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Midnight Acquisition Holdings Inc – ‘SC 13D/A’ on 8/10/99 re: Asahi America Inc

On:  Tuesday, 8/10/99   ·   Accession #:  893838-99-200   ·   File #:  5-48957

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/10/99  Midnight Acquisition Holdings Inc SC 13D/A               2:62K  Asahi America Inc                 Chadbourne & Par… LLP/FA

Amendment to General Statement of Beneficial Ownership   —   Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    Schedule 13D Amendment No. 1                          11     43K 
 2: EX-99       Exhibit (A)                                           16     54K 


SC 13D/A   —   Schedule 13D Amendment No. 1
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
5Item 3. Source and Amount of Funds or Other Consideration
"Item 4. Purpose of Transaction
8Item 5. Interest in Securities of the Issuer
"Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
9Item 7. Material to be filed as Exhibits
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) Amendment No.1 ASAHI/AMERICA, Inc. ----------------------------------------------------------- (Name of Issuer) Common Stock, no par value -------------------------------------------------------------------------------- (Title of Class of Securities) 04338D106 ----------------------------------------------------------- (CUSIP Number) Ichiro Murao Midnight Acquisition Holdings, Inc. c/o Asahi Organic Chemicals Industry Co., Ltd. 15-9 Uchikanda 2-chome, Chiyoda-ku, Tokyo 101-0047 Japan 03-3256-2451 with a copy to: David M. Wilf, Esq. Chadbourne & Parke LLP 30 Rockefeller Plaza New York, NY 10112 212-408-5100 -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 9, 1999 -------------------------------------------------------------------------------- (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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box |X| Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. *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 purpose of Section 18 of the Securities Exchange Act of 1934 ("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).
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SCHEDULE 13D/A ------------------- ----------------------- CUSIP No. 04338D106 Page 2 of 11 Pages ------------------- ----------------------- --------- ---------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Asahi Organic Chemicals Industry Co., Ltd. ("AOC") --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| --------- ---------------------------------------------------------------------- 3 SEC USE ONLY --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Japan --------- ---------------------------------------------------------------------- ------------------- ------- ---------------------------------------------------- 7 NUMBER OF SOLE VOTING POWER SHARES 491,470 ------- ---------------------------------------------------- ------- ---------------------------------------------------- 8 BENEFICIALLY SHARED VOTING POWER OWNED BY 931,030 ------- ---------------------------------------------------- ------- ---------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 491,470 ------- ---------------------------------------------------- ------- ---------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH -0- ------------------- ------- ---------------------------------------------------- --------- ---------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,422,500 --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 41.5% --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO --------- ---------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT!
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SCHEDULE 13D/A ------------------- ----------------------- CUSIP No. 04338D106 Page 3 of 11 Pages ------------------- ----------------------- --------- ---------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Midnight Acquisition Holdings, Inc. ("Holdings") --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| --------- ---------------------------------------------------------------------- 3 SEC USE ONLY --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware --------- ---------------------------------------------------------------------- ------------------- ------- ---------------------------------------------------- 7 NUMBER OF SOLE VOTING POWER SHARES -0- ------- ---------------------------------------------------- ------- ---------------------------------------------------- 8 BENEFICIALLY SHARED VOTING POWER OWNED BY 1,422,500 ------- ---------------------------------------------------- ------- ---------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- ------- ---------------------------------------------------- ------- ---------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH -0- ------------------- ------- ---------------------------------------------------- --------- ---------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,422,500 --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 41.5% --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO, HC --------- ---------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT!
