SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(RULE 13d-101)
(AMENDMENT NO. 3)*
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
MAXXIM MEDICAL, INC.
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(Name of Issuer)
COMMON STOCK, $0.001 PAR VALUE
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(Title of Class of Securities)
57777G105
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(CUSIP Number)
SAUL A. FOX
FOX PAINE & COMPANY, LLC
950 TOWER LANE, SUITE 1950
FOSTER CITY, CALIFORNIA 94404
(650) 525-1300
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
OCTOBER 1, 1999
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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), 13d-1(f) and 13d-1(g), check the following
box / /.
* 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 the
disclosures provided in a prior cover page.
(Continued on following pages)
Page 1 of 10 Pages
<PAGE>
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CUSIP No. 57777G105 13D Page 2 of 10 Pages
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1 NAME OF REPORTING PERSON
FOX PAINE MEDIC ACQUISITION CORPORATION
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) /x/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO -- SEE ITEM 3
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5 CHECK 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
TEXAS
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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,158,435 (SEE ITEM 5)
EACH -----------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH -0-
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,158,435 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,158,435 (SEE ITEM 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /x/
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.1% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
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CUSIP No. 57777G105 13D Page 3 of 10 Pages
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1 NAME OF REPORTING PERSON
FOX PAINE CAPITAL FUND, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) /x/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO -- SEE ITEM 3
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5 CHECK 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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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,158,435 (SEE ITEM 5)
EACH -----------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH -0-
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,158,435 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,158,435 (SEE ITEM 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /x/
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.1% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
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CUSIP No. 57777G105 13D Page 4 of 10 Pages
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1 NAME OF REPORTING PERSON
FOX PAINE CAPITAL, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) /x/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO -- SEE ITEM 3
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5 CHECK 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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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,158,435 (SEE ITEM 5)
EACH -----------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH -0-
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,158,435 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,158,435 (SEE ITEM 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /x/
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.1% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING*
HC, OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
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CUSIP No. 57777G105 13D Page 5 of 10 Pages
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1 NAME OF REPORTING PERSON
FOX PAINE & COMPANY, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) /x/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO -- SEE ITEM 3
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5 CHECK 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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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,158,435 (SEE ITEM 5)
EACH -----------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH -0-
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,158,435 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,158,435 (SEE ITEM 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /x/
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.1% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
This Amendment No. 3 is filed by (i) Fox Paine Capital Fund, L.P.,
a Delaware limited partnership ("FPCF"), (ii) Fox Paine Capital, LLC, a Delaware
limited liability company ("FPC") and the general partner of FPCF, (iii) Fox
Paine Medic Acquisition Corporation, a Texas corporation ("FPMAC") and a wholly
owned subsidiary of FPCF, and (iv) Fox Paine & Company, LLC, a Delaware limited
liability company ("Fox Paine", and together with FPMAC, FPCF and FPC, the "Fox
Paine Entities"), and amends Items 3, 4, 5, 6 and 7 of the Statement on Schedule
13D filed by the Fox Paine Entities on June 26, 1999, as previously amended by
Amendment No. 1 filed on July 9, 1999 and Amendment No. 2 filed on August 10,
1999 (collectively, the "Existing Statement"). Capitalized terms used and not
defined herein have the definitions used in the Existing Statement.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Existing Schedule is hereby amended by replacing the
first sentence thereof in its entirety with the following:
FPMAC has entered into individual Voting Agreements (the
"Voting Agreements"), each dated as of June 13, 1999 and amended as of September
30, 1999, with each of the following shareholders of Maxxim, each of whom, other
than Davis C. Henley, is a member of Maxxim's senior executive management or a
director of Maxxim: Kenneth W. Davidson, Peter M. Graham, David L. Lamont, Henry
T. DeHart, Jack F. Cahill, Alan S. Blazei, Joseph D. Dailey, Suzanne R. Garon,
Ernest J. Henley, and Davis C. Henley (collectively, the "Rollover
Shareholders").
