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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. 6)
(FINAL AMENDMENT)
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THE INTERLAKE CORPORATION
(NAME OF SUBJECT COMPANY)
GKN NORTH AMERICA MANUFACTURING INC.
AND
GKN NORTH AMERICA INCORPORATED
AND
GKN PLC
(BIDDERS)
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COMMON STOCK, $1.00 PAR VALUE
AND
SERIES A CONVERTIBLE EXCHANGEABLE PREFERRED STOCK, $1.00 PAR VALUE
(TITLE OF CLASSES OF SECURITIES)
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458702107 (COMMON STOCK)
(CUSIP NUMBER OF CLASS OF SECURITIES)
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SEIFOLLAH GHASEMI
GKN NORTH AMERICA MANUFACTURING INC.
3300 UNIVERSITY DRIVE
AUBURN HILLS, MI 48326-2362
(248) 371-0802
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED
TO RECEIVE NOTICE AND COMMUNICATIONS ON BEHALF OF BIDDER)
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COPY TO:
BONNIE GREAVES, ESQ.
SHEARMAN & STERLING
599 LEXINGTON AVENUE
NEW YORK, NY 10022
(212) 848-4000
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CUSIP No. 458702107
<TABLE>
<S> <C> <C>
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1. Name of Reporting Persons S.S or I.R.S. Identification No.
of Above Person GKN PLC
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2. Check the Appropriate Box if a Member of Group (a) [ ] (b) [ ]
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3. SEC Use only
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4. Sources of Funds WC, BK
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5. Check if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(e) or 2(f) [ ]
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6. Citizenship or Place of Organization ENGLAND
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
18,691,384 SHARES OF COMMON STOCK, PAR VALUE $1.00 PER SHARE
40,000 SHARES OF SERIES A CONVERTIBLE EXCHANGEABLE PREFERRED
STOCK, PAR VALUE $1.00 PER SHARE
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8. Check if the Aggregate Amount in Row (7) Excludes Certain
Shares [ ]
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9. Percent of Class Represented by Amount in Row (7)
80.7% OF COMMON STOCK, PAR VALUE $1.00 PER SHARE 100% OF
SERIES A CONVERTIBLE EXCHANGEABLE PREFERRED STOCK, PAR VALUE
$1.00 PER SHARE
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10. Type of Reporting Person HC
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</TABLE>
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CUSIP No. 458702107
<TABLE>
<S> <C> <C>
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1. Name of Reporting Persons S.S or I.R.S. Identification No.
of Above Person GKN NORTH AMERICA INCORPORATED
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2. Check the Appropriate Box if a Member of Group (a) [ ] (b) [
]
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3. SEC Use only
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4. Sources of Funds AF
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5. Check if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(e) or 2(f) [ ]
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6. Citizenship or Place of Organization DELAWARE
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
18,691,384 SHARES OF COMMON STOCK, PAR VALUE $1.00 PER SHARE
40,000 SHARES OF SERIES A CONVERTIBLE EXCHANGEABLE PREFERRED
STOCK, PAR VALUE $1.00 PER SHARE
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8. Check if the Aggregate Amount in Row (7) Excludes Certain
Shares [ ]
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9. Percent of Class Represented by Amount in Row (7)
80.7% OF COMMON STOCK, PAR VALUE $1.00 PER SHARE 100% OF
SERIES A CONVERTIBLE EXCHANGEABLE PREFERRED STOCK, PAR VALUE
$1.00 PER SHARE
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10. Type of Reporting Person CO
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</TABLE>
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CUSIP No. 458702107
<TABLE>
<S> <C> <C>
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1. Name of Reporting Persons S.S or I.R.S. Identification No.
of Above Person GKN NORTH AMERICA MANUFACTURING INC.
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2. Check the Appropriate Box if a Member of Group (a) [ ] (b) [
]
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3. SEC Use only
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4. Sources of Funds AF
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5. Check if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(e) or 2(f) [ ]
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6. Citizenship or Place of Organization DELAWARE
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
18,691,384 SHARES OF COMMON STOCK, PAR VALUE $1.00 PER SHARE
40,000 SHARES OF SERIES A CONVERTIBLE EXCHANGEABLE PREFERRED
STOCK, PAR VALUE $1.00 PER SHARE
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8. Check if the Aggregate Amount in Row (7) Excludes Certain
Shares [ ]
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9. Percent of Class Represented by Amount in Row (7)
80.7% OF COMMON STOCK, PAR VALUE $1.00 PER SHARE 100% OF
SERIES A CONVERTIBLE EXCHANGEABLE PREFERRED STOCK, PAR VALUE
$1.00 PER SHARE
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10. Type of Reporting Person CO
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</TABLE>
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This Amendment No. 6 further supplements the Tender Offer Statement on
Schedule 14D-1 (the "Statement") filed with the Securities and Exchange
Commission on December 10, 1998, as amended on December 24, 1998, January 4,
1999, January 8, 1999, January 25, 1999 and February 1, 1999 and relates to the
offer by GKN North America Manufacturing Inc., a Delaware corporation (the
"Purchaser"), and a wholly owned subsidiary of GKN North America Incorporated, a
Delaware corporation (the "Parent"), an indirect wholly owned subsidiary of GKN
plc, a company publicly traded in the United Kingdom and incorporated in England
("GKN"), to purchase all of the outstanding shares of Common Stock, par value
$1.00 per share (the "Common Shares") (including the associated Common Share
purchase rights issued pursuant to that Rights Agreement dated as of January 26,
1989 between the Company and The First National Bank of Chicago, as Rights
Agent, as amended), of The Interlake Corporation, a Delaware corporation (the
"Company"), at a price per Common Share of $7.25, net to the seller in cash, and
all outstanding shares of Series A Convertible Exchangeable Preferred Stock, par
value $1.00 per share (the "Series A Shares"), of the Company at a price per
Series A Share of $1,980.87, net to the seller in cash, in each case upon the
terms and subject to the conditions set forth in the Offer to Purchase dated
December 10, 1998 and in the related Letter of Transmittal (which, as amended
from time to time, together constitute the "Offer"). Pursuant to Instruction F
of Schedule 14D-1, this statement is submitted in satisfaction of the reporting
obligation of the Purchaser under Section 13(d) of the Securities Exchange Act
of 1934, as amended.
