Titan International Inc--Schedule 13D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

 

 

Under the Securities Exchange Act of 1934*

 

 

 

 

TITAN INTERNATIONAL, INC.

(Name of Issuer)

 

 

Common Stock, no par value

(Title and Class of Securities)

 

 

88830M102

(CUSIP Number)

 

 

ONE EQUITY PARTNERS LLC

320 Park Avenue

18th Floor

New York, NY 10022

Attention: Erin E. Quinn

(212) 277-1500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

 

With Copies to:

 

Dechert LLP

4000 Bell Atlantic Tower

1717 Arch Street

Philadelphia, PA 19103

Attention: Carmen J. Romano, Esq.

(215) 994-4000

 

 

October 11, 2005

(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 that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

 

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 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).


SCHEDULE 13D

CUSIP NO. 745769109   Page 2 of 26

 

  1  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

One Equity Partners LLC

IRS Identification No.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨

(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

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7    SOLE VOTING POWER

 

      0

 

  8    SHARED VOTING POWER

 

      0

 

  9    SOLE DISPOSITIVE POWER

 

      0

 

10    SHARED DISPOSITIVE POWER

 

      0


CUSIP NO. 745769109   Page 3 of 26

 

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

      0

   
12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

 

¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

      0.0%

   
14  

TYPE OF REPORTING PERSON (See Instructions)

 

      OO — Limited Liability Company

   


SCHEDULE 13D

CUSIP NO. 745769109    Page 4 of 26

 

  1  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

OEP Co-Investors LLC

 

IRS Identification No.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨

(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

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7    SOLE VOTING POWER

 

       0

 

  8    SHARED VOTING POWER

 

       0

 

  9    SOLE DISPOSITIVE POWER

 

       0

 

10    SHARED DISPOSITIVE POWER

 

       0


CUSIP NO. 745769109    Page 5 of 26

 

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

0

   
12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN

SHARES (See Instructions)

 

 

¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

0.0%

   
14  

TYPE OF REPORTING PERSON (See Instructions)

 

OO — Limited Liability Company

   


SCHEDULE 13D

CUSIP NO. 745769109    Page 6 of 26

 

  1  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

OEP Holding Corporation

 

IRS Identification No.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨

(b)  ¨

   
  3  

SEC USE ONLY

 

   
  4  

SOURCE OF FUNDS

 

Not applicable

   
  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

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7    SOLE VOTING POWER

 

       0

 

  8    SHARED VOTING POWER

 

       0

 

  9    SOLE DISPOSITIVE POWER

 

       0

 

10    SHARED DISPOSITIVE POWER

 

       0


CUSIP NO. 745769109    Page 7 of 26

 

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

0

   
12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

 

¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

0.0%

   
14  

TYPE OF REPORTING PERSON (See Instructions)

 

CO, HC

   


SCHEDULE 13D

CUSIP NO. 745769109   Page 8 of 26

 

  1  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

Bank One Investment Corporation

 

IRS Identification No.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨

(b)  ¨

   
  3  

SEC USE ONLY

 

   
  4  

SOURCE OF FUNDS

 

Not applicable

   
  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

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7    SOLE VOTING POWER

 

      0

 

  8    SHARED VOTING POWER

 

      0

 

  9    SOLE DISPOSITIVE POWER

 

      0

 

10    SHARED DISPOSITIVE POWER

 

      0


CUSIP NO. 745769109   Page 9 of 26

 

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

0

   
12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

 

¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

0.0%

   
14  

TYPE OF REPORTING PERSON (See Instructions)

 

CO

   


SCHEDULE 13D

CUSIP NO. 745769109   Page 10 of 26

 

  1  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

JP Morgan Capital Corporation

 

IRS Identification No.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨

(b)  ¨

   
  3  

SEC USE ONLY

 

   
  4  

SOURCE OF FUNDS

 

Not applicable

   
  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

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7    SOLE VOTING POWER

 

      0

 

  8    SHARED VOTING POWER

 

      0

 

  9    SOLE DISPOSITIVE POWER

 

      0

 

10    SHARED DISPOSITIVE POWER

 

      0


CUSIP NO. 745769109   Page 11 of 26

 

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

0

   
12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

 

¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

0.0%

   
14  

TYPE OF REPORTING PERSON (See Instructions)

