UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Somatogen, Inc.
(Name of Issuer)
Common Stock, $.001 par value
(Title of Class of Securities)
CUSIP No. 834449100
(CUSIP Number)
Thomas F. Steyer
Farallon Capital Management, L.L.C.
One Maritime Plaza, Suite 1325
San Francisco, California 94111
(415) 421-2132
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 4, 1998
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of that Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Partners, L.P.
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
WC, OO
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
California
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Institutional Partners, L.P.
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
WC
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
California
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Institutional Partners II, L.P.
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
WC
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
California
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Institutional Partners III, L.P.
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
WC
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
Delaware
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Tinicum Partners, L.P.
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
WC, OO
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
New York
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
PN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Capital Management, L.L.C.
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
OO
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
Delaware
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IA, OO
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Farallon Partners, L.L.C.
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
Delaware
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
OO
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Enrique H. Boilini
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, OO
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
Argentina
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
David I. Cohen
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, OO
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
South Africa
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Joseph F. Downes
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, OO
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Fleur E. Fairman
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Jason M. Fish
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, OO
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Andrew B. Fremder
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, OO
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
William F. Mellin
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, OO
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stephen L. Millham
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, OO
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 16 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Meridee A. Moore
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, OO
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 17 of 34 Pages
<PAGE>
SCHEDULE 13D
===============================
CUSIP No. 834449100
===============================
- ---------======================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Thomas F. Steyer
- ---------======================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
- ---------======================================================================
3 SEC Use Only
- ---------======================================================================
4 Source of Funds*
AF, OO
- ---------======================================================================
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ---------======================================================================
6 Citizenship or Place of Organization
United States
- ----------------------=========================================================
7 Sole Voting Power
-0-
------=========================================================
Number of 8 Shared Voting Power
Shares
Beneficially -0-
Owned By Each
Reporting
Person With
------=========================================================
9 Sole Dispositive Power
-0-
------=========================================================
10 Shared Dispositive Power
-0-
- ---------======================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
- ---------======================================================================
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- ---------======================================================================
13 Percent of Class Represented by Amount in Row (11)
0.0 %
- ---------======================================================================
14 Type of Reporting Person*
IN
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 18 of 34 Pages
<PAGE>
This Amendment No. 1 to Schedule 13D amends the Schedule 13D initially
filed on April 22, 1998 (collectively, with all amendments thereto, the
"Schedule 13D"). The Schedule 13D is being filed to reflect the conversion of
all of the Reporting Persons' Shares into shares of common stock of Baxter
International Inc. and into Contingent Payment Rights, pursuant to the Agreement
and Plan of Merger, dated as of February 23, 1998, by and among Baxter
International Inc., RHB1 Acquisition Corp. and the Company (the "Agreement and
Plan of Merger"). For further information regarding the Agreement and Plan of
Merger, including a description of the Contingent Payment Rights, see the Form
8-K filed by the Company with the Securities and Exchange Commission on March
10, 1998.
Item 2. Identity and Background.
Footnote 1 to Item 2 of the Schedule 13D is amended and restated in its
entirety as follows:
1 Of the Shares reported by FCMLLC on behalf of the Managed Accounts, 0
Shares (equal to approximately 0.0 % of the total Shares currently outstanding)
are held by The Absolute Return Fund of The Common Fund, a non-profit
corporation whose principal address is 450 Post Road East, Westport, Connecticut
06881.
Item 3. Source and Amount of Funds and Other Consideration.
Item 3 of the Schedule 13D is amended and supplemented by the following:
The net investment cost (including commissions) is approximately $216,000
for the 24,000 acquired by FCP since the filing of the prior Schedule 13D,
approximately $234,000 for the 26,000 Shares acquired by FCIP since the filing
of the prior Schedule 13D, approximately $9,000 for the 1,000 Shares acquired by
FCIP II since the filing of the prior Schedule 13D, approximately $36,000 for
the 4,000 Shares acquired by FCIP III since the filing of the prior Schedule
13D, approximately $18,000 for the 2,000 Shares acquired by Tinicum since the
filing of the prior Schedule 13D and approximately $387,000 for the 43,000
Shares acquired by the Managed Accounts since the filing of the prior Schedule
13D.
