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UNITED STATES
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. 3)
TPC CORPORATION
(Name of Subject Company)
POWER ACQUISITION COMPANY
PACIFICORP HOLDINGS, INC.
(Bidders)
Class A Common Stock, $.01 par value, and
Class B Common Stock, $.01 par value
(Title of Class of Securities)
872616107
(CUSIP Number of Class A Common Stock)
Richard T. O'Brien
PacifiCorp Holdings, Inc.
Port of Portland Building, Suite 1600
700 NE Multnomah
Portland, Oregon 97232
(503) 731-2000
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Bidder)
Copy to:
Stuart W. Chestler
Stoel Rives LLP
900 SW Fifth Avenue, Suite 2300
Portland, Oregon 97204-1268
(503) 294-9500
<PAGE>
14D-1
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1. Name of reporting person
Power Acquisition Company
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2. Check the appropriate box if a member of a group (a) ___
(b) ___
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3. SEC Use Only
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4. Sources of Funds
AF
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5. Check box if disclosure of legal proceedings is required pursuant
to Items 2(e) OR 2(f) ___
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6. Citizenship or place of organization
Delaware
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7. Aggregate amount beneficially owned by each reporting person
17,319,461.7313 Shares of Class A Common Stock
579,963 Shares of Class B Common Stock
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8. Check box if the aggregate amount in row (7) excludes certain shares.
___
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9. Percent of class represented by amount in row (7)
99.4% of the Outstanding Shares of Class A Common Stock
100% of the Outstanding Shares of Class B Common Stock
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10. Type of reporting person
CO
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2
<PAGE>
14D-1
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1. Name of reporting person
PacifiCorp Holdings, Inc.
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2. Check the appropriate box if a member of a group (a) ___
(b) ___
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3. SEC Use Only
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4. Sources of Funds
BK, WC, OO
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5. Check box if disclosure of legal proceedings is required pursuant
to Items 2(e) OR 2(f) ___
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6. Citizenship or place of organization
Delaware
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7. Aggregate amount beneficially owned by each reporting person
17,319,461.7313 Shares of Class A Common Stock
579,963 Shares of Class B Common Stock
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8. Check box if the aggregate amount in row (7) excludes certain shares.
___
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9. Percent of class represented by amount in row (7)
99.4% of the Outstanding Shares of Class A Common Stock
100% of the Outstanding Shares of Class B Common Stock
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10. Type of reporting person
CO
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3
<PAGE>
Power Acquisition Company and PacifiCorp Holdings, Inc. hereby amend and
supplement their Tender Offer Statement on Schedule 14D-1 (the "Statement"),
originally filed on March 18, 1997, as amended by Amendments No. 1 and 2, with
respect to their offer to purchase all outstanding shares of Class A Common
Stock, par value $.01 per share, and Class B Common Stock, par value $.01 per
share, of TPC Corporation, a Delaware corporation (the "Company"), as set forth
in this Amendment No. 3. Capitalized terms not defined herein have the meanings
assigned thereto in the Statement.
Item 6. Interest in Securities of the Subject Company.
(a) On April 15, 1997, PacifiCorp Holdings, Inc. issued a press release, a
copy of which is attached hereto as Exhibit (a)(10) and is incorporated herein
by reference.
Item 10. Additional Information.
(f) On April 15, 1997, PacifiCorp Holdings, Inc. issued a press release, a
copy of which is attached hereto as Exhibit (a)(10) and is incorporated herein
by reference.
Item 11. Material to Be Filed as Exhibits.
(a)(10) Press Release, dated April 15, 1997.
4
<PAGE>
SIGNATURES
After due inquiry and to the best of their knowledge and belief, each of
the undersigned certifies that the information set forth in this Statement is
true, complete and correct.
Dated: April 15, 1997
POWER ACQUISITION COMPANY
By JOHN A. BOHLING
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Print Name John A. Bohling
Title Vice President
PACIFICORP HOLDINGS, INC.
By RICHARD T. O'BRIEN
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Print Name Richard T. O'Brien
Title Senior Vice President
and Chief Financial Officer
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Exhibit (a)(10)
Angela Hult, investor inquiries (503) 731-2192
Dave Kvamme, media inquiries (503) 464-6272
HOLD FOR RELEASE ... BUSINESS AND FINANCIAL EDITORS ... April 15, 1997
PACIFICORP COMPLETES TENDER OFFER; PROCEEDS WITH ACQUISITION OF
TPC CORPORATION
PacifiCorp Holdings, Inc., a wholly-owned subsidiary of PacifiCorp (NYSE: PPW),
announced today the completion of its cash tender offer for TPC Corporation, a
natural gas gathering, processing, storage and marketing company based in
Houston, Texas.
PacifiCorp announced the proposed acquisition of TPC on March 12, 1997 and on
March 18 commenced a cash tender offer to purchase all outstanding shares of TPC
common stock for $13.41 per share. The acquisition of TPC was subject to the
conditions of the Hart-Scott-Rodino Antitrust Act and the tender of a majority
of TPC's outstanding shares. PacifiCorp Holdings received early termination of
the waiting period under the Hart-Scott-Rodino Antitrust Act on March 25. At the
expiration of the tender offer at midnight on April 14, more than 90 percent of
TPC's outstanding shares had been tendered, and all tendered shares have been
accepted for payment. PacifiCorp Holdings expects to complete the acquisition of
100 percent of the common stock of TPC later today, thereby completing the
transaction 34 days after it was first announced.
"This acquisition represents a key element in PacifiCorp's strategy to become a
full service energy provider," said Fred Buckman, PacifiCorp president and chief
executive officer. "We are pleased to be able to quickly complete this
transaction and acquire the natural gas assets and skills that complement
PacifiCorp's existing expertise in the electricity marketing business. This
acquisition will allow PacifiCorp to better serve existing customers and enhance
our ability to attract new customers."
TPC built a business of gas gathering systems in and near the Gulf of Mexico
with related processing facilities, and in salt dome storage projects at the
Moss Bluff market hub in Texas and the Egan market hub in Louisiana. Its other
core business is natural gas marketing to utilities in the Midwest and
Northeast.
TPC has the value-enhancing aspects of the natural gas industry that PacifiCorp
desires most, and TPC's gathering, processing and storage assets and marketing
skills will enable PacifiCorp to strengthen its position in the eastern U.S.
power markets.
PacifiCorp, based in Portland, Oregon serves 1.4 million retail customers in the
west and 550,000 retail customers in Australia. It conducts wholesale power
transactions with more than 100 utilities in North America.
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