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SCHEDULE 13D/A ------------------- ----------------------- CUSIP No. 04338D106 Page 4 of 11 Pages ------------------- ----------------------- --------- ---------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Midnight Acquisition Corp. ("Acquisition Corp.") --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| --------- ---------------------------------------------------------------------- 3 SEC USE ONLY --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Massachusetts --------- ---------------------------------------------------------------------- ------------------- ------- ---------------------------------------------------- 7 NUMBER OF SOLE VOTING POWER SHARES -0- ------- ---------------------------------------------------- ------- ---------------------------------------------------- 8 BENEFICIALLY SHARED VOTING POWER OWNED BY 1,422,500 ------- ---------------------------------------------------- ------- ---------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- ------- ---------------------------------------------------- ------- ---------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH -0- ------------------- ------- ---------------------------------------------------- --------- ---------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,422,500 --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 41.5% --------- ---------------------------------------------------------------------- --------- ---------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO --------- ---------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 04338D106 SCHEDULE 13D/A Page 5 of 11 Pages This Amendment No. 1 amends the statement in Schedule 13D which was filed on July 27, 1999 (the "Schedule 13D") by the undersigned with respect to Common Stock, no par value (each a "Share," and collectively, the "Shares") of Asahi/America, Inc. (the "Issuer"). Capitalized terms used herein and not otherwise defined in this Amendment have the meanings set forth in the Schedule 13D. Except as specifically provided herein, this Amendment does not modify any of the information previously reported on Schedule 13D. This Amendment amends the tables of each of the Stockholders and Items 3, 4, 5, 6 and 7, all of which are restated in their entirety. Item 3. Source and Amount of Funds or Other Consideration. ------------------------------------------------- AOC will use its working capital to fund the transaction that gives rise to this filing. Item 4. Purpose of Transaction. ---------------------- (a) Not applicable. (b) Pursuant to an Agreement and Plan of Merger dated as of August 9, 1999 (the "Merger Agreement"), by and among Holdings, Acquisition Corp., and the Issuer, and subject to the Merger Agreement's conditions, Acquisition Corp. will be merged with and into the Issuer (the "Merger"), with each of the outstanding Shares being converted into the right to receive (i) $8.25, in cash, without interest, plus (ii) an amount equal to the aggregate amount received by the Issuer for the sale of its wholly owned subsidiary, Quail Piping Products, Inc. ("Quail"), net of all taxes and expenses paid or payable from its sale, divided by (1) the number of Shares issued and outstanding, other than Shares held by AOC, the Issuer or any of their respective subsidiaries, plus (2) all Shares into which options
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CUSIP NO. 04338D106 SCHEDULE 13D/A Page 6 of 11 Pages and similar rights are exercisable at the moment when the Merger becomes effective (the "Merger Consideration"). The Merger is subject to (i) the approval of the Merger Agreement and the Merger by the Issuer's shareholders and (ii) the satisfaction or waiver of certain other conditions as more fully described in the Merger Agreement. In addition to conditions precedent customarily found in transactions of this type, the Merger Agreement requires that (i) the Issuer have no debt as of the closing, with certain exceptions, (ii) Quail be sold and all Quail-related obligations of the Issuer be terminated pursuant to an agreement in the form attached to the Merger Agreement and (iii) all Shares held directly and indirectly by Nichimen Corporation ("Nichimen") have been purchased by AOC or its subsidiaries. Pursuant to the terms of the Merger Agreement, the Issuer will survive the Merger and become a wholly owned subsidiary of Holdings. At the moment the Merger becomes effective (the "Effective Time"), each Share of the Issuer then outstanding will be converted into the right to receive the Merger Consideration, and all outstanding options or rights to acquire the Shares of the Issuer will be canceled and will receive the difference between the Merger Consideration and the exercise price of such option or right, other than Shares of AOC and its subsidiaries (which will include the Shares of Nichimen purchased immediately prior to the Merger) which will be cancelled in the Merger and will not receive the Merger Consideration. The foregoing description of the Merger Agreement and the Merger is qualified in its entirety by reference to the Merger Agreement, a copy of which has been included as an exhibit to the Issuer's Current Report on Form 8-K (the "Form 8-K") filed with the Securities and Exchange Commission on August 10, 1999 and incorporated herein by reference in its entirety.
