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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
(Amendment No. 2)*
and
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
------------------
U.S. INTEC, INC.
(Name of Subject Company)
------------------
USI ACQUISITION COMPANY
G-I HOLDINGS INC.
(Bidders)
----------------
Common Stock, $.02 par value
(Title of Class of Securities)
912084-10-0
(CUSIP Number of Common Stock)
--------------
Mark A. Buckstein, Esq.
Executive Vice President and General Counsel
GAF Corporation
1361 Alps Road
Wayne, New Jersey 07470
(201) 628-3000
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications on Behalf of Bidders)
--------------
Copy to:
Stephen E. Jacobs, Esq.
Weil, Gotshal & Manges
767 Fifth Avenue
New York, New York 10153
October 19, 1995
(Date of Event which Requires Filing Statement on Schedule 13D)
*Constitutes the Final Amendment to
Schedule 14D-1
Page 1 of 10 pages
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============================================
CUSIP NO. 912084-10-0
============================================
14D-1
===========================================================================
1 NAME OF REPORTING PERSON
SS OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mr. Samuel J. Heyman
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a)
(b)
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCES OF FUNDS (See Instructions)
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(E) OR 2(F)
N/A
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
- ---------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
(See Item 6 to this Statement)
- ---------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 7 EXCLUDES
CERTAIN SHARES (See Instructions)
N/A
- ---------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 7
(See Item 6 of this Statement)
- ---------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON (See Instructions)
IN
===========================================================================
Page 2 of 10 pages
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============================================
CUSIP NO. 912084-10-0
============================================
14D-1
===========================================================================
1 NAME OF REPORTING PERSON
SS OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
GAF Corporation
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a)
(b)
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCES OF FUNDS (See Instructions)
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(E) OR 2(F)
N/A
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
State of Delaware
- ---------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
(See Item 6 to this Statement)
- ---------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 7 EXCLUDES
CERTAIN SHARES (See Instructions)
N/A
- ---------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 7
(See Item 6 of this Statement)
- ---------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON (See Instructions)
CO
===========================================================================
Page 3 of 10 pages
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============================================
CUSIP NO. 912084-10-0
============================================
14D-1
===========================================================================
1 NAME OF REPORTING PERSON
SS OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
G-I Holdings Inc.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a)
(b)
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCES OF FUNDS (See Instructions)
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(E) OR 2(F)
N/A
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
State of Delaware
- ---------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
2,872,358 shares (See Item 6 to this Statement)
- ---------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 7 EXCLUDES
CERTAIN SHARES (See Instructions)
N/A
- ---------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 7
94.5% (See Item 6 of this Statement)
- ---------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON (See Instructions)
CO
===========================================================================
Page 4 of 10 pages
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============================================
CUSIP NO. 912084-10-0
============================================
14D-1
===========================================================================
1 NAME OF REPORTING PERSON
SS OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
USI Acquisition Company
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a)
(b)
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCES OF FUNDS (See Instructions)
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(E) OR 2(F)
N/A
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
State of Texas
- ---------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
2,872,358 shares (See Item 6 to this Statement)
- ---------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 7 EXCLUDES
CERTAIN SHARES (See Instructions)
N/A
- ---------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 7
94.5% (See Item 6 of this Statement)
- ---------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON (See Instructions)
CO
===========================================================================
Page 5 of 10 pages
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This (termination) Amendment No. 2 amends and supplements the Tender
Offer Statement on Schedule 14D-1 filed with the Commission on September 21,
1995 (as heretofore amended on October 6, 1995, and as amended hereby, the
"Schedule 14D-1") by USI Acquisition Company, a Texas corporation
("Purchaser"), and G-I Holdings Inc., a Delaware corporation and the direct
corporate parent of Purchaser ("Parent"), relating to the tender offer to
purchase all of the outstanding shares of common stock, $.02 par value
(the "Shares"), of U.S. Intec, Inc., a Texas corporation (the "Company"),
at $9.05 per Share, net to the seller in cash, upon the terms and subject
to the conditions set forth in the Offer to Purchase dated September 21, 1995
(the "Offer to Purchase") and in the related Letter of Transmittal
(which together with the Offer to Purchase constitute the "Offer"), filed as
Exhibits (a)(1) and (a)(2), respectively, to the Schedule 14D-1.
