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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D AMENDMENT NO. 3
Under the Securities Exchange Act of 1934
SHELDAHL, INC.
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(Name of Issuer)
Common Stock, $.25 par value
----------------------------
(Title of Class of Securities)
822440 10 3
-----------
(CUSIP Number)
Albert A. Woodward, Esq.
Maun & Simon, PLC
2000 Midwest Plaza Building West
801 Nicollet Mall
Minneapolis, Minnesota 55402
(612) 904-7400
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(Name, Address and Telephone Number
of Person Authorized to Receive
Notices and Communications)
February 24, 2000
-----------------
(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 [ ].
(Cover page continued on next 5 pages)
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SCHEDULE 13D
CUSIP NO. 822440 10 3
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(1) Names of reporting persons............................
I.R.S. Identification Nos. of above persons (entities only) IRWIN L. JACOBS
- ------------------------------------------------------------- ------------------
(2) Check the appropriate box if a member of a group (see
instructions) (a) X
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(b)
- ------------------------------------------------------------- ------------------
(3) SEC use only..........................................
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(4) Source of funds (see instructions) BK, 00
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(5) Check if disclosure of legal proceedings is required
pursuant to Items 2(d) or 2(e).
- ------------------------------------------------------------- ------------------
(6) Citizenship or place of organization.................. USA
- ------------------------------------------------------------- ------------------
Number of shares beneficially owned by each reporting person
with:
(7) Sole voting power................................ 376,600
(8) Shared voting power.............................. 0
(9) Sole dispositive power........................... 376,600
(10) Shared dispositive power........................ 0
- ------------------------------------------------------------- ------------------
(11) Aggregate amount beneficially owned by each reporting
person. 376,600
- ------------------------------------------------------------- ------------------
(12) Check if the aggregate amount in Row (11) excludes
certain shares (see instructions).
- ------------------------------------------------------------- ------------------
(13) Percent of class represented by amount in Row (11)... 3.4%
- ------------------------------------------------------------- ------------------
(14) Type of reporting person (see instructions).......... IN
- ------------------------------------------------------------- ------------------
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SCHEDULE 13D
CUSIP NO. 822440 10 3
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(1) Names of reporting persons............................
I.R.S. Identification Nos. of above persons (entities only) DANIEL T. LINDSAY
- ------------------------------------------------------------- ------------------
(2) Check the appropriate box if a member of a group (see
instructions) (a) X
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(b)
- ------------------------------------------------------------- ------------------
(3) SEC use only..........................................
- ------------------------------------------------------------- ------------------
(4) Source of funds (see instructions) PF
- ------------------------------------------------------------- ------------------
(5) Check if disclosure of legal proceedings is required
pursuant to Items 2(d) or 2(e).
- ------------------------------------------------------------- ------------------
(6) Citizenship or place of organization.................. USA
- ------------------------------------------------------------- ------------------
Number of shares beneficially owned by each reporting person
with:
(7) Sole voting power................................ 208,500
(8) Shared voting power.............................. 0
(9) Sole dispositive power........................... 208,500
(10) Shared dispositive power........................ 0
- ------------------------------------------------------------- ------------------
(11) Aggregate amount beneficially owned by each reporting
person. 208,500
- ------------------------------------------------------------- ------------------
(12) Check if the aggregate amount in Row (11) excludes
certain shares (see instructions).
- ------------------------------------------------------------- ------------------
(13) Percent of class represented by amount in Row (11)... 1.9%
- ------------------------------------------------------------- ------------------
(14) Type of reporting person (see instructions).......... IN
- ------------------------------------------------------------- ------------------
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SCHEDULE 13D
CUSIP NO. 822440 10 3
- ------------------------------------------------------------- ------------------
(1) Names of reporting persons............................
I.R.S. Identification Nos. of above persons (entities only) DENNIS M. MATHISEN
- ------------------------------------------------------------- ------------------
(2) Check the appropriate box if a member of a group (see
instructions) (a) X
------------------
(b)
- ------------------------------------------------------------- ------------------
(3) SEC use only..........................................
- ------------------------------------------------------------- ------------------
(4) Source of funds (see instructions) PF, BK
- ------------------------------------------------------------- ------------------
(5) Check if disclosure of legal proceedings is required
pursuant to Items 2(d) or 2(e).
