<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. )*
of
Tweedy, Browne Company L.P.
SCHEDULE 13D
(Amendment No. )*
of
Vanderbilt Partners, L.P.
Under the Securities Exchange Act of 1934
PINKERTON'S, INC.
(Name of Issuer)
Common Stock, Par Value $.001 Per Share
(Title of Class of Securities)
723429106
(CUSIP Number)
John D. Spears
52 Vanderbilt Avenue
New York, New York 10017
(212) 916-0600
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
JUNE 7, 1996
(Date of Event which Required Filing of this Statement)
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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 [ ].
Check the following box if a fee is paid with the statement [ X ]. (A fee is not
required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
* 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 the provisions of the Act (however, see the Notes).
<PAGE> 3
SCHEDULE 13D
CUSIP No. 723429106 Page ______ of ______ Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Tweedy, Browne Company L.P. ("TBC")
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
________________________________________________________________________________
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
________________________________________________________________________________
7 SOLE VOTING POWER TBC has sole voting power with
respect to 366,005 shares held in certain TBC Accounts
NUMBER OF (as hereinafter defined). Additionally, certain of the
general partners of TBC may be deemed to have sole power
SHARES to vote certain shares as more fully set forth herein.
_________________________________________________________________
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY
0 shares
EACH _________________________________________________________________
REPORTING 9 SOLE DISPOSITIVE POWER
O shares, except that certain of the general partners
PERSON of TBC may be deemed to have sole power to dispose of
certain shares as more fully set forth herein.
WITH _________________________________________________________________
10 SHARED DISPOSITIVE POWER
412,920 shares held in accounts of TBC
(as hereinafter defined)
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
412,920 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* /X/
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.95%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
BD, IA & PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (9-88) 2 of 7
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SCHEDULE 13D
CUSIP No. 723429106 Page ______ of ______ Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Vanderbilt Partners, L.P. ("Vanderbilt")
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
________________________________________________________________________________
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
________________________________________________________________________________
7 SOLE VOTING POWER 7,100 shares, except that the general
NUMBER OF partners in Vanderbilt, solely by reason of their
positions as such, may be deemed to have shared power
SHARES to vote these shares.
_________________________________________________________________
BENEFICIALLY
8 SHARED VOTING POWER
OWNED BY
0 shares
EACH _________________________________________________________________
REPORTING 9 SOLE DISPOSITIVE POWER
7,100 shares, except that the general partners
PERSON in Vanderbilt, solely by reason of their positions
as such, may be deemed to have shared power to
WITH vote these shares.
_________________________________________________________________
10 SHARED DISPOSITIVE POWER
0 shares
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,100 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.08%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (9-88) 2 of 7
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PRELIMINARY NOTE
This Statement on Schedule 13D is being filed because the filing
persons may be deemed to be members of a group comprised of Tweedy, Browne
Company L.P. ("TBC") and Vanderbilt Partners, L.P. ("Vanderbilt"), which group
may be deemed to be the beneficial owner in the aggregate of in excess of 5% of
the Common Stock of Pinkerton's, Inc. However, the filing of this Schedule 13D
should not be deemed an admission that TBC and Vanderbilt comprise a group
within the meaning of Section 13(d)(3) of the Securities and Exchange Act of
1934, as amended (the "Act").
ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the Common Stock, $.001 par value (the
"Common Stock"), of Pinkerton's, Inc. (the "Company"), which, to the best
knowledge of the persons filing this Schedule 13D, is a company organized under
the laws of Delaware, with its principal executive offices located at 15910
Ventura Boulevard, Suite 900, Encino, California 91436-2810.
ITEM 2. IDENTITY AND BACKGROUND
(a) The persons filing this Schedule 13D are (i) Tweedy, Browne Company
L.P. ("TBC"), a Delaware limited partnership and (ii) Vanderbilt Partners, L.P.
