SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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(Amendment No. 5)
SCHEDULE 14D-1/A
Tender Offer Statement
Pursuant to Section 14(d)(1)of the Securities Exchange Act of 1934
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GLOBAL MOTORSPORT GROUP, INC.
(Name of Subject Company)
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GOLDEN CYCLE, LLC
ALEXANDER GRASS
ROGER GRASS
(Bidders)
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COMMON STOCK, PAR VALUE $.001 PER SHARE
(INCLUDING THE ASSOCIATED PREFERRED SHARE PURCHASE RIGHTS)
(Title of Class of Securities)
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378937106
(CUSIP Number of Class of Securities)
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ROGER GRASS
GOLDEN CYCLE, LLC
ONE WYNNEWOOD ROAD, SUITE 100
WYNNEWOOD, PA 19096
(610) 642-8600
(Name, Address and Telephone Number of Persons Authorized to
Receive Notices and Communications on Behalf of Bidder)
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COPY TO:
HERBERT HENRYSON II, ESQ.
WOLF, BLOCK, SCHORR AND SOLIS-COHEN LLP
111 SOUTH 15TH STREET
PHILADELPHIA, PA 19102
(215) 977-2000
<PAGE>
CUSIP No. 378937106 14D-1- Page 2
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1 NAME OF REPORTING PERSON: Golden Cycle, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only): 23-294-3669
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, BK, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(e) or 2(f) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Pennsylvania
- --------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
528,100
- --------------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 10.2%
- --------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON: OO
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 378937106 14D-1- Page 3
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Alexander Grass
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only):
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(e) or 2(f) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION United States
- --------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
0
- --------------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.0%
- --------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 378937106 14D-1- Page 4
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: Roger Grass
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only):
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(e) or 2(f) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION United States
- --------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
0
- --------------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.0%
- --------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
This Amendment No. 5 amends and supplements the Tender Offer Statement on
Schedule 14D-1 dated April 7, 1998 filed by Golden Cycle, LLC, a Pennsylvania
limited liability company, to purchase all outstanding shares of Common Stock,
par value $0.001 per share (the "Shares"), of Global Motorsport Group, Inc., a
Delaware corporation (the "Company"), including the associated Preferred Share
Purchase Rights (the "Rights") issued pursuant to the Rights Agreement dated as
of November 13, 1996 between the Company and American Stock Transfer and Trust
Company, as Rights Agent, at $18.00 per Share and associated Right, net to the
seller in cash, upon the terms and subject to the conditions set forth in the
Offer to Purchase dated April 7, 1998 and the related Letter of Transmittal.
ITEM 10. ADDITIONAL INFORMATION.
Item 10(e) is hereby amended by adding the following:
On May 20, 1998, Vice Chancellor Lamb of the Court of Chancery of the State
of Delaware issued an opinion denying the Purchaser's request for a preliminary
injunction barring application to its consent solicitation of the March 30
record date established by the Board of Directors of the Company, requiring the
Board of Directors of the Company to redeem the Rights or, in the alternative,
to exempt the Offer from the effects of the Rights, and to exempt it from the
provisions of Section 203 of the DGCL, requiring the Company to provide the
Purchaser access to the same information being provided to other actual or
potential bidders and requiring the Company to make curative disclosures in its
Schedule 14D-9 filed with the Commission. The Court found that the relief
requested is unwarranted and unnecessary at this time.
Item 11(a) is hereby amended by adding the following:
(a)(12) Press Release, issued by the Purchaser, dated May 27, 1998.
<PAGE>
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: May 27, 1998
GOLDEN CYCLE, LLC
By: /s/ ROGER GRASS
----------------------------
Name: Roger Grass
Title: Vice President
/s/ ALEXANDER GRASS
----------------------------
Alexander Grass
/s/ ROGER GRASS
----------------------------
Roger Grass
<PAGE>
INDEX TO EXHIBITS
EXHIBIT
NUMBER EXHIBIT
- ---------- --------------------------------------------------------------
(a)(1) Offer to Purchase, dated April 7, 1998.
(2) Letter of Transmittal with respect to the Shares and Rights.
(3) Letter, dated April 7, 1998, from Jefferies & Company, Inc. to
brokers, dealers, banks, trust companies and nominees.
(4) Letter to be sent by brokers, dealers, banks, trust companies
and nominees to their clients.
(5) Notice of Guaranteed Delivery.
(6) IRS Guidelines for Certification of Taxpayer Identification
Number on Substitute Form W-9.
(7) Press Release, dated April 6, 1998.
(8) Form of summary advertisement, dated April 7, 1998.
(9) Letter dated April 14, 1998 from Alexander Grass to
Mr. Joseph F. Keenan
(10) Press Release, issued by the Purchaser, dated April 17, 1998
(11) Press Release, issued by the Purchaser, dated May 4, 1998
*(12) Press Release, issued by the Purchaser, dated May 27, 1998
(b) None.
(c) Letter agreement, dated March 6, 1998, between Jeffries &
Company, Inc. and the Purchaser.
(d) None.
(e) Not Applicable.
(f) None.
(g) Complaint filed by the Purchaser on April 2, 1998 in the
Court of Chancery of the State of Delaware.
(h) Complaint filed by the Purchaser on April 6, 1998 in the
United States District Court in and for the District of
Delaware.
(i) Complaint filed by the Purchaser on April 7, 1998 in the
Court of Chancery of the State of Delaware.
- -------------
* Filed herewith.
Exhibit (a)(12)
FOR IMMEDIATE RELEASE
For further information, call:
Alan Miller
Innisfree M&A Incorporated
(212) 750-5831
GOLDEN CYCLE CONSIDERING RESPONSES TO GLOBAL MOTORSPORT RECAPITALIZATION
PROPOSAL
WYNNEWOOD, PA, May 27, 1998 -- Golden Cycle, LLC said today that it is
reviewing its possible alternatives in view of the recapitalization proposal
announced by Global Motorsport Group (NASDAQ: CSTM) on Friday. Roger Grass, Vice
President of Golden Cycle, said "We are disappointed that Global Motorsport has
not given us the same information used in their highly conditional proposed
transaction with Fremont Partners which purports to lock out other buyers for at
least a month and impose a break-up fee on superior offers. We will determine
our response to the company's announcement as soon as we have had an opportunity
to review the letter of intent."
Golden Cycle has extended the expiration date of its tender offer for all
outstanding shares of Global Motorsport Group, Inc. to 12:00 midnight, New York
City time, on Tuesday, June 30, 1998. Golden Cycle said it has received tenders
of approximately 99,736 shares of Global Motorsport Group.