 

CO

   


SCHEDULE 13D

CUSIP NO. 745769109

  Page 12 of 26

 

  1  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

Banc One Financial LLC

 

IRS Identification No.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨

(b)  ¨

   
  3  

SEC USE ONLY

 

   
  4  

SOURCE OF FUNDS

 

Not applicable

   
  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

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7    SOLE VOTING POWER

 

      0

 

  8    SHARED VOTING POWER

 

      0

 

  9    SOLE DISPOSITIVE POWER

 

      0

 

10    SHARED DISPOSITIVE POWER

 

      0


CUSIP NO. 745769109

  Page 13 of 26

 

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

0

   
12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

 

¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

0.0%

   
14  

TYPE OF REPORTING PERSON (See Instructions)

 

OO — Limited Liability Company

   


SCHEDULE 13D

CUSIP NO. 745769109

  Page 14 of 26

 

  1  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

JPMorgan Chase & Co.

 

IRS Identification No.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨

(b)  ¨

   
  3  

SEC USE ONLY

 

   
  4  

SOURCE OF FUNDS

 

Not applicable

   
  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

  x
  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7    SOLE VOTING POWER

 

      0

 

  8    SHARED VOTING POWER

 

      0

 

  9    SOLE DISPOSITIVE POWER

 

      0

 

10    SHARED DISPOSITIVE POWER

 

      0


CUSIP NO. 745769109

  Page 15 of 26

 

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

0

   
12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

 

¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

0.0%

   
14  

TYPE OF REPORTING PERSON (See Instructions)

 

HC

   


SCHEDULE 13D

CUSIP NO. 745769109   Page 16 of 26

 

  1  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

Richard M. Cashin Jr.

 

IRS Identification No.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨

(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

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7    SOLE VOTING POWER

 

       113,429

 

  8    SHARED VOTING POWER

 

       0

 

  9    SOLE DISPOSITIVE POWER

 

       113,429

 

10    SHARED DISPOSITIVE POWER

 

       0


CUSIP NO. 745769109   Page 17 of 26

 

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

113,429

   
12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

 

¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

0.6%

   
14  

TYPE OF REPORTING PERSON (See Instructions)

 

IN

   


SCHEDULE 13D

CUSIP NO. 745769109   Page 18 of 26

 

  1  

NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

Maurice M. Taylor Jr.

 

IRS Identification No.

   
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨

(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

   

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

 

  7    SOLE VOTING POWER

 

       809,076

 

  8    SHARED VOTING POWER

 

       1,004,300

 

  9    SOLE DISPOSITIVE POWER

 

       809,076

 

10    SHARED DISPOSITIVE POWER

 

       1,004,300


CUSIP NO. 745769109   Page 19 of 26

 

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,813,376

   
12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

 

 

¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

9.2%

   
14  

TYPE OF REPORTING PERSON (See Instructions)

 

IN

   


SCHEDULE 13D

 

This Statement on Schedule 13D relates to the common stock, no par value per share (the “Common Stock”) of Titan International, Inc., an Illinois corporation (the “Company”).

 

Item 1. SECURITY AND ISSUER

 

This Statement relates to the Company’s Common Stock. The address of the principal executive offices of the Company is:

 

2701 Spruce Street

Quincy, IL 62301

 

Item 2. IDENTITY AND BACKGROUND

 

(a) – (c), (f) Name, Address, Principal Business, Citizenship

 

This Schedule 13D is filed by the following Reporting Persons:

 

Reporting Persons


 

Principal Business


 

Address of Principal Office


One Equity Partners LLC   To make private equity investments on behalf of JPMorgan Chase & Co.   320 Park Avenue, 18th Floor New York, New York 10022
OEP Co-Investors LLC   To hold and manage investments for certain employees of JPMorgan Chase & Co.   320 Park Avenue, 18th Floor New York, New York 10022
OEP Holding Corporation   To act as a holding company for JPMorgan Chase & Co. in making private equity investments.   320 Park Avenue, 18th Floor New York, New York 10022
Bank One Investment Corporation   To act as a holding company for JPMorgan Chase & Co. in making private equity investments.   1 Bank One Plaza Chicago, IL 60670
JPMorgan Capital Corporation   To act as a holding company for JPMorgan Chase & Co. in making private equity, structured finance and other investments.   1 Bank One Plaza Chicago, IL 60670

 

Page 20 of 26


Banc One Financial LLC   To act as a holding company for JPMorgan Chase & Co. in making private equity, structured finance and other investments.   1 Bank One Plaza Chicago, IL 60670
JPMorgan Chase & Co.   To provide general financial services.   270 Park Avenue New York, New York 10017
Reporting Persons   Business Address    
Richard M. Cashin Jr.  