Page 19 of 34 Pages
<PAGE>
The consideration for such acquisitions was obtained as follows: (i) with
respect to FCIP, FCIP II and FCIP III, from working capital; (ii) with respect
to the Managed Accounts, from the working capital of each Managed Account and/or
from borrowings pursuant to margin accounts maintained by some of the Managed
Accounts at Goldman, Sachs & Co.; and (iii) with respect to FCP and Tinicum,
from working capital, and/or from borrowings pursuant to margin accounts
maintained by FCP and Tinicum at Goldman, Sachs & Co. FCP, Tinicum and some of
the Managed Accounts hold certain securities in their respective margin accounts
at Goldman, Sachs & Co., and the accounts may from time to time have debit
balances. It is not possible to determine the amount of borrowings, if any, used
to acquire the Shares.
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is amended and restated in its entirety as
follows:
A. Farallon Capital Partners, L.P.
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for FCP is incorporated herein by
reference. The percentage amount set forth in Row 13 of such
cover page and of each other cover page filed herewith and of
Footnote 1 hereto is calculated based upon the 20,921,839
Shares outstanding as of January 19, 1998, as reported by the
Company in its Form 10-Q for the period ended December 31,
1997, filed with the Securities and Exchange Commission on
January 22, 1998.
(c) The trade dates, number of Shares purchased or transferred and
the price per Share for all purchases of the Shares since the
filing of the prior Schedule 13D are set forth on Schedule A
hereto and are incorporated herein by reference. All of such
transactions were open-market transactions or reflect the
conversion on May 4, 1998, of each Share into 0.1685 shares of
common stock of Baxter International Inc. and into one
Contingent Payment Right, pursuant to the Agreement and Plan
of Merger, dated as of February 23, 1998, by and among Baxter
International Inc., RHB1 Acquisition Corp. and the Company.
(d) FPLLC as General Partner has the power to direct the affairs
of FCP, including the disposition of the proceeds of the sale
of the Shares. Steyer is the senior managing member of FPLLC,
and Boilini, Cohen, Downes,
Page 20 of 34 Pages
<PAGE>
Fairman, Fish, Fremder, Mellin, Millham and Moore are managing
members of FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
B. Farallon Capital Institutional Partners, L.P.
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for FCIP is incorporated herein by
reference.
(c) The trade dates, number of Shares purchased or transferred and
the price per Share for all purchases of the Shares since the
filing of the prior Schedule 13D are set forth on Schedule B
hereto and are incorporated herein by reference. All of such
transactions were open-market transactions or reflect the
conversion on May 4, 1998, of each Share into 0.1685 shares of
common stock of Baxter International Inc. and into one
Contingent Payment Right, pursuant to the Agreement and Plan
of Merger, dated as of February 23, 1998, by and among Baxter
International Inc., RHB1 Acquisition Corp. and the Company.
(d) FPLLC as General Partner has the power to direct the affairs
of FCIP, including the disposition of the proceeds of the sale
of the Shares. Steyer is the senior managing member of FPLLC
and Boilini, Cohen, Downes, Fairman, Fish, Fremder, Mellin,
Millham and Moore are managing members of FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
C. Farallon Capital Institutional Partners II, L.P.
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for FCIP II is incorporated herein by
reference.
(c) The trade dates, number of Shares purchased or transferred and
the price per Share for all purchases of the Shares since the
filing of the prior Schedule 13D are set forth on Schedule C
hereto and are incorporated herein by reference. All of such
transactions were open-market transactions or reflect the
conversion on May 4, 1998, of each Share into 0.1685 shares of
common stock of Baxter International Inc. and into one
Contingent Payment Right, pursuant to the Agreement and Plan
of Merger, dated as of February 23, 1998, by and among Baxter
International Inc., RHB1 Acquisition Corp. and the Company.
(d) FPLLC as General Partner has the power to direct the affairs
of FCIP II, including the disposition of the proceeds of the
sale of the Shares. Steyer is
Page 21 of 34 Pages
<PAGE>
the senior managing member of FPLLC and Boilini, Cohen,
Downes, Fairman, Fish, Fremder, Mellin, Millham and Moore are
managing members of FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
D. Farallon Capital Institutional Partners III, L.P.
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for FCIP III is incorporated herein by
reference.
(c) The trade dates, number of Shares purchased or transferred and
the price per Share for all purchases of the Shares since the
filing of the prior Schedule 13D are set forth on Schedule D
hereto and are incorporated herein by reference. All of such
transactions were open-market transactions or reflect the
conversion on May 4, 1998, of each Share into 0.1685 shares of
common stock of Baxter International Inc. and into one
Contingent Payment Right, pursuant to the Agreement and Plan
of Merger, dated as of February 23, 1998, by and among Baxter
International Inc., RHB1 Acquisition Corp. and the Company.
