<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE TO
(AMENDMENT NO. 6)
(RULE 14D-100)
TENDER OFFER STATEMENT UNDER SECTION 14(D)(1) OR 13(E)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
KENETECH CORPORATION
(Name of Subject Company (Issuer))
KC MERGER CORP.
KC HOLDING CORPORATION
VALUEACT CAPITAL PARTNERS, L.P.
VA PARTNERS, L.L.C.
(Names of Filing Persons (Offerors))
Common Stock, Par Value $.0001 Per Share,
Together With The Associated Rights Attached Thereto
(Title of Class of Securities)
488878109
(CUSIP Number of Class of Securities)
JEFFREY W. UBBEN
SECRETARY AND TREASURER
KC MERGER CORP.
KC HOLDING CORPORATION
C/O VALUEACT CAPITAL PARTNERS, L.P.
ONE MARITIME PLAZA
SUITE 1400
SAN FRANCISCO, CA 94111
(415) 362-3700
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications on Behalf of Filing Persons)
Copies to:
DENNIS M. MYERS, ESQ.
KIRKLAND & ELLIS
200 EAST RANDOLPH DRIVE
CHICAGO, IL 60601
(312) 861-2000
<PAGE>
CALCULATION OF FILING FEE
________________________________________________________________________________
Transaction Valuation* Amount of Filing Fee**
________________________________________________________________________________
$34,548,971 $6,910
________________________________________________________________________________
* Estimated for purposes of calculating the amount of the filing fee only.
Calculated by multiplying $1.04, the per share tender offer price, by
33,220,164, the sum of (i) 31,970,164 currently outstanding shares of Common
Stock sought in the Offer, (ii) outstanding options with respect to 750,000
shares of Common Stock and (iii) outstanding warrants with respect to 500,000
shares of Common Stock, in each case as of October 20, 2000.
** Calculated as 1/50 of 1% of the transaction value.
[x] Check the 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.
Amount Previously Paid: $6,910 Filing Party: KC Merger Corp.
Form or Registration No.: Schedule TO Date Filed: November 7, 2000
[ ] Check the box if the filing relates solely to preliminary communications
made before the commencement of a tender offer.
Check the appropriate boxes to designate any transactions to which the statement
relates:
[x] third-party tender offer subject to Rule 14d-1.
[ ] issuer tender offer subject to Rule 13e-4.
[x] going-private transaction subject to Rule 13e-3.
[x] amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting the results
of the tender offer: [x]
<PAGE>
------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1
KC Holding Corporation
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [x]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) or 2(E)
5 [_]
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 27,386,618
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 27,386,618
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
27,386,618
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
Approximately 86%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
------------------------------------------------------------------------------
<PAGE>
------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1
KC Merger Corp.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [x]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) or 2(E) [ ]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 27,386,618
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 27,386,618
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
27,386,618
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
Approximately 86%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
------------------------------------------------------------------------------
2
<PAGE>
------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1
ValueAct Capital Partners, L.P.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [x]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) or 2(E) [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 27,386,618
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 27,386,618
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
27,386,618
------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
Approximately 86%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
------------------------------------------------------------------------------
3
<PAGE>
------------------------------------------------------------------------------
NAMES OF REPORTING PERSON
1
VA Partners, L.L.C.