This Amendment No. 2 also amends and supplements the Statement on
Schedule 13D filed with the Commission on September 21, 1995 by Purchaser,
Parent, GAF Corporation and Samuel J. Heyman, with respect to the acquisition by
Parent pursuant to the Shareholders Agreement of beneficial ownership (within
the meaning of Rule 13d-3 under the Exchange Act) of the Shares held by the
Selling Shareholders.
The item numbers, captions and responses set forth below are in
accordance with the requirements of Schedule 14D-1. All capitalized terms used
and not defined herein have the respective meanings assigned to them in the
Offer to Purchase and the Schedule 14D-1.
Item 5. Purpose of the Tender Offer and Plans or Proposals of the Bidder.
Item 5 hereby is amended to add the following supplemental
information:
The Offer expired by its terms at 12:00 Midnight, New York City time,
on Thursday, October 19, 1995. Purchaser has accepted for payment and has
deposited with the Depositary funds sufficient in amount promptly to pay $9.05,
net per Share, for all 2,872,358 of the Shares validly tendered in the Offer and
not properly withdrawn (not including approximately 14,000 shares tendered by
means of guaranteed delivery) and expects promptly to acquire the remaining
outstanding Shares by means of effecting the merger of Purchaser with and into
the Company (the "Merger"), pursuant to the "short-form" merger provisions of
Section 5.16 of the
Page 6 of 10 pages
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Texas Business Corporations Act, as amended. Upon consummation of the
Merger, the Company will become a direct wholly owned subsidiary of G-I and an
indirect wholly owned subsidiary of GAF Corporation. Immediately following
consummation of the Merger, application will be made to remove the Shares from
listed status on the American Stock Exchange, Inc., and the Shares promptly
will be deregistered under the Exchange Act.
In addition, all directors of the Company, other than Danny J. Adair
(the President and Chief Executive Officer of the Company) have resigned and the
Board of Directors is now comprised of Mr. Adair and the five designees of G-I.
Item 6. Interest in Securities of the Subject Company.
Item 6 hereby is amended and restated to read in its entirety, as
follows:
(a)-(b) Pursuant to the Offer and the Merger, Purchaser has acquired
all of the Shares indicated in item 7 of the cover page with respect to it. A
copy of GAF Corporation's press release dated October 19, 1995 announcing the
expiration of the Offer and acceptance for payment of and payment for the Shares
pursuant thereto is attached hereto as Exhibit (a) (9), and the
complete text thereof is incorporated herein by reference. Purchaser and Parent
have shared voting and investment power with respect to the Shares.
By reason of Mr. Heyman's beneficial ownership of approximately 93% of
the outstanding capital stock of GAF which, in turn, is the direct corporate
parent and beneficial owner of 100% of the outstanding capital stock of Parent,
Mr. Heyman and GAF may be deemed to be the beneficial owners of the Shares owned
by Parent.
Page 7 of 10 pages
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Item 11. Material to be Filed as Exhibits.
(a)(1) Offer to Purchase, dated September 21, 1995.*
(a)(2) Letter of Transmittal.*
(a)(3) Notice of Guaranteed Delivery.*
(a)(4) Letter to Brokers, Dealers, Commercial Banks,
Trust Companies and Other Nominees.*
(a)(5) Letter to Clients for use by Brokers, Dealers,
Commercial Banks, Trust Companies and Other
Nominees.*
(a)(6) Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9.*
(a)(7) Text of Press Release, dated September 21, 1995.*
(a)(8) Text of Press Release, dated October 6, 1995.*
(a)(9) Text of Press Release, dated October 20, 1995.
(b) None.
