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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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AMENDMENT NO. 1
TO
SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section
14(d)(1) of the Securities Exchange Act of 1934
Syntex Corporation
(Name of Subject Company)
Roche Capital Corporation
(Bidder)
Common Stock, Par Value $1.00 Per Share
(Title of Class of Securities)
87161610
(CUSIP Number of Class of Securities)
Dr. Felix Amrein
c/o Roche Holding Ltd
Grenzacherstrasse 124
CH-4002 Basel
Switzerland
Telephone: (41) (61) 688-1111
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications on Behalf of Bidder)
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Copies to:
Peter R. Douglas
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
Telephone: (212) 450-4000
May 6, 1994
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Date Tender Offer First Published, Sent or Given to Security Holders
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CUSIP No. 871 616 10
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Roche Capital Corporation
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2 (e) OR 2 (f) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Panama
7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES CERTAIN SHARES* [ ]
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7)
N/A
10 TYPE OF REPORTING PERSON*
CO
This Amendment No. 1 amends and supplements the Tender Offer Statement
on Schedule 14D-1 (the "Statement") dated May 6, 1994 filed by Roche Capital
Corporation, a Panama corporation (the "Bidder") and a wholly owned subsidiary
of Sapac Corporation Limited, a non-resident Canadian corporation ("Holding"),
which, in turn, is a wholly owned subsidiary of Roche Holding Ltd, a
Switzerland corporation ("Parent"), relating to the Bidder's offer to purchase
all outstanding shares of Common Stock, $1.00 par value (the "Shares") of
Syntex Corporation (the "Company"), at $24.00 per Share, net to the seller in
cash, upon the terms and subject to the conditions set forth in the Offer to
Purchase and the related Letter of Transmittal, copies of which are attached
as Exhibits (a)(1) and (a)(2) to the Statement (which are herein referred to
as the "Offer"). Capitalized terms not separately defined herein shall have
the meanings specified in the Statement.
Item 9. Financial Statements of Certain Bidders.
The financial data relating to the Roche Group is hereby amended to
include certain financial information for the fiscal year ended December 31,
1993, released by Parent on May 10, 1994.
The following selected financial data relating to the Roche Group has
been taken or derived from the financial statements contained in the English
translation of Parent's Annual Report to Stockholders for the year ended
December 31, 1993 ("Parent's 1993 Annual Report"), released on May 10, 1994.
More comprehensive financial information (including the notes to the Roche
Group's financial statements) is included in Parent's 1993 Annual Report and
the financial data set forth below is qualified in its entirety by reference
to such report including the financial statements and related notes contained
therein. This document may be obtained from Parent at the address listed in
the Statement. The data contained in the consolidated statement of income and
consolidated balance sheet presented below was prepared in accordance with the
accounting principles formulated by the International Accounting Standards
Committee. A comparison of certain aspects of these principles with United
States generally accepted accounting principles is set forth in Exhibit (a)(1)
to the Statement at Item 8; the financial information set forth below should
be read in conjunction with that comparison.
The consolidated financial statements of the Roche Group are published in
Swiss francs ("Sfr."). The following table sets forth, for the period
indicated, certain information concerning the exchange rate for Swiss francs
into U.S. dollars based upon the noon buying rate in New York City for cable
transfers in foreign currencies as determined from publicly available sources:
<TABLE>
(SFR. PER U.S. DOLLAR)
<CAPTION>
Period At December 31 Average Rate(1) High Low
------ -------------- --------------- --- - ---- --- - ----
<S> <C> <C> <C> <C>
1993...................................... Sfr. 1.4850 Sfr. 1.4778 Sfr. 1.5470 Sfr. 1.3849
<FN>
- ------------------
(1)The average of the exchange rates on the last day of each month during
the year.
</TABLE>
<TABLE>
THE ROCHE GROUP
SELECTED CONSOLIDATED FINANCIAL DATA
(in millions)
<CAPTION>
Fiscal Year Ended
December 31, 1993
-----------------
<S> <C>
CONSOLIDATED STATEMENT OF INCOME
Sales..............................................................................................Sfr. 14,315
Cost of goods sold and delivered................................................................... (5,483)
Gross profit....................................................................................... 8,832
Marketing and selling.............................................................................. (3,222)
Research and development........................................................................... (2,163)
Administrative..................................................................................... (821)
Other operating income (expense), net.............................................................. (278)
Financial income, net.............................................................................. 786
Income before taxes................................................................................ 3,134
Taxes.............................................................................................. (622)
Income before accounting change and minority interests............................................. 2,512
Accounting change for post-retirement benefits other than pensions................................. --
Income applicable to minority interests............................................................ (34)
Net income.........................................................................................Sfr. 2,478
</TABLE>
<TABLE>
THE ROCHE GROUP
SELECTED CONSOLIDATED FINANCIAL DATA
(in millions)
<CAPTION>
Fiscal Year Ended
December 31, 1993
-----------------
<S> <C>
CONSOLIDATED BALANCE SHEET
ASSETS:
Long-term assets:
Property, plant and equipment....................................................................Sfr. 6,789
Intangible assets................................................................................ 1,496
Other long-term assets........................................................................... 1,345
------
Total long-term assets......................................................................... 9,630
------
Current assets:
Inventories...................................................................................... 3,127
Accounts, receivable-trade ...................................................................... 2,664
Other receivables and prepaid expenses........................................................... 917
Marketable securities............................................................................ 12,693
Cash............................................................................................. 1,895
------
Total current assets........................................................................... 21,296
------
Total assets..................................................................................Sfr. 30,926
======
EQUITY AND LIABILITIES:
Equity:
Share capital.................................................................................... 160
Retained earnings and reserves................................................................... 17,754
------
Shareholders'equity per accompanying statement................................................... 17,914
Minority interests............................................................................... 625
------
Total stockholders' equity and minority interests.............................................. 18,539
------
Long-term debt..................................................................................... 4,498
------
Noncurrent liabilities:
Deferred income taxes............................................................................ 888
Pensions and similar obligations................................................................. 725
Other............................................................................................ 1,810
------
Total noncurrent liabilities................................................................... 3,423
------
Current liabilities:
Accounts payable - trade......................................................................... 662
Other payables and accrued liabilities........................................................... 2,984
Current portion of long-term debt................................................................ 163
Short-term debt.................................................................................. 657
------
Total current liabilities...................................................................... 4,466
------
Total equity and liabilites...................................................................Sfr. 30,926
======
</TABLE>
Item 10. Additional Information.
(b) Pursuant to Section 721 of the Defense Production Act of 1950, as
amended ("Exon-Florio"), on May 16, 1994, Bidder and the Company jointly filed
with the Committee on Foreign Investment in the United States ("CFIUS") notice
of the transactions contemplated in the Merger Agreement.
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.
ROCHE CAPITAL CORPORATION
By:
DR. HENRI B. MEIER
Dr. Henri B. Meier
Vice-President
Dated: May 16, 1994
