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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Amendment No. 1 to
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
MATLACK SYSTEMS, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $.01
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(Title of Class of Securities)
576901102
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(CUSIP Number)
Mr. Joshua J. Harris
Palestra Acquisition Corp.
c/o Apollo Management, L.P.
1301 Avenue of the Americas, 38th Floor
New York, New York 10019
(212) 261-4000
with copies to:
Michael D. Weiner, Esq. Morton A. Pierce, Esq.
Apollo Management, L.P. Dewey Ballantine LLP
1999 Avenue of the Stars, Suite 1900 1301 Avenue of the Americas
Los Angeles, California 90067 New York, New York 10019
(310) 201-4100 (212) 259-8000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
March 30, 1998
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(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(e), (f) or (g) check the following box [_].
NOTE: Schedules filed in paper format shall include a singed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) 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 the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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SCHEDULE 13D
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CUSIP NO. 576901102 PAGE 2 OF 10 PAGES
- ------------------------ -----------------------------------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PALESTRA ACQUISITION CORP.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
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3 SEC USE ONLY (a) [_]
(b) [_]
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e). [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 3,166,259
REPORTING PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
10 SHARED DISPOSITIVE POWER
3,766,259
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,766,259
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.9%
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14 TYPE OF REPORTING PERSON
CO
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Page 2 of 10 Pages
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SCHEDULE 13D
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CUSIP NO. 576901102 PAGE 3 OF 10 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
APOLLO INVESTMENT FUND III, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
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3 SEC USE ONLY (a) [_]
(b) [_]
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e). [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 3,166,259
REPORTING PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
10 SHARED DISPOSITIVE POWER
3,766,259
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,766,259
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.9%
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14 TYPE OF REPORTING PERSON
CO
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Page 3 of 10 Pages
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SCHEDULE 13D
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CUSIP NO. 576901102 PAGE 4 OF 10 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
APOLLO OVERSEAS PARTNERS III, L.P.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
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3 SEC USE ONLY (a) [_]
(b) [_]
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4 SOURCE OF FUNDS
OO
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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
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 3,166,259
REPORTING PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
10 SHARED DISPOSITIVE POWER
3,766,259
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,766,259
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.9%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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Page 4 of 10 Pages
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SCHEDULE 13D
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CUSIP NO. 576901102 PAGE 5 OF 10 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
APOLLO (U.K.) PARTNERS III, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
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3 SEC USE ONLY (a) [_]
(b) [_]
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4 SOURCE OF FUNDS
OO
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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
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 3,166,259
REPORTING PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
10 SHARED DISPOSITIVE POWER
3,766,259
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,766,259
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.9%
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14 TYPE OF REPORTING PERSON
CO
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Page 5 of 10 Pages
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SCHEDULE 13D
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CUSIP NO. 576901102 PAGE 6 OF 10 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
APOLLO ADVISORS II, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
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3 SEC USE ONLY (a) [_]
(b) [_]
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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
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 3,166,259
REPORTING PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
10 SHARED DISPOSITIVE POWER
3,766,259
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,766,259
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.9%
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14 TYPE OF REPORTING PERSON
CO
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Page 6 of 10 Pages
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Item 1. SECURITY AND ISSUER.
-------------------
This Amendment No. 1 ("Amendment No. 1) amends the statement on
Schedule 13D (the "Statement") relating to the common stock, par value
$0.01 per share ("Common Stock"), of Matlack Systems, Inc., a Delaware
corporation ("Issuer") filed with the Securities and Exchange
Commission on March 9, 1998. This Amendment No. 1 reports the
expiration of the Letter of Intent (as defined in Item 4). The address
of the principal executive office of the Issuer is One Rollins Plaza,
Wilmington, DE 19803.
ITEM 2. IDENTITY AND BACKGROUND.
-----------------------
The information set forth in this Item 2 has not changed since the
Statement.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
-------------------------------------------------
The information set forth in this Item 3 has not changed since the
Statement.
ITEM 4. PURPOSE OF TRANSACTION.
----------------------
Item 4 is amended to disclose that on March 30, 1998, the letter of
intent (the "Letter of Intent") entered into between Palestra and the
Issuer, as disclosed in the Statement, expired without the parties
executing and delivering a definitive merger agreement (the
"Definitive Agreement"). The Letter of Intent contemplated that
Palestra would have merged with and into the Issuer and all of the
issued and outstanding Shares would have been purchased for a cash
price of $12 per share. In connection with the Letter of Intent,
Palestra entered into Stockholder Agreements with the Principal
Stockholders who own approximately 42.9% of the issued and outstanding
shares of Common Stock of the Issuer. The Stockholder Agreements
remain in effect pursuant to their terms.
The foregoing description of the Letter of Intent is qualified in its
entirety by reference to the text of such letter, which is filed as an
exhibit to the Statement and is incorporated by reference herein.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
------------------------------------
(a) and
(b) The information set forth in this Item 5(b) has not changed since the
Statement.
(c) The responses set forth in Item 4 are incorporated herein.
(d) The information set forth in this Item 5(d) has not changed since the
Statement.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
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TO SECURITIES OF THE ISSUER.
---------------------------
The information set forth in this Item 6 has not changed since the
Statement.
ITEM 7. MATERIAL TO BE FILED AS EXHIBIT.
-------------------------------
None.
Page 7 of 10 Pages
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SIGNATURE
---------
After reasonable inquiry and to the best of his knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct. In addition, by signing below, each of
the undersigned agrees that this Amendment No. may be filed jointly on behalf of
each of Palestra Acquisition Corp., Apollo Investment Fund III, L.P., Apollo
Overseas Partners III, L.P., Apollo (U.K.) Partners III, L.P. and Apollo
Advisors II, L.P.
Dated as of the 6th day of April, 1998.
PALESTRA ACQUISITION CORP.
By: /s/ Michael D. Weiner
----------------------
Name: Michael D. Weiner
Title: Vice President
APOLLO INVESTMENT FUND III, L.P.
By: Apollo Advisors II, L.P.,
its General Partner
By: Apollo Capital Management II, Inc.,
its General Partner
By: /s/ Michael D. Weiner
----------------------
Name: Michael D. Weiner
Title: Vice President
APOLLO OVERSEAS PARTNERS III, L.P.
By: Apollo Advisors II, L.P.,
its General Partner
By: Apollo Capital Management II, Inc.,
its General Partner
By: /s/ Michael D. Weiner
----------------------
Name: Michael D. Weiner
Title: Vice President
Page 8 of 10 Pages
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APOLLO (U.K.) PARTNERS III, L.P.
By: Apollo Advisors II, L.P.,
its General Partner
By: Apollo Capital Management II, Inc.,
its General Partner
By: /s/ Michael D. Weiner
---------------------
Name: Michael D. Weiner
Title: Vice President
APOLLO ADVISORS II, L.P.
By: Apollo Capital Management II, Inc.,
its General Partner
By: /s/ Michael D. Weiner
---------------------
Name: Michael D. Weiner
Title: Vice President
Page 9 of 10 Pages
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SCHEDULE I
The information set forth in this Schedule I has not changed since the
statement.
Page 10 of 10 Pages
