UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
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INTEGRATED DEFENSE TECHNOLOGIES, INC.
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(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
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(Title of Class of Securities)
45819B 10 1
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(CUSIP Number)
ROBERT B. MCKEON
VERITAS CAPITAL MANAGEMENT, L.L.C.
660 MADISON AVENUE
NEW YORK, NY 10021
(212) 688-0020
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
With a copy to:
BENJAMIN M. POLK, ESQ.
WINSTON & STRAWN LLP
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 294-6700
AUGUST 17, 2003
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(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(b)(3) or (4), check the following
box / /.
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) 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).
(Continued on following page(s))
Page 1 of 11 Pages
CUSIP No. 45819B 10 1 13D Page 2 of 11 Pages
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(1) Names of Reporting Persons.
S.S. or I.R.S. Identification Nos. of Above Persons (entities only)
IDT HOLDING, L.L.C.
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(2) Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
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(3) SEC Use Only
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(4) Source of Funds*
OO (SEE ITEM 3)
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
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(6) Citizenship or Place of Organization
DELAWARE
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Number of Shares (7) Sole Voting Power
Beneficially 0 (SEE ITEM 5)
Owned by --------------------------------------------------
Each Reporting (8) Shared Voting Power
Person With 11,750,992 (SEE ITEM 5)
--------------------------------------------------
(9) Sole Dispositive Power
0 (SEE ITEM 5)
--------------------------------------------------
(10) Shared Dispositive Power
11,750,992 (SEE ITEM 5)
-------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
11,750,992 (SEE ITEM 5)
-------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
-------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
55.1% (SEE ITEM 5)
-------------------------------------------------------------------------------
(14) Type of Reporting Person*
OO
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*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 45819B 10 1 13D Page 3 of 11 Pages
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(1) Names of Reporting Persons.
S.S. or I.R.S. Identification Nos. of Above Persons (entities only)
THE VERITAS CAPITAL FUND, L.P.
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(2) Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
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(3) SEC Use Only
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(4) Source of Funds*
N/A
-------------------------------------------------------------------------------
(5) Check 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 (7) Sole Voting Power
Beneficially 0 (SEE ITEM 5)
Owned by --------------------------------------------------
Each Reporting (8) Shared Voting Power
Person With 11,750,992 (SEE ITEM 5)
--------------------------------------------------
(9) Sole Dispositive Power
0 (SEE ITEM 5)
--------------------------------------------------
(10) Shared Dispositive Power
11,750,992 (SEE ITEM 5)
-------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
11,750,992 (SEE ITEM 5)
-------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
-------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
55.1% (SEE ITEM 5)
-------------------------------------------------------------------------------
(14) Type of Reporting Person*
PN
-------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 45819B 10 1 13D Page 4 of 11 Pages
-------------------------------------------------------------------------------
(1) Names of Reporting Persons.
S.S. or I.R.S. Identification Nos. of Above Persons (entities only)
VERITAS CAPITAL MANAGEMENT, L.L.C.
-------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
-------------------------------------------------------------------------------
(3) SEC Use Only
-------------------------------------------------------------------------------
(4) Source of Funds*
N/A
-------------------------------------------------------------------------------
(5) Check 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 (7) Sole Voting Power
Beneficially 0 (SEE ITEM 5)
Owned by --------------------------------------------------
Each Reporting (8) Shared Voting Power
Person With 11,750,992 (SEE ITEM 5)
--------------------------------------------------
(9) Sole Dispositive Power
0 (SEE ITEM 5)
--------------------------------------------------
(10) Shared Dispositive Power
11,750,992 (SEE ITEM 5)
-------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
11,750,992 (SEE ITEM 5)
-------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
-------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
55.1% (SEE ITEM 5)
-------------------------------------------------------------------------------
(14) Type of Reporting Person*
OO
-------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 45819B 10 1 13D Page 5 of 11 Pages
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(1) Names of Reporting Persons.
