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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Amendment No. 1 To
SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
and
Amendment No. 1 To
SCHEDULE 13D
Under the Securities Exchange Act of 1934
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DURAKON INDUSTRIES, INC.
(Name of Subject Company)
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LITTLEJOHN ASSOCIATES, LLC
LITTLEJOHN PARTNERS IV, L.P.
LPIV ACQUISITION CORP.
LPIV, LLC
(Bidders)
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Common Stock, Without Par Value
(Title of Class of Securities)
266334 10 1
(CUSIP Number of Class of Securities)
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Mr. Angus C. Littlejohn, Jr.
Mr. Michael I. Klein
Littlejohn Partners IV, L.P.
115 East Putnam Avenue
Greenwich, Connecticut 06830
(203) 861-4005
(Name, Address And Telephone Number of Persons Authorized to
Receive Notices And Communications on Behalf of Bidders)
copies to:
James D. Epstein, Esq.
Pepper Hamilton LLP
3000 Two Logan Square
Eighteenth and Arch Streets
Philadelphia, Pennsylvania 19103
(215) 981-4000
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June 17, 1999
(Date of Event Which Requires Filing Statement on Schedule 13D)
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1.NAMES OF REPORTING PERSONS
Littlejohn Associates, LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
06-1511492
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2.CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP
(a)
[_]
(b)
[X]
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3.SEC USE ONLY
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4.SOURCES OF FUNDS
00 - Member Contributions
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f)
[_]
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6.CITIZEN OR PLACE OF ORGANIZATION
Delaware
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7.AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,971,286* (Common Stock)
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8.CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES
[_]
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9.PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
32%**
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10.TYPE OF REPORTING PERSON
CO
2
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1.NAMES OF REPORTING PERSONS
Littlejohn Partners IV, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
52-2177030
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2.CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP
(a)
[_]
(b)
[X]
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3.SEC USE ONLY
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4.SOURCES OF FUNDS
OO--Partnership Contribution
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f)
[_]
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6.CITIZEN OR PLACE OF ORGANIZATION
Delaware
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7.AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,971,286* (Common Stock)
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8.CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES
[_]
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9.PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
32%**
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10.TYPE OF REPORTING PERSON
HC and PN
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1.NAMES OF REPORTING PERSONS
LPIV Acquisition Corp.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
38-3475004
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2.CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP
(a)
[_]
(b)
[X]
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3.SEC USE ONLY
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4.SOURCES OF FUNDS
AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f)
[_]
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6.CITIZEN OR PLACE OF ORGANIZATION
Michigan
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7.AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,971,286* (Common Stock)
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8.CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES
[_]
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9.PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
32%**
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10.TYPE OF REPORTING PERSON
CO
4
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1.NAMES OF REPORTING PERSONS
LPIV, LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
52-2176785
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2.CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP
(a)
[_]
(b)
[X]
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3.SEC USE ONLY
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4.SOURCES OF FUNDS
BK
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(e) OR 2(f)
[_]
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6.CITIZEN OR PLACE OF ORGANIZATION
Delaware
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7.AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,971,286* (Common Stock)
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8.CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES
[_]
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9.PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
32%**
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10.TYPE OF REPORTING PERSON
CO
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* On June 17, 1999, Littlejohn Partners IV, L.P. (the "Parent") and LPIV
Acquisition Corp., a wholly owned subsidiary of the Parent (the
"Purchaser"), entered into Stock Tender and Voting Agreements (the
"Shareholder Agreements") with certain shareholders (the "Shareholders") of
Durakon Industries, Inc. (the "Company"), who beneficially own 1,971,286
Shares in the aggregate, or approximately 32% of the Shares outstanding as
of June 17, 1999. Under the Shareholder Agreements, each Shareholder has
agreed to validly tender the Shares beneficially owned by it, as well as
any Shares subsequently acquired by it, into the Offer (as defined below),
and not to withdraw such Shares from the Offer. The Purchaser's right to
purchase the Shares subject to the Shareholder Agreements is reflected in
Rows 7 and 9 of each of the tables above. Pursuant to the Shareholder
Agreements, each Shareholder has also delivered an irrevocable proxy to the
Parent and certain of the Parent's affiliates to vote the Shares subject to
the Shareholder Agreements in favor of the Merger (as defined in the Offer
to Purchase), the adoption by the Company of the Agreement and Plan of
Merger dated as of June 17, 1999 among the Purchaser, the Parent and the
Company (the "Merger Agreement"), and the approval of the terms thereof and
each of the other transactions contemplated by the Merger Agreement, and
have agreed to vote against (a) any action or agreement that would result
in a breach of any covenant or any representation or warranty or any other
obligation or agreement of the Company under or pursuant to the Merger
Agreement and (b) any action or agreement that would impede, interfere
with, delay, postpone or attempt to discourage the Merger or the Offer. The
Merger Agreement and the Shareholder Agreements are described more fully in
Section 12 ("The Merger Agreement and The Shareholder Agreements") of the
Offer to Purchase dated June 25, 1999 (the "Offer to Purchase"), filed as
Exhibit (a)(1) hereto.