320 Park Avenue, 18th Floor

New York, New York 10022

   
Maurice M. Taylor Jr.  

2701 Spruce Street

Quincy, IL 62301

   

 

OEP Holding Corporation (“OEP Holding”) controls the managing members of One Equity Partners, LLC (“OEP”) and OEP Co-Investors LLC (“OEP Co-Investors”); Bank One Investment Corporation (“BOI”) owns all of the outstanding capital stock of OEP Holding; JPMorgan Capital Corporation (“JPM CC”) owns all of the outstanding capital stock of BOI; Bank One Financial LLC (“BOF LLC”) owns all of the outstanding capital stock of JPM CC; and JPMorgan Chase & Co. (“JPMC”) owns all of the outstanding stock of BOF LLC. OEP Holding, OEP, OEP Co-Investors, BOI, JPM CC, BOF LLC and JPMC are organized in Delaware. Information concerning the executive officers and directors of OEP Holding, OEP, OEP Co-Investors, BOI, JPM CC, BOF LLC and JPMC, including their principal occupations and beneficial ownership, is provided in Annex I to this Schedule 13D.

 

Richard M Cashin Jr. is the managing partner of OEP and a director of the Company. Maurice M. Taylor Jr. is chief executive officer and chairman of the board of directors of the Company. Mr. Cashin and Mr. Taylor are citizens of the United States.

 

The reporting persons are making this single, joint filing because they may be deemed to constitute a “group” within the meaning of Section 13(d)(3) of the Exchange Act. Each of the aforementioned reporting persons has entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13D as Exhibit 1, pursuant to which such persons have agreed to file this Schedule 13D jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Exchange Act.

 

Page 21 of 26


Information in this Schedule 13D with respect to each of the reporting persons is given solely by such reporting person, and no reporting person assumes responsibility for the accuracy or completeness of information provided by another reporting person.

 

(d) – (e)     Legal Proceedings

 

Except as noted below, during the last five years, none of the Reporting Persons or the executive officers and directors of the Reporting Persons has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

The Securities and Exchange Commission (“SEC”) alleged that during the period of December 1997 to September 2001, JPMC aided and abetted Enron Corp.’s violation of the antifraud provisions of the Federal Securities Laws, Section 10(b) of the Securities Exchange Act of 1934 and Exchange Act Rule 10b-5. The complaint alleged that Enron Corp. manipulated its reported financial results through a series of commodity derivatives transactions known as prepays which were entered into with JPMC. On July 28, 2003, JPMC consented, without admitting or denying the allegations of the complaint, to the entry by the United States District Court for the Southern District of Texas of a final judgment: (1) enjoining JPMC, its agents, servants, employees, attorneys, assigns and all persons in active concert or participation with them who receive actual notice of the final judgment by personal service or otherwise from violating, directly or indirectly, Section 10(b) of the Exchange Act and Rule 10b 5 promulgated thereunder; and (2) ordering JPMC to pay a total of $135,000,000: $65,000,000 representing disgorgement, prejudgment interest thereon in the amount of $5,000,000, and a civil penalty of $65,000,000 pursuant to Section 21(d) of the Exchange Act. No portion of the penalty was waived. JPMC made payment of $135,000,000 on July 28, 2003.

 

Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

 

The shares of Common Stock owned by each of Mr. Cashin and Mr. Taylor were acquired with personal funds. In accordance with Rule 13d-1(a) of the Exchange Act, the Reporting Persons are now filing this Schedule 13D not because of additional purchases of Common Stock but because they may be deemed to constitute a “group” within the meaning of Section 13(d)(3) of the Exchange Act.

 

Item 4. PURPOSE OF TRANSACTION

 

Each of Mr. Cashin and Mr. Taylor acquired the Common Stock for investment purposes.

