0000930413-14-003945.txt : 20141105 0000930413-14-003945.hdr.sgml : 20141105 20140909161155 ACCESSION NUMBER: 0000930413-14-003945 CONFORMED SUBMISSION TYPE: SC TO-I/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20140909 DATE AS OF CHANGE: 20141008 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GP STRATEGIES CORP CENTRAL INDEX KEY: 0000070415 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 131926739 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC TO-I/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-38329 FILM NUMBER: 141093477 BUSINESS ADDRESS: STREET 1: 70 CORPORATE CENTER STREET 2: 11000 BROKEN LAND PARKWAY, SUITE 200 CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 443-367-9600 MAIL ADDRESS: STREET 1: 70 CORPORATE CENTER STREET 2: 11000 BROKEN LAND PARKWAY, SUITE 200 CITY: COLUMBIA STATE: MD ZIP: 21044 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL PATENT DEVELOPMENT CORP DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GP STRATEGIES CORP CENTRAL INDEX KEY: 0000070415 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 131926739 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC TO-I/A BUSINESS ADDRESS: STREET 1: 70 CORPORATE CENTER STREET 2: 11000 BROKEN LAND PARKWAY, SUITE 200 CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 443-367-9600 MAIL ADDRESS: STREET 1: 70 CORPORATE CENTER STREET 2: 11000 BROKEN LAND PARKWAY, SUITE 200 CITY: COLUMBIA STATE: MD ZIP: 21044 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL PATENT DEVELOPMENT CORP DATE OF NAME CHANGE: 19920703 SC TO-I/A 1 c78724_sctoia.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 2 to
SCHEDULE TO

TENDER OFFER STATEMENT

UNDER SECTION 14(d)(1) OR 13(e)(1)

OF THE SECURITIES EXCHANGE ACT OF 1934

GP STRATEGIES CORPORATION

(Name of Subject Company (Issuer) and Filing Person (as Offeror))

Common Stock, Par Value $0.01 Per Share

(Title of Class of Securities)

36225V104

(CUSIP Number of Class of Securities)

Kenneth L. Crawford

Senior Vice President & General Counsel

GP Strategies Corporation

70 Corporate Center

11000 Broken Land Parkway, Suite 200

Columbia, Maryland 21044

(443) 367-9600

(Name, address and telephone number of person authorized to receive notices and communications on behalf of filing persons)

With copies to:

Kelly Tubman Hardy, Esq.

DLA Piper LLP (US)

6225 Smith Avenue

Baltimore, Maryland 21209

(410) 580-3000

CALCULATION OF FILING FEE


*Transaction Valuation:**		Amount of Filing Fee:**
$80,000,000		$10,304

*	Calculated solely for purposes of determining the filing fee. This amount is based upon the offer to purchase up to $80,000,000 in value of shares of common stock of GP Strategies Corporation at a price not greater than $29.00 and not less $26.00 per share in cash.

**	The amount of the filing fee was calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended, and equals $128.80 for each $1,000,000 of the value of the transaction.

x	Check the 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: $10,304		Filing Party: GP Strategies Corporation
Form or Registration No.: Schedule TO-I		Date Filed: September 2, 2014

¨	Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes to designate any transactions to which the statement relates:

¨	third-party tender offer subject to Rule 14d-1.

x	issuer tender offer subject to Rule 13e-4.

¨	going-private transaction subject to Rule 13e-3.

¨	amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ¨

If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:

¨	Rule 13e-4(i) (Cross-Border Issuer Tender Offer)

¨	Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)

INTRODUCTORY STATEMENT

This Amendment No. 2 (this “Amendment No. 2”) amends and supplements the Tender Offer Statement on Schedule TO filed on September 2, 2014, as amended on September 8, 2014 (the “Schedule TO”) by GP Strategies Corporation, a Delaware corporation (“GP Strategies” or the “Company”). The Schedule TO, as amended by this Amendment No. 2, relates to the offer by GP Strategies to purchase, up to $80 million in value of shares of its common stock, par value $0.01 per share (the “Shares”), at a price not greater than $29.00 and not less than $26.00 per Share in cash, on the terms and subject to the conditions set forth in the Offer to Purchase dated September 2, 2014 (the “Offer to Purchase”), previously filed as Exhibit (a)(1)(i) to the Schedule TO, and in the related Letter of Transmittal, previously filed as Exhibit (a)(1)(ii) to the Schedule TO (which, as amended or supplemented from time to time, together constitute the “Offer”).

Only those items amended are reported in this Amendment No. 2. Except as specifically provided herein, the information contained in the Schedule TO remains unchanged and this Amendment No. 2 does not modify any of the information previously reported in the Schedule TO.

Item 7. Source and Amount of Funds or Other Consideration.

(a) Source of Funds. Item 7 of the Schedule TO is hereby amended and supplemented by amending and restating the second paragraph in Section 9 (“Source and Amount of Funds”) of the Offer to Purchase in its entirety as follows:

“On September 2, 2014, we entered into a Fourth Amended and Restated Financing and Security Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as lender. The Credit Agreement provides for a revolving credit facility up to a maximum principal amount $70 million and for a term loan in the maximum principal amount of $40 million maturing on October 31, 2017 (the “Maturity Date”), and is secured by substantially all of our assets.”