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Existing Schedule is hereby amended by replacing the
fifth paragraph thereof in its entirety with the following:
In connection with the Merger Agreement, on June 13, 1999, FPMAC entered
into the Voting Agreements, and in connection with the settlement of certain
litigation concerning the Merger Agreement, on October 1, 1999, FPMAC and each
of the Rollover Shareholders entered into the First Amendment to the Voting
Agreements (the "First Amendment to the Voting Agreement"). The Voting
Agreements, as amended by the First Amendment to the Voting Agreements, are
referred to herein as the "Amended Voting Agreements." Pursuant to the Amended
Voting Agreements, during the period (the "Agreement Period") beginning on June
13, 1999 and ending on the earlier of (i) the Effective Time (as defined in the
Merger Agreement) or (y) the termination of the Merger Agreement in accordance
with its terms, each Rollover Shareholder has agreed, at any meeting of
shareholders of Maxxim called to vote upon the Merger, the Merger Agreement or
any transaction contemplated thereby, or at any adjournment thereof or in any
other circumstances upon which a vote or other approval with respect to the
Merger, the Merger Agreement or any of the other transactions contemplated
thereby is sought, to vote such Rollover Shareholder's shares of Common Stock
(the "Subject Shares") for and against approval of the Merger, the Merger
Agreement and the transactions contemplated thereby in the same proportions as
the public shareholders of Maxxim (other than the Rollover Shareholders) voting
on the relevant proposal. Each Rollover Shareholder has agreed that during the
Agreement Period, at any meeting of Maxxim shareholders or in any other
<PAGE>
circumstances upon which the Rollover Shareholder's vote, consent or other
approval is sought, the Rollover Shareholder shall vote such Rollover
Shareholder's Subject Shares against any action or agreement that would
interfere with the Debt Offer, the Merger or any other transaction contemplated
by the Merger Agreement including, (A) the adoption by Maxxim of a proposal
regarding (1) the acquisition of Maxxim by merger, tender offer or otherwise by
any person or group, other than FPMAC or any designee thereof (a "Third Party"),
or any other merger, business combination or similar transaction with any Third
Party; (2) the acquisition by a Third Party of 5% or more of the assets of
Maxxim and its subsidiaries, taken as a whole; (3) the acquisition by a Third
Party of 5% or more of the outstanding shares of Common Stock or any other class
of equity or voting securities of Maxxim; (4) the repurchase by Maxxim or any of
its subsidiaries of 5% or more of the outstanding shares of Common Stock or (5)
any other Competing Transaction (as defined in the Merger Agreement); (B) any
amendment of Maxxim's certificate of incorporation or by-laws or other proposal
or transaction involving Maxxim or any of its subsidiaries, which amendment or
other proposal or transaction would in any manner impede, frustrate, prevent or
nullify the Debt Offer, the Merger, the Merger Agreement or any of the
transactions contemplated by the Merger Agreement or change in any manner the
voting rights of any class of Maxxim's capital stock; (C) any change in the
control of Maxxim or its board of directors, other than as contemplated by the
Merger Agreement; (D) any material change in the present capitalization or
dividend policy of Maxxim other than as contemplated by the Merger Agreement; or
(E) any other material change in Maxxim's corporate structure or business other
than as contemplated by the Merger Agreement.
Item 4 of the Existing Schedule hereby is further amended by adding the
following paragraphs at the end thereof:
On September 30, 1999, FPMAC and the Rollover Shareholders entered into
the Amended and Restated Investor Participation Agreement (the "Amended and
Restated IPA"). The Amended and Restated IPA is substantially similar to the
IPA, except that the post transaction stock and option ownership of Maxxim by
the Fox Paine Entities and the Rollover Shareholders has been reallocated
between the Fox Paine Entities and the Rollover Shareholders and among the
Rollover Shareholders (the "Reallocation").
On October 1, 1999, FPMAC and Maxxim entered into Amendment No. 1 to
Merger Agreement ("Amendment No. 1 to Merger Agreement"), which amends the
Merger Agreement to reflect the Reallocation.
A copy of the Amended and Restated IPA, Amendment No. 1 to the Merger
Agreement and the form of First Amendment to the Voting Agreements are attached
hereto as Exhibits 4, 5 and 6, respectively, and are incorporated herein by
reference, and the description herein of such agreements and amendment are
qualified in their respective entireties by reference to such agreements and
amendment.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 of the Existing Schedule is hereby amended by replacing the third
sentence of the first paragraph of parts (a) and (b) in its entirety with the
following:
<PAGE>
Based on the share ownership information disclosed in the definitive
proxy statement filed by Maxxim with the Securities Exchange Commission on
October 5, 1999, and upon information provided by Maxxim, as of September 8,
1999, the Rollover Shareholders collectively also held options exercisable
within 60 days with respect to 713,040 shares of Common Stock.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDING OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
The information set forth or incorporated by reference in Items 3
through 5 is hereby incorporated herein by reference.
