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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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AMENDMENT NO. 8*
TO
SCHEDULE 14D-1
TENDER OFFER STATEMENT
PURSUANT TO SECTION 14(D)(1) OF THE SECURITIES EXCHANGE ACT OF 1934
PROLER INTERNATIONAL CORP.
(Name of Subject Company)
PIC ACQUISITION CORPORATION
AND
SCHNITZER STEEL INDUSTRIES, INC.
(Bidders)
COMMON STOCK, $1.00 PAR VALUE
(Including the associated rights)
(Title of Class of Securities)
743396-10-3
(CUSIP Number of Class of Securities)
ANTON U. PARDINI
Schnitzer Steel Industries, Inc.
3200 N.W. Yeon Avenue
Portland, Oregon 97210
(503) 323-2807
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Bidder)
COPY TO:
STUART W. CHESTLER
Stoel Rives LLP
900 SW Fifth Avenue, Suite 2300
PORTLAND, OREGON 97204-1268
*Constituting the final amendment to Schedule 14D-1.
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CUSIP No. 743396-10-3
14D-1
1. Name of reporting person
SS or I.R.S. Identification No. of above person
PIC Acquisition Corporation, I.R.S. No.: 93-1219503
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2. Check the appropriate box if a member of a 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 box if disclosure of legal proceedings is required pursuant to Items
2(e) OR 2(f) /X/
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6. Citizenship or place of organization
Delaware
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7. Aggregate amount beneficially owned by each reporting person
4,421,825 shares of 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)
93.7%
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10. Type of reporting person
CO
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CUSIP No. 743396-10-3
14D-1
1. Name of reporting person
SS or I.R.S. Identification No. of above person
Schnitzer Steel Industries, Inc., I.R.S. No.: 93-0341923
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2. Check the appropriate box if a member of a group
(a) / /
(b) / /
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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) /X/
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6. Citizenship or place of organization
Oregon
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7. Aggregate amount beneficially owned by each reporting person
4,421,825 shares of 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)
93.7%
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10. Type of reporting person
CO
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PIC Acquisition Corporation and Schnitzer Steel Industries, Inc. hereby
amend and supplement their Tender Offer Statement on Schedule 14D-1 (the
"Statement"), originally filed on September 20, 1996, as amended by Amendments
No. 1 - 7, with respect to their offer to purchase all outstanding shares of
Common Stock, par value $1.00 per share, of Proler International Corp. (the
"Company"), a Delaware corporation, together with the associated stock rights as
set forth in this Amendment No. 8. Capitalized terms not defined herein have the
meanings assigned thereto in the Statement.
ITEM 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
(a) On December 2, 1996, PIC Acquisition Corporation accepted for payment a
total of 4,079,225 shares of Proler Common Stock. On December 3, 4 and 5, 1996
PIC Acquisition Corporation acquired an additional 342,600 shares at the same
$9.00 per share in cash paid pursuant to the tender offer. On December 6, 1996
Schnitzer Steel Industries, Inc. issued a press release, a copy of which is
attached hereto as Exhibit (a)(15) and is incorporated herein by reference.
ITEM 10. ADDITIONAL INFORMATION.
(f) The Offer terminated at 12:00 Midnight, Eastern Standard time, on
Friday, November 29, 1996. On December 6, 1996, Schnitzer Steel Industries, Inc.