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: September 9, 2014


GP STRATEGIES CORPORATION

By:	/s/ Sharon Esposito-Mayer
Name:		Sharon Esposito-Mayer
Title:		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
(a)(1)(i)*	Offer to Purchase, dated September 2, 2014
(a)(1)(ii)*	Letter of Transmittal (including IRS Form W-9 and Guidelines for Certification of Taxpayer Identification Number on IRS Form W-9)
(a)(1)(iii)*	Notice of Guaranteed Delivery
(a)(1)(iv)*	Letter to Brokers, Dealers, Commercial Banks, Trust Companies and other Nominees.
(a)(1)(v)*	Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and other Nominees
(a)(5)(i)*	Press Release announcing the commencement of the Offer, dated September 2, 2014
(a)(5)(ii)*	Advertisement announcing the commencement of the Offer
(a)(5)(iii)*	Letter to Participants in the GP Retirement Savings Plan
(a)(5)(iv)*	Employee communication issued on September 2, 2014
(a)(5)(v)*	Notice to Participants in the GP Retirement Savings Plan
(b)(i)	Fourth Amended and Restated Financing and Security Agreement, dated September 2, 2014, by and between GP Strategies Corporation as Borrower and Wells Fargo Bank, National Association, as Lender. Incorporated herein by reference to Exhibit 10.1 of GP Strategies Corporation’s Form 8-K filed on September 2, 2014.
(d)(1)(i)	GP Strategies Corporation 2011 Stock Incentive Plan. Incorporated herein by reference to Appendix B of GP Strategies Corporation’s Definitive Proxy Statement filed on November 1, 2011.
(d)(1)(ii)	1973 Non-Qualified Stock Option Plan of GP Strategies Corporation, as amended on December 28, 2006. Incorporated by reference to Exhibit 10.1 of GP Strategies Corporation’s Form 10-K for the year ended December 31, 2006.
(d)(1)(iii)	GP Strategies Corporation 2003 Incentive Stock Plan. Incorporated herein by reference to Exhibit 4 of GP Strategies Corporation’s Form 10-Q for the quarter ended September 30, 2003.
(d)(1)(iv)	Employment Agreement, dated as of July 1, 1999, between GP Strategies Corporation’s and Scott N. Greenberg. Incorporated herein by reference to Exhibit 10.1 of GP Strategies Corporation’s Form 10-Q for the quarter ended September 30, 1999.
(d)(1)(v)	Amendment, dated January 21, 2005, to Employment Agreement dated as of July 1, 1999 between GP Strategies Corporation and Scott N. Greenberg. Incorporated herein by reference to Exhibit 10.1 of GP Strategies Corporation’s Form 8-K filed on January 25, 2005.
(d)(1)(vi)	Amendment, dated June 20, 2007, to Employment Agreement dated as of July 1, 1999 between GP Strategies Corporation and Scott N. Greenberg. Incorporated herein by reference to Exhibit 10.1 of GP Strategies Corporation’s Form 8-K filed on June 26, 2007.
(d)(1)(vii)	Amendment, dated December 30, 2008, to Employment Agreement by and between GP Strategies Corporation and Scott N. Greenberg dated July 1, 1999. Incorporated herein by reference to Exhibit 10.1 of GP Strategies Corporation’s Form 8-K filed on January 6, 2009.
(d)(1)(viii)	Amendment, dated December 30, 2009, to Employment Agreement by and between GP Strategies Corporation and Scott N. Greenberg dated July 1, 1999. Incorporated herein by reference to Exhibit 10.3 to GP Strategies Corporation’s Form 8-K filed December 31, 2009.
(d)(1)(ix)	Amendment, dated December 30, 2011, to Employment Agreement dated as of July 1, 1999 between General Physics Corporation and Scott N. Greenberg. Incorporated herein by reference to Exhibit 10.1 of GP Strategies Corporation’s Form 8-K filed on January 3, 2012.
(d)(1)(x)	Employment Agreement, dated as of July 1, 1999, between General Physics Corporation and Douglas E. Sharp. Incorporated herein by reference to Exhibit 10.11 of GP Strategies Corporation’s Form 10-K for the year ended December 31, 2003.
(d)(1)(xi)	Amendment, dated January 21, 2005, to Employment Agreement dated as of July 1, 1999 between General Physics Corporation and Douglas E. Sharp. Incorporated herein by reference to Exhibit 10.2 of GP Strategies Corporation’s Form 8-K filed on January 25, 2005.
(d)(1)(xii)	Amendment, dated June 20, 2007, to Employment Agreement dated as of July 1, 1999 between General Physics Corporation and Douglas E. Sharp. Incorporated herein by reference to Exhibit 10.2 of GP Strategies Corporation’s Form 8-K filed on June 26, 2007.
(d)(1)(xiii)	Amendment, dated December 30, 2008, to Employment Agreement by and between General Physics Corporation and Douglas Sharp dated July 1, 1999. Incorporated herein by reference to Exhibit 10.2 of GP Strategies Corporation’s Form 8-K filed on January 6, 2009.

Exhibit No.	Description
(d)(1)(xiv)	Amendment, dated December 30, 2009, to Employment Agreement by and between General Physics Corporation and Douglas Sharp dated July 1, 1999. Incorporated herein by reference to Exhibit 10.4 to GP Strategies Corporation’s Form 8-K filed December 31, 2009.
(d)(1)(xv)	Amendment, dated December 30, 2011, to Employment Agreement dated as of July 1, 1999 between General Physics Corporation and Douglas E. Sharp. Incorporated herein by reference to Exhibit 10.2 of GP Strategies Corporation’s Form 8-K filed on January 3, 2012.
(d)(1)(xvi)	Form of Employment Agreement between General Physics Corporation and certain of its executive vice presidents. Incorporated herein by reference to Exhibit 10.1 of GP Strategies Corporation’s Form 8-K filed on October 4, 2007.
(d)(1)(xvii)	Form of Employment Agreement between General Physics Corporation and certain of its senior vice presidents. Incorporated herein by reference to Exhibit 10.4 of GP Strategies Corporation’s Form 10-Q for the quarter ended September 30, 2007.
(d)(1)(xviii)	Amendment, dated December 30, 2011, to Form of Employment Agreement between General Physics Corporation and certain of its executive officers. Incorporated herein by reference to Exhibit 10.3 of GP Strategies Corporation’s Form 8-K filed on January 3, 2012.
(d)(1)(xix)	Form of Non-Qualified Stock Option Agreement between GP Strategies Corporation and certain officers, dated January 21, 2010. Incorporated herein by reference to Exhibit 10.23 to GP Strategies Corporation’s Form 10-K for the year ended December 31, 2009.
(d)(1)(xxii)	Form of Indemnification Agreement. Incorporated herein by reference to Exhibit 10.1 of GP Strategies Corporation’s Form 8-K dated December 23, 2005.
(g)	Not applicable
(h)	Not applicable

* Previously filed.