(d) FPLLC as General Partner has the power to direct the affairs
of FCIP III, including the disposition of the proceeds of the
sale of the Shares. Steyer is the senior managing member of
FPLLC and Boilini, Cohen, Downes, Fairman, Fish, Fremder,
Mellin, Millham and Moore are managing members of FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
E. Tinicum Partners, L.P.
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Tinicum is incorporated herein by
reference.
(c) The trade dates, number of Shares purchased or transferred and
the price per Share for all purchases of the Shares since the
filing of the prior Schedule 13D are set forth on Schedule E
hereto and are incorporated herein by reference. All of such
transactions were open-market transactions or reflect the
conversion on May 4, 1998, of each Share into 0.1685 shares of
common stock of Baxter International Inc. and into one
Contingent Payment Right, pursuant to the Agreement and Plan
of Merger, dated as of February 23, 1998, by and among Baxter
International Inc., RHB1 Acquisition Corp. and the Company.
Page 22 of 34 Pages
<PAGE>
(d) FPLLC as General Partner has the power to direct the affairs
of Tinicum, including the disposition of the proceeds of the
sale of the Shares. Steyer is the senior managing member of
FPLLC and Boilini, Cohen, Downes, Fairman, Fish, Fremder,
Mellin, Millham and Moore are managing members of FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
F. Farallon Capital Management, L.L.C.
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for FCMLLC is incorporated herein by
reference.
(c) The trade dates, number of Shares purchased or transferred and
the price per Share for all purchases of the Shares since the
filing of the prior Schedule 13D are set forth on Schedule F
hereto and are incorporated herein by reference. All of such
transactions were open-market transactions or reflect the
conversion on May 4, 1998, of each Share into 0.1685 shares of
common stock of Baxter International Inc. and into one
Contingent Payment Right, pursuant to the Agreement and Plan
of Merger, dated as of February 23, 1998, by and among Baxter
International Inc., RHB1 Acquisition Corp. and the Company.
(d) FCMLLC, as an investment adviser, has the power to direct the
disposition of the proceeds of the sale of the Shares held by
the Managed Accounts. Steyer is the senior managing member of
FCMLLC and Boilini, Cohen, Downes, Fish, Fremder, Mellin,
Millham and Moore are managing members of FCMLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
G. Farallon Partners, L.L.C.
(a),(b) The information set forth in rows 7, 8, 9, 10, 11, and 13 of
the cover page hereto for FPLLC is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs
of the Partnerships, including the disposition of the proceeds
of the sale of the Shares. Steyer is the senior managing
member of FPLLC and Boilini, Cohen, Downes, Fairman, Fish,
Fremder, Mellin, Millham and Moore are
managing members of FPLLC.
Page 23 of 34 Pages
<PAGE>
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
H. Enrique H. Boilini
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Boilini is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs
of the Partnerships, including the disposition of the proceeds
of the sale of the Shares. FCMLLC, as an investment adviser,
has the power to direct the disposition of the proceeds of the
sale of the Shares held by the Managed Accounts. Boilini is a
managing member of FCMLLC and FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
I. David I. Cohen
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Cohen is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs
of the Partnerships, including the disposition of the proceeds
of the sale of the Shares. FCMLLC, as an investment adviser,
has the power to direct the disposition of the proceeds of the
sale of the Shares held by the Managed Accounts. Cohen is a
managing member of FCMLLC and FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
J. Joseph F. Downes
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Downes is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs
of the Partnerships, including the disposition of the proceeds
of the sale of the Shares. FCMLLC, as an investment adviser,
has the power to direct the disposition of the proceeds of the
sale of the Shares held by the Managed Accounts. Downes is a
managing member of FCMLLC and FPLLC.