("Vanderbilt"), a Delaware limited partnership. Annexed as Exhibit 99.1, which
is incorporated by reference herein, is an agreement between TBC and Vanderbilt
that this Schedule 13D is filed on behalf of each of them. The filing of this
Schedule 13D should not be deemed an admission that TBC and Vanderbilt comprise
a group within the meaning of Section 13(d)(3) of the Securities Exchange Act of
1934 (the "Act").
This Schedule 13D contains information regarding shares of Common Stock
that may be deemed to be beneficially owned by TBC. Such shares are held in the
accounts of various customers of TBC, with respect to which accounts TBC has
investment discretion (the "TBC Accounts"), and with respect to some of which it
has obtained sole or shared voting power.
The general partners of TBC and Vanderbilt are Christopher H. Browne,
William H. Browne and John D. Spears (the "General Partners"). By reason of
their positions as such, the general partners of TBC and Vanderbilt may be
deemed to control TBC and Vanderbilt, respectively.
(b) The business address of each of TBC, Vanderbilt and the General
Partners is 52 Vanderbilt Avenue, New York, New York 10017.
(c) TBC is engaged primarily in the business of a securities broker and
dealer and investment adviser, is registered as a broker-dealer and investment
adviser with the Securities and Exchange Commission, and is a member of the
National Association of Securities Dealers, Inc.
Vanderbilt is a private investment partnership and is currently, and at
all relevant times was, engaged primarily in the business of investing in
securities for its own account.
The present principal occupation of each of the General Partners is
serving as such for TBC, Vanderbilt and TBK Partners, L.P. , a private limited
partnership. The principal business address of each of TBC, TBK and Vanderbilt
is set forth above.
(d) None of TBC, Vanderbilt, nor any General Partner has, during the
last five years, been convicted in any criminal proceeding (excluding traffic
violations and similar misdemeanors).
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(e) None of TBC, Vanderbilt, nor any General Partner has, during the
last five years, been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which proceeding it
or he 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 finding any violations with respect thereto.
(f) Each of TBC and Vanderbilt is a Delaware limited partnership. Each
of the General Partners is a citizen of the United States of America.
ITEM 3. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION
As of the date hereof, the number of shares with respect to which TBC
may be deemed to be the beneficial owner is 412,920 shares of Common Stock (the
"TBC Shares"), all of which shares were purchased in open market transactions.
The aggregate cost of the TBC Shares, including brokerage commissions, was
$10,101,102.
The TBC Shares are held in the TBC Accounts, the funds therefor coming
from the funds on hand in each individual managed account and in certain
instances from standard margin account borrowings from brokerage accounts
maintained at Fleet Clearing Corporation. It is expected that funds used by the
TBC Accounts to purchase additional shares of Common Stock, if additional shares
are purchased by the TBC Accounts (see Item 4 hereof), will come from the funds
on hand for each individual managed account, which funds on hand at any time and
from time to time may include, among others, funds borrowed pursuant to margin
accounts maintained at Fleet Clearing Corporation. Borrowings made by certain
TBC Accounts pursuant to such margin accounts are secured by margin securities
owned by the respective accounts, including some of the TBC Shares. Interest on
outstanding borrowings under such margin accounts ranges from 1/2% to 2% over
the brokers' call rate in effect from time to time at Chemical Bank, New York,
New York, depending upon the amount of outstanding borrowings at any given time.
As of the date hereof, Vanderbilt beneficially owns directly 7,100
shares of Common Stock (the "Vanderbilt Shares"), all of which shares were
purchased in open market transactions hereof.) The aggregate cost of the
Vanderbilt Shares, including brokerage commissions, was $175,246.
It is expected that funds used by Vanderbilt to purchase additional
shares of Common Stock, if additional shares are purchased by Vanderbilt (see
Item 4 hereof), will come from Vanderbilt's general funds, which include cash
and cash equivalents on hand and in banks.
Vanderbilt's general funds have included, and it is expected that they
will from time to time include, funds borrowed by it pursuant to an
understanding with Chemical Bank. No borrowings from Chemical Bank were made by
Vanderbilt for the purpose of acquiring the Vanderbilt Shares. Vanderbilt
reserves the right to include all or any of the shares of Common Stock owned by
it at any time or from time to time, among the securities that serve as
collateral for such borrowings, subject to compliance with any applicable
statutes and regulations.
