UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)
SHELDAHL, INC.
(Name of Issuer)
Common Stock, $.25 Par Value
(Title of Class of Securities)
822440 10 3
(CUSIP Number)
David A. Mahler
Vice President
Jacobs Management Corporation
100 South Fifth Street, Suite 2500
Minneapolis, Minnesota 55402
(612) 337-1864
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
April 11, 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 that is the subject of this Schedule 13D, and is filing this
schedule because of Rules 13d-1(e), 13d-1(f) or 13d-1(g) check the following
box. |_|
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 ("Act") 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).
(Continued on following page(s))
<PAGE>
CUSIP No. 822440 10 3 SCHEDULE 13D Page 2
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS: IRWIN L. JACOBS
IRS IDENTIFICATION NOS. OF ABOVE PERSONS:
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: BK, 00
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT ITEMS 2(d) or 2(e): [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 376,600
SHARES --------------------------------------------------
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER: 0
EACH --------------------------------------------------
REPORTING
PERSON 9 SOLE DISPOSITIVE POWER: 376,600
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 376,600
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.20%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 822440 10 3 SCHEDULE 13D Page 3
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS: DANIEL T. LINDSAY
IRS IDENTIFICATION NOS. OF ABOVE PERSONS:
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT ITEMS 2(d) or 2(e): [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 208,500
SHARES --------------------------------------------------
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER: 0
EACH --------------------------------------------------
REPORTING
PERSON 9 SOLE DISPOSITIVE POWER: 208,500
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 208,500
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.77%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 822440 10 3 SCHEDULE 13D Page 4
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS:
IRS IDENTIFICATION NOS. OF ABOVE PERSONS: DENNIS M. MATHISEN
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, BK
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT ITEMS 2(d) or 2(e): [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 531,935
SHARES --------------------------------------------------
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER: 0
EACH --------------------------------------------------
REPORTING
PERSON 9 SOLE DISPOSITIVE POWER: 531,935
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 531,935
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.38%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 822440 10 3 SCHEDULE 13D Page 5
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS: MARSHALL FINANCIAL GROUP, INC.
IRS IDENTIFICATION NOS. OF ABOVE PERSONS: 41-1624808
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, 00
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT ITEMS 2(d) or 2(e): [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: MINNESOTA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 65,000
SHARES --------------------------------------------------
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER: 0
EACH --------------------------------------------------
REPORTING
PERSON 9 SOLE DISPOSITIVE POWER: 65,000
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 65,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.55%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 822440 10 3 SCHEDULE 13D Page 6
================================================================================
This Amendment No. 4 (the "Amendment") amends the statement on Schedule
13D filed by Irwin L. Jacobs ("ILJ"), Daniel T. Lindsay ("DTL"), Dennis M.
Mathisen ("DMM") and Marshall Financial Group, Inc. ("Marshall") with the
Securities and Exchange Commission on September 21, 1998, as amended on October
20, 1998, December 7, 1998 and February 25, 2000 (the "Statement"). This
Amendment supplements and, to the extent inconsistent therewith, amends the
information set forth in the Statement.
ITEM 4. PURPOSE OF TRANSACTION.
On April 11, 2000, ILJ, DTL, DMM, and Marshall (collectively "the
Reporting Persons") informed Sheldahl, Inc. (the "Company") that the Reporting
Persons do not intend to pursue a transaction to acquire the remaining equity
interests of the Company not currently owned by the Reporting Persons. A copy of
press release is attached as Exhibit A.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
*Agreement, dated as of September 21, 1998, by and among the signatories
of this Statement with respect to its filing.
*Convertible Preferred Stock Purchase Agreement, dated as of July 30,
1998, by and among the Company, DMM and the other purchasers of Series D
Stock set forth therein.
*Warrant, dated as of July 30, 1998, issued by the Company to DMM
*Registration Rights Agreement, dated as of July 30, 1998, by and among
the Company, DMM and the other purchasers of Series D Stock set forth
therein.
*Agreement dated as of October 20, 1998, by and amount the signatories of
this Statement with respect to its filing.
*Agreement as to joint filing pursuant to Regulation 13d-1(f)(1)(iii).
*Letter of resignation of Dennis M. Mathisen to the Board of Directors of
Sheldahl, Inc., dated November 19, 1999.
*Convertible Preferred Stock Purchase Agreement, dated February 8, 1999,
by and among Sheldahl, Inc., Dennis M. Mathisen and other purchasers of
Series E Stock set forth therein.
*Warrant, dated February 26, 1999, issued by Sheldahl, Inc. to Dennis M.
Mathisen.
*Registration Rights Agreement, dated February 26, 1999, by and among
Sheldahl, Inc., Dennis M. Mathisen, and the other purchasers of Series E
Stock set forth therein.
*Agreement as to joint filing pursuant to Regulation 13d-1(f)(1)(iii).
<PAGE>
CUSIP No. 822440 10 3 SCHEDULE 13D Page 7
*Letter to Edward L. Lundstrom from Irwin L. Jacobs, dated February 24,
2000.
**Exhibit A: Press release dated April 11, 2000.
*Previously filed
**Filed herewith
<PAGE>
CUSIP No. 822440 10 3 SCHEDULE 13D Page 8
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: April 17, 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>
Exhibit A
FOR IMMEDIATE RELEASE
- ---------------------
MINNEAPOLIS, MINNESOTA - April 11, 2000 - Irwin L. Jacobs announced
today that he and investors with whom he was associated have decided to withdraw
the offer dated February 24, 2000 to acquire Sheldahl, Inc. Although he believes
that the company must continue to explore strategic alternatives to maximize
shareholder value, including a possible sale of the micro-products plant in
Longmont, Colorado, efforts to achieve this through an acquisition led by him
would be difficult, if not impossible, because of the possible application of
certain provisions of the Minnesota corporate anti-takeover statute.