 

On October 11, 2005, OEP delivered a letter (the “Proposal Letter”) to the Company in which OEP indicated its interest in acquiring the Company in a cash merger for $18.00 per share of Common Stock (“the Proposed Transaction”). The Proposal Letter provides that select management team members of the Company may be invited to participate in the Proposed Transaction by rolling over all or a portion of their current shares of Common Stock into an acquisition entity controlled by OEP. A copy of the Proposal Letter is attached as Exhibit 2.

 

Page 22 of 26


Mr. Cashin, one of the Company’s directors and the managing partner of OEP, and Mr. Taylor, the chief executive officer and chairman of the board of directors of the Company, are expected to participate in the acquiring entity and roll all or a portion of their shares of Common Stock into the acquiring entity. Mr. Mitchell I. Quain and Mr. Anthony L. Soave, also directors of the Company, may also participate in the acquiring entity and roll all or a portion of their shares of Common Stock into the acquiring entity.

 

The Proposal Letter provides that OEP intends to obtain the required financing for the transaction through debt and equity financing arrangements. These arrangements have not been finalized and the financiers referred to in the Proposal Letter have not committed to provide financing for the Proposed Transaction.

 

The Proposed Transaction is subject to certain conditions, including: (i) approval by the board of directors of the Company and stockholders, (ii) receipt of any material governmental and third party approvals, (iii) receipt of the necessary financing for the transaction on terms satisfactory to OEP, (iv) the negotiation and execution of definitive agreements providing for the merger, and (v) satisfactory results of due diligence.

 

Except as set forth above, the Reporting Persons do not have plans or proposals which relate to or would result in any of the actions described in Item 4(a) – (j) of Schedule 13D. However, as part of the ongoing evaluation of this potential acquisition and investment alternatives, the Reporting Persons may consider such matters and, subject to applicable law, may formulate a plan with respect to such matters, and, from time to time, may hold discussions with or make formal proposals to management or the board of directors of the Company, stockholders of the Company or other third parties regarding such matters. Accordingly, OEP and its affiliates reserve the right to change their plans and intentions at any time, as they deem appropriate, and may or may not submit a new or revised proposal with respect to the Company and may terminate, modify or withdraw the proposal contained in the Proposal Letter.

 

Item 5. INTEREST IN SECURITIES OF THE ISSUER

 

(a through b)

 

As of the date of filing, no reporting person may be deemed to beneficially own any other shares of Common Stock except as may be set forth below.

 

Mr. Cashin directly owns 113,429 shares of Common Stock (including 64,000 shares issuable upon exercise of presently-exercisable stock options or options exercisable within the next 60 days). Mr. Cashin has sole voting and dispositive power of the shares.

 

Mr. Taylor beneficially owns 1,813,376 shares of Common Stock (including 229,010 shares issuable upon exercise of presently-exercisable stock options or options exercisable within the next 60 days), which includes 954,300 shares directly held jointly by Mr. Taylor and his wife as to which they share voting and dispositive power, 809,076 shares directly held by Mr. Taylor as to which he has sole voting and dispositive power, and 50,000 shares held by the Maurice and Michelle Taylor Foundation (which is a charitable/educational foundation) with which Mr. Taylor shares voting and dispositive power.

 

Page 23 of 26


All reporting persons may be deemed to have acquired beneficial ownership of the shares owned by Mr. Taylor and Mr. Cashin as set forth above as the result of the formation of a group within the meaning of Section 13(d)(3) of the Exchange Act. However, each Reporting Person disclaims beneficial ownership of shares of Common Stock except, in the case of Mr. Cashin, the shares reported above in the second paragraph of this Item 5 and in the case of Mr. Taylor, the shares reported above in the third paragraph of this Item 5.

 

Except as disclosed in Annex I (or herein with respect to Mr. Cashin), none of the executive officers and directors of OEP Holding, OEP, OEP Co-Investors, BOI, JPM CC, BOF LLC and JPMC beneficially owns shares of Common Stock.

 

(c) Transactions during the past sixty days

 

Mr. Taylor exercised an option granted under the Company’s stock incentive plan to purchase 54,000 shares of Common Stock at a price of $11.11 per share on August 29, 2005.

 

(d) Right to receive dividends or proceeds

 

Not applicable.