S.S. or I.R.S. Identification Nos. of Above Persons (entities only)
ROBERT B. MCKEON
-------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
-------------------------------------------------------------------------------
(3) SEC Use Only
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(4) Source of Funds*
N/A
-------------------------------------------------------------------------------
(5) Check 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 (7) Sole Voting Power
Beneficially 0 (SEE ITEM 5)
Owned by --------------------------------------------------
Each Reporting (8) Shared Voting Power
Person With 11,750,992 (SEE ITEM 5)
--------------------------------------------------
(9) Sole Dispositive Power
0 (SEE ITEM 5)
--------------------------------------------------
(10) Shared Dispositive Power
11,750,992 (SEE ITEM 5)
-------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
11,750,992 (SEE ITEM 5)
-------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
-------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
55.1% (SEE ITEM 5)
-------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
-------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
CUSIP No. 45819B 10 1 13D Page 6 of 11 Pages
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(1) Names of Reporting Persons.
S.S. or I.R.S. Identification Nos. of Above Persons (entities only)
THOMAS J. CAMPBELL
-------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
-------------------------------------------------------------------------------
(3) SEC Use Only
-------------------------------------------------------------------------------
(4) Source of Funds*
N/A
-------------------------------------------------------------------------------
(5) Check 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 (7) Sole Voting Power
Beneficially 0 (SEE ITEM 5)
Owned by --------------------------------------------------
Each Reporting (8) Shared Voting Power
Person With 11,750,992 (SEE ITEM 5)
--------------------------------------------------
(9) Sole Dispositive Power
0 (SEE ITEM 5)
--------------------------------------------------
(10) Shared Dispositive Power
11,750,992 (SEE ITEM 5)
-------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
11,750,992 (SEE ITEM 5)
-------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
-------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
55.1% (SEE ITEM 5)
-------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
-------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 7 of 11 Pages
IDT Holding, L.L.C., a Delaware limited liability company ("IDT Holding"),
The Veritas Capital Fund, L.P., a Delaware limited partnership ("Veritas L.P."),
Veritas Capital Management, L.L.C., a Delaware limited liability company
("Veritas L.L.C."), Mr. Robert B. McKeon, and Mr. Thomas J. Campbell, pursuant
to Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), hereby file this Amendment No. 1 to Schedule 13D which amends
the Schedule 13D filed with the Securities and Exchange Commission on March 8,
2002, with respect to the shares of common stock, par value $0.01 per share (the
"Common Stock"), of Integrated Defense Technologies, Inc., a Delaware
corporation (the "Company"). IDT Holding, Veritas L.P., and Veritas L.L.C. are
collectively referred to herein as the "Voting Agreement Reporting Persons." The
Voting Agreement Reporting Persons and Mr. McKeon are collectively referred to
herein as the "Standstill Agreement Reporting Persons."
The Schedule 13D is hereby amended as follows:
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Item 6 is hereby amended and restated in its entirety as follows:
AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT
Veritas L.P. is a party to the Amended and Restated Limited Liability
Company Operating Agreement of IDT Holding under which Veritas L.P. has the
power to acquire, hold, sell, transfer, exchange, pledge and dispose of the
Common Stock held by IDT Holding and exercise all rights, powers, privileges,
and other incidents of ownership or possession with respect thereto, including
voting such Common Stock.
VOTING AGREEMENT
On August 17, 2003, DRS Technologies, Inc., a Delaware corporation
("Parent"), MMC3 Corporation, a Delaware corporation and a wholly-owned
subsidiary of Parent ("Merger Sub"), and the Company entered into an Agreement
and Plan of Merger, dated as of August 15, 2003 (the "Merger Agreement"),
providing for the merger of Merger Sub with and into the Company (the "Merger"),
with the Company being the surviving corporation in the Merger. A copy of the
Merger Agreement is attached hereto as Exhibit A, and is specifically
incorporated herein by reference, and the description herein of the Merger
Agreement is qualified in its entirety by reference to the Merger Agreement.
In connection with the Merger Agreement, the Voting Agreement Reporting
Persons entered into a Voting Agreement, dated as of August 15, 2003 (the
"Voting Agreement"), with Parent, the principal terms of which are described
below. The following description of the Voting Agreement is a summary only and
is qualified in its entirety by reference to the Voting Agreement, which is
filed hereto as Exhibit B and is incorporated herein by reference.
