-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OifWUaSptvF0GO3RZwGAo0BxWXSdCZKh0PUHMMO+dJGw1gHwH6ZR0EuVx4ao1IQm gqOi6YcMdi8zwby3XPW4Sg== 0000950152-03-006194.txt : 20030617 0000950152-03-006194.hdr.sgml : 20030617 20030617165436 ACCESSION NUMBER: 0000950152-03-006194 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20030617 GROUP MEMBERS: CHAS. A. NEAL & COMPANY GROUP MEMBERS: DONALD A. SMITH GROUP MEMBERS: ROGER H. CLAYPOOLE GROUP MEMBERS: SNYDER ASSOCIATED COMPANIES, INC. GROUP MEMBERS: VIRGIL JURGENSMEYER FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ZENSEN DENNIS C CENTRAL INDEX KEY: 0000939421 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 828 S PIKE ROAD CITY: SAVER STATE: PA ZIP: 16055 BUSINESS PHONE: 4122953910 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SYLVAN INC CENTRAL INDEX KEY: 0000861291 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE PRODUCTION - CROPS [0100] IRS NUMBER: 251603408 STATE OF INCORPORATION: NV FISCAL YEAR END: 0103 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-41138 FILM NUMBER: 03747657 BUSINESS ADDRESS: STREET 1: 333 MAIN STREET STREET 2: P.O. BOX 249 CITY: SAXONBURG STATE: PA ZIP: 16056-0249 BUSINESS PHONE: 724-352-75 MAIL ADDRESS: STREET 1: 333 MAIN STREET STREET 2: P.O. BOX 249 CITY: SAXONBURG STATE: PA ZIP: 16056-0249 FORMER COMPANY: FORMER CONFORMED NAME: SYLVAN FOODS HOLDINGS INC DATE OF NAME CHANGE: 19930328 SC 13D/A 1 j0152101sc13dza.txt SYLVAN INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D/A (Amendment No. 1)* Under the Securities Exchange Act of 1934 SYLVAN INC. -------------------------------------------------------- (Name of Issuer) Common Stock, $.001 par value -------------------------------------------------------- (Title of Class of Securities) 871371100 -------------------------------------------------------- (CUSIP Number) Roger H. Claypoole One Moonlight Dr. Worthington, PA 16262 724-297-5491 (Ext. 201) -------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) Copies to: Daniel L. Wessels Cohen & Grigsby, P.C. 11 Stanwix Street, 15th Floor Pittsburgh, PA 15222 (412) 297-4900 June 13, 2003 ------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [ ]. * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "ACT") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). SCHEDULE 13D - ---------------------- ----------------------- CUSIP NO. 871371100 Page 2 of 9 Pages - ---------------------- ----------------------- - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Dennis C. Zensen - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS PF - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 30,000 OWNED BY ------------------------------------------------------ EACH 8 SHARED VOTING POWER REPORTING 694,128 PERSON WITH ------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 30,000 ------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 694,128 - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 724,128 - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.0% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - ------------------------------------------------------------------------------- SCHEDULE 13D - ---------------------- ----------------------- CUSIP NO. 871371100 Page 3 of 9 Pages - ---------------------- ----------------------- - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Donald A. Smith - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS N/A - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 40,334 OWNED BY --------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING - 0 - PERSON WITH --------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 40,334 --------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 40,334 - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.8 % - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - ------------------------------------------------------------------------------- SCHEDULE 13D - ---------------------- ----------------------- CUSIP NO. 871371100 Page 4 of 9 Pages - ---------------------- ----------------------- - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Virgil Jurgensmeyer - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS PF - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 30,000 BENEFICIALLY OWNED BY --------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING - 0 - PERSON WITH --------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 30,000 --------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 30,000 - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.6% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - ------------------------------------------------------------------------------- SCHEDULE 13D - ---------------------- ----------------------- CUSIP NO. 871371100 Page 5 of 9 Pages - ---------------------- ----------------------- - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Roger H. Claypoole - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS N/A - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES - 0 - BENEFICIALLY OWNED BY --------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING - 0 - PERSON WITH --------------------------------------------------------- 9 SOLE DISPOSITIVE POWER - 0 - --------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - ------------------------------------------------------------------------------- SCHEDULE 13D - ---------------------- ----------------------- CUSIP NO. 871371100 Page 6 of 9 Pages - ---------------------- ----------------------- - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Snyder Associated Companies, Inc. - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS N/A - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Pennsylvania - ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES - 0 - BENEFICIALLY OWNED BY --------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING - 0 - PERSON WITH --------------------------------------------------------- 9 SOLE DISPOSITIVE POWER - 0 - --------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO - ------------------------------------------------------------------------------- SCHEDULE 13D - ---------------------- ----------------------- CUSIP NO. 871371100 Page 7 of 9 Pages - ---------------------- ----------------------- - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Chas. A. Neal & Company - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS N/A - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Oklahoma - ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES - 0 - BENEFICIALLY OWNED BY --------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING - 0 - PERSON WITH --------------------------------------------------------- 9 SOLE DISPOSITIVE POWER - 0 - --------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO - ------------------------------------------------------------------------------- SCHEDULE 13D - ---------------------- ----------------------- CUSIP NO. 871371100 Page 8 of 9 Pages - ---------------------- ----------------------- This Amendment No. 1 (this "AMENDMENT") amends the statement on Schedule 13D filed on April 24, 2003 (the "ORIGINAL STATEMENT") by Dennis C. Zensen, Donald A. Smith, Virgil Jurgensmeyer, Roger H. Claypoole, the Snyder Associated Companies, Inc., and Chas. A. Neal & Company (each a "REPORTING PERSON" and, collectively, the "REPORTING PERSONS"). The Reporting Persons have withdrawn their nonbinding offer to acquire the Issuer, as described in Item 4 of the Original Statement, and are amending Item 4 accordingly. Capitalized terms used in this Amendment that are not otherwise defined herein have the meanings given to them in the Original Statement. ITEM 4. PURPOSE OF TRANSACTION. On June 13, 2003, the Reporting Persons withdrew their nonbinding offer to acquire the Issuer. The nonbinding offer is described in Item 4 of the Original Statement. The Reporting Persons notified the Issuer of the withdrawal and explained the reasons for the withdrawal in a letter dated June 13, 2003. A copy of the withdrawal letter is attached as Exhibit 99.4 and is incorporated herein by reference. The Reporting Persons remain interested in acquiring control of the Issuer and will continue to explore opportunities to acquire control of the Issuer. The Reporting Persons may submit another proposal to the board of directors of the Issuer but have not determined whether or when to do so, or what the terms and conditions of any new proposal might be. One or more of the Reporting Persons (or their affiliates) may purchase additional shares of Common Stock, or sell shares of Common Stock on the open market or in private transactions. Except as set forth in this Item 4, the Reporting Persons have no other plans or intentions that relate to or would result in the events set forth in Item 4 of the instructions to Schedule 13D. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit 99.4 Withdrawal letter dated June 13, 2003 from the Reporting Persons to the special committee of the board of directors of the Issuer. SIGNATURES After reasonable inquiry and to the best of each Reporting Person's respective knowledge and belief, each Reporting Person certifies that the information set forth in this Statement is true, complete and correct. Date: June 17, 2003. * * - ------------------------------------- ------------------------------- Dennis C. Zensen Virgil Jurgensmeyer * /s/ Roger H. Claypoole - ------------------------------------- ------------------------------- Donald A. Smith Roger H. Claypoole Snyder Associated Companies, Inc. Chas. A. Neal & Company By: * By: * ------------------------------ ----------------------- Name: Roger H. Claypoole Name: Roger H. Claypoole ---------------------------- --------------------- Title: Attorney-in-Fact Title: Attorney-in-Fact --------------------------- -------------------- *By: /s/ Roger H. Claypoole --------------------------------- Roger H. Claypoole Attorney-in-Fact EX-99.4 3 j0152101exv99w4.txt EXHIBIT 99.4 EXHIBIT 99.4 June 13, 2003 Via Fax William L. Bennett, Chairman Special Committee of the Board of Directors 149 Common Street Dedham, MA 02026 Re: Withdrawal of Proposal ---------------------- Dear Bill: This is in reference to my letter dated April 15, 2003 expressing, on behalf of the management and the investor group identified in that letter, our interest in pursuing an all-cash acquisition of Sylvan Inc. at a price yielding $11 per share to the company's shareholders. The purpose of this letter is to give formal notice to the Board of Directors (through the Special Committee) that the management and investor group hereby withdraws its proposal. Matters of both timing and price have prompted this action, as I will explain below. Timing/Deadline. Our April 15, 2003 letter requested a prompt response to our proposal from the Special Committee, and at our meeting at LaGuardia Airport on May 8, 2003 we conveyed to you that May 19, 2003 was the deadline date for response. Out of deference to the Special Committee, we agreed to allow additional time for the Committee to do its work before responding to the proposal. On June 4, 2003, we informed the Committee that June 13, 2003 would be the deadline date for response. In that regard, we conveyed the position of our investors that, after waiting more than six weeks for the Committee to respond, they wanted to know on or before the 13th of June whether or not the Committee would approve our proposed price of $11 as fair to the shareholders. On June 6, we reiterated and amplified our investors' position by stating (i) that they would be satisfied with a non-binding "handshake" understanding on price and (ii) that the group would stand by our previously stated willingness to allow the Committee a "fiduciary out" in case a higher offer was forthcoming. The Committee has rejected this approach and decided against negotiating with us to meet the June 13, 2003 deadline. While we fully respect the Committee's right and authority to pursue a process it deems appropriate, our investors are unwilling to extend that deadline. William L. Bennett June 13, 2003 Page Two Price. Over the past several weeks, at various times and in various ways, we have communicated to the Committee and its representatives that, from the perspective of our investors, the $11 price proposal was a "stretch". The deliberations and feasibility studies - prior to submission of the April 15, 2003 letter - were based on $9.50 - $10.50 per share. I personally urged the investors to authorize the $11 price proposal. In so doing, I led them to believe (because I believed) that our largest shareholder would react favorably to $11, and that this would facilitate prompt and favorable action by the disinterested Board members - especially in light of the unproductive efforts at "shopping the company" less than one year ago. That was - in essence - the premise for our group's $11 per share proposal. It has proven to be an incorrect premise. In these circumstances, our investors are no longer willing to pursue the acquisition at that level. Next Steps. Our management and investor group will file an amendment to its Schedule 13-D as promptly as practicable. However, I am personally of the view that the company and its various constituencies would benefit greatly by association with the investors identified in the April 15, 2003 letter, because of their industry expertise, financial strength and character. I therefore intend to encourage their interest with a view to securing another offer that might be seen as beneficial to the company's shareholders. In the meantime, the Committee will have my full cooperation, and the cooperation of company management, in the continuation of its process. Regards, /s/ Dennis C. Zensen Dennis C. Zensen -----END PRIVACY-ENHANCED MESSAGE-----