 

(e) Beneficial ownership of less than five percent

 

Not applicable.

 

Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDING OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.

 

The Company has granted Mr. Cashin options to purchase 64,000 shares of Common Stock. The Company has granted Mr. Taylor options to purchase 304,825 shares of Common Stock.

 

The information set forth in Item 4 is hereby incorporated herein by reference. Except as described in this Statement, there are at present no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 above and between any such persons and any other person with respect to any securities of the Company.

 

Item 7. MATERIALS TO BE FILED AS EXHIBITS

 

EXHIBIT
NUMBER


  

EXHIBIT NAME


(1)    Joint Filing Agreement by OEP Holding, OEP Co-Investors, OEP, BOI, JPM CC, BOF LLC, JPMC, Richard M. Cashin Jr. and Maurice M. Taylor Jr.
(2)    Letter, dated October 11, 2005 from OEP to the Company, with respect to the Proposed Transaction.

 

Page 24 of 26


SIGNATURES

 

After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Dated: October 21, 2005      

ONE EQUITY PARTNERS LLC

            By:   /s/    RICHARD M. CASHIN, JR.        
            Name:   Richard M. Cashin, Jr.
            Title:   President
Dated: October 21, 2005       OEP CO-INVESTORS LLC
            By:   /s/    BRIAN A. BESSEY        
            Name:   Brian A. Bessey
            Title:   President
Dated: October 21, 2005       OEP HOLDING CORPORATION
            By:   /s/    RICHARD M. CASHIN, JR.        
            Name:   Richard M. Cashin, Jr.
            Title:   President
Dated: October 21, 2005       BANK ONE INVESTMENT CORPORATION
            By:   /s/    RICHARD M. CASHIN, JR.        
            Name:   Richard M. Cashin, Jr.
            Title:   Chairman and President
Dated: October 21, 2005       JP MORGAN CAPITAL CORPORATION
            By:   /S/    JAMES C. BERRY        
            Name:   James C. Berry
            Title:   Assistant Secretary

 

Page 25 of 26


Dated: October 21, 2005      

BANC ONE FINANCIAL LLC

            By:   /S/    JAMES C. BERRY        
            Name:   James C. Berry
            Title:   Secretary
Dated: October 21, 2005      

JPMORGAN CHASE & CO.

            By:   /s/    JAMES C. BERRY        
            Name:   James C. Berry
            Title:  

Assistant General Counsel and

Assistant Corporate Secretary

Dated: October 21, 2005      

/S/    RICHARD M. CASHIN, JR.

            Richard M. Cashin, Jr.
Dated: October 21, 2005      

/S/    MAURICE M. TAYLOR, JR.

            Maurice M. Taylor, Jr.

 

Page 26 of 26


ANNEX I

 

One Equity Partners LLC

 

Name


  

Principal Occupation or Employment


Executive Officers     
Richard M. Cashin, Jr.    President
Erin Quinn    Chief Financial Officer and Treasurer
James S. Rubin    Vice President
Daniel J. Selmonosky    Vice President
Richard W. Smith    Vice President
Theodora Stojka    Vice President
Judah Shechter    Vice President and Secretary

 

The business address for One Equity’s executive officers is 320 Park Avenue, 18th Floor, New York, New York 10022.

 

OEP Co-Investors LLC

 

Name


  

Principal Occupation or Employment


Executive Officers     
Brian A. Bessey    President
Erin Quinn    Chief Financial Officer
Theodora Stojka    Vice President & Treasurer
Judah Shechter    Secretary

 

The business address for OEP Co-Investors’ executive officers is 320 Park Avenue, 18th Floor, New York, New York 10022.

 

OEP Holding Corporation

 

Name


  

Principal Occupation or Employment
and Address


  

Name, Business and Address
Where Employed


Directors          
Richard M. Cashin, Jr.    President   

One Equity Partners LLC

320 Park Avenue, 18th Floor

New York, NY 10022

Richard W. Smith    Vice President, One Equity partners, LLC   

One Equity Partners LLC

320 Park Avenue, 18th Floor

New York, NY 10022

Executive Directors          
Richard M. Cashin, Jr.    President     
Erin Quinn    Chief Financial Officer and Treasurer     
James S. Rubin    Vice President     
Daniel J. Selmonosky    Vice President     
Theodora Stojka    Vice President     
Adam Mukamal    First Vice President     
Judah Shechter    Secretary     


The business address for OEP Holding’s executive officers is 320 Park Avenue, 18th Floor, New York, NY 10022.

