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. 1)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 22, 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 13 Pages)
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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 13 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.
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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
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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 ITEM 2(d) OR 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 154,000
OWNED BY
EACH
REPORTING -----------------------------------------------------------------
PERSON WITH 8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
154,000
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
154,000
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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)
2.9%
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14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 368483103 13D Page 3 of 13 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NEWCASTLE PARTNERS, 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
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
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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%
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14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 368483103 13D Page 4 of 13 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
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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
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 94,200
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 154,000
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
94,200
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
154,000
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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 13 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) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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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 -----------------------------------------------------------------
PERSON WITH 8 SHARED VOTING POWER
-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 13 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) |_|
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3 SEC USE ONLY
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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 -----------------------------------------------------------------
PERSON WITH 8 SHARED VOTING POWER
-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 13 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) |_|
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3 SEC USE ONLY
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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
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
EACH
REPORTING -----------------------------------------------------------------
PERSON WITH 8 SHARED VOTING POWER
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 13 Pages
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The following constitutes Amendment No. 1 ("Amendment No. 1") to the
Schedule 13D filed by the undersigned. This Amendment No. 1 amends the Schedule
13D as specifically set forth.
Item 4 is amended to add the following paragraph:
Two of the Reporting Persons, CIC and Newcastle Partners, have
proposed to acquire, through an appropriate acquisition entity to be formed, the
outstanding capital stock of the Issuer in a negotiated transaction. CIC and
Newcastle Partners believe that such a transaction would provide the Issuer's
stockholders with an opportunity to maximize the present value of their
investment. CIC and Newcastle Partners delivered a letter dated December 22,
2000 to the Issuer submitting an offer to acquire the outstanding capital stock
of the Issuer for $18.00 per Share in cash. The offer is subject to certain
conditions, including completion of due diligence, obtaining all necessary
financing, obtaining all necessary consents and approvals, including board and
stockholder approval, amendment of the shareholder rights plan, waiver of any
anti-takeover provisions and certain other customary conditions. A copy of the
December 22, 2000 letter is filed as an exhibit to this Schedule 13D and
incorporated herein by reference. CIC and Newcastle Partners are prepared to
immediately enter into negotiations with the Issuer to finalize the terms of the
proposed transaction.
Item 5(a) and (b) are amended to read as follows:
(a) and (b) The aggregate percentage of Shares of Common Stock
reported owned by each person named herein is based upon 5,374,621 Shares
outstanding, which is the total number of Shares of Common Stock outstanding as
reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2000 and filed with the Securities and Exchange Commission on
November 9, 2000.
As of the close of business on December 22, 2000, Newcastle
Focus beneficially owned 154,000 Shares of Common Stock, constituting
approximately 2.9% of the Shares outstanding. Newcastle Partners beneficially
owned 94,200 Shares of Common Stock, constituting approximately 1.8% of the
Shares outstanding. Mr. Schwarz may be deemed to beneficially own 248,200
Shares, representing approximately 4.6% of the Shares outstanding. Mr. Schwarz
has sole voting and dispositive power with respect to the 94,200 Shares owned by
Newcastle Partners by virtue of his position with Newcastle Partners. Harold C.
Simmons may be deemed a beneficial owner of the 154,000 Shares of Common Stock
held by Newcastle Focus because a trust for which Mr. Simmons serves as sole
trustee, with sole voting and dispositive power over its
<PAGE>
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CUSIP No. 368483103 13D Page 9 of 13 Pages
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investment in Newcastle Focus, currently is the sole limited partner of
Newcastle Focus. So long as such trust is the sole limited partner of Newcastle
Focus, the sole limited partner can cause the termination of the limited
partnership on thirty days' written notice. In the event of a dissolution or
distribution by Newcastle Focus, with its current ownership structure,
substantially all of such Shares could become assets of the trust. By virtue of
this ownership structure and Mr. Schwarz's position with Newcastle Focus, Mr.
Schwarz and Mr. Simmons may be deemed to share the power to vote and direct the
disposition of the Shares held of record by Newcastle Focus. Mr. Simmons
disclaims beneficial ownership with regard to such Shares.
As of the close of business on December 22, 2000, CIC
beneficially owned 97,800 Shares of Common Stock, constituting approximately
1.8% of the Shares outstanding. Mr. DeRobbio may be deemed to beneficially own
97,800 Shares, representing approximately 1.8% of the Shares outstanding. Mr.