------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [x]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) or 2(E) [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
27,386,618
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
27,386,618
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
27,386,618
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
Approximately 86%
------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
OO
------------------------------------------------------------------------------
4
<PAGE>
This Amendment No. 6 (the "Amendment No. 6") amends and supplements the
Tender Offer Statement on Schedule TO filed by KC Merger Corp., a Delaware
corporation ("Purchaser"), KC Holding Corporation, a Delaware corporation
("Parent"), and ValueAct Capital Partners, L.P., a Delaware limited partnership
("VAC") on November 7, 2000, as amended by Amendment No. 1 to Schedule TO filed
on November 14, 2000, Amendment No. 2 to Schedule TO filed on November 27, 2000,
Amendment No. 3 to Schedule TO filed on November 29, 2000, Amendment No. 4 to
Schedule TO filed on December 13, 2000, and Amendment No. 5 to Schedule TO filed
on December 20, 2000 (the "Schedule TO") relating to the offer by Purchaser to
purchase all outstanding shares of common stock, par value $.0001 per share, and
the associated rights attached thereto (together, the "Shares"), of KENETECH
Corporation, a Delaware corporation (the "Company" or "KENETECH"), at a purchase
price of $1.04 per Share, net to the seller in cash, upon the terms and subject
to the conditions set forth in the Offer to Purchase dated November 6, 2000 (the
"Offer to Purchase"), as amended by the Supplement to Offer to Purchase dated
November 26, 2000 (the "Supplement"), and in the related Letter of Transmittal,
copies of which are attached as Exhibits (a)(1)(i), (a)(1)(vii) and (a)(1)(ii),
respectively, to the Schedule TO (which, together with any amendments or
supplements thereto, collectively constitute the "Offer"). VA Partners, L.L.C.
was added as a filing person to the Schedule TO pursuant to Amendment No. 2 to
Schedule TO. Capitalized terms used but not defined in this Amendment shall have
the meaning assigned to them in the Offer to Purchase and/or the Supplement.
ITEM 8. INTEREST IN THE SECURITIES OF THE SUBJECT COMPANY.
Item 8 of the Schedule TO is hereby amended and supplemented by including
the following information:
On December 27, 2000, Parent issued 472,803 shares of Parent common stock
to Mr. Lerdal in exchange for the Contribution Shares pursuant to and in
accordance with the terms and provisions of the Subscription Agreement.
Immediately thereafter, Parent contributed the Contribution Shares to Purchaser
as a capital contribution.
On December 28, 2000, Purchaser accepted for purchase and payment, pursuant
to the Offer, all Shares which were validly tendered and not withdrawn as of the
expiration of the Offer at 12:00 midnight, New York City time, on December 27,
2000. Based on information provided by Mellon Investor Services, L.L.C., the
depositary for the Offer, 16,021,160 Shares (including 49,502 Shares tendered
pursuant to notices of guaranteed delivery), or approximately 78% of the
outstanding Shares (excluding the Shares held by Mr. Lerdal), were validly
tendered pursuant to the Offer and not withdrawn. Upon purchase of the tendered
Shares, Purchaser will own approximately 86% of the outstanding Shares. The
press release announcing the acceptance of Shares for purchase and payment is
attached hereto as Exhibit (a)(1)(xiii).
The Offer will be followed by the Merger between the Company and Purchaser.
Pursuant to the Merger, the public stockholders of the Company who did not
tender their Shares in the Offer and who do not seek appraisal of their Shares
pursuant to the provisions of applicable law will have their Shares converted
into the right to receive the same $1.04 per Share. As a result of the Merger,
the Company will become a wholly owned subsidiary of Parent. Purchaser intends
to consummate the Merger as soon as possible.
The consummation of the Offer was publicly announced in a press release
issued by Purchaser on December 28, 2000, a copy of which is filed as Exhibit
(a)(1)(xiii) hereto and incorporated herein by reference.
ITEM 12. EXHIBITS.
Item 12 of the Schedule TO is hereby amended and supplemented by adding
thereto the following:
5
<PAGE>
Exhibit No. Description
----------- -----------
(a)(1)(xiii) Press Release issued by Purchaser on December 28, 2000.
6
<PAGE>
After due inquiry and to the best of its knowledge and belief, each of
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: December 28, 2000 SCHEDULE TO, SCHEDULE 13E-3 AND SCHEDULE 13D
KC MERGER CORP.
By: /s/ Jeffrey W. Ubben
--------------------
Name: Jeffrey W. Ubben
Title: Secretary/Treasurer
KC HOLDING CORPORATION
By: /s/ Jeffrey W. Ubben
--------------------
Name: Jeffrey W. Ubben
Title: Secretary/Treasurer
VALUEACT CAPITAL PARTNERS, L.P.
By: VA Partners, L.L.C.
Its: General Partner
By: /s/ Jeffrey W. Ubben
--------------------
Name: Jeffrey W. Ubben
Title: Managing Member
VA PARTNERS, L.L.C.
