CUSIP NO. 04338D106 SCHEDULE 13D Page 1 of 9 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
ASAHI/AMERICA, Inc.
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(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
04338D106
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(CUSIP Number)
Ichiro Murao
Midnight Acquisition Holdings, Inc.
c/o Asahi Organic Chemicals Industry Co., Ltd.
15-9 Uchikanda 2-chome,
Chiyoda-ku, Tokyo 101-0047 Japan
03-3256-2451
with a copy to:
David M. Wilf, Esq.
Chadbourne & Parke LLP
30 Rockefeller Plaza
New York, NY 10112
212-408-5100
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
July 27, 1999
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(Date of Event which Requires Filing of this Statement)
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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
|X|
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 ("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>
SCHEDULE 13D
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CUSIP No. 04338D106 Page 2 of 9 Pages
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Asahi Organic Chemicals Industry Co., Ltd.
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) |_|
- --------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Japan
- --------- ----------------------------------------------------------------------
| 7 SOLE VOTING POWER
NUMBER OF |
|
SHARES | 491,470
|
|------- -------------------------------------------------------
| 8
BENEFICIALLY | SHARED VOTING POWER
|
OWNED BY | -0-
|
|------- ------------------------------------------------------
EACH | 9
| SOLE DISPOSITIVE POWER
REPORTING |
| 491,470
|
|------- -------------------------------------------------------
PERSON | 10
| SHARED DISPOSITIVE POWER
WITH |
| -0-
- --------------------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
491,470
- --------- ----------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------- ----------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.3%
- --------- ----------------------------------------------------------------------
14
TYPE OF REPORTING PERSON*
CO
- --------- ----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
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CUSIP No. 04338D106 Page 3 of 9 Pages
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Midnight Acquisition Holdings, Inc.
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- --------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) |_|
- --------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------- ----------------------------------------------------------------------
| 7 SOLE VOTING POWER
NUMBER OF |
|
SHARES | -0-
|
|------- -------------------------------------------------------
| 8
BENEFICIALLY | SHARED VOTING POWER
|
OWNED BY | 491,470
|
|------- ------------------------------------------------------
EACH | 9
| SOLE DISPOSITIVE POWER
REPORTING |
| -0-
|
|------- -------------------------------------------------------
PERSON | 10
| SHARED DISPOSITIVE POWER
WITH |
| -0-
- --------------------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
491,470
- --------- ----------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------- ----------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.3%
- --------- ----------------------------------------------------------------------
14
TYPE OF REPORTING PERSON*
CO, HC
- --------- ----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
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CUSIP No. 04338D106 Page 4 of 9 Pages
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Midnight Acquisition Corp.
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- --------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) |_|
- --------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
- --------- ----------------------------------------------------------------------
| 7 SOLE VOTING POWER
NUMBER OF |
|
SHARES | -0-
|
|------- -------------------------------------------------------
| 8
BENEFICIALLY | SHARED VOTING POWER
|
OWNED BY | 491,470
|
|------- ------------------------------------------------------
EACH | 9
| SOLE DISPOSITIVE POWER
REPORTING |
| -0-
|
|------- -------------------------------------------------------
PERSON | 10
| SHARED DISPOSITIVE POWER
WITH |
| -0-
- --------------------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
491,470
- --------- ----------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------- ----------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.3%
- --------- ----------------------------------------------------------------------
14
TYPE OF REPORTING PERSON*
CO
- --------- ----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 04338D106 SCHEDULE 13D Page 5 of 9 Pages
Item 1. Security and Issuer.
The title of the class of equity securities to which this Statement relates
is the Common Stock, no par value (the "Shares"), of Asahi/America, Inc. (the
"Issuer"). The principal executive offices of the Issuer are located at 19 Green
Street, Malden, MA 02148.
Item 2. Identity and Background.
This Statement is being filed on behalf of: (i) Asahi Organic Chemicals
Industry Co., Ltd., a Japanese corporation ("AOC"); (ii) Midnight Acquisition
Holdings, Inc., a Delaware corporation and a wholly owned subsidiary of AOC
("Holdings"); and (iii) Midnight Acquisition Corp., a Massachusetts corporation
and a wholly owned subsidiary of Holdings ("Acquisition Corp.," and
collectively, the "Reporting Persons," and each, a "Reporting Person"). The
principal business, address of the principal business and address of the
principal office of each of the three Reporting Persons are listed on Schedule
I, which is hereby incorporated by reference. During the last five years, none
of the Reporting Persons have been (i) convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or (ii) a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding were or are subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, Federal or State securities laws or finding any violation
with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
Not Applicable.