ITEM 4. PURPOSE OF TRANSACTION
Each of TBC and Vanderbilt has acquired the shares of Common Stock
owned by it for investment purposes and for none of the reasons enumerated in
Item 4 of Schedule 13D, except that TBC and Vanderbilt may dispose of all or
some of the TBC Shares and the Vanderbilt Shares, respectively, or may acquire
additional shares of Common Stock from time to time, depending upon price and
market conditions, evaluation of alternative investments, and other factors.
Currently, TBC and Vanderbilt intend to acquire additional shares of Common
Stock in the open market, depending upon the price of the Common Stock from time
to time.
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date hereof, TBC may be deemed to be the beneficial owner
of an aggregate of 412,920 shares of Common Stock, which constitutes
approximately 4.95% of the 8,346,469 shares of Common Stock which TBC believes
to be the total number of shares of Common Stock outstanding. The TBC Shares are
held in the TBC Accounts. Also included in the TBC Shares are 215 shares of
Common Stock held in a TBC Account for a charitable foundation, of which
Christopher H. Browne is a trustee. Mr. Browne is a general partner in TBC and
Vanderbilt.
As of the date hereof, Vanderbilt beneficially owns directly 7,100
shares of Common Stock, which constitutes approximately 0.08% of the 8,346,469
shares of Common Stock which Vanderbilt believes to be the total number of
shares of Common Stock outstanding.
Each of TBC and Vanderbilt disclaims that it is the beneficial owner of
any of the shares of Common Stock held in the TBC Accounts. The aggregate number
of shares of Common Stock with respect to which TBC and Vanderbilt could be
deemed to be the beneficial owner as of the date hereof, is 420,020 shares,
which constitutes approximately 5.03% of the 8,346,469 shares of Common Stock,
which the filing persons believe to be the total number of shares of Common
Stock outstanding, but nothing contained herein shall be construed as an
admission that TBC is the beneficial owner of any of the TBC Shares.
The aggregate number of shares and percentage of Common Stock with
respect to which each of the General Partners may be deemed to be the beneficial
owner by reason of his being a general partner of TBC and Vanderbilt,
respectively, is 420,020 shares, which constitutes approximately 5.03% of the
8,346,469 shares of Common Stock outstanding. However, nothing contained herein
shall be construed as an admission that any of the General Partners is the
beneficial owner of any shares of Common Stock, except as set forth herein as
expressly and admittedly being beneficially owned by a particular General
Partner.
Each of TBC and Vanderbilt disclaims beneficial ownership of Common
Stock held by the other. Except as described herein, to the best knowledge of
TBC and Vanderbilt, no person who may be deemed to comprise a group with any of
TBC, Vanderbilt, or any other person named in Item 2 hereof, beneficially owns
any shares of Common Stock.
(b) TBC has investment discretion with respect to 412,920 shares of
Common Stock held by the TBC Accounts and has sole power to dispose or direct
the disposition of all of such shares. Of these shares of Common Stock, TBC has
sole power to vote or to direct the voting of 366,005 shares of Common Stock
held in certain TBC Accounts.
Each of the General Partners of TBC, solely by reason of their
positions as such, may be deemed to have (i) shared power to dispose of or to
direct the disposition of all of the shares of Common Stock held in the TBC
Accounts; and (ii) shared power to vote or direct the vote of 366,005 shares of
Common Stock held in certain TBC Accounts.
Vanderbilt has the sole power to vote or direct the voting of and
dispose or direct the disposition of the Vanderbilt Shares. Each of the General
Partners of Vanderbilt, solely by reason of their positions as such, may be
deemed to have shared power to vote or direct the vote of and to dispose or
direct the disposition of the Vanderbilt Shares.
