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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
(AMENDMENT No. 5)
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ARVIDA/JMB PARTNERS, L.P.
a Delaware Limited Partnership
(Name of Subject Company)
RALEIGH CAPITAL ASSOCIATES L.P.
RALEIGH GP CORP.
ROCKLAND PARTNERS, INC.
(Bidders)
LIMITED PARTNERSHIP INTERESTS AND ASSIGNEE INTERESTS THEREIN
(Title of Class of Securities)
NONE
(CUSIP Number of Class
of Securities)
---------------
Michael L. Ashner Copy to:
Raleigh Capital Associates L.P. Mark I. Fisher
100 Jericho Quadrangle Todd J. Emmerman
Suite 214 Rosenman & Colin LLP
Jericho, New York 11735-2717 575 Madison Avenue
(516) 822-0022 New York, New York 10022-2585
(212) 940-8800
(Name, Address and Telephone Number of
Person Authorized to Receive Notices and
Communications on Behalf of Bidder)
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Transaction Amount of
Valuation* Filing Fee
----------- ----------
$80,475,000 $16,095.00
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* For purposes of calculating the filing fee only. This amount assumes the
purchase of 185,000 Limited Partnership Interests ("Units") of the subject
company for $435 per Unit in cash.
[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 date of its filing.
Amount previously paid: $16,095.00 Filing Party: Raleigh Capital
Associates L.P.
Form or registration no.: Schedule 14D-1 Date Filed: June 19, 1996
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CUSIP No.: None 14D-1 Page 2 of 6 Pages
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
RALEIGH CAPITAL ASSOCIATES L.P.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Sources of Funds (See Instructions)
AF; WC
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(e) or 2(f)
[ ]
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
- --------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting
Person
5 Units
- --------------------------------------------------------------------------------
8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
- --------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row (7)
Less than 1%
- --------------------------------------------------------------------------------
10. Type of Reporting Person (See Instructions)
PN
- --------------------------------------------------------------------------------
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CUSIP No.: None 14D-1 Page 3 of 6 Pages
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
RALEIGH GP CORP.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Sources of Funds (See Instructions)
N/A
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(e) or 2(f)
[ ]
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
- --------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting
Person
5 Units*
- --------------------------------------------------------------------------------
8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
- --------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row (7)
Less than 1%
- --------------------------------------------------------------------------------
10. Type of Reporting Person (See Instructions)
CO
- --------------------------------------------------------------------------------
- ---------------
* Reflects beneficial ownership by Raleigh Capital Associates L.P. (the
reporting person of which Raleigh GP Corp. is a general partner).
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CUSIP No.: None 14D-1 Page 4 of 6 Pages
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
ROCKLAND PARTNERS, INC.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Sources of Funds (See Instructions)
N/A
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(e) or 2(f)
[ ]
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
- --------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting
Person
5 Units*
- --------------------------------------------------------------------------------
8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
- --------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row (7)
Less than 1%
- --------------------------------------------------------------------------------
10. Type of Reporting Person (See Instructions)
CO
- --------------------------------------------------------------------------------
- ---------------
* Reflects beneficial ownership by Rockland Partners, L.P. (of which Rockland
Partners, Inc. is the general partner).
<PAGE> 5
AMENDMENT NO. 5 TO SCHEDULE 14D-1
This Amendment No. 5 amends the Tender Offer Statement on Schedule
14D-1 filed with the Commission on June 19, 1996 by Raleigh Capital Associates
L.P., a Delaware limited partnership (the "Purchaser"), as amended by Amendment
Nos. 1, 2, 3, and 4 thereto (the "Schedule 14D-1"), relating to the tender
offer by the Purchaser to purchase up to 185,000 of the outstanding limited
partnership interests and assignee interests therein ("Units") of Arvida/JMB
Partners, L.P., a Delaware limited partnership (the "Partnership"), at a
purchase price of $435 per Unit, less the amount of any distributions declared
or made with respect to the Units between June 19, 1996 (the "Offer Date") and
the date of payment of the Purchase Price by the Purchaser, net to the seller
in cash, without interest, upon the terms set forth in the Offer to Purchase
dated June 19, 1996 (the "Offer to Purchase") and in the related Letter of
Transmittal, as each may be supplemented or amended from time to time (which
together constitute the "Offer"), to include the information set forth below.
