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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
(AMENDMENT No. 8)
-----------------------
ARVIDA/JMB PARTNERS, L.P.
a Delaware Limited Partnership
(Name of Subject Company)
RALEIGH CAPITAL ASSOCIATES L.P.
RALEIGH GP CORP.
ROCKLAND PARTNERS, INC.
ZEPHYR PARTNERS
(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)
Transaction Amount of
Valuation* Filing Fee
---------- ----------
$85,285,000 $17,057.00
* 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 $461 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.
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Amount previously paid: $17,057.00 Filing Party: Raleigh Capital Associates L.P.
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Form or registration no.: Schedule 14D-1 Date Filed: June 19, 1996
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CUSIP No.: None 14D-1 Page 2 of 8 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) [x]
(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 8 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) [x]
(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. (of which
Raleigh GP Corp. is a general partner).
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CUSIP No.: None 14D-1 Page 4 of 8 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) [x]
(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
10 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 of 5 Units by Rockland Partners, L.P. (of which
Rockland Partners, Inc. is the general partner) and 5 Units beneficially owned
by Raleigh Capital Associates L.P. (of which Rockland Partners, Inc. is a
general partner).
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CUSIP No.: None 14D-1 Page 5 of 8 Pages
----
- ------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
ZEPHYR PARTNERS
- ------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [x]
(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
New York
- ------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting
Person
10 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
- --------------------------------------
* Reflects beneficial ownership of 5 Units by Longacre Corp., an affiliate of
Zephyr Partners, and beneficial ownership of 5 Units by Raleigh Capital
Associates L.P. (of which Zephyr Partners is a general partner).
5
<PAGE> 6
AMENDMENT NO. 8 TO SCHEDULE 14D-1
This Amendment No. 8 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, 4, 5, 6, and 7 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 $461 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 10. Additional Information.
Item 10(f) is hereby supplemented and amended as follows:
The information set forth in the Letter to Unitholders, a copy of which
is attached hereto as Exhibit (a)(28), is incorporated herein by reference.
Item 11. Material to be Filed as Exhibits.
Item 11 is hereby supplemented and amended by adding the
following, a copy of which is attached hereto as Exhibit:
99.(a)(28) Letter to Unitholders
6
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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 26, 1996 RALEIGH CAPITAL ASSOCIATES L.P.
By: Raleigh GP Corp., General Partner
By: /s/ Peter Braverman
--------------------------
Name: Peter Braverman
Title: Vice President
By: ROCKLAND PARTNERS, INC.,
General Partner
By: /s/ Jonathan Paul
--------------------------
Name: Jonathan Paul
Title: Vice President
By: ZEPHYR PARTNERS
By: GP Aeolus Inc., General Partner
By: /s/ Edward Mattner
--------------------------
Name: Edward Mattner
Title: Vice President
By: AREHGP INC., General Partner
By: /s/ John Saldarelli
--------------------------
Name: John Saldarelli
Title: President
RALEIGH GP CORP.
By: /s/ Peter Braverman
--------------------------------
Name: Peter Braverman
Title: Vice President
7
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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 26, 1996 ROCKLAND PARTNERS, INC.
By: /s/ Jonathan Paul
-------------------------
Name: Jonathan Paul
Title: Vice President
ZEPHYR PARTNERS
By: GP Aeolus Inc., General Partner
By: /s/ Edward Mattner
-------------------------
Name: Edward Mattner
Title: Vice President
By: AREHGP INC., General Partner
By: /s/ John Saldarelli
------------------------
Name: John Saldarelli
Title: President
8
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Exhibit Index
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Sequentially
Exhibit No. Description Numbered Page
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99.(a)(28) Letter to Unitholders
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ARVIDA/JMB PARTNERS ALERT
RALEIGH OFFER ENDS SOON
THE RALEIGH $461 OFFER IS SCHEDULED TO EXPIRE
ON THURSDAY, AUGUST 1ST
---------------------------------------------
$461 PER UNIT IN CASH NOW
OR
SIX OR MORE YEARS OF RISK AND UNCERTAINTY
YOU DECIDE!
o HIGHEST OFFER -- The Raleigh Offer is the only competitive offer and
exceeds the next highest offer by OVER $40 PER UNIT.
o DO NOT GET CONFUSED -- The General Partner specifically has asked its
financial advisor only to value a "Hypothetical Liquidation Value"
and it has refused to provide a current fair market value. No opinion
has been expressed by the General Partner as to the adequacy, from a
financial point of view, of the Raleigh Offer.
o DO NOT ACCEPT A LESSER OFFER -- If you have had problems withdrawing
from Walton's Offer you may accept Raleigh's higher offer by signing
and returning the enclosed transmittal form and withdrawal form.
o $461 PER UNIT IN CASH NOW VS. SIX OR MORE YEARS OF RISK AND
UNCERTAINTY -- Consult your advisors and make an informed decision. If
you want to receive cash now and to be free from six or more years of
General Partner fees and the risk and uncertainty associated with this
investment, THEN YOU SHOULD ACCEPT THE RALEIGH OFFER BEFORE AUGUST 1ST.