VOTING OF SHARES. Each Voting Agreement Reporting Person agreed to vote or
cause to be voted all of its Subject Shares (as defined in the Voting Agreement)
at any meeting of stockholders of the Company (or by written consent) from the
time the Voting Agreement is in effect (a) in favor of the adoption and approval
of the terms of the Merger Agreement, the Merger and the other transactions
contemplated by the Merger Agreement (and any actions required in furtherance
thereof); (b) against any action, proposal, transaction or agreement that would
directly or indirectly result in a breach of any covenant, representation,
warranty or other obligation or agreement of the Company set forth in the Merger
Agreement or of the Voting Agreement Reporting Persons set forth in the Voting
Agreement; and (c) except with the prior written consent of Parent, against any
(i) Alternative Proposal (as defined in the Merger Agreement); (ii) change in
the persons who constitute the board of directors of the Company; (iii) material
change in the capitalization of the Company or any amendment of the Company's
certificate of incorporation or bylaws; (iv) other material change in the
Company's corporate structure or business; or (v) other action or proposal
involving the Company or any of its Subsidiaries (as defined in the Merger
Agreement) that is intended, or would reasonably be expected, to adversely
affect the transactions contemplated by the Merger Agreement. "Alternative
Proposal" is defined in the Merger Agreement to mean an inquiry, offer or
proposal regarding any of the following (other than the transactions
contemplated hereby) involving the Company: (a) any merger, consolidation, share
exchange, recapitalization, liquidation, dissolution, business combination or
other similar transaction; (b) any sale, lease, exchange, mortgage, pledge,
transfer or other disposition of 20% or more of the consolidated assets of the
Company and its Subsidiaries, taken as a whole; (c) any tender offer (including
a self tender offer) or exchange offer that, if consummated, would result in any
person or group beneficially owning more than 20% of the outstanding shares of
any class of equity securities of the Company or its Subsidiaries or the filing
of a registration statement under the Securities Act of 1933, as amended (the
"Securities Act"), in connection therewith; or (d) any acquisition of 20% or
more of the outstanding shares of capital stock of the Company or the filing of
a registration statement under the Securities Act in connection therewith or any
other acquisition or disposition the consummation of which would prevent or
materially diminish the benefits to Parent of the Merger.
IRREVOCABLE PROXY. Each Voting Agreement Reporting Person granted Parent
(and any designee of Parent) an irrevocable proxy to permit Parent to vote the
Subject Shares in the manner described in the preceding paragraph. The
irrevocable proxy will terminate upon the termination of the Voting Agreement.
STANDSTILL. The Voting Agreement generally limits the ability of each
Voting Agreement Reporting Person, from the date that the Voting Agreement is in
effect, to (a) sell, transfer, pledge, encumber, assign or otherwise dispose of,
or enter into any contract, option or other agreement with respect to, or
consent to, the sale, transfer, pledge, encumbrance, assignment or other
disposition of, any or all of the Subject Shares; (b) acquire, or offer to or
agree to acquire, securities of the Company or any assets of the Company or its
subsidiaries or divisions; (c) solicit proxies or influence the voting of voting
securities of the Company other than to recommend voting in favor of the Merger
and the Merger Agreement; (d) submit stockholder proposals; (e) make a public
announcement with respect to, or submit a proposal for, or offer of any
extraordinary transaction involving the Company or its securities or assets;
(f) form, join or in any way
participate in a group (as defined under the Exchange Act) in connection with
any of the foregoing activities; (g) seek to have these restrictions amended,
waived or modified; and (h) generally take any actions with purpose or effect of
avoiding or circumventing the foregoing limitations and requirements.
