by and
among the Company, Torque Acquisition Co., L.L.C., a Delaware limited liability
company and wholly owned subsidiary of Vestar Capital Partners IV, L.P.
("Acquisition Company"), and Torque Merger Sub, Inc., a Delaware corporation and
wholly owned subsidiary of Acquisition Company ("Merger Subsidiary"). Pursuant
to the Merger Agreement, among other things, (i) the Company and Acquisition
Company jointly commenced a tender offer (the "Offer") to purchase all
outstanding shares of common stock of the Company, par value $1.00 per share
("Shares"), and (ii) Merger Subsidiary shall merge with and into the Company
(the "Merger"), with the Company continuing as the surviving corporation. At
the Board Meeting, the Board approved the Merger, the Offer and the Merger
Agreement.
The Acquisition Company has agreed to pay for and purchase the first
2,318,126 Shares tendered pursuant to the Offer and the Company has agreed to
pay for and purchase all Shares tendered in excess of such 2,318,126 Shares paid
for and purchased by Acquisition Company, at $23.00 per Share ("Offer Price"),
net to the seller in cash, without interest, upon the terms and subject to the
conditions set forth in the Offer to Purchase, dated December 15, 1999.
Artisan Partners and Artisan Corp. believe that the Offer Price is too low
and is not a reasonable valuation of the Company. Artisan Partners and Artisan
Corp. believe that a more reasonable valuation of the Company would be obtained
by an auction of the Company, unfettered by any "poison pill," shareholder
rights plan or break-up fees or expenses. In this regard, Artisan Partners and
Artisan Corp. intend to alert members of the media of their objection to the
Offer Price. It is the current intention of the Reporting Persons not to tender
Shares in response to the Offer, but they reserve the right to change such
position as circumstances develop. The Reporting Persons do not intend to act
in concert, enter into any agreement, or otherwise act as a group with any other
Company shareholder.
Except as set forth, the Reporting Persons have no current intention to
make any plans or proposals which relate to or would result in:
The acquisition by any person of additional securities of the issuer, or
the disposition of securities of the issuer;
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CUSIP NO 377339106
An extraordinary corporate transaction, such as a merger, reorganization or
liquidation of securities of the issuer;
A sale or transfer of a material amount of assets of the issuer or any of
its subsidiaries;
Any change in the present board of directors or management of the issuer,
including any plans or proposals to change the number or term of directors or to
fill any existing vacancies on the board;
Any material change in the present capitalization or dividend policy of the
issuer;
Any other material change in the issuer's business or corporate structure;
Changes in the issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of the
issuer by any person;
Causing a class of securities of the issuer to be delisted from a national
securities exchange or to cease to be authorized to be quoted in an inter-dealer
quotation system of a registered national securities association;
A class of equity securities of the issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or
Any action similar to any of those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of December 22, 1999, the Reporting Persons beneficially owned 1,165,200
Shares, which represents 12.15% of the 9,589,195 Shares outstanding on November
30, 1999. The number of Shares that the Reporting Persons beneficially own as
stated herein reflects the revocation of the Reporting Persons' authority to
vote and/or dispose of certain Shares over which the Reporting Persons disclosed
beneficial ownership in the Schedule 13G filed by the Reporting Persons on
December 14, 1999.
(b) Number of Shares as to which the reporting persons have:
(i) sole power to vote or to direct the vote: 0
(ii) shared power to vote or to direct the vote: 1,165,200
(iii) sole power to dispose or to direct the disposition: 0
(iv) shared power to dispose or to direct the disposition: 1,165,200
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<PAGE>
(c) During the 60 days preceding the date hereof, Artisan Partners entered into
the following open market transactions in the securities of the issuer on the
New York Stock Exchange on behalf of its advisory clients. Artisan Corp.,
Andrew A. Ziegler, and Carlene Murphy Ziegler did not enter into any open market
transactions in the securities of the issuer during the 60 days preceding the
date hereof.
