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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)
Esprit Telecom Group plc
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(Name of Issuer)
Ordinary Shares, nominal value (pound)0.01 each
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(Title of Class of Securities)
29665W104
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(CUSIP Number of Class of Securities)
Stephen Distler
E.M. Warburg, Pincus & Co., LLC
466 Lexington Avenue
New York, New York 10017
(212) 878-0600
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copies to:
William N. Dye
Willkie Farr & Gallagher
35 Wilson Street
London EC2M 2SJ
England
(011) 44-171-696-9060
December 8, 1998
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(Date of Event which Requires Filing of this Schedule)
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 Rule 13d-1(b)(3) or (4), check the following: [ ].
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SCHEDULE 13D
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CUSIP No. 29665W104 Page 2 of 8 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Warburg, Pincus Ventures, L.P. I.D. #13-3784037
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [ ] (b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS * OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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7 SOLE VOTING POWER
0 Ordinary Shares
--------- -------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 15,442,150 Ordinary Shares
BENEFICIALLY --------- -------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0 Ordinary Shares
REPORTING --------- -------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
15,442,150 Ordinary Shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,442,150 Ordinary Shares
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES *
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.3%
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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.
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SCHEDULE 13D
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CUSIP No. 29665W104 Page 3 of 8 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Warburg, Pincus & Co. I.D. #13-6358475
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [ ] (b)[X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS * N/A
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION New York
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7 SOLE VOTING POWER
0 Ordinary Shares
--------- -------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 15,442,150 Ordinary Shares
BENEFICIALLY --------- -------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0 Ordinary Shares
REPORTING --------- -------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
15,442,150 Ordinary Shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,442,150 Ordinary Shares
- ---- ---------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES *
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.3%
- ---- ---------------------------------------------------------------------------
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.
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SCHEDULE 13D
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CUSIP No. 29665W104 Page 4 of 8 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
E.M. Warburg, Pincus & Co., LLC I.D. #13-3536050
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a)[ ] (b)[X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS * N/A
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION New York
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7 SOLE VOTING POWER
0 Ordinary Shares
--------- -------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 15,442,150 Ordinary Shares
BENEFICIALLY --------- -------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0 Ordinary Shares
REPORTING --------- -------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
15,442,150 Ordinary Shares
- ---- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,442,150 Ordinary Shares
- ---- ---------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES *
[ ]
- ---- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.3%
- ---- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON * OO
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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.
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This Amendment No. 4 amends the statement on Schedule 13D filed with the
Securities and Exchange Commission on October 22, 1998 (the "Initial Filing"),
as amended by Amendment No. 1 to the Schedule 13D filed with the Securities and
Exchange Commission on November 2, 1998, Amendment No. 2 to the Schedule 13D
filed with the Securities and Exchange Commission on November 12, 1998 and
Amendment No. 3 to the Schedule 13D filed with the Securities and Exchange
Commission on November 24, 1998 (collectively with the Initial Filing, the
"Schedule 13D") on behalf of Warburg, Pincus Ventures, L.P., a Delaware limited
partnership ("Ventures"), Warburg, Pincus & Co., a New York general partnership
("WP"), and E.M. Warburg, Pincus & Co., LLC, a New York limited liability
company ("EMW"), relating to the Ordinary Shares, nominal value (pound)0.01 each
(the "Ordinary Shares"), of Esprit Telecom Group plc, a public limited company
organized under the laws of England and Wales, whose principal executive office
is located at Minerva House, Valpy Street, Reading, RG1 1AR, United Kingdom.
This statement is being filed by the Reporting Entities (as defined in the
Initial Filing). There has been no change in the number of Ordinary Shares held
by the Reporting Entities since the date of the Initial Filing and, other than
as set forth herein, there has been no material change in the information set
forth in the Schedule 13D. The Schedule 13D is supplementally amended as set
forth herein.
Item 4. Purpose of Transaction.
Item 4 of the Schedule 13D is hereby amended to add the following:
Acquisition by Global TeleSystems Group, Inc.