NO SOLICITATION. The Voting Agreement Reporting Persons are not permitted
to directly or indirectly initiate, solicit, or knowingly encourage any
inquiries or the making or implementation of any Alternative Proposal or
participate in any discussions or negotiations concerning, or provide any
confidential information or data to, or have any discussions with, any person
relating to an Alternative Proposal, or otherwise facilitate any effort or
attempt to make or implement an Alternative Proposal. The Voting Agreement
Reporting Persons may provide information and engage in discussions with the
person making the Alternative Proposal to the same extent as the Company is
permitted to engage in discussions and provide information pursuant to Section
5.1(a) of the Merger Agreement. In such case, the Voting Agreement Reporting
Persons must simultaneously provide to Parent (if not previously furnished or
made available) a copy of any information provided by the Stockholders with
respect to such Acquisition Proposal. The Voting Agreement Reporting Persons
have strict reporting requirements and information provision obligations to
Parent with respect to Alternative Proposals. Any person who is a Representative
(as defined in the Voting Agreement) of both the Company and a Voting Agreement
Reporting Person is entitled to take any action with respect to any Alternative
Proposal solely in its capacity as a Representative of the Company that it would
otherwise be permitted to take in the absence of the restrictions of the Voting
Agreement. Prior to a Representative taking any such action with respect to an
Alternative Proposal, however, it shall comply with the requirements of clauses
(A) through (D) of Section 5.1(b) of the Merger Agreement.
TERMINATION. The Voting Agreement will terminate upon the earliest to occur
of: (a) the termination of the Voting Agreement by mutual written consent of the
parties, (b) the Effective Time, and (c) the termination of the Merger Agreement
in accordance with its terms.
STANDSTILL AGREEMENT
Also in connection with the execution of the Merger Agreement on August 17,
2003, the Standstill Agreement Reporting Persons entered into a Standstill
Agreement, dated as of August 15, 2003 (the "Standstill Agreement"), with
Parent, the principal terms of which are described below. The following
description of the Standstill Agreement is a summary only and is qualified in
its entirety by reference to the Standstill Agreement, which is filed hereto as
Exhibit C and is incorporated herein by reference.
STANDSTILL. The Standstill Agreement generally limits the ability of each
Standstill Agreement Reporting Person, from the date that the Standstill
Agreement is in effect, to (a) acquire, or offer to or agree to acquire,
securities of the Parent or any assets of the Parent or its subsidiaries or
divisions; (b) solicit proxies or influence the voting of voting securities of
Parent other than to recommend voting in favor of the Merger and the Merger
Agreement; (c) submit stockholder proposals to Parent; (d) make a public
announcement with respect to, or submit a proposal for, or offer of any
extraordinary
transaction involving Parent or its securities or assets; (e) form, join or in
any way participate in a group (as defined under the Exchange Act) in connection
with any of the foregoing activities; (g) seek to have these restrictions
amended, waived or modified; and (h) generally take any actions with purpose or
effect of avoiding or circumventing the foregoing limitations and requirements.
TERMINATION. The Standstill Agreement will terminate upon the earliest to
occur of: (a) the termination of the Standstill Agreement by mutual written
consent of the parties, (b) the 7th anniversary of the date of the Standstill
Agreement, and (c) the termination of the Merger Agreement in accordance with
its terms.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
EXHIBIT DESCRIPTION
A Agreement and Plan of Merger, dated as of August 15, 2003,
among DRS Technologies, Inc., MMC3 Corporation and Integrated
Defense Technologies, Inc.
B Voting Agreement, entered into as of August 15, 2003, by and among DRS
Technologies, Inc., IDT Holding, L.L.C., The Veritas Capital
Fund, L.P. and Veritas Capital Management, L.L.C.
C Standstill Agreement, entered into as of August 15, 2003, by and among
DRS Technologies, Inc., IDT Holding, L.L.C., The Veritas Capital
Fund, L.P., Veritas Capital Management, L.L.C. and Robert B. McKeon
SIGNATURE
After reasonable 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.
August 19, 2003
IDT HOLDING, L.L.C.
By: Veritas Capital Fund, L.P.
By: Veritas Capital Management, L.L.C.
By: /s/ Robert B. McKeon
------------------------------
Name: Robert B. McKeon
Title: Member
THE VERITAS CAPITAL FUND, L.P.
By: Veritas Capital Management, L.L.C.
By: /s/ Robert B. McKeon
----------------------------------
Name: Robert B. McKeon
Title: Member
VERITAS CAPITAL MANAGEMENT, L.L.C.
By: /s/ Robert B. McKeon
---------------------------------------
Name: Robert B. McKeon
Title: Member
/s/ Robert B. McKeon
-------------------------------------------
ROBERT B. MCKEON
/s/ Thomas J. Campbell
-------------------------------------------
THOMAS J. CAMPBELL