By: /s/ Jeffrey W. Ubben
---------------------
Name: Jeffrey W. Ubben
Title: Managing Member
7
<PAGE>
EXHIBIT INDEX
EXHIBIT NO.
-----------
(a)(1)(i) Offer to Purchase, dated November 6, 2000.
(a)(1)(ii) Form of Letter of Transmittal
(a)(1)(iii) Form of Notice of Guaranteed Delivery.
(a)(1)(iv) Form of Letter to Brokers, Dealers, Commercial Banks, Trust
Companies and Other Nominees.
(a)(1)(v) Form of Letter to Clients for use by Brokers, Dealers, Commerical
Banks, Trust Companies and Other Nominees.
(a)(1)(vi) Form of Guidelines for Certification of Taxpayer Identification
Number on Substitute Form W-9.
(a)(1)(vii) Supplement to Offer to Purchase, dated November 26, 2000.
(a)(1)(viii) Press Release issued by Purchaser on November 29, 2000.
(a)(1)(ix) Press Release issued by the Company on December 12, 2000.
(a)(1)(x) Press release issued by Purchaser on December 12, 2000.
(a)(1)(xi) Amendment No. 1 to Merger Agreement.
(a)(1)(xii) Press Release issued by Purchaser and the Company on December 19,
2000.
*(a)(1)(xiii) Press Release issued by Purchaser on December 28, 2000.
(a)(5)(i) KENETECH Corporation Press Release, dated October 25, 2000.
(a)(5)(ii) KC Holding Corporation Press Release, dated November 7, 2000.
(a)(5)(iii) Pages 16 through 35 of the Annual Report on Form 10-K filed by the
Company for the year ended December 31, 1999 (incorporated by
reference to the Form 10-K filed by the Company on March 28,
2000).
(a)(5)(iv) Pages 4 through 17 of the Quarterly Report on Form 10-Q filed by
the Company for the quarterly period ended June 30, 2000
(incorporated by reference to the Form 10-Q filed by the Company
on August 14, 2000).
8
<PAGE>
(a)(5)(v) Notice of Motion and Motion for Leave to File Second Amended and
Supplemental Complaint in the action styled Kohls v. Duthie,
et al.
(a)(5)(vi) Pages 3 through 28 of the Quarterly Report on Form 10-Q filed by
the Company for the quarterly period ended September 30, 2000
(incorporated by reference to the Form 10-Q filed by the Company
on November 14, 2000).
(a)(5)(vii) Memorandum Opinion, dated December 11, 2000, in the action styled
Kohls v. Duthie, et al.
(b) None.
(c)(1) Fairness Opinion to Houlihan Lokey Howard & Zukin Financial
Advisors, Inc. (included as Annex A to Offer to Purchase).
(c)(2) Presentation to the Company's Special Committee and Board of
Directors by Houlihan Lokey Howard & Zukin Financial Advisors,
Inc., dated October 25, 2000.
(c)(3) Schedule of the 823 U.S. acquisitions considered by Houlihan
Lokey.
(c)(4) Feasibility Assessment of the Proposed Astoria Energy Project.
(d)(1) Agreement and Plan of Merger, dated as of October 25, 2000, among
Parent, Purchaser and the Company (included as Schedule D to Offer
to Purchase).
(d)(2) Confidentiality Agreement, dated June 29, 2000, between VAC and
the Company.
(d)(3) Employment Agreement, dated October 25, 2000, between Purchaser
and Mark D. Lerdal.
(d)(4) Voting Agreement, dated October 25, 2000, among Purchaser, Parent
and Mark D. Lerdal.
(d)(5) Subscription and Contribution Agreement, dated October 24, 2000,
among Parent, VAC and Mark D. Lerdal.
(d)(6) Guaranty, dated October 25, 2000, executed by VAC for the benefit
of the Company.
(d)(7) Form of Stockholders Agreement, among Parent, Mark D. Lerdal, and
the persons named therein.
(f) Section 262 of the General Corporation Law of State of Delaware;
Chapter 13 of the General Corporation Law of the State of
California (included as Schedule C to Offer to Purchase).
9
<PAGE>
(g) None.
(h) None.
*Filed herewith.
10