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CUSIP NO. 04338D106 SCHEDULE 13D/A Page 7 of 11 Pages As an inducement to Holdings to enter into the Merger Agreement, Leslie B. Lewis, who beneficially owns 27.2% of the shares of the Issuer, has entered into a Stockholder Agreement, dated as of August 9, 1999 (the "Stockholder Agreement"), pursuant to which Mr. Lewis has granted a proxy to vote such shares in favor of the Merger. The Stockholder Agreement terminates upon the earlier to occur of (i) the closing date of the Merger, (ii) March, 31 2000 or (iii) the date the Merger Agreement is terminated if it is terminated by mutual consent of the parties or resulting from a governmental or court order or decree. The foregoing description of the Stockholder Agreement is qualified in its entirety by reference to such agreement, a copy of which has been filed herewith as Exhibit (a) and is incorporated herein by reference in its entirety. (c) Pursuant to the Merger Agreement and as a condition to the Merger, the Issuer will sell its wholly owned subsidiary, Quail. (d) After the Merger, the directors of Acquisition Corp. immediately prior to the Effective Time shall be the directors of the surviving corporation, until the earlier of their resignation or removal or until their respective successors are duly elected and qualified as the case may be, and the Issuer shall procure, prior to and as a condition to the Closing, the resignation of each of its directors effective as of the Closing other than Mr. Lewis who will remain as a director of the surviving corporation. The officers of the Issuer immediately prior to the Effective Time will remain in office as officers of the surviving corporation, until the earlier of their resignation or removal or until their respective successors are duly elected and qualified. (e) See Items 4(f) and 4(h).
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CUSIP NO. 04338D106 SCHEDULE 13D/A Page 8 of 11 Pages (f) Pursuant to the Merger Agreement and as a condition to the Merger, the Issuer will sell its wholly owned subsidiary, Quail. Following the Merger, the Issuer will become a wholly owned subsidiary of Holdings. (g) Following the Merger, the articles of organization and bylaws of Acquisition Corp. will remain as the articles of organization and bylaws of the surviving corporation of the Merger. (h) As a result of the Merger, the Shares of the Issuer will be delisted from the Nasdaq National Market System. (i) As a result of the Merger, the Shares of the Issuer will become eligible for termination of registration under Rule 12g-4 of the Securities Exchange Act of 1934, as amended, and will be deregistered as such. (j) Not applicable. Item 5. Interest in Securities of the Issuer. ------------------------------------ (a) - (b) Please refer to Schedule I attached hereto. (c) None of the Stockholders have effected any transactions in the Shares of the Issuer during the past 60 days. (d) None. (e) Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. ------------------------------------------------------ Holdings is a wholly owned subsidiary of AOC. Acquisition Corp. is a wholly owned subsidiary of Holdings. Except as described herein, the Issuer has not entered into any contracts, arrangements, understandings or relationships (legal or
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CUSIP NO. 04338D106 SCHEDULE 13D/A Page 9 of 11 Pages otherwise) with any other person with respect to any securities of the Issuer. See Item 4. Item 7. Material to be filed as Exhibits. -------------------------------- (a) Stockholder Agreement dated as of August 9, 1999, among Holdings and Leslie B. Lewis as trustee and individually.
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CUSIP NO. 04338D106 SCHEDULE 13D/A Page 10 of 11 Pages SIGNATURE --------- After reasonable inquiry and to the best of my knowledge and belief, the undersigned hereby certifies that the information set forth in this Statement is true, complete and correct. Dated: August 9, 1999 STOCKHOLDERS: Asahi Organic Chemicals Industry Co., Ltd. By:/s/ Haruo Tabata ---------------------------------------- Haruo Tabata, President Midnight Acquisition Holdings, Inc. By:/s/ Ichiro Murao ---------------------------------------- Ichiro Murao, Director & President Midnight Acquisition Corp. By:/s/ Ichiro Murao ---------------------------------------- Ichiro Murao, Director & President
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CUSIP NO. 04338D106 SCHEDULE 13D/A Page 11 of 11 Pages SCHEDULE I [Enlarge/Download Table] ----------------------------- ------------- -------------- ------------- ------------- ------------- -------------- Stockholder Name, Principal Number of Percentage Shares as Shares as Shares as Shares as to Business, Address of, shares of shares to which to which to which which there Principal Business, and beneficially beneficially there is there is there is is shared Address of Principal Office owned owned sole power shared sole power power to to vote power to to dispose dispose vote ----------------------------- ------------- -------------- ------------- ------------- ------------- -------------- Asahi Organic Chemicals 1,422,500 41.5% 491,470 931,030 491,470 -0- Industry Co., Ltd. Manufacturer and distributor of plastic piping materials including valves, pipes, sockets, tees and joints. 15-9 Uchikanda 2-chome Chiyoda-ku Tokyo 101-0047 Japan Midnight Acquisition 1,422,500 41.5% -0- 1,422,500 -0- -0- Holdings, Inc. Acquisition Vehicle c/o Asahi Organic Chemicals Industry Co., Ltd. 15-9 Uchikanda 2-chome Chiyoda-ku Tokyo 101-0047 Japan Midnight Acquisition Corp. 1,422,500 41.5% -0- 1,422,500 -0- -0- Acquisition Vehicle c/o Asahi Organic Chemicals Industry Co., Ltd. 15-9 Uchikanda 2-chome Chiyoda-ku Tokyo 101-0047 Japan Voting Power Shared with: 931,030 27.2% 931,030 -0- 723,773 -0- Leslie B. Lewis c/o Asahi/America, Inc. 35 Green Street Malden, Massachusetts 02148 Principal Executive Officer, President and Director of Issuer United States Citizen ----------------------------- ------------- -------------- ------------- ------------- ------------- --------------

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