GRAPHIC 3 image_001.jpg GRAPHIC begin 644 image_001.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BBN:\7> M+H?"]M%^Z$]S,&V1[P-N!]XCKC/]:NG3E4DHQ6IG5JQI17`,>G6$<"<@O*Y9C[C;C'ZUPE]?W6I M73W%W,\LC$G+L6P"W-5J]ZAEM."O/5_@?-XG-:M1VI^ZOQ+]UK>J7C%K MC4;N3.>'G8@>PR:H$DDDG)/>BBO044MD>9*3EJW<****8@HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@!58JU6P<&WU"Z0#'RB9@#CV!K.HJ914M&AQE*+O%V/2-,^+5S'A-2T^.50`` M\#%6]R0Q.3^(KTK3-5L]7M1<6 M-U()`8@.`0<-@C(XZ5Y^(RVG-7IZ/\#U,-FU6F[5?>7XGTG17/>%/%=OXHLY M'2,PSPX$D18'J.H[XSD5T->%.$JL0:'IDM[<8(4'8NX#>P4D*,^N*^>K^^GU*]EN[ARTDCECDD@9).!GMS7 M=_%?5?M&HV6G1G*0(TC$'JQ)7!^FW]:\[KZ'+J"A3YWN_P`CY?-<2ZE7V:VC M^84445Z)Y84444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`7=)U2YT?4(KRUI4445X!],%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`'SAKMTU[KU_ M.QR'N)".I.325]A%YUC_@,<']2W]*YIXVA!V#P+H,'_+HDG&/WD:'_`-EKGEFE%;79U1R?$/>R/!** M^@?^$-T'_H'6W_?A/_B:#X,T$@C^SK<9[B%/_B:G^U:?\K+_`+%J_P`R_$^? MJ*]QN/AQH-PN-LT?!&8PBG_T&LF?X1Z)HU-(R.2KA*]+6<6C*HHHK:#3+IR<9J2Z,^F** M**^0/N0HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`^8****^R/@PHHHH`****`"BBB@`HHHH`***LV&GW6I7* MV]I!)*Y(!V(6V@G&3@<#FDVDKL$FW9%:MO0?"NI^(92MK'Y<:XS+*K!.?<`\ M\YKTCP[\-+32Y/M&I3)>S8&(_*!C7H3]X'/(Z\<5W8`4````<`"O*Q&9Q7NT ME?S/;PV3RE[U9V\C@M(^%FGV3B6^O)+IQCY!&JIVZ@YS^E=Q;6EM9ILM;>&! M#_#$@4?I4U%>15KU*KO-W/:HX:E15J<;!11161N%%%%`!1110`4444`%%%%` M&'K'A/2-:CVSVR1OS^]AC0/S[D'ZUY_J_P`*KRU0RZ=>I"0!VX/4^W6LZE2-./--V1I2I3JS4( M*[*WA7PC=^*)Y1'((((L;Y70D')Z#L3CGK7MFC:)9:%9"VLXPHP-S[0&<@8R M2`,G_&KL$$5M`D,,:I&BA550```,=JDKYS%8R==VV78^JP>!IX97WEW"BBBN M0[@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`.#\6_#R'5F^V::\ M=M<*K%H_+`63J?X1G.?K7C\L3PRM%*C(Z$JRL,$$=017TY7+>,/!L7B>&)XY M5M[N$-M?8"'!'1CUQG\LGBO4P>/PN MY;:X39+&Q5AD'!!P>GN*@KW4TU='S;33LPHHHI@%2VW_`!]0_P"^O\ZBJ6V_ MX^H?]]?YTGL"W/IJBBBOCC[P****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`/F"BBBOLCX,****`"BBB@`HHJWI MFFW&K7\5G:JIDD8#YC@#)`R?SI-I*[&DY.RW-GP?X4F\37S$.B6MNRF8MGY@ M3]T8YY`->[P016T*0P1K'&@"JJC``'`JGH^D6NB:=':6L2(`HWLHQO8``L?< MXK0KYG%XIUY^2V/K<#@UAJ?]Y[A1117(=P4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%AB/5[&&)`-PN54;23RV_W[Y[]*];+L7ROV M4]NAXF:X+F7MX;K<\OHHHKW#YX*EMO\`CZA_WU_G452VW_'U#_OK_.D]@6Y] M-4445\!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110!\P4445]D?!A1110`4444`%>Q_#3PW)I>GRZE=)'YU MVJ&$CDB,@-U]R1Q_LUYMX6T*77];BM4"F-"LDVX_\LPP!_G7T(B+&BHBA548 M``X`KR_4^/Q^&^KUG%;/8*EMO^/J'_?7^=15+;?\?4/^^O\` M.NE['&MSZ:HHHKXX^\"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@#Y@HHHK[(^#"BBB@`HHI\,3SSQPQC+R,% M4>Y.!0!ZW\*](:TTR[OY54/<.JIW.P+G]=WZ5Z#5>QM4L;"WM8P`D,:QC`]` M!_2K%?)UZKJU'/N?:X:BJ-*--=`HHHK$W"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`&NBR(R.H96&"#T(KYRUK3)- M(U:XLY,821@I!ZJ&(!_2OH^O*?BW8!+O3K]54;T:%B.N0EEE7EJ\ MG<\G-Z//1]IUC^IYM4MM_P`?4/\`OK_.HJEMO^/J'_?7^=>^]CYE;GTU1117 MQQ]X%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`'S!1117V1\&%%%%`!75?