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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 3 )*
The Turner Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
NU900273103
(CUSIP Number)
Richard R. Howe, Esq., Sullivan & Cromwell
125 Broad Street, New York, New York 10004
212 558-4000
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
(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 |_|.
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP NO. NU900273103 PAGE 2 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Karl Steiner Holding AG
None
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) |_|
(B) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Switzerland
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 2,430,750
BENEFICIALLY ----------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING ----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 2,430,750
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,430,750
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 2 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP NO. NU900273103 PAGE 3 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PSW Holding AG
None
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) |_|
(B) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Switzerland
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY ----------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,430,750
REPORTING ----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,430,750
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,430,750
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 3 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP NO. NU900273103 PAGE 4 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
EBS Holding AG
None
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) |_|
(B) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Switzerland
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY ----------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,430,750
REPORTING ----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,430,750
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,430,750
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 4 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP NO. NU900273103 PAGE 5 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter Steiner
None
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) |_|
(B) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Switzerland
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY ----------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,441,250
REPORTING ----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,441,250
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,441,250
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 5 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP NO. NU900273103 PAGE 6 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Heinrich Baumann
None
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) |_|
(B) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Switzerland
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY ----------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,441,250
REPORTING ----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,441,250
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,441,250
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 6 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP NO. NU900273103 PAGE 7 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Esther Baumann-Steiner
None
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) |_|
(B) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Switzerland
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY ----------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,430,750
REPORTING ----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,430,750
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,430,750
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 7 of 17 Pages
<PAGE>
AMENDMENT NO. 3 TO SCHEDULE 13D
-------------------------------
Karl Steiner Holding AG ("KSH"), PSW Holding AG ("PSW"), EBS Holding AG
("EBS"), Peter Steiner, Heinrich Baumann and Esther Baumann-Steiner hereby amend
and supplement their statement on Schedule 13D with respect to the Common Stock
("Common Stock") of The Turner Corporation, a Delaware corporation (the
"Company"), to reflect a 50% stock dividend declared by the Company on July 24,
1998 for shareholders of record as of August 3, 1998, and the waiver on August
14, 1998 of the provisions of Paragraph 7(a) of the Agreement Regarding Security
Holder's Rights, Obligations and Options dated July 20, 1992 (the "Options
Agreement") between the Company and KSH, as hereinafter set forth. Except as
amended and supplemented hereby, the statement on Schedule 13D, as heretofore
amended and supplemented, including the definitions of terms not otherwise
defined herein, remains in full force and effect.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Steiner presently owns 9,000 Series C Shares, 6,000 Series D Shares and
30,750 shares of Common Stock of the Company. In addition, Peter Steiner and
Heinrich Baumann each holds currently exercisable stock options to purchase
10,500 shares of Common Stock of the Company, which are not included in the
shares beneficially owned by Steiner for purposes hereof. The Series C and
Series D Shares are convertible at
Page 8 of 17 Pages
<PAGE>
any time at the option of the holders thereof into an aggregate of 2,400,000
shares of Common Stock, subject to adjustment in certain events. As a result of
the conversion rights of the holders of the Series C and Series D Shares,
Steiner may be deemed for purposes of Section 13(d) of the Act to be the
beneficial owner of the shares of Common Stock into which such Shares may be
converted. According to the Form 10-Q of the Company for the quarter ended June
30, 1998, after giving effect to the 50% stock dividend declared on July 24,
1998 for shareholders of record on August 3, 1998, as of August 5, 1998 there
were outstanding a total of 8,038,464 shares of Common Stock, and during the six
months ended June 30, 1998, there were outstanding an average of 1,264,268
Series B Shares and an average of currently exercisable employee stock options
to purchase 638,538 shares of Common Stock. Each Series B Share is convertible
at the option of the holder thereof into one share of Common Stock, subject to
adjustment. Assuming conversion of the Series C and Series D Shares into Common
Stock but not the conversion or exercise of any Series B Shares or any employee
stock options, Steiner would own beneficially an aggregate of 2,430,750 out of
10,469,214 shares of Common Stock that would then be outstanding, or
approximately 23.2%. If the 1,264,268 outstanding Series B Shares were also
converted into Common Stock, Steiner would own beneficially an aggregate of
2,430,750 out of 11,733,482 shares of Common Stock that would
Page 9 of 17 Pages
<PAGE>
then be outstanding, or approximately 20.7%. If the 638,538 currently
exercisable employee stock options were also exercised in full, Steiner would
own an aggregate of 2,430,750 out of 12,372,020 shares of Common Stock that
would then be outstanding, or approximately 19.6%.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE
ISSUER.
On August 14, 1998, the Company announced that its Board of Directors
had irrevocably waived in their entirety the provisions of Paragraph 7(a) of the
Options Agreement, which had theretofore provided that until May 31, 2002 or
such earlier time as Steiner purchases Common Stock from the Company pursuant to
Paragraph 8 or Paragraph 11(b) and (c) of the Options Agreement, Steiner may not
directly or indirectly (i) acquire or attempt to acquire, other than by
conversion of Series C Shares, Series D Shares or Series E Shares or by the
exercise of any option contained in the Options Agreement, any Common Stock or
securities entitling the holder to acquire Common Stock (such Common Stock and
securities being referred to as "Equity Securities") if, after such acquisition,
Steiner would own more than 22% of the Outstanding Common Stock (as defined),
(ii) participate in any solicitation of proxies or become a participant in any
election contest with respect to the Company (other than by exercising voting
rights as holder of Series C Shares, Series D Shares or Series E Shares), or
Page 10 of 17 Pages
<PAGE>
(iii) otherwise act in concert with any person with respect to any Equity
Securities or seek to control the management, board of directors or policies of
the Company. As a result of this waiver, from and after August 14, 1998 Steiner
is free to take any of the actions that would theretofore have been prohibited
by Paragraph 7(a) of the Options Agreement, and holders of the Series C and
Series D Shares will be entitled to receive, when, as and if declared by the
Board of Directors of the Company and of funds legally available for the payment
of dividends, dividends equal to the dividends paid with regard to the number of
shares of Common Stock into which the Series C and Series D Shares could have
been converted on the record date for payment of such Common Stock dividends.
Page 11 of 17 Pages
<PAGE>
Signature
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this Statement is
true, complete and correct.
Dated: August 31, 1998
KARL STEINER HOLDING AG
By /s/ Peter Steiner
-----------------
Peter Steiner
Vice Chairman
Page 12 of 17 Pages
<PAGE>
Signature
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this Statement is
true, complete and correct.
Dated: August 31, 1998
PSW HOLDING AG
By /s/ Peter Steiner
-----------------
Peter Steiner
Chairman
Page 13 of 17 Pages
<PAGE>
Signature
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this Statement is
true, complete and correct.
Dated: August 31, 1998
EBS HOLDING AG
By /s/ Esther Baumann-Steiner
--------------------------
Esther Baumann-Steiner
Chairman
Page 14 of 17 Pages
<PAGE>
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Statement is true, complete and
correct.
Dated: August 31, 1998
/s/ Peter Steiner
-----------------
Peter Steiner
Page 15 of 17 Pages
<PAGE>
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Statement is true, complete and
correct.
Dated: August 31, 1998
/s/ Heinrich Baumann
--------------------
Heinrich Baumann
Page 16 of 17 Pages
<PAGE>
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Statement is true, complete and
correct.
Dated: August 31, 1998
/s/ Esther Baumann-Steiner
--------------------------
Esther Baumann-Steiner
Page 17 of 17 Pages