CUSIP NO 377339106
Name of Person
Effecting Date of Price per
Transaction Transaction No. of shares share
----------------- ----------- ------------- ---------
Buys Artisan Partners 10-06-99 18,300 17.0000
Artisan Partners 10-19-99 11,600 16.8933
Artisan Partners 10-20-99 2,100 16.9286
Artisan Partners 10-20-99 10,700 16.8750
Artisan Partners 10-20-99 1,400 16.9286
Artisan Partners 10-21-99 1,500 17.0000
Artisan Partners 10-21-99 1,000 17.0000
Artisan Partners 10-22-99 600 17.0000
Artisan Partners 10-22-99 400 17.0000
Artisan Partners 11-04-99 3,600 17.1236
Artisan Partners 11-04-99 800 17.1236
Artisan Partners 11-05-99 700 17.2500
Artisan Partners 11-05-99 200 17.2500
Artisan Partners 11-08-99 500 17.2500
Artisan Partners 11-08-99 200 17.2500
Artisan Partners 11-10-99 4,600 17.3750
Artisan Partners 11-10-99 3,000 17.3750
Artisan Partners 11-12-99 1,700 17.4375
Artisan Partners 11-12-99 1,200 17.4375
Artisan Partners 11-15-99 4,300 17.4481
Artisan Partners 11-15-99 2,800 17.4481
Artisan Partners 11-16-99 39,300 17.3125
Artisan Partners 11-16-99 25,800 17.3125
Artisan Partners 11-17-99 4,000 17.3125
Artisan Partners 11-17-99 5,500 17.3438
Artisan Partners 11-17-99 2,600 17.3125
Artisan Partners 11-17-99 3,600 17.3438
Artisan Partners 12-03-99 1,000 18.2500
Sells No transactions
(d) The Shares reported herein have been acquired on behalf of investment
advisory clients of Artisan Partners for the accounts over which Artisan
Partners has discretionary authority. Persons other than the Reporting Persons
are entitled to receive all dividends and proceeds from the sale of the
securities.
(e) Not Applicable
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<PAGE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
CUSIP NO 377339106
None of the Reporting Persons has any contract, arrangement, understanding
or relationship with respect to securities of the issuer. Artisan Partners has
advisory agreements with its clients that hold the economic interest in the
Shares that do not relate in any specific way to the securities of the issuer.
Artisan Partners plans to inform its investment advisory clients that this
Schedule 13D has been filed.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1 - Joint Filing Agreement Dated as of December 22, 1999 by and among
the Reporting Persons.
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CUSIP NO 377339106
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: December 22, 1999
ARTISAN INVESTMENT CORPORATION
for itself and as general partner of
ARTISAN PARTNERS LIMITED
PARTNERSHIP
By: /s/ Lawrence Totsky
----------------------------------
Lawrence A. Totsky
Chief Financial Officer
<PAGE>
CUSIP NO 377339106
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: December 22, 1999
ANDREW A. ZIEGLER
/s/ Andrew A. Ziegler
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<PAGE>
CUSIP NO 377339106
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: December 22, 1999
CARLENE MURPHY ZIEGLER
/s/ Carlene Murphy Ziegler
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CUSIP NO 377339106
EXHIBIT 1
JOINT FILING AGREEMENT
The undersigned hereby agree to the joint filing of the Schedule 13D to
which this Agreement is attached.
Dated: December 22, 1999
ARTISAN INVESTMENT CORPORATION
for itself and as general partner of
ARTISAN PARTNERS LIMITED
PARTNERSHIP
By: /s/ Lawrence Totsky
-------------------------------
Lawrence A. Totsky
Chief Financial Officer
ANDREW A. ZIEGLER
/s/ Andrew A. Ziegler
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CARLENE MURPHY ZIEGLER
/s/ Carlene Murphy Ziegler
--------------------------
