<PAGE> 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------
AMENDMENT NO. 7
TO
SCHEDULE 14D-1
Tender Offer Statement
Pursuant to Section 14(d)(1) of the Securities Exchange Act of 1934
and
AMENDMENT NO. 2
to
SCHEDULE 13D
Under the Securities Exchange Act of 1934
------------------------
SMARTFLEX SYSTEMS, INC.
(Name of Subject Company)
------------------------
SATURN ELECTRONICS & ENGINEERING, INC.
SSI ACQUISITION CORP.
WALLACE K. TSUHA, JR.
(Bidders)
------------------------
COMMON STOCK, $.0025 PAR VALUE
(Title of Class of Securities)
83169K 10 8
(CUSIP Number of Class of Securities)
------------------------
MR. WALLACE K. TSUHA, JR.
SATURN ELECTRONICS & ENGINEERING, INC.
255 REX BOULEVARD
AUBURN HILLS, MICHIGAN 48326
(248) 853-5724
(Name, Address And Telephone Number of Persons Authorized
to Receive Notices and Communications on Behalf of Bidders)
COPIES TO:
DONALD J. KUNZ
HONIGMAN MILLER SCHWARTZ AND COHN
2290 FIRST NATIONAL BUILDING
DETROIT, MICHIGAN 48226
------------------------
JULY 6, 1999
(Date of Event Which Requires Filing Statement on Schedule 13D)
CALCULATION OF FILING FEE
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
TRANSACTION VALUATION* AMOUNT OF FILING FEE**
- --------------------------------------------------------------------------------------------
<S> <C>
$70,643,517 $14,128.70
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
</TABLE>
* For purposes of calculating amount of filing fee only. The amount assumes the
purchase of 6,493,994 shares of common stock, $.0025 par value, of the
Company (the "Shares"), at a price per Share of $10.50 in cash. Such number
of shares represents all the Shares outstanding as of July 6, 1999. The
amount also includes the amount paid to holders of Company stock options in
connection with the transaction.
** The amount of the filing fee, calculated in accordance with Rule 0-11(d) of
the Securities Exchange Act of 1934, as amended, equals 1/50th of one percent
of the value of the aggregate Shares purchased.
[X] Check box if any part of the fee is offset as provided by Rule 0-11(a)(2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form
or Schedule and the date of its filing.
Amount Previously Paid: $14,128.70
Filing Party: SSI Acquisition Corp.
Form or Registration No.: Schedule 14D-1 and Schedule 13D
Date Filed: July 13, 1999
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE> 2
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
Saturn Electronics & Engineering, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCES OF FUNDS
BK
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(e) OR 2(f) [ ]
- --------------------------------------------------------------------------------
6 CITIZEN OR PLACE OF ORGANIZATION
Michigan
- --------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,312,388 (includes 27,858 shares tendered subject to guarantees of
delivery)(Common Stock)
- --------------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
97.2%
- --------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
<PAGE> 3
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
SSI Acquisition Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCES OF FUNDS
BK
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(e) or 2(f) [ ]
- --------------------------------------------------------------------------------
6 CITIZEN OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,312,388 (includes 27,858 shares tendered pursuant to guarantees of
delivery)(Common Stock)
- --------------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
97.2%
- --------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
<PAGE> 4
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
Wallace K. Tsuha, Jr.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCES OF FUNDS
BK, PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(e) or 2(f) [ ]
- --------------------------------------------------------------------------------
6 CITIZEN OR PLACE OF ORGANIZATION
U.S.
- --------------------------------------------------------------------------------
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,312,388 *(includes 27,858 shares tendered subject to guarantees of
delivery)(COMMON STOCK)
- --------------------------------------------------------------------------------
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
97.2%
- --------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
* Includes 6,312,388 Shares beneficially owned by Wallace K. Tsuha, Jr., as the
chairman and majority shareholder of the Parent.
<PAGE> 5
This Amendment No. 7 to the Schedule 14D-1 relates to the tender offer
by SSI Acquisition Corp., a Delaware corporation (the "Purchaser") and a wholly
owned subsidiary of Saturn Electronics & Engineering, Inc., a Michigan
corporation (the "Parent"), to purchase all outstanding shares of common stock,
$.0025 par value (the "Shares"), of Smartflex Systems, Inc., a Delaware
corporation (the "Company"), at a purchase price of $10.50 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 July 14, 1999 (the "Offer
to Purchase"), and in the related Letter of Transmittal (which, together with
any amendments thereto, collectively constitute the "Offer"), copies of which
were attached as Exhibits (a)(1) and (a)(2), respectively, to the Schedule 14D-1
filed with the Securities and Exchange Commission on July 14, 1999. The purpose
of this Amendment No. 7 is to amend and supplement Items 6, 10 and 11 of the
Schedule 14D-1 as described below.
ITEM 6. Interest in Securities of the Subject Company.
Item 6 of the Statement is hereby amended and supplemented by adding the
following language thereto:
The Offer expired at Midnight, New York City time, on Wednesday,
August 25, 1999. The Purchaser has been informed by the Depository that
6,312,388 Shares, representing approximately 97.2% of the issued and outstanding
Shares, were tendered pursuant to the Offer (including 27,858 Shares subject to
guarantees of delivery).