#[2O[4\3QY"E;8+<'=_LNO^-/\`2AJGA>9L+FT#7.3Z*C5U-17$*W-M+`X!61"A!]",5I2FZZ?#R)8_"L>T?>8,?J42O.S.5J%N[1ZF41OB+]DSJZ***^>/J`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`/G3Q';&T\1ZC$<8%S+MQZ;SBJ%M_Q]0_[Z_P`Z]+^('@R_O=2CU'3( M4E1D(E0.%(;+-NY/.<_I7.^'_`>LZA?0R20QPVTXT445\R?7!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!\P4445]D?!A1110`5 M]`>#%"^%;'``S#&3C_<6OG^O>?`%;;<<[0JCV&Q:\O-5^Z7J>ODS_?2] M#IJ***\$^E"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`^8****^R/@PHHHH M`*]H^%MP)_"\RXP8[DKUSQL3FO%Z]4^$-QFUU2WR?D>-P.W((_\`9:X,RC?# MM]K'HY3*V)2[IGI=%%%?.'U84444`%%%%`!16;KVIC2-%NKOG>D;F/`_B"DC M^5>`W&N:M=R;Y]2NY&YZS-Q].>*[<+@I8A-IV2.#&8^&&:BU=L^D**^:O[2O M_P#G]N?^_K?XT?VE?_\`/[<_]_6_QKJ_LF7\_P"!Q?VW'^3\3Z5HKYPAU[6+ M<_N=5OH_]VXGS<>IK.IE=6*O%W-:6< M49.TTT>R455T_4+;4[..[M7+Q.`02I!Y`/?V(JP[!$9VZ*,FO-::=F>LFFKK M8=17SSJOB?5M5O'FEO[D1EB8XQ(0$!)(&!@?C790S6G5JJFHO7J>G4445YQZ@4444`%%% M9>OZY;>'M+:]N0S#)1%4?>?:2![=.M5&+DU&.[)G.,(N4G9(U**^=K_Q-K6I M2F2XU.Z89)"B0JHS[#`JQH_C#6=(NDD6_N)8=R[X9)-P901D#=G''&17IO*J MG+?F5SR%G5+FLXNWR/H&BH+*[BO[&"[A)\J>-9$R,'##(_G4]>6U9V9["::N M@HHHI#"BBB@`HKR?XC^*+Y-5BL-/N[BVBC0^;Y;E-S;B.W../UK@O[3O_P#G M]N?^_K?XUZ='+9U(*;E:YY-?-H4JC@HWL?2M%?-7]I7_`/S^W/\`W];_`!H_ MM*__`.?VY_[^M_C6G]DR_G_`Q_MN/\GXGTK17SK;^)=JZI,1>W$=LDC"*-7V@+N..!C)QQS6.%PLL1)I.UCHQF,CA8I MR5[GO=%>0?#SQ3>QZR;&]NKBX@G55C620MM?@P37JVH7:V&FW5XX)6W MA>4@=PH)_I4XC#2HU.1ZE8;%PKT_:+2VY9HKYSO/$.L7\IDN=3NG))('FD`? M0#@56_M*_P#^?VY_[^M_C7>LIE;67X'G/.X7T@_O/I6BOFK^TK__`)_;G_OZ MW^-.35M2C.4U"Z4],K,P_K1_9,OY_P`!?VW'^3\3Z3HKP;2_'>O:=,&>_GN8 MLC=',X;(SZL"17KWAKQ/9^)[22:U22-HB%DCD'0D9X/<=?RKDQ&"J4%=ZKN= MV%S"EB'RK1]F;=%K3L?ZU6&P$J\>>]D1B\RAAI\EKL^DJ*^:O[2O_P#G]N?^_K?XT?VE?_\` M/[<_]_6_QKI_LF7\_P"!R?VW'^3\3Z5HKYJ_M*__`.?VY_[^M_C5JQ\1:OI] MPLL&HW2X()7S20V#G!!X-#RF5M)?@-9W"^L']Y]%T57FNT@TZ2\8'9'$92.^ M`,U\^ZAXEUC4IVDGU&Z())5!*0J\]@,"N/"X.6(O9VL=N,QT,,E=7;/HJBOF MK^TK_P#Y_;G_`+^M_C1_:5__`,_MS_W];_&NS^R9?S_@-I^IVMVI8>3*DAVGD@,#C]*QKT_:4Y0[FV&J^RJQGV9]*44U'61%=3E6&0? M:G5\F?;!1110`4444`[^/_`/D59_\`@7_H#5X1 M7OY7_!?J?,YS_'7H=+X2$2>*_MFR\6V^S;,[H]V[=N]Q_=KI?\`A4-Q_P!! MB+_OP?\`XJIO@_\`\QG_`+8?^U*]/KFQF,K4ZSA%Z?\``.O`X##UU>#^.M!70=?* M1!!!<*9HU3HH+M\OX#%=.!QLJS<*FYRYCE\:$54I[=2S\/O$O]AZN;:?S&MK MPK'M4\*Y8`-CZ$]*]JN?^/6;_<;^5?,H)!!!P1WKZ/M+G[;X>@NN?W]JLG/^ MTF?ZUSYI249QJ+J=.3UG*$J3Z;?,^<*[SX3?\C5=?]>3_P#H:5P==Y$O^1J MNO\`KR?_`-#2O1QG^[S]/\CRL!_O,/7_`#/8Z***^7/L0HHHH`*\H^+6HB2\ MT_3D9L1HTSCL23M'Y;6_.O57=8XVD?M^IY.;UN2BJ:^U^A2HKLOAQHL>K:])).B/#;(LF&&?FW M#'Z`US6K:?)I>J7-G)C,4C(".X#$9_2O;56+J.GU1\]*A*-)57LVU]QZ?\*- M3:XTR]L97=F@D5UW'.%*XP/IM_6O0Z\&\"ZU_8OB.-F+>7<[8&Q[NO/\Z]YK MPD%%%%`'A'C__`)&J?_@7_H;5S,2> M9*B9QN8#/I73>/\`_D:I_P#@7_H;5SEM_P`?4/\`OK_.OJ\/_!CZ'Q>)_CR] M3TO_`(4__P!1W_R4_P#LZ0_!\X.-#_`&AB/YOP1]+_`&9A M?Y?Q?^9\]^(_"]]X8N8HKQHG68,8WC;((!YX/(/(_.L0'!R.M>N?%L)_8M@2 M!O\`M!P?;:<_TKR.O;PE:5:BIRW/G<=0C0KN$-CZ!