ITEM 4. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATIONS.
The information set forth in paragraphs (a) and (b) of Item 4 of the
Schedule 14D-1 is hereby amended and supplemented as follows:
The total amount of funds required by Parent and the Purchaser to
consummate the Offer and the Merger (as defined in the Offer), refinance the
Company's outstanding indebtedness and pay related fees and expenses is
estimated to be approximately $558 million, including approximately $260 million
to finance the Offer and the Merger. The Purchaser will receive this funding
through intercompany loans, capital contributions or a combination thereof. GKN
has financed the amount necessary to consummate the Offer and the Merger through
borrowings under its existing credit facilities. These credit facilities are
unsecured and bear market interest rates. GKN expects to have sufficient funds
from working capital and its existing committed credit facilities to refinance
the Company's indebtedness and to pay transaction fees and expenses.
ITEM 5. PURPOSE OF THE TENDER OFFER AND PLANS OR PROPOSALS OF BIDDER.
The information set forth in paragraph (c) of Item 5 of the Schedule 14D-1
is hereby amended and supplemented as follows:
In accordance with the Agreement and Plan of Merger, dated as of December
5, 1998 (the "Merger Agreement"), following completion of the Offer and the
payment by the Purchaser for Shares validly tendered and not withdrawn pursuant
to the Offer which fulfills the Minimum Condition (as defined in the Merger
Agreement), six members of the Company's Board of Directors will resign and will
be replaced by six designees of the Purchaser: Marcus Beresford, Richard W.
Etches, Seifollah Ghasemi, Chris Gustar, Nigel M. Stein and David J. Turner. Two
of the current members, Robert Reum and Erwin E. Schulze, will remain on the
Company's Board of Directors.
ITEM 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
The information set forth in paragraphs (a) and (b) of Item 6 of the
Schedule 14D-1 is hereby amended and supplemented as follows:
The Offer expired at 12:00 midnight, New York City time, on February 3,
1999. According to a preliminary count by IBJ Whitehall Bank & Trust Company,
the depositary for the Offer, there were tendered and not withdrawn 18,691,384
Common Shares and 40,000 Series A Shares. The Common Shares tendered include
183,535 shares tendered pursuant to Notices of Guaranteed Delivery. The
Purchaser accepted for
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payment such Common Shares and such Series A Shares at prices of $7.25 and
$1,980.87 per share, respectively.
Pursuant to the Merger Agreement, the Purchaser intends to merge with and
into the Company pursuant to the provisions of the Delaware General Corporation
Law as soon as practicable in a second-step merger.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
Item 11 is hereby amended and supplemented by the addition of the following
exhibit thereto:
Exhibit (a)(17) Press release issued by GKN on February 4, 1999.
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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: February 4, 1999
GKN plc
By: /s/ DAVID J. TURNER
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Name: David J. Turner
Title: Finance Director
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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: February 4, 1999
GKN NORTH AMERICA INCORPORATED
By: /s/ GREY DENHAM
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Name: Grey Denham
Title: President
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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: February 4, 1999
GKN NORTH AMERICA MANUFACTURING INC.
By: /s/ SEIFOLLAH GHASEMI
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Name: Seifollah Ghasemi
Title: Vice President
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Exhibit (a)(17)
FOR IMMEDIATE RELEASE
Contact:
Bob Marese
MacKenzie Partners, Inc.
212-929-5500
GKN COMPLETES TENDER OFFER FOR
THE INTERLAKE CORPORATION
London and New York, February 4, 1999 -- GKN plc (LSE:GKN) today announced
that it completed the cash tender offer made through a wholly owned subsidiary
for all outstanding stock of The Interlake Corporation (NYSE:IK) and accepted
shares representing approximately 87% of the total amount outstanding after
conversion of Interlake's preferred stock. The acquisition is an important
strategic move for GKN, a global manufacturer of automotive and aerospace
products and a provider of industrial services, with 1997 revenues exceeding
$5.4 billion.
The Interlake Corporation comprises three businesses, all leaders in their
respective markets. The Hoeganaes Corporation is the leading supplier of ferrous
powdered metals in North America, the main material used by GKN Sinter Metals.
Chem-tronics Inc. is the leading US producer of advanced, lightweight structural
components for aerospace engines in the civil, military and space markets and
has a strong position in the aftermarket for engine fan blade repair. Interlake
Material Handling is the leader in the pallet and container racking, dynamic
storage and conveyor system markets in the US and produces a range of storage
systems for use in distribution centers, warehouses and retail facilities.
The tender offer expired, as scheduled, at 12:00 midnight, New York City
time, on Wednesday, February 3, 1999. Based on a preliminary count, 18,691,384
Common Shares and 40,000 Series A Shares were tendered. The Common Shares
tendered include 183,535 shares tendered under Notices of Guaranteed Delivery.
GKN accepted Common Shares and Series A Shares at prices of $7.25 and $1,980.87
per share, respectively.
GKN also announced that all outstanding Common Shares not purchased in the
tender offer will be acquired in a second-step merger at a price of $7.25 per
share, without interest. GKN expects to consummate the second-step merger as
soon as practicable.
