UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Staff Leasing, Inc.
-------------------
(Name of Issuer)
Shares of Common Stock, ($.01 par value)
----------------------------------------
(Title of Class of Securities)
0008523811
(CUSIP Number)
with copies to:
Gary Binning John M. Reiss, Esq.
Paribas White & Case LLP
787 Seventh Avenue 1155 Avenue of the Americas
New York, NY 10019 New York, NY 10036
(212) 841-2141 (212) 819-8247
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 21, 1999
------------------------------------------------------------
(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) 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(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 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>
------------
SCHEDULE 13D
- ---------------------------------
CUSIP No. 0008523811
- ---------------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Paribas I.R.S. Identification No.
- -------- -----------------------------------------------------------------------
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 ITEMS 2(d) or 2(e) ( )
- -------- -----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of France
- ----------------------------------- ------- ------------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON 0*
WITH
------- ------------------------------------
8 SHARED VOTING POWER
0
------- ------------------------------------
9 SOLE DISPOSITIVE POWER
0*
------- ------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0*
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
BK
- -------- -----------------------------------------------------------------------
- ------------------------
* Paribas may be deemed to be the beneficial owner of the Common Stock of
Staff Leasing, Inc. reported herein through its ownership of Paribas North
America, Inc. Such shares of Staff Leasing, Inc. are not included above so
as to avoid double counting.
<PAGE>
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Paribas North America, Inc. I.R.S. Identification No. 13-1929559
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
( )(a)
(X)(b)
- -------- -----------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS
WC, 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
State of Delaware
- ----------------------------------- ------- ------------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON 425,000*
WITH
------- ------------------------------------
8 SHARED VOTING POWER
0
------- ------------------------------------
9 SOLE DISPOSITIVE POWER
425,000*
------- ------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
425,000*
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.9
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------- -----------------------------------------------------------------------
- ------------------------
* Paribas North America, Inc. may be deemed to be the beneficial owner of the
Common Stock of Staff Leasing, Inc. reported herein by Paribas Principal
Incorporated through its ownership of Paribas Principal Incorporated. Such
shares of Staff Leasing, Inc. are not included above so as to avoid double
counting.
<PAGE>
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Paribas Principal Incorporated I.R.S. Identification No. 13-3529118
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
( )(a)
(X)(b)
- -------- -----------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------
4 SOURCE OF FUNDS
WC, 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
State of New York
- ----------------------------------- ------- ------------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON 2,321,891
WITH
------- ------------------------------------
8 SHARED VOTING POWER
0
------- ------------------------------------
9 SOLE DISPOSITIVE POWER
2,321,891
------- ------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,321,891
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.2
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------- -----------------------------------------------------------------------
<PAGE>
Paribas, Paribas North America, Inc. ("PNA") and Paribas Principal
Incorporated ("PPI" and collectively with Paribas and PNA, the "Reporting
Persons") hereby amend the report on Schedule 13D, dated March 19, 1999 (as
amended, the "Schedule 13D"), filed by PNA, PPI and Paribas in respect of the
common stock, par value $.01 per share (the "Common Stock"), of Staff Leasing,
Inc., a Florida corporation (the "Company"). Capitalized terms used but not
defined herein shall have the meaning attributed to such terms in the Schedule
13D. The principal executive offices of the Company are located at 600 301
Boulevard West, Bradenton, FL 34205.
Item 4. Purpose of Transaction.
Item 4 of the Schedule 13D is hereby amended by adding the following
after the sixth paragraph thereof:
"On April 21, 1999, PPI provided the following letter to the Special
Committee of the Board of Directors of the Company:
April 21, 1999
Special Committee of the Board of Directors
Staff Leasing, Inc.
600 301 Boulevard West
Suite 202
Bradenton, Florida 34205
Attn: George B. Beitzel
Chairman
Dear Mr. Beitzel:
Paribas Principal Partners ("PPP") had been engaged in productive
discussions with the Special Committee of the Board of Directors of Staff
Leasing, Inc. (the "Company") and its advisors to permit PPP to conduct due
diligence in order to pursue the fully-financed $17.50 per share cash offer
jointly made by PPP and Transport Labor Contract/Leasing, Inc. (the "Offer").
PPP had more than adequately responded to the numerous demands and requests for
information made by the Special Committee and its advisors. On Tuesday, April
20, 1999, the Special Committee abruptly and arbitrarily terminated discussions
because, according to the Company's press release, pursuit of the Offer would
disrupt certain "strategic initiatives" of the Company.
We believe that our responses and those of our financing source to the
Special Committee's numerous demands should have convinced you that the Offer
was credible and capable of being pursued in a manner that would not adversely
affect the progress management is making with its various "strategic
initiatives" and would not adversely affect securing bids for workers'
compensation insurance.
For example, we informed you that resolution of the workers'
compensation arrangements would not be a condition to completion of the
transaction. Our financing source provided the same confirmation to you. PPP's
offer letter of April 2, 1999 specifically indicated that access to insurance
providers and potential insurance providers would be required as part of its due
diligence. When PPP attempted to clarify the proposed form of confidentiality
agreement to permit this due diligence, your counsel informed us that you
believed this was a significant "new" issue. In response to the Committee's
concerns, one business day later PPP agreed that it would withdraw its request
to contact insurance providers. PPP and its financing source then confirmed they
remained prepared to pursue the Offer without a workers' compensation condition.
Nonetheless, without further discussion with PPP, the Company publicly announced
it would not pursue the Offer.
We also note that the Special Committee informed us that in order to
prevent disruption to the Company's business, we must complete our due diligence
in 7-10 business days; we agreed. We find it hard to understand how the Special
Committee can now say that pursuit of Paribas' offer could disrupt the Company's
"strategic initiatives."
We are extremely disappointed that the Board, without even commenting
on the adequacy of PPP's Offer, has refused to pursue the Offer. The market's
reaction to your press release indicates that your stockholders are also
disappointed with your actions. Our Offer represents a premium of approximately
70% to the stock's closing market price on March 17, 1999 and a premium of
approximately 43% to the closing market price today. PPP believes strongly that
the Company's actions are contrary to the best interests of the stockholders of
the Company.
PPP urges the Special Committee to reconsider its decision. We stand
ready to execute the confidentiality agreement in the form previously agreed and
to proceed in an expeditious manner to complete due diligence and commence a
Board-approved offer for all shares of the Company.
Very truly yours,
PARIBAS PRINCIPAL INCORPORATED
By:/s/ Gary A. Binning"
--------------------
<PAGE>
SIGNATURE
---------
Each Reporting Person certifies that, after reasonable inquiry and to
the best of its knowledge and belief, the information set forth in this
statement is true, complete and correct.
Dated: April 22, 1999
PARIBAS
By:/s/ Gary A. Binning
----------------------
Name: Gary A. Binning
Title: Managing Director
PARIBAS NORTH AMERICA, INC.
By: /s/ John G. Martinez
-------------------------
Name: John G. Martinez
Title: Financial Controller
PARIBAS PRINCIPAL INCORPORATED
By: /s/ Gary A. Binning
------------------------
Name: Gary A. Binning
Title: Director