\'ZS_;?AZ"=BS21!896 M;JSA%)/ZUX'<_P#'U-_OM_.O6OA*3_PCUZ,G'VLX'_`%KR6Y_P"/J;_?;^=< MV"@H5ZL5MH=>/J.IAZ,I;NYL^#?^1JL/^N\?_H:U[;XE_P"15U?_`*\IO_0# M7B7@W_D:K#_KO'_Z&M>V^)?^15U?_KRF_P#0#7/F/^\0^7YHZLK_`-VJ?/\` M)GSI72^$/"7_``EE?"'_C[U7_EBZ MDJ=&4H[H\G`THU<1&$U=/_(F_P"%/_\`4=_\E/\`[.JM[\)+V*$M9:G#<.`3 MLDB,>?8')Y^N*]9HKPUF.(3^+\$?1/*\*U;E_%GS$Z-&[(PPRG!'O70>"M:E MT;Q#`59O+N72&0`]BXY_G^=5_%@B'BG4A$``+F7<`,<[VK+M"1>0%20?,7!' MUKZ!I5:6O5'S,6Z-;W7JG^IZQ\6_^0!8_P#7U_[*U>0UZ]\6_P#D`6/_`%]? M^RM7D-+-?WR742D'RA$5!Y!Y.[ M\/QKT>BN=X_$-6YCICEF%B[J/XLH:W_R`-1_Z]9?_037S?7TAK?_`"`-1_Z] M9?\`T$U\WUWY3\,O5'FYW\477PBNDB)M=6BF?!^62$QC\P37G<\,EO/)!*NV2-BC#.<$'! MKZ;KPGX@_9_^$JF^SJ%X/F8&,OO;)K7`8NI5FX3U,+C'8****ZSC"BBB@`H MHHH`]T^'^N?VSX=5&W>;:;8&W=P$&#^/-=77B7PYU]-'UQK:8N8KW9$`O3?N M`4G\S7MM?,XZC[*L[;/5'UV75_;4%=ZK1_UZ!1117&=P4444`[^/\`_D59_P#@7_H#5X17OY7_``7ZGS.<_P`=>AZA\'_^8S_V MP_\`:E>GUYA\'_\`F,_]L/\`VI7I]>9F'^\2^7Y'KY9_NL?G^;"O+/B_&!/I M$O&665>GH4_QKU.O*?B[.&O]+M\\I$[XQ_>('_LM/+O]XC\_R%FEOJLK^7YG MFU>\>$9_/\%P\$>7`JSCZG ME9/?VLO0\"KO/A-_R-5U_P!>3_\`H:5P==Y\)O\`D:KK_KR?_P!#2NG&?[O/ MT_R./`?[S#U_S/8Z***^7/L0HHHH`Y'XAZVVD>'O+C+"2[+0C;V4HS?##2'T_0Y[J4+ONW5E(Z[-H(S_P!]&N>^+.G+#J-A?HBJLT;1MC^\#G)_ M[Z_2K]K\5=-M+2&VCTJX"0QK&H#J.`,"L;Q;XZT_Q-I26@T^:.1)/,1V8'!V MD=OJ/RKCI4\0L5[64='^1VUJN%>#]C&>J]=_N]3A02K!E)!!R".U?1VAZDFK M:/;7:$Y>-2X(Z,5!(_6OG"O5/A)J!>WU#3W9CL99D!Z8(VG^2UOF=+FI<_8Y M\HK'_@Q]#XK%?QY^I['_P`+9T'_`)]-2_[]I_\` M%TC?%G0PIVV>HD]@40?^SUX[17-_9F'[/[SK_M?%=U]QT/BSQ5-XHO(I&C:& M"$$1Q%@V,GKT'.,#\*YZI[2SN+Z;RK:/>_ID#V[UZ9X3^&TMK=?;-<2!@N#' M;@[OFR#DD'';&.0[M^IZ.;TU3 MITX1V5_T-GP;_P`C58?]=X__`$-:]M\2_P#(JZO_`->4W_H!KQ+P;_R-5A_U MWC_]#6O;?$O_`"*NK_\`7E-_Z`:SS'_>(?+\T:97_NU3Y_DSYTKKO`GBJQ\, M3WKWL5Q()U0+Y*J<8)ZY(]:Y&BO7JTXU8.$MF>'1JRHS4X;H]C_X6SH/_/IJ M7_?M/_BZIZC\6;(V[+IUC=&5@0'FVH%..#QNSSBO***Y%EN'3O9_>=LLVQ35 MKK[ATDCRRO)(Q9W)9F/4D]36_P"#-%FUKQ';I&%V6[I/+N/5`ZY'ZU#HGA/5 MO$#'[%$GEKC=(\@`&?U_2O9?"OA:W\,6+Q(4DN)2#),%()P!QR3QG)_&C&8N M%*#C%^\/`8*=:HIR7N_F<[\6_P#D`6/_`%]?^RM7D->O?%O_`)`%C_U]?^RM M7D-&6_[NO5BS;_>GZ(N6FKZG81&*SU&[MHRVXI#.R`GUP#UX%6/^$EU[_H-Z ME_X%/_C6OX8\"W/B?39+V&\AA5)C$5=222`#GC_>K;_X5'?_`/04MO\`OAJN MIB,-&34VK^G_``#.GA<7*"E!.WK_`,$XW_A)=>_Z#>I?^!3_`.-=]\,O$>HZ MCJ5W87]W-%C<2 MM<+I'4YYQ^5M M_P#(`U'_`*]9?_037S?7TAK?_(`U'_KUE_\`037S?1E/PR]4&=_'#T?YG4^" M/%%KX8O+J:Z@FE6:,(!%C(P<]S7:_P#"V])_Z!][_P".?XUY#1795P5&K+GF MM?4X*.85Z,.2#T]#U2_^+5L;=EL=.G\U@0'D=5VG'!Q@YKR^::6YGDGF=GED M8L[,>22E03Y%8SKXJMB6N=W-+PQ MHTVMZ[;VT2J51EDEW''[L,H/UZ]**]F\*>%;;PS9NJE)+J7'F3!2"<`<W6BO&Q>.E.I^[=DCZ#!9=&G3_>J\G^!X#1117T)\N%%%%`!1110`JL58,I M(8'((ZBO>_!GB2/Q%HX8OFZMPJ3@C!)VCYNO0G/Y5X'6_P"$O$L_AO51*K_Z M-,56X7&?EW#)`SU`SCZUQXW#^VIZ;K8[LOQ7U>KK\+W/H"BF0S1W$"30NKQ2 M*&5E.001D&GU\R?7;A1110!R_C__`)%6?_@7_H#5X17O7CN*27PK<^6I;8K. MWL`CH?!_P#YC/\`VP_]J5Z?7S59ZE?Z=O\`L5[< MVWF8W^1*R;L=,X//4_G5K_A)=>_Z#>I?^!3_`.-3B,O?7T,1P2$W98X]`.:\$UW6;G7=5EO+ARV21&",;4W$A?P MS52ZOKN^@SJ7MY549)0@#\*\S,<1&I448[(]?