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(c) During the sixty-day period ended as of the date hereof, TBC and
Vanderbilt have purchased shares of Common Stock in open market transactions as
follows:
<TABLE>
<CAPTION>
NO OF SHARES PRICE
TBC ACCOUNTS PURCHASED PER SHARE
<S> <C> <C>
04/08/96 1,300 $21 3/8
04/11/96 32,500 $21.9903
04/11/96 20,000 $22
04/23/96 20,000 $24 7/8
04/24/96 50,900 $24 3/4
04/30/96 20,000 $24 5/8
05/02/96 7,000 $24 1/8
05/06/96 435 $24 1/2
05/10/96 20,000 $24 7/8
05/14/96 29,000 $24 7/8
05/21/96 2,800 $24 1/8
05/24/96 19,000 $24 1/2
05/30/96 20,000 $24 1/2
05/31/96 4,000 $24 5/16
06/07/96 139,000 $24 9/16
VANDERBILT:
06/07/96 7,100 $24 9/16
</TABLE>
(d) To the best knowledge of TBC, each of the persons maintaining an
account with TBC has the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, the shares of Common Stock
held in said person's TBC Account.
To the best knowledge of Vanderbilt, no person other than Vanderbilt
has the right to receive or the power to direct the receipt of dividends from,
or the proceeds from the sale of, the Vanderbilt Shares, except that the General
Partners in Vanderbilt may be deemed to have such rights and powers solely by
reason of being general partners in Vanderbilt.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Except as otherwise described herein, none of TBC or Vanderbilt, nor,
to the best knowledge of TBC, Vanderbilt, any other person named in Item 2
hereof, has any contract, arrangement, understanding or relationship with
respect to any securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 99.1 - - Agreement pursuant to Rule 13d-1(f)(1)(iii).
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SIGNATURE
Each of Tweedy, Browne Company L.P. and Vanderbilt Partners, L.P.,
after reasonable inquiry and to the best of its knowledge and belief, hereby
certifies that the information set forth in this Statement (which includes the
Exhibit annexed hereto) is true, complete and correct.
TWEEDY, BROWNE COMPANY L.P.
By /s/ Christopher H. Browne
_______________________
Christopher H. Browne
General Partner
VANDERBILT PARTNERS, L.P.
By /s/ Christopher H. Browne
________________________
Christopher H. Browne
General Partner
Dated: June 10, 1996
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EXHIBIT 99.1
AGREEMENT dated as of June 10, 1996 between Tweedy, Browne Company
L.P., a Delaware limited partnership ("TBC") and Vanderbilt Partners L.P., a
Delaware limited partnership ("Vanderbilt").
WITNESSETH:
WHEREAS, TBC and Vanderbilt may be deemed to have acquired, in the
aggregate, beneficial ownership of more than five percent of the Common Stock
(the "Common Stock") of Pinkerton's, Inc. (the "Company") and
WHEREAS, pursuant to Rule 13d-1 under the Securities Exchange Act of
1934 (the "Act"), a Statement on Schedule 13D must be filed by any person who
acquires more than five percent of registered equity securities; and
WHEREAS, in accordance with Rule 13d-1(f) of the Act, only one such
Statement need be filed whenever two or more persons are required to file such a
Statement pursuant to Section 13(d) of the Act with respect to the same
securities, provided that said persons agree in writing that such Statement is
filed on behalf of each of them.
NOW, THEREFORE, in consideration of the premises and mutual agreements
herein contained, the parties hereto agree as follows:
TBC and Vanderbilt do hereby agree, in accordance with Rule 13d-1(f)
under the Act, to file one Statement on Schedule 13D relating to their ownership
of the Common Stock, and do hereby further agree that said Statement shall be
filed on behalf of each of TBC and Vanderbilt. Nothing herein, however, shall
be, or shall be deemed to be, an admission that the parties hereto, or any of
them, are members of a "group" (within the meaning of Section 13(d) of the Act
and the rules and regulations promulgated thereunder) with respect to any
securities of the Company.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.
TWEEDY, BROWNE COMPANY L.P. VANDERBILT PARTNERS, L.P.
By__________________________ By_________________________
Christopher H. Browne Christopher H. Browne
General Partner General Partner