** Based on a representation of the Company in the Merger Agreement.
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This statement amends and supplements the combined Schedule 14D-1 Tender
Offer Statement and Schedule 13D originally filed with the Securities and
Exchange Commission on June 28, 1999 (collectively and as amended, the
"Statement") by Littlejohn Partners IV, L.P., a Delaware limited partnership
(the "Parent"), Parent's wholly owned subsidiary LPIV Acquisition Corp., a
Michigan corporation (the "Purchaser") and Purchaser's wholly owned subsidiary
LPIV, LLC, a Delaware limited liability company ("LPIV"), in connection with
the offer to purchase all issued and outstanding shares of common stock,
without par value (the "Shares"), of Durakon Industries, Inc., a Michigan
corporation (the "Company"), at $16.00 per Share (the "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 and in the related Letter of
Transmittal (which, together with any amendments or supplements thereto,
collectively constitute the "Offer"). Capitalized terms used and not defined
herein shall have the meanings assigned to such terms in the Offer to Purchase
and the Statement. The purpose of this Amendment to the Statement is to add
Littlejohn Associates, LLC, a Delaware limited liability company and the
general partner of the Parent ("Littlejohn Associates"), as one of the bidders
for the Company and to amend certain provisions of the Offer to Purchase as
noted below.
Item 2. Identity and Background.
Items 2(a)-(g) of the Statement are hereby amended and restated as follows:
(a)-(d) and (g) This Statement is being filed by (i) the Purchaser, a
Michigan corporation, (ii) LPIV, a Delaware limited liability company, (iii)
the Parent, a Delaware limited partnership and (iv) Littlejohn Associates, a
Delaware limited liability company (the Purchaser, LPIV, the Parent and
Littlejohn Associates collectively referred to as the "Applicable Persons"),
for purposes of Schedule 14D-1 and Schedule 13D. LPIV is a wholly owned
subsidiary of the Purchaser and Littlejohn Associates is the general partner
of the Parent. Information concerning the principal business and the address
of the principal offices of the Applicable Persons is set forth in Section 9
("Certain Information Concerning the Purchaser and the Parent") of the Offer
to Purchase and is incorporated herein by reference. The names, business
addresses, present principal occupations or employment, material occupations,
positions, offices or employments during the last five years and citizenship
of the directors and executive officers of the Applicable Persons are set
forth in Schedule I ("Directors and Executive Officers of the Parent and the
Purchaser") to the Offer to Purchase and are incorporated herein by reference.
(e) and (f) The information set forth in Section 9 ("Certain Information
Concerning the Purchaser and the Parent") and Section 16 ("Certain Legal
Matters") of the Offer to Purchase is incorporated herein by reference.
Item 3. Past Contacts, Transactions or Negotiations with the Subject Company.
The information set forth in Items 3(a) and (b) is hereby amended and
supplemented by the following:
The last sentence of the last paragraph of Section 8 entitled "Certain
Information Concerning the Company" of the Offer to Purchase, which is
incorporated by reference into Items 3(a) and (b), is hereby amended and
restated in its entirety as follows:
"Neither the Parent nor the Purchaser, nor any of their respective
affiliates, assumes any responsibility for the validity, reasonableness,
accuracy or completeness of the forecasts and the Company has made no
representation to the Parent or the Purchaser or any of their affiliates
regarding the forecasts as described above."