 

Bank One Investment Corporation

 

Name


  

Principal Occupation or Employment


  

Name, Business and Address
Where Employed


Directors          
Richard M. Cashin, Jr.    President & Chairman of the Board   

One Equity Partners LLC

320 Park Avenue, 18th Floor

New York, NY 10022

Richard W. Smith    Vice President, One Equity Partners LLC   

One Equity Partners LLC

320 Park Avenue, 18th Floor

New York, NY 10022

Executive Officers          
Richard M. Cashin, Jr.    President and Chairman of the Board     
Judah Shechter    Secretary     
Erin Quinn    Treasurer and Senior Vice President     
Constance T. Teska    Senior Vice President     
Brian Bessey    Senior Vice President     
Richard W. Smith    Senior Vice President     
Daniel J. Selmonosky    Managing Director     
Adam Mukamal    First Vice President     
Lisa C. Martin    Vice President     
James S. Rubin    Vice President     
Theodora Stojka    Vice President     

 

The business address for Bank One Investment’s executive officers is 1 Bank One Plaza, Chicago, IL 60670.

 

JPMorgan Capital Corporation

 

Name


  

Principal Occupation or Employment


  

Name, Business and Address Where
Employed


Directors          
Francisco J. Pereiro    Chairman of the Board   

JPMorgan Capital Corporation

10 South Dearborn

Chicago, IL 60603

John M. Buley    Director   

JPMorgan Capital Corporation

120 S La Salle Street, Floor 2

Chicago, IL 60603

Mary Kay Lorenz    Director   

JPMorgan Capital Corporation

10 South Dearborn

Chicago, IL 60603

Richard S. Mazzella    Director   

JPMorgan Capital Corporation

277 Park Avenue, Floor 31

New York, NY 10017


Executive Officers          
Francisco J. Pereiro    President     
Constance T. Teska    Senior Vice President     
Scott H. Bryant    Managing Director     
Mit C. Buchanan    Managing Director     
John M. Buley    Managing Director     
Kelly A. Chesney    Managing Director     
John M. Eber    Managing Director     
James N. Eligator    Managing Director     
Paul A. Gargula    Managing Director     
William P. Kusack, Jr.    Managing Director     
Mary Kay Lorenz    Managing Director
and Chief Financial Officer
    
Claudia J. Machaver    Managing Director     
Patrick J. McCarthy    Managing Director     
Jean F. Nagatani    Managing Director     
Patrick J. Nash    Managing Director     
Aloysius T. Stonitsch    Managing Director     
Darric A. Brambora    First Vice President     
Richard S. Crowley    First Vice President     
Michael R. Harris    First Vice President     
Nancy N. Snyder    First Vice President     
Cathy R. Williams    First Vice President     
Patricia M. Borkowski    Vice President     
Allison R. Cormican    Vice President     
Robert M. Grimm    Vice President     
Kari K. Haanstad    Vice President     
Michelle L. Jones    Vice President     
Lisa C. Martin    Vice President     
Lesa M. Kubo    Vice President     
Gina I. Orlando    Vice President     
Susan M. Parsons    Vice President     
Jeffrey S. Steenwyk    Vice President     
Theodora M. Stojka    Vice President     
James P. Williamson    Vice President     
Michelle Worth    Vice President     
Moira L. Miller    Treasurer     
Robert A. Long, Jr.    Secretary     

 

The business address for JPMorgan Capital’s executive officers is 1 Bank One Plaza, Chicago, IL 60670.

 

Banc One Financial LLC

 

Name


  

Principal Occupation or Employment


  

Name, Business and Address Where
Employed


Directors          
Michael J. Cavanagh   

Chief Financial Officer,

JPMorgan Chase & Co.

  

JPMorgan Chase & Co.

270 Park Ave.

New York, NY 10017

Mark I. Kleinman   

Senior Vice President,

JPMorgan Chase & Co.

  

JPMorgan Chase & Co.

