<PAGE>
------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
AMENDMENT NO. 3
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
------------------------
CALCULATION OF FILING FEE
Transaction Valuation* Amount of Filing Fee*
$35,404,125 $7,081
* The transaction valuation assumes the purchase of 4,720,550 shares of Common
Stock together with the associated stock rights of Proler International
Corp. at $7.50 per share in cash, which is based on the number of shares of
Common Stock represented by the Company to be outstanding (4,717,356) and
the number of shares of Common Stock issuable under restricted stock awards
(3,194) as of September 15, 1996. The amount of the filing fee, calculated
in accordance with Rule 0-11(d) under the Securities Exchange Act of 1934,
equals 1/50 of one percent of the cash offered by the Bidder.
/X/
Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and
identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form
or Schedule and the date of its filing.
<TABLE>
<S> <C>
Amount Previously Paid:....... $7,081
Form or Registration No.:..... Schedule 14D-1
Filing Party:................. PIC Acquisition Corporation
Schnitzer Steel Industries,
Inc.
Date Filed:................... September 20, 1996
</TABLE>
<PAGE>
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
- -------------------------------------------------------------------------------------------
2. Check the appropriate box if a member of a group (a) / /
(b) / /
- -------------------------------------------------------------------------------------------
3. SEC Use Only
- -------------------------------------------------------------------------------------------
4. Sources of Funds
AF
- -------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------
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>
2
<PAGE>
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
- -------------------------------------------------------------------------------------------
2. Check the appropriate box if a member of a group (a) / /
(b) / /
- -------------------------------------------------------------------------------------------
3. SEC Use Only
- -------------------------------------------------------------------------------------------
4. Sources of Funds
BK
- -------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------
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>
3
<PAGE>
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 and No. 2, with respect to their offer to purchase all outstanding shares
of Common Stock, par value $1.00 per share, of Proler International Corp., a
Delaware corporation, together with the associated stock rights, to extend the
Offer until 5:00 p.m., Eastern time on Friday, November 15, 1996, and as further
set forth in this Amendment No. 3. A copy of the press release dated November 1,
1996 announcing the extension of the Offer is attached hereto as Exhibit (a)(11)
and is incorporated herein by reference. Capitalized terms not defined herein
have the meanings assigned thereto in the Statement.
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*
(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.+
(d) Not applicable.+
(e) Not applicable.+
(f) The Offer to Purchase and the Letter of Transmittal are incorporated
herein by reference.+
- --------------------------
* Filed herewith.
+ Previously filed.
4
<PAGE>
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 1, 1996
-------------------
PIC ACQUISITION CORPORATION
By: /s/ ANTON U. PARDINI
-----------------------------------------
Name: Anton U. Pardini
-----------------------------------
Title: Assistant Secretary and General Counsel
-----------------------------------
SCHNITZER STEEL INDUSTRIES, INC.
By: /s/ BARRY ROSEN
-----------------------------------------
Name: Barry Rosen
-----------------------------------
Title: Vice President of Finance
-----------------------------------
<PAGE>
Exhibit(a)(11)
<PAGE>
NOVEMBER 1, 1996
FOR IMMEDIATE RELEASE
CONTACT:TOM ZELENKA
(503) 323-2821
PRESS RELEASE
SCHNITZER STEEL INDUSTRIES, INC. ANNOUNCES EXTENSION
OF TENDER OFFER TO ACQUIRE PROLER INTERNATIONAL CORP.
Portland, Oregon, November 1, 1996--Schnitzer Steel Industries, Inc.
(NASDAQ:SCHN) today announced that it has extended its tender offer to purchase
all outstanding shares of Proler International Corp. (Proler) for $7.50 per
share in cash until 5:00 p.m., Eastern time on Friday, November 15, 1996. The
extension will also extend the period for withdrawal rights until November 15,
1996. The tender offer was previously extended from October 18, 1996 to November
1, 1996. As previously announced, on September 15, 1996 Schnitzer and Proler
signed a definitive merger 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. Schnitzer's tender offer commenced on September 20, 1996.
As of 5:00 p.m., Eastern time on October 31, 1996 approximately 2.8 million
shares of Proler common stock had been tendered. Except for the extension of the
tender offer, the terms of the tender offer remain unchanged.
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 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.