issued a press release, a copy of which is attached hereto as Exhibit (a)(15)
and is incorporated herein by reference.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
(a) (1) Offer to Purchase, dated September 20, 1996.+
(2) Letter of Transmittal.+
(3) IRS Guidelines for Certification of Taxpayer Identification Number
on Substitute Form W-9.+
(4) Form of Summary Advertisement, dated September 20, 1996.+
(5) Form of Notice of Guaranteed Delivery.+
(6) Form of Letter to Brokers, Dealers, Commercial Banks, Trust
Companies and Other Nominees.+
(7) Form of Letter to Clients for Use by Brokers, Dealers, Commercial
Banks, Trust Companies and other Nominees.+
(8) Press Release, dated September 16, 1996.+
(9) Press Release, dated October 7, 1996.+
(10) Press Release, dated October 18, 1996.+
(11) Press Release, dated November 1, 1996+
(12) Press Release, dated November 15, 1996.+
(13) Joint Press Release issued by Proler International Corp. and
Schnitzer Steel Industries, Inc., dated November 25, 1996.+
(14) Press Release, dated December 2, 1996.+
(15) Press Release, dated December 6, 1996.*
(b) Credit Agreement dated as of March 27, 1995, among Schnitzer, the
syndicate of lenders party thereto and The First National Bank of Chicago, as
Agent.+
(c) (1) Agreement and Plan of Merger, dated September 15, 1996, among
the Purchaser, Schnitzer and the Company.+
(2) Agreement with Depositary.+
(3) Agreement with Information Agent.+
(4) Confidentiality Agreement dated as of June 11, 1996.+
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(5) Letter from Schnitzer Steel Industries, Inc. to Mr. Bruce Wilkerson
of Proler International Corp. dated November 13, 1996.+
(6) Letter from Proler International Corp. to Mr. Robert Philip of
Schnitzer Steel Industries, Inc. dated November 13, 1996.+
(7) Press Release issued by Proler International Corp. dated November
19, 1996 and attached letter dated November 19, 1996 from the Board of
Directors of Proler International Corp. to stockholders.+
(d) Not applicable.
(e) Not applicable.
(f) The Offer to Purchase and the Letter of Transmittal are incorporated
herein by reference.+
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* Filed herewith.
+ Previously filed.
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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.
Date: December 6, 1996
PIC ACQUISITION CORPORATION
By: /s/ ANTON U. PARDINI
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Name: Anton U. Pardini
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Title: Assistant Secretary and
General Counsel
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SCHNITZER STEEL INDUSTRIES, INC.
By: /s/ BARRY ROSEN
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Name: Barry Rosen
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Title: Vice President of Finance
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[Schnitzer Letterhead]
PRESS RELEASE
December 6, 1996
FOR IMMEDIATE RELEASE
Contact: Tom Zelenka (503) 323-2821
SCHNITZER ANNOUNCES CONCLUSION OF PROLER ACQUISITION
Portland, Oregon - December 6, 1996, Schnitzer Steel Industries, Inc.
(NASDAQ:SCHN) today announced the completion of a merger between a Schnitzer
subsidiary and Proler International Corp. (Proler) thereby concluding
Schnitzer's acquisition of Proler. As a result of the merger, all remaining
outstanding shares of Proler Common Stock were converted into the right to
receive the same $9.00 per share in cash paid in the tender offer.
Following the completion of its tender offer for Proler Common Stock on
November 29, 1996, in which the Schnitzer subsidiary acquired 4.1 million
shares of Proler Common Stock (or about 86% of the outstanding shares), and
prior to the merger, the Schnitzer subsidiary acquired an additional 342,600
shares at the same $9.00 per share in cash paid in the tender offer. These
acquisitions brought the Schnitzer subsidiary's total ownership of Proler
Common Stock to more than 4.4 million shares (or about 94% of the outstanding
shares).
Schnitzer operates one of the largest scrap recycling businesses in the
Western United States. The Company supplies ferrous scrap to Asian and
domestic steel producers through its scrap collection, processing and deep
water facilities located in Oakland, California; Portland, Oregon; and
Tacoma, Washington. The Company also operates collection and processing
facilities in Eugene, Bend, White City and Grants Pass, Oregon; and
Sacramento and Fresno, California. Schnitzer's subsidiary, Cascade Steel
Rolling Mills, Inc. (Cascade) operates the only vertically integrated
mini-mill in the Western United States which can obtain its entire scrap
requirements from its own scrap operations. Cascade's steel mini-mill
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in McMinnville, Oregon manufactures rebar, merchant bar, fence posts, special
sections and grape stakes. In addition, Cascade maintains mill depots in
Union City and El Monte, California.
Proler is an environmental services company involved in the recovery and
recycling of scrap metals and industrial wastes to produce high-quality,
commercial products.
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