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Page 6 of 9 Pages
Item 4. Purpose of Transaction.
AOC, through Holdings and Acquisition Corp., has made an offer to purchase,
through a merger, all of the outstanding Shares of the Issuer at a price of
$8.25 per share plus an estimated $1.20 to $1.30 per share representing the per
share proceeds of the disposition of Quail Piping Products, Inc., a wholly owned
subsidiary of the Issuer ("Quail"), net of taxes and certain expenses. The
Issuer has formed an independent committee, retained ING Barings LLC to act as
financial adviser in connection with the proposed transactions and approved the
merger, subject to finalization of points remaining between the parties. As of
the filing of this schedule, no definitive agreement has been reached on the
proposed transactions, and there can be no assurance that the parties will reach
a successful agreement or that the proposed transaction will be consummated.
The offer is conditioned upon the disposition of Quail. The disposition of
Quail is currently being negotiated with a management buyout group, which is in
discussions with potential sources for financing. There can be no assurances
that the parties will reach a successful agreement for the disposition, that
financing for the disposition will be obtained or that the disposition will be
consummated.
Depending on market conditions and other factors that each of the Reporting
Persons may deem material to its investment decision, such Reporting Persons may
purchase additional Shares in the open market or in private transactions.
Depending on these same factors, such Reporting Persons may sell all or a
portion of the Shares that they now own or hereafter may acquire on the open
market or in private transactions.
Item 5. Interest in Securities of the Issuer.
(a) - (b) Please refer to Schedule I attached hereto.
<PAGE>
Page 7 of 9 Pages
(c) None of the Reporting Persons have effected any transactions in the
Shares of the Issuer during the past 60 days.
(d) None.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.
Holdings is a wholly owned subsidiary of AOC. Acquisition Corp. is a wholly
owned subsidiary of Holdings.
Item 7. Material to be filed as Exhibits.
None.
<PAGE>
Page 8 of 9 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
hereby certify that the information set forth in this Statement is true,
complete and correct.
Dated: July 27, 1999 REPORTING PERSONS:
Asahi Organic Chemicals Industry Co., Ltd.
By: /s/ Haruo Tabata
---------------------------------------
Haruo Tabata, President
Midnight Acquisition Holdings, Inc.
By: /s/ Ichiro Murao
---------------------------------------
Ichiro Murao, Director & President
Midnight Acquisition Corp.
By: /s/ Ichiro Murao
---------------------------------------
Ichiro Murao, Director & President
<PAGE>
CUSIP NO. 584699102 SCHEDULE 13D Page 9 of 9 Pages
SCHEDULE I
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------- ------------- -------------- ------------- ------------- ------------- --------------
Reporting Persons Name, Number of Percentage Shares as Shares as Shares as Shares as to
Principal Business, Address shares of shares to which to which to which which there
of, Principal Business, and beneficially beneficially there is there is there is is shared
Address of Principal Office owned owned sole power shared sole power power to
to vote power to to dispose dispose
vote
- ----------------------------- ------------- -------------- ------------- ------------- ------------- --------------
Asahi Organic Chemicals 491,470 14.3% 491,470 -0- 491,470 -0-
Industry Co., Ltd.
Manufacturer and
distributor or plastic
piping materials
including valves, pipes,
sockets, tees and joints.
15-9 Uchikanda 2-chome
Chiyoda-ku Tokyo 101-0047
Japan
Midnight Acquisition 491,470 14.3% -0- 491,470 -0- -0-
Holdings, Inc.
Acquisition Vehicle
c/o Asahi Organic Chemicals
Industry Co., Ltd.
15-9 Uchikanda 2-chome
Chiyoda-ku Tokyo 101-0047
Japan
Midnight Acquisition Corp. 491,470 14.3% -0- 491,470 -0- -0-
Acquisition Vehicle
c/o Asahi Organic Chemicals
Industry Co., Ltd.
15-9 Uchikanda 2-chome
Chiyoda-ku Tokyo 101-0047
Japan
</TABLE>