- ------------------------------------------------------------- ------------------
(6) Citizenship or place of organization.................. USA
- ------------------------------------------------------------- ------------------
Number of shares beneficially owned by each reporting person
with:
(7) Sole voting power................................ 527,401
(8) Shared voting power.............................. 0
(9) Sole dispositive power........................... 527,401
(10) Shared dispositive power........................ 0
- ------------------------------------------------------------- ------------------
(11) Aggregate amount beneficially owned by each reporting
person. 527,401
- ------------------------------------------------------------- ------------------
(12) Check if the aggregate amount in Row (11) excludes
certain shares (see instructions).
- ------------------------------------------------------------- ------------------
(13) Percent of class represented by amount in Row (11)... 4.6%
- ------------------------------------------------------------- ------------------
(14) Type of reporting person (see instructions).......... IN
- ------------------------------------------------------------- ------------------
(1) Includes (i) 292,683 shares of common stock issuable to Mr. Mathisen
upon conversion of 1,800 shares of Series D Convertible Preferred Stock
of Sheldahl, Inc. at the initial conversion price of $6.15 per share of
common stock; (ii) 18,000 shares of common stock issuable to Mr.
Mathisen upon exercise of outstanding warrants to purchase such common
stock at a price of $7.6875 per share of common stock; (iii) 8,333
shares of common stock issuable to Mr. Mathisen upon exercise of an
option to purchase such common stock at a price of $5.75 per share;
(iv) 60,000 shares of common stock issuable to Mr. Mathisen upon
conversion of 375 shares of Series E Convertible Preferred Stock
Page 4
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of Sheldahl, Inc. at the initial conversion price of $6.25 per share of
common stock; and (v) 3,750 shares of common stock issuable to Mr.
Mathisen upon exercise of outstanding warrants to purchase such common
stock at a price of $7.8125 per share of common stock.
Page 5
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SCHEDULE 13D
CUSIP NO. 822440 10 3
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(1) Names of reporting persons........ ...... MARSHALL FINANCIAL GROUP, INC.
I.R.S. Identification Nos. of above persons (entities only) 41-1624808
- ------------------------------------------------------------- ------------------
(2) Check the appropriate box if a member of a group (see
instructions) (a) X
------------------
(b)
- ------------------------------------------------------------- ------------------
(3) SEC use only..........................................
- ------------------------------------------------------------- ------------------
(4) Source of funds (see instructions) WC, OO
- ------------------------------------------------------------- ------------------
(5) Check if disclosure of legal proceedings is required
pursuant to Items 2(d) or 2(e).
- ------------------------------------------------------------- ------------------
(6) Citizenship or place of organization.................. MINNESOTA
- ------------------------------------------------------------- ------------------
Number of shares beneficially owned by each reporting person
with:
(7) Sole voting power................................ 65,000
(8) Shared voting power.............................. 0
(9) Sole dispositive power........................... 65,000
(10) Shared dispositive power........................ 0
- ------------------------------------------------------------- ------------------
(11) Aggregate amount beneficially owned by each reporting
person. 65,000
- ------------------------------------------------------------- ------------------
(12) Check if the aggregate amount in Row (11) excludes
certain shares (see instructions).
- ------------------------------------------------------------- ------------------
(13) Percent of class represented by amount in Row (11)... 0.6%
- ------------------------------------------------------------- ------------------
(14) Type of reporting person (see instructions).......... CO
- ------------------------------------------------------------- ------------------
Page 6
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INTRODUCTION
The members of this Section 13(d) filing group (the "Reporting
Persons") originally filed a Schedule 13D relating to Sheldahl, Inc. (the
"Company") on September 21, 1998. The original filing was amended on October 20,
1998 and December 7, 1998. This filing is the third amendment to the original
Schedule 13D filing.
The Reporting Persons' responses to items 1, 2, 3, 5 and 6 remain
unchanged, and the Reporting Persons hereby restate the information contained in
the original filing for those items.
ITEM 4. PURPOSE OF TRANSACTION.