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On December 8, 1998, the Boards of Directors of Global TeleSystems Group,
Inc. ("GTS") and the Company announced that they had entered into an agreement
in respect of a proposed recommended offer (the "Exchange Offer") to be made by
Bear, Stearns International Limited, on behalf of GTS, to acquire all of the
Ordinary Shares (including all Ordinary Shares represented by American
Depositary Shares), in exchange for shares of the Common
Page 5 of 8 Pages
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Stock, par value $0.10 per share of GTS (the "GTS Transaction"). In connection
with the GTS Transaction, Ventures entered into an Irrevocable Undertaking with
GTS (the "IU") to tender all of the Ordinary Shares held by it in the Exchange
Offer. The IU allows Ventures to transfer Ordinary Shares (subject to the
requirements set forth therein, including the requirement that any transferee
execute and deliver a substantially similar Irrevocable Undertaking). Ventures
may determine to dispose of Ordinary Shares pursuant to the applicable
provisions of the IU, depending on a variety of factors, certain of which are
set forth below. The IU is filed as Exhibit 99.9 and is incorporated by
reference herein.
Subject to the provisions of the IU, the Reporting Entities may from time
to time acquire additional Ordinary Shares or dispose of Ordinary Shares through
open market or privately negotiated transactions or otherwise, depending on
existing market conditions and other considerations discussed below. The
Reporting Entities intend to review their investment in the Company on a
continuing basis and, subject to the provisions of the IU and depending upon the
price and availability of Ordinary Shares, subsequent developments affecting the
Company, the Company's business and prospects, other investment and business
opportunities available to the Reporting Entities, general stock market and
economic conditions, tax considerations and other factors considered relevant,
may decide at any time not to increase, or to decrease, the size of their
investment in the Company.
Except for the GTS Transaction as set forth herein or in Item 6, none of
the Reporting Entities nor, to the best of their knowledge, any person listed in
Schedule I to the Initial Filing, has any plans or proposals which relate to or
would result in: (a) the acquisition by any person of additional securities of
the Company, or the disposition of securities of the Company; (b) an
extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the Company or any of its subsidiaries; (c) a sale or
transfer of a material amount of assets of the Company or any of its
subsidiaries; (d) any change in the
Page 6 of 8 Pages
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present Board of Directors or management of the Company, including any plans or
proposals to change the number or term of directors or to fill any existing
vacancies on the board; (e) any material change in the present capitalization or
dividend policy of the Company; (f) any other material change in the Company's
business or corporate structure; (g) changes in the Company's Memorandum and
Articles of Association or instruments corresponding thereto or other actions
which may impede the acquisition of control of the Company by any person; (h)
causing a class of securities of the Company to be delisted from a national
securities exchange or to cease to be authorized to be quoted in an inter-dealer
quotation system of a registered national securities association; (i) a class of
equity securities of the Company becoming eligible for termination of
registration pursuant to Section 12(g)(4) of the Exchange Act; or (j) any action
similar to any of those enumerated above.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
Item 6 of the Schedule 13D is hereby amended to add the following:
The information set forth in Item 4 above is incorporated herein by
reference.
Item 7. Material to be Filed as Exhibits.
Item 7 of the Schedule 13D is hereby amended to add the following:
99.9 Irrevocable Undertaking by Warburg, Pincus Ventures, L.P. dated
8 December 1998.(*)
Page 7 of 8 Pages
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: December 10, 1998 WARBURG, PINCUS VENTURES, L.P.
By: Warburg, Pincus & Co.,
General Partner
By:/s/Stephen Distler
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Stephen Distler
Partner
Dated: December 10, 1998 WARBURG, PINCUS & CO.
By:/s/ Stephen Distler
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Stephen Distler
Partner
Dated: December 10, 1998 E.M. WARBURG, PINCUS & CO., LLC
By:/s/ Stephen Distler
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Stephen Distler
Member
Page 8 of 8 Pages
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EXHIBIT INDEX
EXHIBIT NO. TITLE
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99.9 Irrevocable Undertaking by Warburg, Pincus Ventures, L.P. dated
8 December 1998(*)
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(*) Incorporated herein by reference to Exhibit 2.5 in the Registration
Statement on Form S-4 of Global TeleSystems Group, Inc., filed with the
Securities and Exchange Commission on December 8, 1998 (which Registration
Statement also includes the Press Announcement attached to the Irrevocable
Undertaking).
