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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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AMENDMENT NO. 5 TO
(FINAL AMENDMENT)
SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
AND
AMENDMENT NO. 1 TO
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PREMISYS COMMUNICATIONS, INC.
(NAME OF SUBJECT COMPANY)
ZHONE TECHNOLOGIES, INC.
ZHONE ACQUISITION CORP.
(BIDDERS)
Common Stock, Par Value $.01 Per Share
(Including the Associated PREFERRED STOCK PURCHASE Rights)
(TITLE OF CLASS OF SECURITIES)
740584107
(CUSIP NUMBER OF CLASS OF SECURITIES)
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Mory Ejabat
President and Chief Executive Officer
Zhone Technologies, Inc.
7677 Oakport Street, Suite 1040
Oakland, California 94621
(510) 777-7000
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSONS AUTHORIZED
TO RECEIVE NOTICES AND COMMUNICATIONS ON BEHALF OF BIDDERS)
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COPY TO:
Scott N. Wolfe, Esq.
Latham & Watkins
701 "B" Street, Suite 2100
San Diego, California 92101
Telephone: (619) 236-1234
December 22, 1999
(DATE OF EVENT WHICH REQUIRES FILING STATEMENT ON SCHEDULE 13D)
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CUSIP NO. 740584107 14D-1 PAGE 2 OF 5 PAGES
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
ZHONE TECHNOLOGIES, INC., IRS ID # 94-3333763
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
SEE ITEM 4.
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,604,842
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES / /
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
90.0%
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10 TYPE OF REPORTING PERSON
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 740584107 14D-1 PAGE 3 OF 5 PAGES
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
ZHONE ACQUISITION CORP., IRS ID # 94-3343245
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
SEE ITEM 4.
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,604,842
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES / /
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
90.0%
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10 TYPE OF REPORTING PERSON
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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This Final Amendment No. 5 amends and supplements the Tender Offer
Statement on Schedule 14D-1 (the "Schedule 14D-1") which relates to a tender
offer by Zhone Acquisition Corp., a Texas corporation ("Purchaser") and a wholly
owned subsidiary of Zhone Technologies, Inc., a Delaware corporation ("Parent"),
to purchase any and all outstanding shares of common stock, par value $.01 per
share (the "Common Stock"), of Premisys Communications, Inc., a Delaware
corporation (the "Company"), and all associated rights issued pursuant to the
Rights Agreement dated September 18, 1998 between the Company and ChaseMellon
Shareholder Services, L.L.C. (the "Associated Rights"), not currently directly
or indirectly owned by Purchaser or Parent, for a purchase price of $10.00 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 October 27,
1999 (the "Offer to Purchase") and in the related Letter of Transmittal (the
"Letter of Transmittal" which, together with the Offer to Purchase, as each may
be amended and supplemented from time to time, constitute the "Offer"). Unless
otherwise defined herein, capitalized terms used herein shall have the meanings
set forth in the Schedule 14D-1. This Final Amendment No. 5 also constitutes
Amendment No. 1 and amends and supplements the Statement on Schedule 13D of
Purchaser and Parent with respect to the shares beneficially owned by Purchaser
and Parent.
ITEM 5. PURPOSE OF THE TENDER OFFER AND PLANS OR PROPOSALS OF THE BIDDER.
The information in Item 5 is hereby amended and supplemented by adding
the following thereto:
On December 22, 1999, Parent announced that it had merged Purchaser
with and into the Company (the "Merger") with the Company continuing as the
surviving corporation. Because Purchaser had acquired at least 90% of each class
of the outstanding shares, the Merger was effected without a meeting of
stockholders of the Company. As a result of the Merger, the Company became a
wholly owned subsidiary of Parent and each outstanding share (other than shares
held in the treasury of the Company, shares owned by Parent, Purchaser or any
other direct or indirect wholly owned subsidiary of Parent or the Company, and
shares owned by stockholders who choose to dissent and demand appraisal rights
of their shares) shall be canceled, extinguished and converted into the right to
receive $10.00 per share in cash, without interest, less any applicable
withholding taxes. The consummation of the Merger was publicly announced in a
press release issued by Parent on December 22, 1999, a copy of which is attached
as Exhibit (a)(13) hereto and is hereby incorporated by reference.