DeRobbio has sole voting and dispositive power with respect to the 97,800 Shares
owned by CIC by virtue of his position with CIC. All of such Shares were
acquired in open-market transactions, except for the 25,000 Shares contributed
to CIC by one of its limited partners.
Item 7 is amended to add the following exhibit:
2. Letter from CIC Equity Partners, Ltd. and Newcastle
Partners, L.P. to Issuer dated December 22, 2000.
<PAGE>
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CUSIP No. 368483103 13D Page 10 of 13 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 22, 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: General Partner
/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 11 of 13 Pages
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EXHIBIT INDEX
Exhibit Page
------- ----
1. Joint Filing Agreement (previously
filed).
2. Letter from CIC Equity Partners, Ltd. 12-13
and Newcastle Partners, L.P. to Issuer
dated December 22, 2000.
<PAGE>
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CUSIP No. 368483103 13D Page 12 of 13 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 22, 2000
Mr. William D. Gehl
Chairman of the Board
Gehl Company
143 Water Street
West Bend, WI 53095
Dear Mr. Gehl:
Newcastle Partners, L.P. and CIC Equity Partners, Ltd.
(collectively, the "Interested Parties") currently own an aggregate of 192,000
shares of common stock (the "Common Stock") of Gehl Company (the "Company"),
representing approximately 3.6% of the issued and outstanding Common Stock. The
Interested Parties and certain other persons are parties to a certain Schedule
13D filed with the Securities and Exchange Commission on November 8, 2000.
Together with shares under common control with Newcastle Partners, L.P., the
Interested Parties currently control approximately 6.4% of the issued and
outstanding Common Stock. The Interested Parties continue to believe that there
is significant value inherent in the business and assets of the Company despite
the Board's failure to take any actions to attempt to maximize stockholder
value. Because the Interested Parties believe that the equity markets continue
to not fully appreciate the value of the Company's Common Stock and that the
trading levels for the Common Stock will not improve significantly in the near
future, the Interested Parties believe that it is imperative that the Board
aggressively pursue strategic alternatives. To date, the Board has not pursued
such alternatives.
Accordingly, the Interested Parties hereby set forth their
willingness to offer to acquire the Company, through an appropriate acquisition
entity to be formed, for $18.00 per share in cash. As you recognize, this offer
represents a 67% premium to the Company's current market price of $10.75. We
believe that our
<PAGE>
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CUSIP No. 368483103 13D Page 13 of 13 Pages
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proposal presents the Company's stockholders with the immediate opportunity to
maximize their investment in the Company. As you know, the Company's market
value is severely impacted by any significant volume and therefore the Company's
Common Stock has provided limited liquidity to its stockholders. This all-cash
offer will provide immediate liquidity to all the Company's stockholders and a
significant premium to the current market price. This offer is conditioned on
satisfactory completion of due diligence, obtaining all necessary financing,
obtaining all necessary consents and approvals, including board and stockholder
approval, amendment of the shareholder rights plan, waiver of any anti-takeover
provisions and certain other customary conditions, including no material adverse
change in the Company's business and confirmation that there are appropriate
reserves for all contingent liabilities. We are prepared to enter into a
confidentiality and exclusivity agreement and commence work immediately in order
to satisfy the due diligence and financing contingencies. We are highly
confident that the necessary financing can be arranged on an expeditious basis
and no later than the execution of a definitive agreement.
As stockholders, we feel that the Board has a responsibility
to us and all its stockholders to consider fully and impartially any proposal
that may significantly increase stockholder value. Accordingly, we continue to
stand ready to discuss with you, the Board and members of management any aspect
of our proposal so that you will share our confidence and enthusiasm for this
transaction - a transaction that we believe serves the best interests of the
Company, its stockholders, management, employees and the broader interested
community.
Please contact Mark Schwarz at (214) 559-7145 or Paul DeRobbio
at (972) 450-4227 to discuss any questions you or the Board might have or if you
would like further information.
Very truly yours,
Newcastle Partners, L.P. CIC Equity Partners, Ltd.
By: /s/ Mark E. Schwarz By: /s/ Paul DeRobbio
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Mark E. Schwarz Paul DeRobbio
General Partner Managing Director
