As filed with the Securities and Exchange Commission on October 10, 1997
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 14D-1/A
(Amendment No.1)*
Tender Offer Statement
Pursuant to Section 14(d)(1) of the Securities Exchange Act of 1934
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
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NATIONAL PICTURE & FRAME COMPANY
(Name of Subject Company)
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NPF ACQUISITION CORPORATION
a wholly owned subsidiary of
NPF HOLDING CORPORATION
(Bidders)
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COMMON STOCK, PAR VALUE $0.01 PER SHARE
(Title of Class of Securities)
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637152 10 9 (Common Stock)
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(CUSIP Number of Class of Securities)
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John T. Herzog
James C. Wheat, III
Riverfront Plaza, West Tower
901 East Byrd Street, Suite 1300
Richmond, VA 23219
Telephone: (804) 782-3288
(Names, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Bidder)
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Copy to:
John Owen Gwathmey, Esq..
Hunton & Williams
Riverfront Plaza, East Tower
951 East Byrd Street
Richmond, Virginia 23219
Telephone: (804)788-8700
*Constitutes the final amendment to Schedule 14D-1.
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CUSIP NO. 637152 10 9
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14D-1/A/13D/A
<TABLE>
<S> <C>
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1. NAME OF REPORTING PERSONS
S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSON NPF Acquisition Corporation
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[X[
(b)[ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS BK;AF;WC
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5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS REQUIRED [ ]
PURSUANT TO ITEMS 2(d) OR 2(f)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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7. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 4,849,924*
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8. CHECK IF THE AGGREGATE AMOUNT IN ROW (7) [ ]
EXCLUDES CERTAIN SHARES
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9. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7): 97.5%*
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10. TYPE OF REPORTING PERSON
CO
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CUSIP NO. 637152 10 9
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14D-1/A/13D/A
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1. NAME OF REPORTING PERSONS NPF Holding Corporation
S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[X]
(b)[ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS WC; OO
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5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(f)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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7. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,849,924*
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8. CHECK IF THE AGGREGATE AMUNT IN ROW (7) [ ]
EXCLUDES CERTAIN SHARES
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9. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7): 97.5%*
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10. TYPE OF REPORTING PERSON
CO
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</TABLE>
* As of October 10, 1997, there were (a) 4,972,686 shares (the "Shares") of
common stock of National Picture & Frame Company (the "Company") issued and
outstanding, and (b) outstanding stock options to purchase an aggregate of
502,967 Shares. NPF Holding Corporation ("Parent") owns 100% of NPF Acquisition
Corporation ("Purchaser"), and the Purchaser has accepted for payment
approximately 4,765,257 validly tendered Shares and has the right to acquire an
additional 84,667 Shares representing in the aggregate 4,849,924 Shares, or
97.5% of the issued and outstanding Shares. Pursuant to the Agreement and Plan
of Merger, dated September 4, 1997, by and among the Parent, the Purchaser and
the Company, the outstanding stock options to purchase an aggregate of 502,967
Shares will be canceled immediately before the merger of the Purchaser with and
into the Company, and each holder thereof, in cancellation and settlement
therefor, shall be entitled to payments in cash equal to the difference between
the exercise price of such options and $12.00. Any Shares not purchased in the
Offer (other than dissenting Shares or Shares held by the Purchaser) will be
canceled and become the right to receive $12.00 per Share when the merger of the
Purchaser with and into the Company is completed.
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TENDER OFFER
This Amendment No. 1 amends and supplements the Tender Offer Statement
on Schedule 14D-1 (the "Schedule 14D-1"), which relates to the offer by NPF
Acquisition Corporation, a Delaware corporation (the "Purchaser") and wholly
owned subsidiary of NPF Holding Corporation (the "Parent"), to purchase all of
the outstanding shares of Common Stock, par value $0.01 per share (the
"Shares"), of National Picture & Frame Company, a Delaware corporation (the
"Company"), at a purchase price of $12.00 per Share, net to the seller in cash,
without interest thereon, upon the terms and subject to the conditions set forth
in the Offer to Purchase dated September 11, 1997 (the "Offer to Purchase"), and
in the related Letter of Transmittal (which, together with the Offer to
Purchase, as the same may be amended or supplemented from time to time,
constitute the "Offer"). This Amendment No. 1 constitutes the final amendment to
the Schedule 14D-1.
Item 6. Interest in Securities of the Subject Company
Item 6 is hereby amended and supplemented by adding thereto the
following:
On October 10, 1997, the Purchaser accepted for payment a
total of approximately 4,765,257 Shares validly tendered and not
withdrawn pursuant to the Offer, of which 14,793 Shares were tendered
pursuant to notices of guaranteed delivery. Any Shares not purchased in
the Offer (other than dissenting shares or Shares held by the
Purchaser) will be canceled and will become the right to receive $12.00
net per Share when the Merger of the Purchaser with and into the
Company is completed. A copy of a press release announcing the
expiration of the Offer and the acceptance of validly tendered and not
withdrawn Shares is attached hereto as Exhibit (a)(8) and is
incorporated hereby by reference in its entirety.
Item 10. Additional Information
Item 10 is hereby amended and supplemented by adding thereto the
following:
The Offer terminated at 5:00 p.m., New York City time, on
Thursday, October 9, 1997.
Item 11. Material to be Filed as Exhibits
(a)(8)Press release issued by the Parent on October 10, 1997.
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SIGNATURES
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.
Date: October 10, 1997 NPF ACQUISITION CORPORATION
By: /s/ John T. Herzog
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John T. Herzog
Vice President
NPF HOLDING CORPORATION
By: /s/ John T. Herzog
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John T. Herzog
President
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EXHIBIT INDEX
EXHIBIT
NUMBER. EXHIBIT NAME
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11(a)(8) - Press release issued by the Parent on October 10, 1997.
News Release MacKenzie Partners, Inc.
156 Fifth Avenue
New York, NY 10010
212 929-5500
Fax: 212 929-0308
NPF Holding Corporation
c/o Colonnade Capital, L.L.C.
901 East Byrd Street
Suite 1300
Richmond, Virginia 23219
CONTACT: MacKenzie Partners, Inc.
Joseph Doherty
(212) 929-5958
FOR IMMEDIATE RELEASE:
NPF Holding Corporation Completes Tender Offer For
National Picture & Frame Company
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RICHMOND, VIRGINIA, October 10, 1997--NPF Holding Corporation, a
corporation formed at the direction of Colonnade Capital, L.L.C., announced
today that its wholly-owned subsidiary, NPF Acquisition Corporation, has
accepted all validly tendered shares of common stock of National Picture & Frame
(NASDAQ: NPAF), at a price of $12.00 net per share, in accordance with the terms
of its offer.
NPF Holding stated that, based on a preliminary count, 4,765,257 shares
of National Picture's common stock (including 14,793 shares that were subject to
guarantees of delivery) had been validly tendered and not withdrawn pursuant to
the offer, which expired as scheduled at 5:00 p.m., New York City time, on
October 9, 1997, and that all such shares will be purchased in accordance with
the terms of the offer. After giving effect to the purchase of the shares
tendered, NPF Acquisition will own approximately 95.8% of the presently
outstanding shares of common stock of National Picture.
Pursuant to the terms of the Merger Agreement under which the offer was
made, all outstanding shares of National Picture common stock (other than
dissenting shares and shares owned by NPF Acquisition) not tendered and
purchased in the offer will be acquired at the same price of $12.00 net per
share in a second step merger transaction that will be consummated on or about
October 16, 1997. Under applicable law, the proposed merger is not subject to
the approval of the remaining outstanding stockholders of National Picture.