Parent requested that trading of the Common Stock be halted on the
Nasdaq National Market and filed a Form 15 to delist the Common Stock with the
Commission on December 22, 1999.
ITEM 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
The information in Item 6 is hereby amended and supplemented by adding
the following thereto:
Pursuant to the Offer, which expired at 12:00 midnight, New York City
time, on December 7, 1999, Purchaser acquired a total of 20,743,849 shares,
representing approximately 85.3% of the outstanding shares of Common Stock of
the Company on a fully diluted basis. In addition, Purchaser exercised the
option previously granted to it by the Company (the "Option") to purchase
11,860,993 additional shares of the Company's Common Stock at a price of $10.00
per share, increasing Purchaser's ownership to 32,604,842 shares or 90% of the
outstanding shares of the Company's Common Stock immediately following exercise
of the Option. As a result of the exercise of the Option, the number of issued
and outstanding shares of Common Stock increased to 36,227,591.
The information provided in this Final Amendment under item 5 is
incorporated herein by reference.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
The information in Item 11 is hereby amended and supplemented by adding
the following thereto:
(a)(13) -- Text of Press Release issued by Parent, dated December 22,
1999.
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SIGNATURE
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.
Dated: December 27, 1999 ZHONE ACQUISITION CORP.
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By: /s/ MORY EJABAT
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Name: Mory Ejabat
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Title: President and Chief Executive Officer
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ZHONE TECHNOLOGIES, INC.
By: /s/ MORY EJABAT
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Name: Mory Ejabat
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Title: President and Chief Executive Officer
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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(a)(13)* -- Text of Press Release issued by Parent, dated December 22,
1999.
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*Filed herewith.
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ZHONE TECHNOLOGIES COMPLETES ACQUISITION OF
PREMISYS COMMUNICATIONS
OAKLAND, Calif., Dec. 22, 1999 -- Zhone Technologies, Inc. announced today that
it has completed its acquisition of Premisys Communications, Inc. (NASDAQ:
PRMS). Following Zhone's tender offer for Premisys' common stock which expired
at midnight EST on December 7, 1999, Zhone exercised the option previously
granted to it by Premisys to purchase additional shares at a price of $10.00 per
share to increase Zhone's ownership level to 90 percent of Premisys' outstanding
common stock. Premisys was then merged with a wholly-owned subsidiary of Zhone,
and each share of common stock of Premisys not previously purchased in Zhone's
tender offer was converted into the right to receive $10.00 in cash, net to the
seller, without interest. As a result of the merger, Premisys became a
wholly-owned subsidiary of Zhone.
About Zhone Technologies, Inc.
Founded in September 1999 and based in Oakland, Calif., Zhone Technologies is a
new breed of equipment provider with a new vision of product development,
delivery and support for telecommunications carriers worldwide. Starting with an
unprecedented $500 million in funding, Zhone's strategy is to combine existing
solutions with Zhone intellectual property to create a product portfolio that is
purpose-built to supply multi-million-user next-generation networks with a rich
array of voice, video, Internet and entertainment services cost effectively. The
company was founded by the senior management team that grew telecommunications
pioneer Ascend Communications, Inc. from its startup roots to a
multi-billion-dollar company that was acquired by Lucent Technologies (NYSE: LU)
for $24 billion in September 1999. Zhone's initial investors include Kohlberg
Kravis Roberts & Co., Texas Pacific Group and New Enterprise Associates.
For more information about Zhone, consult the company website at www.zhone.com.
About Premisys Communications, Inc.
Premisys Communications, based in Fremont, Calif., pioneered development of
integrated access solutions for telecommunications service providers. Today,
Premisys, an ISO 9001 certified company, leads the industry worldwide with a
growing family of access products, featuring its Integrated Multiple Access
Communications Server (IMACS). Premisys' products allow service providers to
quickly and cost-effectively accommodate the growing demand from businesses for
voice, data and video communications services. More information about Premisys
and its products is available on its Web site (www.premisys.com) and by
contacting its Fremont headquarters (510/353-7600).
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CONTACT:
Zhone Technologies
Tim Donovan, 510/777-7020
[email protected]
or
Gallagher PR
Kristin Hazard, 510/749-6800 x204
[email protected]