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Item 10. Additional Information.
The information set forth in Item 10(f) is hereby amended and supplemented
by the following:
The information provided in this Amendment No. 1 under Item 3 is
incorporated herein by reference.
The first paragraph of Section 15 entitled "Certain Conditions to the Offer"
of the Offer to Purchase, which is incorporated by reference into Item 10(f),
is hereby amended and restated in its entirety as follows:
"Notwithstanding any other term of the Offer or the Merger Agreement, the
Purchaser shall not be required to accept for payment or, subject to any
applicable rules and regulations of the Commission, including Rule 14e-1(c)
under the Exchange Act (relating to the Purchaser's obligation to pay for
or return tendered Shares after the termination or withdrawal of the
Offer), to pay for any Shares tendered pursuant to the Offer if (i) the
Minimum Tender Condition shall not have been satisfied, (ii) at any time on
or after the date of the Merger Agreement and prior to the Expiration Date,
any of the following conditions exist:"
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SIGNATURE
After due 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: July 8, 1999
LITTLEJOHN PARTNERS IV, L.P.
By: Littlejohn Associates, LLC, its
general partner
By: /s/ Michael I. Klein
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Name: Michael I. Klein
Title: Manager
LPIV ACQUISITION CORP.
By: /s/ Michael I. Klein
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Name: Michael I. Klein
Title: President
LPIV, LLC
By: /s/ Michael I. Klein
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Name: Michael I. Klein
Title: Manager
LITTLEJOHN ASSOCIATES, LLC
By: /s/ Michael I. Klein
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Name: Michael I. Klein
Title: Manager
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EXHIBIT INDEX
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<CAPTION>
Exhibit
Number Exhibit Name*
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<C> <S>
(a)(1) Offer to Purchase dated June 25, 1999.
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(a)(2) Letter of Transmittal.
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(a)(3) Notice of Guaranteed Delivery.
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(a)(4) Letter to Brokers, Dealers, Commercial Banks, Trust Companies and
Other Nominees.
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(a)(5) Letter to Clients for use by Brokers, Dealers, Commercial Banks,
Trust Companies and Other Nominees.
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(a)(6) Guidelines for Certification of Taxpayer Identification Number on
Substitute Form W-9.
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(a)(7) Form of Summary Advertisement dated June 25, 1999.
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(a)(8) Text of Press Release dated June 18, 1999 issued by the Company.
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(b)(1) Commitment Letter, dated June 14, 1999, from BankBoston, N.A. and
BancBoston Robertson Stephens Inc. to LPIV Acquisition Corp.
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(c)(1) Agreement and Plan of Merger dated as of June 17, 1999 among the
Parent, the Purchaser and the Company.
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(c)(2) Confidentiality Agreement, dated February 5, 1999, between Littlejohn
& Co., LLC, an affiliate of the Parent, and the Company, and
countersigned by Littlejohn & Co., LLC on February 8, 1999.
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(c)(3) Stock Tender and Voting Agreement with David Aronow
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(c)(4) Stock Tender and Voting Agreement with Phillip Wm. Fisher
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(c)(5) Stock Tender and Voting Agreement with Richard J. Jacob
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(c)(6) Stock Tender and Voting Agreement with Robert M. Teeter
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(c)(7) Stock Tender and Voting Agreement with David W. Wright
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(c)(8) Stock Tender and Voting Agreement with Max M. Fisher Revocable Trust,
u/a/d August 13, 1988
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(c)(9) Stock Tender and Voting Agreement with Martinique Charitable
Remainder Unitrust
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(c)(10) Stock Tender and Voting Agreement with Wolverine Investors
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(c)(11) Stock Tender and Voting Agreement with 1990 Bronx Trust #1
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(c)(12) Stock Tender and Voting Agreement with 1990 Des Moines Trust #1
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(d) None.
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(e) Not applicable.
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(f) None.
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*All Exhibits Previously Filed