270 Park Ave.

New York, NY 10017

Executive Officers          
Mark I. Kleinman    President     
Robin A. Aryres    Vice President     
Lisa J. Fitzgerald    Vice President     
Louis M. Morrell    Vice President     
Elias E. Olmeta    Vice President     
John J. Hyland    Vice President and Treasurer     
James C.P. Barry    Secretary     

 

The business address for Bank One Financial’s executive officers is 1 Bank One Plaza, Chicago, IL 60670.

 

JPMorgan Chase & Co.

 

Name


  

Principal Occupation or Employment


  

Name, Business and Address Where
Employed


Directors          
Hans W. Becherer    Retired Chairman and Chief Executive Officer Deere & Company   

One John Deere Place

Moline, IL 61265

John H. Biggs    Former Chairman and Chief Executive Officer Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF)   

TIAA-CREF

PO Box 1259

Charlotte, NC 28201

Lawrence A. Bossidy   

Retired Chairman

Honeywell International Inc.

  

Honeywell International Inc.

101 Columbia Road

Morristown, NJ 07962

Stephen B. Burke   

President

Comcast Cable

Communication, Inc.

  

Comcast Cable

Communication, Inc.

1500 Market

Philadelphia, PA 19102


James S. Crown   

President

Henry Crown and Company

  

Henry Crown and Company

222 N. LaSalle Street, Suite 2000

Chicago, IL 60601

James Dimon    President and Chief Operating Officer   

270 Park Avenue

New York, NY 10017

Ellen V. Futter   

President and Trustee

American Museum of Natural History

  

American Museum of Natural History

Central Park West at 79th Street

New York, NY 10024-5192

William H. Gray, III    Retired President and Chief Executive Officer The College Fund/UNCF   

8260 Willow Oaks Corporate Drive

PO Box 10444

Fairfax, VA 22031-8044

William B. Harrison, Jr.   

JPMorgan Chase & Co.

Chairman and Chief Executive Officer

  

270 Park Avenue

New York, NY 10017

Laban P. Jackson, Jr.    Chairman and Chief Executive Officer Clear Creek Properties, Inc.   

Clear Creek Properties, Inc.

2365 Harrodsburg Rd.

Suite B230

Lexington, KY 40504

John W. Kessler   

Owner

John W. Kessler Company

  

The New Albany Company

220 Market Street, Suite 200

New Albany, OH 43054

Robert I. Lipp   

Executive Chairman of the Board

The St. Paul Travelers Companies, Inc.

  

The St. Paul Travelers Companies, Inc.

385 Washington Street

St. Paul, MN 55102

Richard A. Monoogian   

Chairman and Chief Executive Officer

Masco Corporation

  

Masco Corporation

21001 Van Born Road

Taylor, MI 48180

David C. Novak   

Chairman and Chief Executive Officer

Yum! Brands, Inc.

  

Yum! Brands, Inc.

1441 Gardiner Lane

Louisville, KY 40213

Lee R. Raymond    Chairman of the Board and Chief Executive Officer Exxon Mobil Corporation   

5959 Las Colinas Boulevard

Irving, TX 75039-2298

William C. Weldon    Chairman and Chief Executive Officer Johnson & Johnson     
Executive Officers          
William B. Harrison, Jr.    Chairman of the Board and Chief Executive Officer     
James Dimon    President and Chief Operating Officer     
Austin A. Adams    Chief Information Officer     
Steven D. Black    Co-Chief Executive Officer, Investment Bank     
William I. Campbell    Chairman, Card Services     
Michael J. Cavanagh    Chief Financial Officer     
John J. Farrell    Director of Human Resources, Head of Security     
Joan Guggenheimer    Co-General Counsel     
Frederick W. Hill    Director Corporate Marketing and Communications     
Samuel Todd Maclin    Head, Commercial Banking     
Jay Mandelbaum    Head, Strategy and Business Development     


William H. McDavid    Co-General Counsel     
Heidi Miller    Chief Executive Officer, Treasury & Securities Services     
Charles W. Scharf    Head, Retail Financial Services     
Richard J. Srednicki    Chief Executive Officer, Card Services     
James E. Staley    Global Head, Asset & Wealth Management     
Don M. Wilson III    Chief Risk Officer     
William T. Winters    Co-Chief Executive Officer, Investment Bank     

 

The business address for JPMorgan Chase’s executive officers is 270 Park Avenue, New York, NY 10017.