SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 2)1
GEHL COMPANY
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(Name of Issuer)
COMMON STOCK, PAR VALUE $.10 PER SHARE
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(Title of Class of Securities)
368483103
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(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 28, 2000
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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 that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box / /.
Note. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 12 Pages)
----------------
1 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 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).
<PAGE>
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CUSIP No. 368483103 13D Page 2 of 12 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NEWCASTLE FOCUS FUND II, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 154,000
OWNED BY --------------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
-0-
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
154,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
154,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 368483103 13D Page 3 of 12 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NEWCASTLE PARTNERS, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 94,200
OWNED BY --------------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
-0-
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
94,200
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
94,200
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 368483103 13D Page 4 of 12 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MARK E. SCHWARZ
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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
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 94,200
OWNED BY ----------------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
154,000
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
94,200
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
154,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
248,200
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 368483103 13D Page 5 of 12 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CIC EQUITY PARTNERS, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 97,800
OWNED BY -------------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
-0-
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
97,800
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
97,800
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 368483103 13D Page 6 of 12 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PAUL DEROBBIO
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 97,800
OWNED BY -------------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
-0-
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
97,800
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
97,800
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 368483103 13D Page 7 of 12 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
HAROLD C. SIMMONS
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ------------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
154,000
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
154,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
154,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 368483103 13D Page 8 of 12 Pages
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The following constitutes Amendment No. 2 ("Amendment No. 2") to the
Schedule 13D filed by the undersigned. This Amendment No. 2 amends the Schedule
13D as specifically set forth.
Item 4 is amended to add the following paragraph:
CIC and Newcastle Partners delivered a letter dated December
28, 2000 to the Issuer again presenting its offer to acquire the outstanding
capital stock of the Issuer for $18.00 per Share in cash. The offer is subject
to the same terms and conditions set forth in the previous letter to the Issuer
dated December 22, 2000 sent by CIC and Newcastle Partners. A copy of the
December 28, 2000 letter is filed as an exhibit to this Schedule 13D and
incorporated herein by reference.
Item 7 is amended to add the following exhibit:
3. Letter from CIC Equity Partners, Ltd. and Newcastle
Partners, L.P. to Issuer dated December 28, 2000.
<PAGE>
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CUSIP No. 368483103 13D Page 9 of 12 Pages
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SIGNATURES
----------
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.
Dated: December 28, 2000 NEWCASTLE FOCUS FUND II, L.P.
By: NEWCASTLE CAPITAL
MANAGEMENT, L.P.
By: NEWCASTLE CAPITAL GROUP,
L.L.C.,
its General Partner
By: /s/ Mark E. Schwarz
--------------------------
Name: Mark E. Schwarz
Title: Managing Member
NEWCASTLE PARTNERS, L.P.
By: /s/ Mark E. Schwarz
--------------------------
Name: Mark E. Schwarz
Title: Managing Member
/s/ Mark E. Schwarz
--------------------------------------------
MARK E. SCHWARZ
CIC EQUITY PARTNERS, LTD.
By: SLP Consultants, Inc.,
its General Partner
By: /s/ Paul DeRobbio
--------------------------
Name: Paul DeRobbio
Title: President
/s/ Paul DeRobbio
--------------------------------------------
PAUL DEROBBIO
/s/ Harold C. Simmons
--------------------------------------------
HAROLD C. SIMMONS
<PAGE>
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CUSIP No. 368483103 13D Page 10 of 12 Pages
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EXHIBIT INDEX
Exhibit Page
------- ----
1. Joint Filing Agreement (previously
filed).
2. Letter from CIC Equity Partners, Ltd.
and Newcastle Partners, L.P. to Issuer
dated December 22, 2000 (previously
filed).
3. Letter from CIC Equity Partners, Ltd. 11-12
and Newcastle Partners, L.P. to Issuer
dated December 28, 2000.
<PAGE>
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CUSIP No. 368483103 13D Page 11 of 12 Pages
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NEWCASTLE PARTNERS, L.P. CIC EQUITY PARTNERS, LTD.
4514 Cole Avenue, Suite 600 Three Lincoln Centre
Dallas, Texas 75205 5430 LBJ Freeway, Suite 1700
Dallas, Texas 75240
December 28, 2000
Mr. William D. Gehl
Chairman of the Board
Gehl Company
143 Water Street
West Bend, WI 53095
Dear Mr. Gehl:
We were surprised to learn by press release of the rejection
by Gehl Company (the "Company") of the offer made in a letter to you dated
December 22, 2000 from Newcastle Partners, L.P. and CIC Equity Partners, Ltd.
(collectively, the "Interested Parties") to acquire the Company, as described in
such letter, for $18.00 per share in cash. Common sense aside, given that the
offer represented a 67% premium to the Company's then current market price of
$10.75 per share, we believe that the offer warranted, at minimum, a phone call
to the Interested Parties to address any questions or concerns of the Company's
Board of Directors. Instead, we were disappointed to see that you failed to
return any of the phone calls made to you by the Interested Parties in
connection with such offer, or in any way seek any additional information about
the offer.
The Board's rejection of the offer, which rejection was
announced in a press release only a few hours after it was delivered to you,
clearly indicates to us that the offer was not given serious consideration by
the Board. The offer was summarily rejected with no indication that the Board
consulted with an investment banking firm or relied on a "fairness opinion" to
justify the rejection. Instead of giving any consideration to the offer, it
appears that the Board spent their time preparing a press release attempting to
belittle the ALL CASH offer. If there are concerns with any of the standard
conditions contained in the offer, we invite the Board to contact either of the
undersigned to directly address such concerns in a productive manner. The
Board's rejection of the offer demonstrates the Board's lack of dedication
<PAGE>
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CUSIP No. 368483103 13D Page 12 of 12 Pages
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Mr. William D. Gehl
December 28, 2000
page -2-
to pursuing the best interests of the stockholders of the Company and maximizing
stockholder value.
We believe that the offer would provide immediate liquidity to
all of the Company's stockholders as well as a significant premium to the market
price. To date, the equity markets have failed to fully appreciate the value of
the Company's Common Stock to which we believe the Company's stockholders are
entitled and the Company's Common Stock has provided limited liquidity to its
stockholders. The recent rise of the market price of the Company's Common Stock
since the announcement of the proposed transaction we believe is in response to
the hope that the proposed transaction will be consummated. We remain convinced
that the proposed offer price will not be achieved in the marketplace in the
reasonably foreseeable future. Given the present circumstances, it is
unacceptable for the Board to reject the offer solely on the basis that the
Company intends to remain an independent company without providing any strategic
plan for increasing stockholder value. We strongly believe that the Board's
actions are contrary to the best interests of the stockholders of the Company.
As significant stockholders, we feel that the Board has a responsibility to us,
as well as to all of its stockholders, to consider fully and impartially any
proposal that may significantly increase stockholder value.
Based upon the foregoing, the offer to acquire the Company for
$18.00 per share in cash under the terms and conditions set forth in our
previous letter is again presented to you and the Board. We urge you, and the
Board of Directors, to act in the stockholders' best interest by giving serious
consideration to the offer and invite you to contact Mark Schwarz at (214)
559-7145 or Paul DeRobbio at (972) 450-4227 to further discuss the offer.
Very truly yours,
Newcastle Partners, L.P. CIC Equity Partners, Ltd.
By: /s/ Mark E. Schwarz By: /s/ Paul DeRobbio
----------------------------- -----------------------------
Mark E. Schwarz Paul DeRobbio
General Partner Managing Director
