<PAGE>
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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AMENDMENT NO. 6
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
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CUSIP No. 743396-10-3
14D-1
<TABLE>
<S> <C> <C>
- -------------------------------------------------------------------------------------------
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) / /
- -------------------------------------------------------------------------------------------
3. SEC Use Only
- -------------------------------------------------------------------------------------------
4. Sources of Funds
AF
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5. Check box if disclosure of legal proceedings is required pursuant to Items 2(e) /X/
OR 2(f)
- -------------------------------------------------------------------------------------------
6. Citizenship or place of organization
Delaware
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7. Aggregate amount beneficially owned by each reporting person
None (0)
- -------------------------------------------------------------------------------------------
8. Check box if the aggregate amount in row (7) excludes certain shares. / /
- -------------------------------------------------------------------------------------------
9. Percent of class represented by amount in row (7)
None (0)
- -------------------------------------------------------------------------------------------
10. Type of reporting person
CO
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</TABLE>
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CUSIP No. 743396-10-3
14D-1
<TABLE>
<S> <C> <C>
- -------------------------------------------------------------------------------------------
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) / /
- -------------------------------------------------------------------------------------------
3. SEC Use Only
- -------------------------------------------------------------------------------------------
4. Sources of Funds
BK
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5. Check box if disclosure of legal proceedings is required pursuant to Items 2(e) /X/
OR 2(f)
- -------------------------------------------------------------------------------------------
6. Citizenship or place of organization
Oregon
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7. Aggregate amount beneficially owned by each reporting person
None (0)
- -------------------------------------------------------------------------------------------
8. Check box if the aggregate amount in row (7) excludes certain shares. / /
- -------------------------------------------------------------------------------------------
9. Percent of class represented by amount in row (7)
None (0)
- -------------------------------------------------------------------------------------------
10. Type of reporting person
CO
- -------------------------------------------------------------------------------------------
</TABLE>
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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 Amendment
Nos. 1 - 5, 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. 6. Capitalized terms not defined herein have the
meanings assigned thereto in the Statement.
ITEM 10. ADDITIONAL INFORMATION.
(f) On November 25, 1996, the Company and Schnitzer Steel Industries, Inc.
issued a joint press release announcing the early termination on November 22,
1996 of the waiting period for federal premerger review under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 of the proposed purchase
of the Company's outstanding shares by Schnitzer Steel Industries, Inc. A
copy of the Company's press release is attached hereto as Exhibit (a)(13).
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.*
(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.+
(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: November 25, 1996
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PIC ACQUISITION CORPORATION
By: /s/ ANTON U. PARDINI
-----------------------------------------
Name: Anton U. Pardini
-----------------------------------
Title: Assistant Secretary and General Counsel
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SCHNITZER STEEL INDUSTRIES, INC.
By: /s/ BARRY ROSEN
-----------------------------------------
Name: Barry Rosen
-----------------------------------
Title: Vice President of Finance
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<PAGE>
JOINT PRESS RELEASE
November 25, 1996
FOR IMMEDIATE RELEASE
Contact:
Tom Zelenka (Schnitzer): 503-323-2821
Michael Loy (Proler): 713-963-5904
SCHNITZER AND PROLER ANNOUNCE ANTITRUST CLEARANCE
FOR SCHNITZER TO ACQUIRE PROLER
Portland, Oregon and Houston, Texas - Schnitzer Steel Industries, Inc. (NASDAQ:
SCHN) and Proler International Corp. (NYSE: PS) jointly announced today that
they have received notice that the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976 has been terminated, thereby clearing the way
for Schnitzer to proceed with its acquisition of Proler. "We are pleased to
have received antitrust clearance," stated Robert Philip, president of
Schnitzer, "Provided that a majority of the Proler shares have been tendered at
the scheduled expiration of our tender offer at midnight on Friday, November 29,
1996, we plan to accept the tendered shares for payment. We are arranging to
provide funds to the Depository on Monday, December 2, 1996 to permit the
Depository to commence making payments to Proler shareholders who have validly
tendered their shares."
As previously announced, on September 15, 1996, Proler and Schnitzer signed a
definitive agreement for the acquisition of Proler by Schnitzer through a cash
tender offer and merger at a price of $7.50 in cash for each Proler share. On
November 15, 1996, the consideration for Schnitzer's offer and merger was
increased to $9.00 in cash per share.
Schnitzer operates one of the 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
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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 in McMinnville, Oregon
manufactures rebar, merchant bar, fence posts, special sections, 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 produces high-quality,
commercial products. Its shares are traded on the New York Stock Exchange under
the symbol PS.
