UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
SANDISK CORPORATION
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(Name of Issuer)
Common Stock, $.001 par value
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(Title of Class of Securities)
80004C101
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(CUSIP Number)
GEORGE H. HOWARD, III, DILLON, READ & CO. INC.,
535 MADISON AVENUE, NEW YORK, NY 10022 (212) 906-7324
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
May 22, 1996
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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(b)(3) or (4), check the following box |_|.
Check the following box if a fee is being paid with the statement |X|. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) 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 ("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).
Page 1 of 15 Pages
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<PAGE>
SCHEDULE 13D
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CUSIP No. 80004C101 Page 2 of 15 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Dillon, Read Holding Inc.
I.R.S. No. 13-3634771
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2 CHECK THE APPROXIMATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
N/A
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF None
SHARES ----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,084,548
REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
None
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,084,548
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Dillon, Read Holding Inc. disclaims beneficial ownership of 1,084,548
shares attributed to it through its ownership of Dillon, Read Inc.
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
N/A
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.9%
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14 TYPE OF REPORTING PERSON*
HC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 2 of 15 Pages
<PAGE>
<PAGE>
SCHEDULE 13D
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CUSIP No. 80004C101 Page 3 of 15 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Dillon, Read Inc.
I.R.S. No. 13-3404336
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2 CHECK THE APPROXIMATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
N/A
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF None
SHARES ----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,084,548
REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
None
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,084,548
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Dillon, Read Inc. disclaims beneficial ownership of 1,084,548
shares attributed to it through its ownership of Dillon, Read
and Co. Inc.
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
N/A
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.9%
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14 TYPE OF REPORTING PERSON*
HC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 3 of 15 Pages
<PAGE>
<PAGE>
SCHEDULE 13D
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CUSIP No. 80004C101 Page 4 of 15 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Dillon, Read & Co. Inc.
I.R.S. No. 13-1939216
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2 CHECK THE APPROXIMATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
N/A
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
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7 SOLE VOTING POWER
NUMBER OF None
SHARES ----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,084,548
REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
None
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,084,548
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
The reporting person reports 1,084,548 shares held for managed
accounts and the reporting person disclaims beneficial ownership
in such shares.
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
N/A
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.9%
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14 TYPE OF REPORTING PERSON*
BD
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 4 of 15 Pages
<PAGE>
<PAGE>
SCHEDULE 13D
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CUSIP No. 80004C101 Page 5 of 15 Pages
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- ---------------------------------- ----------------------------------------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Concord Partners II, L.P.
I.R.S. No. 13-3421365
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2 CHECK THE APPROXIMATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
N/A
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF None
SHARES ----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 841,600
REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
None
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
841,600
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
841,600
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
N/A
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 5 of 15 Pages
<PAGE>
<PAGE>
SCHEDULE 13D
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CUSIP No. 80004C101 Page 6 of 15 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Concord Partners Japan Limited
I.R.S. No. 22-3012759
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2 CHECK THE APPROXIMATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
N/A
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Commonwealth of the Bahamas
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7 SOLE VOTING POWER
NUMBER OF None
SHARES ----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 153,273
REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
None
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
153,273
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
153,273
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
N/A
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.7%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 6 of 15 Pages
<PAGE>
<PAGE>
SCHEDULE 13D
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CUSIP No. 80004C101 Page 7 of 15 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lexington Partners II, L.P.
I.R.S. No. 13-3398213
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2 CHECK THE APPROXIMATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
N/A
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF None
SHARES ----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 19,601
REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
None
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
19,601
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,601
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
N/A
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.09%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 7 of 15 Pages
<PAGE>
<PAGE>
SCHEDULE 13D
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CUSIP No. 80004C101 Page 8 of 15 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lexington Partners III, L.P.
I.R.S. No. 13-3577723
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2 CHECK THE APPROXIMATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
N/A
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3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF None
SHARES ----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 8,485
REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
None
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,485
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,485
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
N/A
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.04%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 8 of 15 Pages
<PAGE>
This Amendment No. 1 amends the Statement on
Schedule 13D with respect to the common stock (the "Common
Stock") of SanDisk Corporation, previously filed on May 29,
1996, by the Reporting Persons named therein (the
"Schedule 13D"). Capitalized terms used herein without defini-
tion shall have the meanings given to such terms in the
Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration
Item 3 is amended by adding the following:
(a) As of May 22, 1996, Dillon Read's market-making
account was long 88 shares of Common Stock.
Item 5. Interests in Securities of the Issuer
Item 5 is amended by adding the following:
(a) By reason of their relationship with Dillon Read
(see Item 2 of Schedule 13D), as of May 22, 1996, DR Holding
and DRI may be deemed pursuant to Rule 13d-3 under the Act
("Rule 13d-3") to beneficially own 1,084,548 shares of Common
Stock, representing 4.9% of the outstanding shares of Common
Stock reported by the Company to be outstanding at March 31,
1996 (the "Outstanding Shares"). DR Holding and DRI disclaim
beneficial ownership of all shares of Common Stock held by
Dillon Read and the Funds.
By reason of Dillon Read's relationship with the
Funds (see Item 2 of Schedule 13D), as of May 22, 1996, Dillon
Read may be deemed pursuant to Rule 13d-3 to beneficially own
1,084,548 shares of Common Stock (including the 61,589 Agency
Shares held by Dillon Read as agent for the persons listed on
Exhibit E to the Schedule 13D), representing 4.9% of the Out-
standing Shares.