*\+*E2< MY[R/F2N\^$W_`"-5U_UY/_Z&E<&1@X/6I[2^N["4RV=U/;2%=I>&0H2/3([< M#\J]NO3=6G*"ZGS^'JJC5C4:O9GTQ17SI_PDNO?]!O4O_`I_\:/^$EU[_H-Z ME_X%/_C7D?V3/^9?B>Y_;=/^1_>CZ+JMJ%[%IUA/=S,%2&-G.>^`3@>O2O!+ M;Q?XAM9`Z:Q>,0X>3`QE=G*_P#CU92R M^<*D8-W3-H9I"I2G.*:<5_P#RJ>:2YN))Y6+22,7=CW).2:MZ;HNI:OYG]GV M,LN<\E-@*_J6_.O7Q>(^KT^9; M]#P\%AOK-7E>W4\O_P"$+\2?]`>Y_(?XT?\`"%^)/^@/<_D/\:^@:*\O^U:O M\J_$]?\`L6C_`#/\#YHO;"ZTZX,%Y`\,N,[7&#U(_H:TO"NLR:)K]O<++Y<3 MNLY2WZ"NO^+6FB.ZL-1CC`616AD8>H.X9]SEORKS:O5I36(HW?4\: MO3EA<0XQ>ST/I^BLKPWJ#:EX?LKAR3*84\PD8RVP$G]:U:^8E%QDXOH?80DI MQ4EU"BBBI*/"/'__`"-4_P#P+_T-JYRV_P"/J'_?7^=='X_!'BJ;((SN/_C[ M5SEJ,W<('7S%_G7U=#^#'T/B\3_O$O4^E?LT'_/"/_O@4?9H/^>$?_?`J6BO ME;L^SLAJ1I&"$15!_NC%.HHI#"OF6Y_X^IO]]OYU]-5\S70*WDX(((D8$'ZU M[&4[S^1X6=[0^?Z&QX-_Y&JP_P"N\?\`Z&M>V^)?^15U?_KRF_\`0#7BG@M& M?Q58[03MEC)]AO6O:_$@SX6U<#K]BF_]`-+,?]XA\OS0\K_W:I\_R9\Z5Z1\ M)(TDNM5WHK82/&X9[M7F]>E_"$?Z5JQ[;(OYM7?C_P#=Y?UU/-RW_>H?UT9Z M?]F@_P">$?\`WP*/LT'_`#PC_P"^!4M%?-79];9!1112&>??%O\`Y`%C_P!? M7_LK5Y#7L'Q91F\/6;!20+H9([?(U>/U]'EO^[KU9\KFW^]/T1['\)O^16NO M^OU__0$KO*^;+35]3L(C%9ZC=VT9;<4AG9`3ZX!Z\"K'_"2Z]_T&]2_\"G_Q MKGKY;.K4E-26OJ=.&S:%*E&FXMV7D?1=%?.G_"2Z]_T&]2_\"G_QJ>V\7^(; M60.FL7C$'.)93(/R;-8O*:G22_$W6=4^L'^![KK?_(`U'_KUE_\`037S?7T3 M>SF\\(W%QC!FL&?`'K'FOG:M\J5HS7F<^=.\H-=F>C?"/_D*ZC_UP7_T*O6: M\F^$?_(5U+_K@O\`Z%7K-<.8_P"\/Y'HY5_NJ^?YGDOQ.\.):7$&JV5OMBF+ M+/LZ;\EMQ'OSS[5YT#@Y'6OI34=.MM5L9+2[B62)U(YZC((R/0\GFOG;4]-N MM)OI+2[B,TA[.6Z_(\G-<+[*I[2.TOS_P"">R^` M?%#:_ICP7,@-[;;0W&"RX`W=>3D'/X45Y/X9UJZT/689K:0JLCJDJXR&3<"1 MC\**X<9@I1J7IK1GHX',(2I)57JC'HHHKZ`^9"BBB@`HHHH`****`/1OA]XU M6S+Z;J]X1`=@MGDY"'A=N>PQCVK-?,`)!!!P1WKUGP/X^%VCV6NWB+,-H M@E<;=XX&"?7.#^)KQLPP7_+VFO5?U^)[V69@K*C5?H_T?Z'HU%%%>,>\17-O M#=VTEO.@>*12CJ>X(P:\SO?A.QG)L;I1#DX$TASUXZ)Z5ZC16]'$5*-^1G/7 MPM*O;VBV/)O^%37_`/S]VW_?QO\`XBC_`(5-?_\`/W;?]_&_^(KUFBM_[1Q' M?\#F_LK#=OQ/+;7X3/O/VR[79QCR9.??JE=9I?@+P_I3;TL_M$H((>Y.\C'H M.GZ5TU%95,97J:.1M2P&'IN\8_?J%%%%3?\*FO_\` MG[MO^_C?_$4?\*FO_P#G[MO^_C?_`!%>LT57]HXCO^!/]E8;M^)Y?8_"=A<* M;ZZ5H01D0R')&>>J>E=EXC\*V>OZ3%9L#&;HK*>+K M3DI-ZK8VIX*A3@X1CH]SR2P^%&H_;%^WW-M]F!&[R96W$9YQE/3->L111P0I M#$H2.-0JJ.@`X`I]%37Q-2O;G>Q6'PE+#I^S6X4445@=)EZ]H5GXATXVEXA( M!+1LK8*M@@']:\UM_A/JGVL"YNK3[/D9,HKIHXNK1BXP>AR M5\%1KR4IK4KV5E!I]G%:VR;(HD"*/8``9_*K%%%<[;;NSJ225D%%%%(9Q/C7 MP*?$,L5W8-'%=J"K^8Y567D]@> MGXUZ;175'&UHT_9IZ?B<9^)OAE+=WYNM M%>)%E+/*D\A'S$D_+A>GXUZ916U&O.C+F@S#$8:GB(\M1'#>"O`C:!/+>:B8 M9KH@+'Y;%E09!)Y`YR!7:SPQW-O)!,H:*12CJ>X(P14E%*K6G5GSR>HZ-"G1 MA[."T/(M0^%.I"[;^SI[=K8D[?.E.X#/&<+Z8KO/"?A6W\,6M6 M+6E]%YD1R1S@J<$9'OR:\WG^$UQYI^SW<7E]O,D.?T2O5:*Z*.*JT5:#.:O@ MZ-=WJ+4\F_X5-?\`_/W;?]_&_P#B*/\`A4U__P`_=M_W\;_XBO6:*V_M'$=_ MP.?^RL-V_$\F_P"%37__`#]VW_?QO_B*LV/PG87"F^NE:$$9$,AR1GGJGI7J M%%)YAB&K7&LKPR=^7\2(6\(M1;"-?(">7L[;<8Q^5>4ZI\*K\7C'2YH#;$G` MFE.Y>>.B^F*];HK&AB:E%MP>YOB,)2Q"2FMCF/!WA&/PQ;3%F$EU/M$CAL@` M#H.!W)_2NGHHK.I4E4DY2W9K2I1I04(*R05QWC3P2OB3RKFT,<5[&"I9V*JR M\D9P#SD_J:[&BG2JRI2YX/45:C"M!PFM#S#PY\,)[>_%QK3Q-'&5:.."0G