In addition to the information previously reported in response to this
item, on February 24, 2000 Irwin L. Jacobs wrote to Edward L. Lundstrom, Chief
Executive Officer of the Registrant on behalf of the group, offering to purchase
the Registrant for cash at a price of $8.50 per share. A copy of the proposal is
attached as Exhibit B and incorporated herein by reference.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A -- Agreement as to joint filing pursuant to Regulation
Section 240.13d-1(f)(1)(iii).
Exhibit B -- Letter to Edward L. Lundstrom from Irwin L. Jacobs, dated
February 24, 2000.
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SIGNATURES
After reasonable inquiry, and to the best of each of the undersigned's
knowledge and belief, each of the undersigned certifies that the information set
forth in this statement is true, complete and correct.
Dated: February 25, 2000
/s/ Irwin L. Jacobs
- ----------------------------------------
Irwin L. Jacobs
/s/ Daniel T. Lindsay
- ----------------------------------------
Daniel T. Lindsay
/s/ Dennis M. Mathisen
- ----------------------------------------
Dennis M. Mathisen
MARSHALL FINANCIAL GROUP, INC.
/s/ John A. Fischer
- ----------------------------------------
By: John A. Fischer
Its: Executive Vice President
Page 8
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EXHIBIT A
AGREEMENT AS TO JOINT FILING
Pursuant to Regulation Section 240.13d-1(f)(1)(iii), the undersigned
acknowledge and agree that the attached Schedule 13D Amendment relating to
Sheldahl, Inc. is being filed on behalf of each of the undersigned. This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.
/s/ Irwin L. Jacobs MARSHALL FINANCIAL GROUP, INC.
- -----------------------------------
Irwin L. Jacobs
/s/ John A. Fischer
------------------------------------
/s/ Daniel T. Lindsay By: John A. Fischer
- ----------------------------------- Its: Executive Vice President
Daniel T. Lindsay.
/s/ Dennis M. Mathisen
- -----------------------------------
Dennis M. Mathisen
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EXHIBIT B
Irwin L. Jacobs
100 South Fifth Street
Suite 2500
Minneapolis, Minnesota 55402
Telephone: 612/337-1800
Fax: 612/337-1931
February 24, 2000
Via Facsimile (507) 663-8345 and Messenger
PERSONAL & CONFIDENTIAL
Mr. Edward L. Lundstrom
Chief Executive Officer
Sheldahl, Inc.
1150 Sheldahl Road
Northfield, MN 55057
Dear Mr. Lundstrom:
As you know, our group of investors are the largest shareholders in the
Company other than Molex. Frankly, we were shocked and dismayed by your
announcement that discussions are underway to sell the balance of the
Company to Molex at $7.75 per share. It is hard to understand how you
could justify selling convertible preferred stock to Molex at $5.60 per
common share several months ago if you now believe that $7.75 per share
is a fair price. As far as we are concerned, this action is merely the
latest indication of management's and the Board's disregard of their
fiduciary obligations to the Company and its shareholders. We believe
that the proposed sale to Molex is directly contrary to your
obligations, and I might add Molex's obligations given its control
position, to obtain the best and highest value for the Company for the
benefit of "all" shareholders. We will not sit by and watch the Company
be sold to an insider at a fire sale price.
To that end, our group, through one or more of our affiliates, is
prepared to enter into a definitive agreement to acquire Sheldahl at a
price of $8.50 cash per share. The transaction would be subject to
execution of a definitive transaction agreement and to the agreement by
Molex and the Board of Directors to terminate the Exclusivity Agreement
and the right of first refusal earlier granted to Molex. We will not
agree to pay or allow the Company to pay to Molex expenses or the
breakup fee provided for in the Exclusivity Agreement.
We are prepared to move directly to a definitive agreement and to close
pending satisfaction of customary conditions such as shareholder
approval and HSR filings. We will meet with your Board and advisors at
the earliest possible date to
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negotiate and execute a definitive agreement with due diligence to be
completed prior to closing.
We expect that our offer will be considered by the Board of Directors
at the earliest possible time. You may call me at my office at (612)
337-1800.
Very truly yours,
/s/ Irwin L. Jacobs
Irwin L. Jacobs
ILJ:abh
cc: Dennis M. Mathisen
Daniel T. Lindsay