As of May 22, 1996, Concord II beneficially owns
841,600 shares of Common Stock, representing 3.8% of the Out-
standing Shares. Concord Japan beneficially owns 153,273
shares of Common Stock, representing .7% of the Outstanding
Shares. Lexington II beneficially owns 19,601 shares of Common
Stock, representing .09% of the Outstanding Shares. Lexington
III beneficially owns 8,485 shares of Common Stock, represent-
ing .04% of the Outstanding Shares.
<PAGE>
-2-
In addition, as of May 22, 1996, the individuals
named in Exhibit E to the Schedule 13D may be deemed to benefi-
cially own the 61,589 Agency Shares, representing .28% of the
Outstanding Shares; however, pursuant to powers of attorney
executed by each such individual in favor of Dillon Read,
Dillon Read has been granted sole voting power and sole invest-
ment power with respect to the Agency Shares. Accordingly,
each such person disclaims beneficial ownership of the Agency
Shares held by Dillon Read for his economic benefit. The name
of each such person and the number of Agency Shares and other
shares of Common Stock and the percentage of the Outstanding
Shares as to which each such person disclaims or affirms bene-
ficial ownership are set forth in Exhibit E to the
Schedule 13D.
Except as set forth herein, to the best knowledge of
the Reporting Persons, none of the other persons identified in
this filing currently owns, or has any right to acquire, any
shares of the Common Stock.
(b) As noted in Item 5(a), Dillon Read has the vot-
ing power and investment power with respect to the shares of
Common Stock reported in this Statement as being beneficially
owned by the Funds, and with respect to the Agency Shares. By
reason of their relationship with one another, Dillon Read, DRI
and DR Holding may be deemed to share voting and dispositive
powers as to all of the shares of Common Stock reported in Item
5(a) that Dillon Read may be deemed to beneficially own; how-
ever, as noted above, DR Holding and DRI disclaim beneficial
ownership of such shares.
(c) On the dates listed below, one of the Funds sold
the following shares of Common Stock:
<TABLE>
<CAPTION>
Trade Net Price
Date Quantity Per Share
-------- -------- ---------
<S> <C> <C> <C>
Concord Partners Japan Limited 05/21/96 5,000 15.375
05/21/96 10,000 16.000
05/21/96 5,000 15.675
05/22/96 18,000 16.000
</TABLE>
All such transactions were carried out in the open market.
(e) As a result of the transactions described
herein, on May 22, 1996, none of the Reporting Persons is the
<PAGE>
-3-
beneficial owner of more than five percent (5%) of the Common
Stock.
Item 7. Material to be Filed as Exhibits
Exhibit K - Joint Filing Agreement Pursuant to Rule
13d-1(f).*
_________________________
* Replace Exhibit G filed with the Schedule 13D.
<PAGE>
SIGNATURES
The undersigned certify that, after reasonable
inquiry and to the best of their respective knowledge and
belief, the information set forth in the Schedule 13D is true,
complete and correct.
DILLON, READ HOLDING INC.
By: /s/ David W. Niemiec
____________________________
Name: David W. Niemiec
Title: Vice Chairman
DILLON, READ INC.
By: /s/ David W. Niemiec
____________________________
Name: David W. Niemiec
Title: Secretary
DILLON, READ & CO. INC.
By: /s/ David W. Niemiec
____________________________
Name: David W. Niemiec
Title: Vice Chairman
CONCORD PARTNERS II, L.P.
By: Venture Associates II, L.P.,
its General Partner
By: Dillon, Read Inc.,
its General Partner
By: /s/ Peter A. Leidel
____________________________
Attorney-in-Fact
<PAGE>
-2-
CONCORD PARTNERS JAPAN LIMITED
By: /s/ Peter A. Leidel
____________________________
Attorney-in-Fact
LEXINGTON PARTNERS II, L.P.
By: Dillon, Read & Co. Inc.,
its General Partner
By: /s/ David W. Niemiec
____________________________
Managing Director
LEXINGTON PARTNERS III, L.P.
By: Dillon, Read & Co. Inc.,
its General Partner
By: /s/ David W. Niemiec
____________________________
Managing Director
Dated: June 5, 1996
<PAGE>
SCHEDULE 13D
EXHIBIT K
Joint Filing Agreement
Pursuant to Rule 13d-1(f)
The undersigned hereby agree, pursuant to Rule
13d-1(f) under the Securities Exchange Act of 1934, as amended,
that the annexed Statement on Schedule 13D and all amendments
thereto shall be filed on behalf of each of them.
DILLON, READ HOLDING INC.
By: /s/ David W. Niemiec
____________________________
Name: David W. Niemiec
Title: Vice Chairman
DILLON, READ INC.
By: /s/ David W. Niemiec
____________________________
Name: David W. Niemiec
Title: Secretary
DILLON, READ & CO. INC.
By: /s/ David W. Niemiec
____________________________
Name: David W. Niemiec
Title: Vice Chairman
CONCORD PARTNERS II, L.P.
By: Venture Associates II, L.P.,
its General Partner
By: Dillon, Read Inc.,
its General Partner
By: /s/ Peter A. Leidel
____________________________
Attorney-in-Fact
<PAGE>
-2-
CONCORD PARTNERS JAPAN LIMITED
By: /s/ Peter A. Leidel
____________________________
Attorney-in-Fact
LEXINGTON PARTNERS II, L.P.
By: Dillon, Read & Co. Inc.,
its General Partner
By: /s/ David W. Niemiec
____________________________
Managing Director
LEXINGTON PARTNERS III, L.P.
By: Dillon, Read & Co. Inc.,
its General Partner
By: /s/ David W. Niemiec
____________________________
Managing Director
Dated: June 5, 1996
