<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
IMO INDUSTRIES INC.
(NAME OF ISSUER)
COMMON STOCK, $1.00 PAR VALUE
(TITLE OF CLASS OF SECURITIES)
452540107
(CUSIP NUMBER)
JOHN A. YOUNG
SECRETARY
II ACQUISITION CORP.
9211 FOREST HILL AVENUE
SUITE 109
RICHMOND, VIRGINIA 23235
(804) 560-4070
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES
AND COMMUNICATIONS)
COPY TO:
MEREDITH M. BROWN, ESQ.
DEBEVOISE & PLIMPTON
875 THIRD AVENUE
NEW YORK, NEW YORK 10022
(212) 909-6000
AUGUST 28, 1997
(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 (the "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).
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- ---------------------------------------
CUSIP No. 452540107
- ---------------------------------------
<TABLE>
<C> <S>
- ---------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
II ACQUISITION CORP.
- ---------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ---------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, 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
DELAWARE
- ---------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
15,905,971.36
---------------------------------------------------------------------
8 SHARED VOTING POWER
0
---------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
15,905,971.36
---------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ---------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
15,905,971.36
- ---------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [ ]
EXCLUDES CERTAIN SHARES
- ---------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
93%
- ---------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- ---------------------------------------------------------------------------------------------
</TABLE>
NUMBER
OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
<PAGE> 3
- ---------------------------------------
CUSIP No. 452540107
- ---------------------------------------
<TABLE>
<C> <S>
- ---------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
STEVEN M. RALES
- ---------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ---------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, PF
- ---------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
- ---------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- ---------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
---------------------------------------------------------------------
8 SHARED VOTING POWER
15,905,971.36*
---------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
---------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
15,905,971.36*
- ---------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
15,905,971.36*
- ---------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [ ]
EXCLUDES CERTAIN SHARES
- ---------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
93%
- ---------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- ---------------------------------------------------------------------------------------------
</TABLE>
NUMBER
OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
<PAGE> 4
- ---------------------------------------
CUSIP No. 452540107
- ---------------------------------------
<TABLE>
<C> <S>
- ---------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MITCHELL P. RALES
- ---------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ---------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, PF
- ---------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
- ---------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- ---------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER 0
OF ---------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 15,905,971.36*
OWNED BY ---------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ---------------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
15,905,971.36*
- ---------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
15,905,971.36*
- ---------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [ ]
EXCLUDES CERTAIN SHARES
- ---------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
93%
- ---------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- ---------------------------------------------------------------------------------------------
</TABLE>
* Mitchell P. Rales and Steven M. Rales beneficially own the Shares through
their equity interest in II Acquisition Corp. Both disclaim beneficial
ownership of the Shares except to the extent of their proportionate equity
interests in II Acquisition Corp.
<PAGE> 5
This Amendment No. 1 to Schedule 13D amends, in accordance with Rule 13d-2,
the Schedule 13D previously filed by II Acquisition Corp. on August 29, 1997.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER (ITEM 6 INTEREST IN SECURITIES OF
THE SUBJECT COMPANY on the Amendment to Schedule 14D-1/Schedule 13D filed by II
Acquisition Corp. on August 29, 1997).
Item 5 (Item 6) is hereby amended and supplemented as follows:
As of date hereof, II Acquisition Corp. is the beneficial owner of
15,905,971.36 shares of common stock, par value $1.00 per share, of Imo
Industries Inc. (the "Company"), a Delaware corporation, and each
associated right to purchase shares of the Company's Series B Junior
Participating Preferred Stock (together with the common stock, the
"Shares"), representing approximately 93% of the Shares currently
outstanding. II Acquisition Corp. purchased the 15,905,971.36 Shares
pursuant to its tender offer for all outstanding Shares of the Company
which expired, as scheduled, on August 27, 1997.
5
<PAGE> 6
After due inquiry and to the best of our knowledge and belief, we certify
that the information set forth in this statement is true, complete and correct.
II ACQUISITION CORP.
By: /s/ PHILIP W. KNISELY
------------------------------------
Name: Philip W. Knisely
Title: President and Chief Executive
Officer
MITCHELL P. RALES
/s/ MITCHELL P. RALES
--------------------------------------
STEVEN M. RALES
/s/ STEVEN M. RALES
--------------------------------------
September 5, 1997
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