A copy of the Amended and Restated IPA, Amendment No. 1 to the Merger
Agreement and the form of First Amendment to the Voting Agreements are attached
hereto as Exhibits 4, 5 and 6, respectively, and are incorporated herein by
reference, and the description herein of such agreements and amendment are
qualified in their respective entireties by reference to such agreements and
amendment.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
The following Exhibits are filed as part of this Amendment No. 3:
Exhibit 4 - Amended and Restated Investor Participation Agreement, dated as
of September 30, 1999, by and among Fox Paine Medic Acquisition
Corporation and 10 shareholders of Maxxim Medical, Inc., in their
individual capacities (incorporated by reference to Exhibit
(c)(3) of the Schedule 13E-3 filed with the Securities and
Exchange Commission on October 5, 1999).
Exhibit 5 - Amendment No. 1 to Merger Agreement, dated as of October 1, 1999,
by and between Fox Paine Medic Acquisition Corporation and Maxxim
Medical, Inc. (incorporated by reference to Appendix A to the
Proxy Statement filed by Maxxim Medical, Inc. on October 5, 1999
under cover of Schedule 14A).
Exhibit 6 - Form of First Amendment to Voting Agreements, dated as of October
1, 1999, by and between Fox Paine Medic Acquisition Corporation
and each of 10 shareholders of Maxxim Medical, Inc. (incorporated
by reference to Appendix D to the Proxy Statement filed by Maxxim
Medical, Inc. on October 5, 1999 under cover of Schedule 14A).
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of the undersigned's
knowledge and belief, the undersigned certify that the information set forth in
this statement is true, complete, and correct.
FOX PAINE MEDIC ACQUISITION
CORPORATION
By:/s/ SAUL A. FOX
-------------------------
Name: Saul A. Fox
Title: Chief Executive Officer
FOX PAINE CAPITAL FUND, L.P.
By: Fox Paine Capital, LLC,
its general partner
By:/s/ SAUL A. FOX
-------------------------
Name: Saul A. Fox
Title: Member
FOX PAINE CAPITAL, LLC
By:/s/ SAUL A. FOX
-------------------------
Name: Saul A. Fox
Title: Member
FOX PAINE & COMPANY, LLC
By:/s/ SAUL A. FOX
-------------------------
Name: Saul A. Fox
Title: Member
October 12, 1999
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
Exhibit 4 - Amended and Restated Investor Participation Agreement, dated
as of September 30, 1999, by and among Fox Paine Medic
Acquisition Corporation and 10 shareholders of Maxxim
Medical, Inc., in their individual capacities (incorporated
by reference to Exhibit (c)(3) of the Schedule 13E-3 filed
with the Securities and Exchange Commission on October 5,
1999).
Exhibit 5 - Amendment No. 1 to Merger Agreement, dated as of October 1,
1999, by and between Fox Paine Medic Acquisition Corporation
and Maxxim Medical, Inc. (incorporated by reference to
Appendix A to the Proxy Statement filed by Maxxim Medical,
Inc. on October 5, 1999 under cover of Schedule 14A).
Exhibit 6 - Form of First Amendment to Voting Agreements, dated as of
October 1, 1999, by and between Fox Paine Medic Acquisition
Corporation and each of 10 shareholders of Maxxim Medical,
Inc.(incorporated by reference to Appendix D to the Proxy
Statement filed by Maxxim Medical, Inc. on October 5, 1999
under cover of Schedule 14A).
<PAGE>
ANNEX 2
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<TABLE>
<CAPTION>
SHARE OWNERSHIP OF
THE ROLLOVER SHAREHOLDERS
<S> <C> <C> <C>
A B C
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Shares deemed to be
Shares beneficially owned by the
Percentage (1) Beneficially Rollover Shareholder through
Name Owned(2) the ownership of options
exercisable within 60 days
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Kenneth W. Davidson 1.7% 241,468 196,000
Peter M. Graham 0.5% 70,500 151,000
David L. Lamont 0.4% 57,250 116,000
Alan S. Blazei 0.3% 44,683 102,000
Henry T. DeHart III 0.3% 39,900 56,200
Joseph D. Dailey 0.2% 28,300 32,200
Jack F. Cahill 0.3% 44,000 51,400
Suzanne R. Garon 0.0% 7,000 3,240
Ernest J. Henley, Ph.D. 2.3% 321,949 5,000
Davis C. Henley 2.1% 303,385 -
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(1) Does not include shares which may be acquired through the exercise of vested stock options.
(2) Excludes shares referenced in column "C".
</TABLE>