(c)(1) Agreement and Plan of Merger, dated as of
September 15, 1995, among Parent, Purchaser and
the Company.*
(c)(2) Shareholders Agreement, dated as of September 14,
1995, among Parent, Purchaser and the Selling
Shareholders.*
(c)(3) Schedule 13D Joint Filing Agreement, dated
September 21, 1995, among Parent, Purchaser, GAF
and Mr. Heyman.*
(d) None.
(e) Not applicable.
(f) None.
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** Previously filed with the Commission.
Page 8 of 10 pages
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SIGNATURE
After due 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: October 20, 1995
USI ACQUISITION COMPANY
By: /s/ James P. Rogers
---------------------------------
Name: James P. Rogers
Title: Senior Vice-President
G-I HOLDINGS, INC.
By: /s/ James P. Rogers
---------------------------------
Name: James P. Rogers
Title: Senior Vice-President
GAF CORPORATION
By: /s/ James P. Rogers
---------------------------------
Name: James P. Rogers
Title: Senior Vice-President
/s/ Samuel J. Heyman
--------------------------------
Samuel J. Heyman, Individually
Page 9 of 10 pages
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EXHIBIT INDEX
Exhibit
(a)(1) Offer to Purchase, dated
September 21, 1995.*
(a)(2) Letter of Transmittal.*
(a)(3) Notice of Guaranteed Delivery.*
(a)(4) Letter to Brokers, Dealers, Commercial
Banks, Trust Companies and Other Nominees.*
(a)(5) Letter to Clients for use by Brokers,
Dealers, Commercial Banks, Trust
Companies and Other Nominees.*
(a)(6) Guidelines for Certification of
Taxpayer Identification Number on
Substitute Form W-9.
(a)(7) Text of Press Release, dated September 21, 1995.*
(a)(8) Text of Press Release, dated October 6, 1995.*
(a)(9) Text of Press Release, dated October 20, 1995.
(b) None.
(c)(1) Agreement and Plan of Merger, dated
as of September 15, 1995, among Parent,
Purchaser and the Company.*
(c)(2) Shareholders Agreement, dated as of
September 14, 1995, among Parent,
Purchaser and the Selling Shareholders.*
(c)(3) Schedule 13D Joint Filing Agreement,
dated September 21, 1995, among Parent,
Purchaser, GAF and Mr. Heyman.*
(d) None.
(e) Not applicable.
(f) None.
- --------
** Previously filed with the Commission.
Page 10 of 10 pages
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EXHIBIT (a)(9)
GAF CORPORATION
1361 ALPS ROAD
WAYNE, NEW JERSEY 07470
(201) 628-3000
FOR IMMEDIATE RELEASE CONTACT:
--------------------- -------
Friday, October 20, 1995 Leonard S. Goodman
Chief Financial Officer
Building Material Corporation
of America
(201) 628-3712
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GAF CORPORATION ACQUIRES
APPROXIMATELY 95% OF THE OUTSTANDING
U.S. INTEC, INC. COMMON STOCK IN CASH TENDER OFFER
-------------
Wayne, NJ October 20, 1995 -- GAF Corporation today announced that its
wholly owned subsidiary, USI Acquisition Company, has accepted for
payment and made arrangements promptly to pay for the 2,872,358 shares
of common stock of U.S. Intec, Inc. (AMEX: USI) tendered pursuant to
USI's cash offer to purchase all outstanding shares of such common
stock, at $9.05 net per share. USI's tender offer expired at 12:00
midnight, New York City time, on October 19, 1995.
As a result of the tender offer, GAF's wholly owned subsidiary, G-I
Holdings Inc., now owns through USI approximately 95% of the
outstanding shares of U.S. Intec. G-I Holdings intends promptly to
effect the merger of USI into U.S. Intec.
* * * *
GAF Corporation, a Fortune 1000 company, is a leading manufacturer of
specialty chemicals and building materials through its two principal
subsidiaries -- International Specialty Products Inc. and Building
Materials Corporation of America.
NYFS01...:\01\47201\0024\2114\REL0205K.580