On August 26, 1999, subject to the terms of the Offer, the Purchaser
accepted for payment all of the Shares validly tendered and not withdrawn prior
to the expiration of the Offer. Following completion of the Offer, there remain
approximately 183,632 Shares outstanding. Any Shares not tendered pursuant to
the Offer were converted into the right to receive $10.50 per Share in cash upon
the filing of a Certificate of Merger with the State of Delaware in connection
with the merger of the Purchaser with and into the Company (the "Merger").
Payment for the Shares will be made by the Depository. A copy of the press
release issued by the Purchaser on August 26, 1999, announcing the expiration of
the Offer and intention to promptly complete the Merger is attached hereto as
Exhibit (a)(10) and is incorporated herein by reference.
ITEM 10. Additional Information.
Item 10 of the Statement is hereby amended and supplemented by adding
the following language thereto:
On August 26, 1999, the Company and the Parent issued a press release, a
copy of which is attached hereto as Exhibit (a)(10) and is incorporated herein
by reference.
ITEM 11. Material to be Filed as Exhibits.
(a)(10) Press Release issued by the Company and the Parent on August
26, 1999.
<PAGE> 6
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: August 26, 1999 SATURN ELECTRONICS &
ENGINEERING, INC.
By: /s/ Wallace K. Tsuha, Jr.
-----------------------------------
Wallace K. Tsuha, Jr.
President
SSI ACQUISITION CORP.
By: /s/ Wallace K. Tsuha, Jr.
-----------------------------------
Wallace K. Tsuha, Jr.
President
/s/ Wallace K. Tsuha, Jr.
-----------------------------------
Wallace K. Tsuha, Jr.
<PAGE> 7
INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION
- ------- --- -----------
Ex-99(a)(10) Press Release issued by the Company and the
Parent on August 26, 1999.
<PAGE> 1
EXHIBIT 99(A)(10)
For Immediate Release Contacts-Saturn: Ela Wardowski
08/26/1999 9:00 AM Phone: 248-299-2751
Smartflex: John Hohener
Phone: 714-838-8737
SATURN ELECTRONICS & ENGINEERING, INC. AND SMARTFLEX SYSTEMS, INC.
ANNOUNCE SSI ACQUISITION CORP. COMPLETES TENDER OFFER
FOR ALL OUTSTANDING SHARES OF SMARTFLEX SYSTEMS
(Auburn Hills, Michigan) - Saturn Electronics & Engineering, Inc. and
Smartflex Systems, Inc. announced today that SSI Acquisition Corp., a
wholly-owned subsidiary of Saturn Electronics & Engineering, Inc., has completed
its tender offer for all issued and outstanding shares of Smartflex Systems,
Inc. (Nasdaq: SFLX) common stock for $10.50, net to the seller in cash. The
tender offer expired at 12:00 midnight, New York City time, on Wednesday, August
25, 1999. SSI Acquisition Corp. will accept for payment and promptly pay for all
shares properly tendered and not withdrawn pursuant to the offer.
Based on a preliminary count by the depository for the offer,
approximately 6,284,430 shares were tendered, representing approximately 96.77%
of the outstanding shares of Smartflex Systems, Inc. common stock.
In accordance with the short-form merger provisions of the Delaware
General Corporation Law, SSI Acquisition Corp. intends to promptly merge with
and into Smartflex Systems, Inc., which will be the surviving corporation and
will become a wholly-owned subsidiary of Saturn Electronics & Engineering, Inc.
As a result of the merger, the remaining outstanding shares of Smartflex
Systems, Inc. will be converted into the right to receive $10.50 per share in
cash, without interest.
Michigan-based Saturn Electronics & Engineering, Inc. (Saturn) is a
minority-owned, privately-held supplier of electronic and electromechanical
systems for automotive and non-automotive markets. Founded in 1985, Saturn
employs over 1500 employees worldwide. Saturn's global facilities include its
corporate headquarters, Innovation Center (Tech Center), sales offices and
manufacturing facilities in Auburn Hills, Rochester Hills, Oxford and
Coopersville, Michigan; Rocky Mount, North Carolina; Marks, Mississippi; and
Juarez and Monterrey, Mexico.
Based in Tustin, California, Smartflex Systems is an electronics
manufacturing services expert in precision, automated manufacturing. Founded in
1985, Smartflex serves customers worldwide from its manufacturing facilities and
Technology Centers in Cebu, Phillippines; Monterrey and Guadalajara, Mexico;
Singapore; West Long Branch, New Jersey; Hudson, New Hampshire; and Santa Clara,
Fremont and Tustin, California. Smartflex's common stock is traded on the Nasdaq
Stock Market under the ticker symbol SFLX.
This release contains forward-looking statements, including each statement of
management's opinions, expectations, plans, and objectives for future operations
that involve risks and uncertainties. Actual results could differ materially
from these expectations as a result of various factors, and therefore we caution
investors against ascribing undue weight thereto. The factors include, but are
not limited to, the ability to effectively identify, investigate, conclude,
integrate and manage acquisitions or large-scale projects, to manage the
transition of manufacturing operations, qualification of manufacturing
processes, efficient utilization of manufacturing facilities and financial
resources, the ability to retain and attract qualified personnel, international
currency fluctuations, and future financial, economic, competitive and market
conditions and their potential direct or indirect effect, including
cancellations of orders included in backlog. These and other factors are also
discussed in Smartflex Systems' 10-K, 10-Q and other filings made previously or
from time to time with the Securities and Exchange Commission.