GT5I5Q56K*\F94<'1HQY8Q^_4^8YHS#/)$>J,5/X&F5M^+--DT MOQ)>Q.A19)7EB![H7;'\JQ*^GA)2BI+J?'U(.$W%]`HHHJR0HHHH`****`"E M5BK!E)#`Y!'44E%`'J7@[XC!@UIX@N@"-HAG*=>QW$?@18;R9[JS^4;7&]T`P/E.1V['BO(Q>7]>[EN)4H>RENMCYS-L(XS]M'9[^7_#F'1117JGC!1110`4444`%%%%` M!1110!;L-4O]+F,MA=S6[G&3&Y&?KZ_C7HGA_P"*>`T>O*3T"26\7YEN?QX% M>845A6PU*LO?7^9T4,75H.\'\NA]':=K^DZL/]!U""8\956PPS_LGFM&OF>U MOKNQD,EI=36[GJT3E2?RKJ+'XE>([/B6XBNEXXGB!('U7!_.O*JY5-/]V[^I M[-'.8-6JQL_(]PHK@M/^*FD2IB^2XA?CD197]&)K>MO&WANZ_P!7J]NO_77, M?_H0%<$\+6AO%GI0QE"?PS7WF_152'5=.N/]3?VLG^Y,I_D:M@Y&1TK%IKS0S16M57S1X.)R>5^:@].S/$Z*ZK6/`>I M:.V9KBT92"R['8G'OE17+.I1V4]0<5ZE.I"HKP=SQZE*=)VFK"4445H9A111 M0`4444`%%%%`!1110`4444`68=0O;?\`U-W<1_[DA'\C6YH_CC7=,ND9]1FN M("R^8EPQE^7(SC)R./0US5=%X1\,OXCU+8718(BK2@L02N1D#@\XS6-:-)0; MJ)6-Z$JSFHTF[^I[[1117R9]J%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 3`%%%%`!1110`4444`%%%%`'_V3\_ ` end CORRESP 4 filename4.htm