Page 24 of 34 Pages
<PAGE>
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
K. Fleur E. Fairman
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Fairman is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs
of the Partnerships, including the disposition of the proceeds
of the sale of the Shares. Fairman is a managing member of
FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
L. Jason M. Fish
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Fish is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs
of the Partnerships, including the disposition of the proceeds
of the sale of the Shares. FCMLLC, as an investment adviser,
has the power to direct the disposition of the proceeds of the
sale of the Shares held by the Managed Accounts. Fish is a
managing member of FCMLLC and FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
M. Andrew B. Fremder
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Fremder is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs
of the Partnerships, including the disposition of the proceeds
of the sale of the Shares. FCMLLC, as an investment adviser,
has the power to direct the disposition of the proceeds of the
sale of the Shares held by the Managed Accounts. Fremder is a
managing member of FCMLLC and FPLLC.
Page 25 of 34 Pages
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(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
N. William F. Mellin
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Mellin is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs
of the Partnerships, including the disposition of the proceeds
of the sale of the Shares. FCMLLC, as an investment adviser,
has the power to direct the disposition of the proceeds of the
sale of the Shares held by the Managed Accounts. Mellin is a
managing member of FCMLLC and FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
O. Stephen L. Millham
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Millham is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs
of the Partnerships, including the disposition of the proceeds
of the sale of the Shares. FCMLLC, as an investment adviser,
has the power to direct the disposition of the proceeds of the
sale of the Shares held by the Managed Accounts. Millham is a
managing member of FCMLLC and FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
P. Meridee A. Moore
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Moore is incorporated herein by
reference.
(c) None.
Page 26 of 34 Pages
<PAGE>
(d) FPLLC as General Partner has the power to direct the affairs
of the Partnerships, including the disposition of the proceeds
of the sale of the Shares. FCMLLC, as an investment adviser,
has the power to direct the disposition of the proceeds of the
sale of the Shares held by the Managed Accounts. Moore is a
managing member of FCMLLC and FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
Q. Thomas F. Steyer
(a),(b) The information set forth in Rows 7, 8, 9, 10, 11 and 13 of
the cover page hereto for Steyer is incorporated herein by
reference.
(c) None.
(d) FPLLC as General Partner has the power to direct the affairs
of the Partnerships, including the disposition of the proceeds
of the sale of the Shares. FCMLLC, as an investment adviser,
has the power to direct the disposition of the proceeds of the
sale of the Shares held by the Managed Accounts. Steyer is the
senior managing member of FCMLLC and FPLLC.
(e) As of May 4, 1998, the Reporting Person is not the beneficial
holder of any Shares.
The Shares reported hereby for the Partnerships are owned directly by the
Partnerships and those reported by FCMLLC on behalf of the Managed Accounts are
owned directly by the Managed Accounts. Each of Boilini, Cohen, Downes, Fish,
Fremder, Mellin, Millham, Moore and Steyer may be deemed, as managing members of
FPLLC and FCMLLC, to be the beneficial owner of all such Shares. Each of FPLLC
and Fairman, as a managing member of FPLLC, may be deemed to be the beneficial
owner of all such Shares owned by the Partnerships. FCMLLC may be deemed to be
the beneficial owner of all such Shares owned by the Managed Accounts. Each of
FCMLLC, FPLLC, Boilini, Cohen, Downes, Fairman, Fish, Fremder, Mellin, Millham,
Moore and Steyer hereby disclaim any beneficial ownership of any such Shares.
Page 27 of 34 Pages
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: May 12, 1998
/s/ Thomas F. Steyer
----------------------------------------
FARALLON PARTNERS, L.L.C.,
on its own behalf and as General Partner of
FARALLON CAPITAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL
PARTNERS, L.P., FARALLON CAPITAL
INSTITUTIONAL PARTNERS II, L.P.,
FARALLON CAPITAL INSTITUTIONAL
PARTNERS III, L.P. and TINICUM PARTNERS, L.P.
by Thomas F. Steyer,
Senior Managing Member
/s/ Thomas F. Steyer
----------------------------------------
FARALLON CAPITAL MANAGEMENT, L.L.C.
By Thomas F. Steyer,
Senior Managing Member
/s/ Thomas F. Steyer
----------------------------------------
Thomas F. Steyer, individually and as
attorney-in-fact for each of Enrique H.
Boilini, David I. Cohen, Joseph F. Downes,
Fleur E. Fairman, Jason M. Fish, Andrew B.
Fremder, William F. Mellin, Stephen L.
Millham, and Meridee A. Moore.
The Powers of Attorney, each executed by Boilini, Cohen, Downes, Fairman,
Fish, Fremder, Mellin, Millham and Moore, authorizing Steyer to sign and file
this Schedule 13D on each person's behalf which were filed with Amendment No. 1
to the Schedule 13D filed with the SEC on September 26, 1997, by such Reporting
Persons with respect to the Common Stock of Sphere Drake Holdings Limited, are
hereby incorporated by reference.