Terms not otherwise defined herein shall have the meaning ascribed to them in
the Schedule 14D-1 and the Offer to Purchase.
Item 3. Past Contacts, Transactions or Negotiations With the Subject Company.
Item 3 is hereby supplemented as follows:
On July 17, 1996, the Purchaser sent a letter to the Partnership
requesting that the Partnership promptly communicate with all Unitholders and
clearly set forth its recommendation on the pending offers for Units.
Item 11. Material to be Filed as Exhibits.
Item 11 is hereby amended by adding the following, which is
attached hereto as an exhibit:
99(a)(15) Letter to the Partnership dated July 17, 1996
5
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Signatures
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.
Dated: July 17, 1996
RALEIGH CAPITAL ASSOCIATES L.P.
By: Raleigh GP Corp., General Partner
By: /s/ Peter Braverman
------------------------------
Name: Peter Braverman
Title: Vice President
RALEIGH GP CORP.
By: /s/ Peter Braverman
------------------------------
Name: Peter Braverman
Title: Vice President
ROCKLAND PARTNERS, INC.
By: /s/ Jonathan Paul
------------------------------
Name: Jonathan Paul
Title: Vice President
6
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Exhibit Index
<TABLE>
<CAPTION>
Sequentially
Exhibit No. Description Numbered Page
- ----------- ----------- -------------
<S> <C> <C>
99(a)(15) Letter to the Partnership dated July 17, 1996
</TABLE>
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Exhibit 99(a)(15)
RALEIGH CAPITAL ASSOCIATES L.P.
100 JERICHO QUADRANGLE
JERICHO, NEW YORK 11735-2717
July 17, 1996
VIA FACSIMILE/FEDERAL EXPRESS
Arvida/JMB Managers, Inc.
as General Partner of
Arvida/JMB Partners, L.P.
900 North Michigan Avenue
Chicago, Illinois 60611
Gentlemen:
We are currently evaluating whether to increase our offer for Units of
Arvida/JMB Partners, L.P. (the "Partnership"). As part of our evaluation we
believe it is important that all Unitholders be apprised of the position of the
Partnership with respect to the various pending offers for Units.
To date, the Partnership in its filings on Schedule 14D-9 has drawn what we
believe to be an artificial distinction by recommending that Unitholders who
have no need for liquidity reject the various tender offers while at the same
time expressing no opinion with respect to all other Unitholders including
those desiring liquidity, which our current offer obviously provides. We
believe that such a distinction is contrary to the requirements of Schedule
14D-9. If the Partnership is making a recommendation with respect to an offer,
it has an obligation to make a recommendation to all Unitholders. It cannot
avoid its legal obligation by creating a distinction that has no basis under
state law or the provisions of the Williams Act. Having recommended that
certain Unitholders reject the pending offers, the Partnership cannot abrogate
its legal responsibility by expressing no opinion with respect to all other
Unitholders.
We believe that it is incumbent upon the Partnership to require that its
investment banker Lehman Brothers provide a valuation of the Units on a current
fair market value basis (rather than on a liquidation value basis) in order
that those Unitholders desiring liquidity be appropriately informed in making
an investment decision and the Partnership take a position with respect
thereto.
Accordingly, we hereby request that the Partnership promptly communicate with
all Unitholders and clearly set forth its recommendation on the pending offers.
Sincerely,
RALEIGH CAPITAL ASSOCIATES L.P.
By: Raleigh GP Corp., General Partner
By: /s/ Peter Braverman
------------------------------
Name: Peter Braverman
Title: Vice President