DLA Piper LLP (US)

6225 Smith Avenue

Baltimore, Maryland 21209-3600

T 410.580.3000

F 410.580.3001

W www.dlapiper.com

Kelly Tubman Hardy

kelly.hardy@dlapiper.com

T 410.580.4169 F 410.580.3169

September 9, 2014

via EDGAR
Securities and Exchange Commission

Division of Corporation Finance

Office of Mergers and Acquisitions

100 F Street, N.E.

Washington, D.C. 20549

Attention:

Daniel F. Duchovny

Re:

GP Strategies Corporation
Schedule TO-I
Filed September 2, 2014
File No. 005-38329

Ladies and Gentlemen:

This letter is provided on behalf of our client, GP Strategies Corporation (“GP Strategies” or the “Company”) in response to the comments provided by the staff of the Division of Corporation Finance (the “Staff”) of the Securities and Exchange Commission (the “Commission”) in the letter from Daniel F. Duchovny dated September 5, 2014 with respect to the above-referenced Schedule TO-I (the “Schedule TO”) and related Offer to Purchase dated September 2, 2014 (the “Offer to Purchase”). Defined terms used herein shall have the meaning specified in the Schedule TO and Offer to Purchase. In response to the Staff’s comments, we are filing today via EDGAR, Amendment No. 2 to the Schedule TO (the “Amendment No. 2”). For your convenience, your comments have been reproduced in bold below, together with GP Strategies’ responses.

Offer to Purchase
The Offer, page 12

Please tell us how your plan to pay for tendered securities five business days after the expiration of the offer complies with Rule 14e-1(c), which requires such payment to be made promptly.

U.S. Securities and Exchange Commission

September 9, 2014

Page 2

Response:

The Company has discussed this comment with Computershare Trust Company, N.A., the depositary (the “Depositary”) for the Offer. The Company acknowledges the requirement to pay the tender offer consideration “promptly” after termination of the Offer under Rule 14e-1(c) under the Exchange Act. The Company further acknowledges that the Staff indicated in Exchange Act Release No. 43069 (July 31, 2000), that the standard for making payment “promptly” may be determined by the practices of the financial community, including current settlement practices, that it would consider payment within three business days after the date of a transaction to be prompt and that under certain circumstances payment more than three business days after the transaction date can still be consistent with the rule. The Company respectfully submits that in the context of this Offer, it expects that payment earlier than five business days after the expiration of the Offer is unlikely to be practicable due to the guaranteed delivery procedures under the Offer and the potential need for proration.

Pursuant to Section 3 of the Offer to Purchase, stockholders may properly tender their Shares by delivering to the Depositary (i) a properly completed and duly executed Notice of Guaranteed Delivery prior to the Expiration Date and (ii) all other required documents within three business days after the date of receipt by the Depositary of the Notice of Guaranteed Delivery. The Depositary has informed the Company that, it will not be possible to begin to determine the final number of Shares properly tendered and not properly withdrawn or the final proration factor (if any) until three business days after the Expiration Date if any Shares are tendered by guaranteed delivery. Until the final results of the Offer and proration factor (if any) are determined, the Company is not able to make payments. It is expected that the Depositary will require one additional business day to determine the final proration factor (if any) with final payment to be made the following business day. Due to the foregoing factors, the Company expects that it will require up to five business days to calculate the final proration factor and commence payment and that such time period is consistent with Rule 14e-1(c) and issuer tender offers with similar terms under similar conditions.

Conditions of the Offer, page 25

Refer to the second sentence of the last paragraph of this section. Note that once an offer condition is triggered, you must decide whether or not to waive it. Thus, when a condition is triggered and you decide to proceed with the offer anyway, we believe that this constitutes a waiver of the triggered condition(s). Depending on the materiality of the waived condition and the number of days remaining in the offer, you may be required to extend the offer and recirculate new disclosure to security holders. You may not, as this language seems to imply, simply fail to assert a triggered offer condition and thus effectively waive it without officially doing so. Please confirm your understanding supplementally.

U.S. Securities and Exchange Commission

September 9, 2014

Page 3

Response:

In response to the Staff’s comment, the Company hereby supplementally confirms its understanding that when a condition is triggered and it decides to proceed with the offer anyway, then depending on the materiality of the waived condition and the number of days remaining in the offer, the Company may be required to extend the offer and recirculate new disclosure to security holders. The Company confirms to the Staff that it will not simply fail to assert a triggered offer condition and thus effectively waive it without officially doing so.

Please see our comment above. When an offer condition is triggered by events that occur during the offer period and before the expiration of the offer, the bidder should inform security holders how it intends to proceed promptly, rather than wait until the end of the offer period, unless the condition is one where satisfaction of the condition may be determined only upon expiration. Please confirm your understanding in your response letter.

Response:

In response to the Staff’s comment, the Company hereby supplementally confirms its understanding that when an offer condition is triggered by events that occur during the offer period and before the expiration of the offer, it will inform security holders how it intends to proceed promptly, rather than waiting until the end of the offer period, unless the condition is one where satisfaction of the condition may be determined only upon expiration.

Sources and Amount of Funds, page 28

Please disclose the name of the lender(s).

Response:

In response to the Staff’s comment, the Company has revised the disclosures in Amendment No. 2 as requested.

* * * *

In connection with responding to the Staff’s comments and the filing of Amendment No. 2, GP Strategies has authorized us to acknowledge on its behalf that: (i) it is responsible for the adequacy and accuracy of the disclosure in the filing; (ii) Staff comments or changes made in response to Staff comments do not foreclose the SEC from taking any action with respect to the filing; and (iii) it may not assert Staff comments as a defense in any proceeding initiated by the SEC or any person under the federal securities laws of the United States.

U.S. Securities and Exchange Commission

September 9, 2014

Page 4

Thank you very much for your attention to this matter. We hope that our responses to your comments address the issues raised in your letter and would be happy to discuss with you any remaining questions or concerns you may have. Please contact me at (410) 580-4169 should you have any questions concerning this letter or require further information.

Sincerely,

/s/ Kelly Tubman Hardy