Page 28 of 34 Pages
<PAGE>
SCHEDULE A
FARALLON CAPITAL PARTNERS, L.P.
NO. OF SHARES
PURCHASED (P) OR PRICE
TRADE DATE TRANSFERRED (T) PER SHARE
(including commission)
04/23/98 24,000 (P) $9.00
05/04/98 225,362 (T) N/A (1)
- ------------
1 All of such transfers reflect the conversion of each Share into 0.1685
shares of common stock of Baxter International Inc. and into one Contingent
Payment Right, pursuant to the Agreement and Plan of Merger, dated as of
February 23, 1998, by and among Baxter International Inc., RHB1 Acquisition
Corp. and the Company.
Page 29 of 34 Pages
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SCHEDULE B
FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.
NO. OF SHARES
PURCHASED (P) OR PRICE
TRADE DATE TRANSFERRED (T) PER SHARE
(including commission)
04/23/98 26,000 (P) $9.00
05/04/98 359,500 (T) N/A (2)
- ------------
2 All of such transfers reflect the conversion of each Share into 0.1685
shares of common stock of Baxter International Inc. and into one Contingent
Payment Right, pursuant to the Agreement and Plan of Merger, dated as of
February 23, 1998, by and among Baxter International Inc., RHB1 Acquisition
Corp. and the Company.
Page 30 of 34 Pages
<PAGE>
SCHEDULE C
FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.
NO. OF SHARES
PURCHASED (P) OR PRICE
TRADE DATE TRANSFERRED (T) PER SHARE
(including commission)
04/23/98 1,000 (P) $9.00
05/04/98 33,400 (T) N/A (3)
- ------------
3 All of such transfers reflect the conversion of each Share into 0.1685
shares of common stock of Baxter International Inc. and into one Contingent
Payment Right, pursuant to the Agreement and Plan of Merger, dated as of
February 23, 1998, by and among Baxter International Inc., RHB1 Acquisition
Corp. and the Company.
Page 31 of 34 Pages
<PAGE>
SCHEDULE D
FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.
NO. OF SHARES
PURCHASED (P) OR PRICE
TRADE DATE TRANSFERRED (T) PER SHARE
(including commission)
04/23/98 4,000 (P) $9.00
05/04/98 54,900 (T) N/A (4)
- ------------
4 All of such transfers reflect the conversion of each Share into 0.1685
shares of common stock of Baxter International Inc. and into one Contingent
Payment Right, pursuant to the Agreement and Plan of Merger, dated as of
February 23, 1998, by and among Baxter International Inc., RHB1 Acquisition
Corp. and the Company.
Page 32 of 34 Pages
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SCHEDULE E
TINICUM PARTNERS, L.P.
NO. OF SHARES
PURCHASED (P) OR PRICE
TRADE DATE TRANSFERRED (T) PER SHARE
(including commission)
04/23/98 2,000 (P) $9.00
05/04/98 24,200 (T) N/A (5)
- ------------
5 All of such transfers reflect the conversion of each Share into 0.1685
shares of common stock of Baxter International Inc. and into one Contingent
Payment Right, pursuant to the Agreement and Plan of Merger, dated as of
February 23, 1998, by and among Baxter International Inc., RHB1 Acquisition
Corp. and the Company.
Page 33 of 34 Pages
<PAGE>
SCHEDULE F
FARALLON CAPITAL MANAGEMENT, L.L.C.
NO. OF SHARES
PURCHASED (P) OR PRICE
TRADE DATE TRANSFERRED (T) PER SHARE
(including commission)
04/23/98 32,000 (P) $9.00
05/04/98 560,400 (T) N/A (6)
04/23/98 1,000 (P) $9.00
05/04/98 14,300 (T) N/A (6)
04/23/98 10,000 (P) $9.00
05/04/98 93,700 (T) N/A (6)
- ------------
6 All of such transfers reflect the conversion of each Share into 0.1685
shares of common stock of Baxter International Inc. and into one Contingent
Payment Right, pursuant to the Agreement and Plan of Merger, dated as of
February 23, 1998, by and among Baxter International Inc., RHB1 Acquisition
Corp. and the Company.
Page 34 of 34 Pages
