sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(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. 5)(1)
NOVOSTE CORPORATION
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(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
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(Title of Class of Securities)
67010C100
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(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 7, 2005
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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 that 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 /_/.
NOTE. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. SEE Rule 13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 8 Pages)
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(1) 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 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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CUSIP No. 67010C100 13D Page 2 of 8 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STEEL PARTNERS II, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* / / (a)
/ / (b)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,433,207
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
- 0 -
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,433,207
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,433,207
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 67010C100 13D Page 3 of 8 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STEEL PARTNERS, L.L.C.
--------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,433,207
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
- 0 -
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,433,207
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,433,207
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 67010C100 13D Page 4 of 8 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WARREN G. LICHTENSTEIN
--------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,433,207
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
- 0 -
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,433,207
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,433,207
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 67010C100 13D Page 5 of 8 Pages
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The following constitutes Amendment No. 5 ("Amendment No. 5") to the
Schedule 13D filed by the undersigned. This Amendment No. 5 amends the Schedule
13D as specifically set forth.
Item 4 is hereby amended to add the following:
On September 7, 2005, Steel Partners II delivered a letter to the
Issuer informing it that Steel Partners II has voted all of its 2,433,207 Shares
against the proposals relating to the proposed merger (the "Merger") with ONI
Medical Systems, Inc. ("ONI") at the Issuer's special meeting of stockholders
scheduled to be held on September 14, 2005. Steel Partners II believes ONI is a
poorly chosen merger candidate and that the Merger provides no benefits or
upside to the stockholders, significantly increases the risks to the Issuer and
its stockholders and has significant costs. Steel Partners II also expresses its
disapproval of the Issuer's formation of rabbi trusts with stockholders' cash.
The letter is filed as Exhibit No. 4 to this Amendment No. 5 and is incorporated
herein by reference.
Item 7 is hereby amended to add the following exhibit:
4. Letter from Steel Partners II, L.P. to Novoste Corporation, dated
September 7, 2005.
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CUSIP No. 67010C100 13D Page 6 of 8 Pages
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SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: September 8, 2005 STEEL PARTNERS II, L.P.
By: Steel Partners, L.L.C.
General Partner
By: /s/ Warren G. Lichtenstein
-------------------------------------
Warren G. Lichtenstein
Managing Member
STEEL PARTNERS, L.L.C.
By: /s/ Warren G. Lichtenstein
-------------------------------------
Warren G. Lichtenstein
Managing Member
/s/ Warren G. Lichtenstein
----------------------------------------
WARREN G. LICHTENSTEIN
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CUSIP No. 67010C100 13D Page 7 of 8 Pages
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EXHIBIT INDEX
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Exhibit Page
------- ----
1. Joint Filing Agreement by and among Steel Partners II, L.P., --
Steel Partners, L.L.C. and Warren G. Lichtenstein, dated
September 26, 2003 (previously filed).
2. Confidentiality and Standstill Agreement by and between Novoste --
Corporation and Steel Partners II, L.P., dated November 10, 2004
(previously filed).
3. Letter from Steel Partners II, L.P. to Novoste Corporation, dated --
April 4, 2005. (previously filed)
4. Letter from Steel Partners II, L.P. to Novoste Corporation, dated 8
September 7, 2005.
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CUSIP No. 67010C100 13D Page 8 of 8 Pages
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STEEL PARTNERS II, L.P.
590 MADISON AVENUE
32ND FLOOR
NEW YORK, NEW YORK 10022
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TEL (212) 758-3232
FAX (212) 758-5789
September 7, 2005
FOR DISSEMINATION TO NOVOSTE BOARD OF DIRECTORS
Novoste Corporation
4350 International Blvd.
Norcross, GA 30093
Attn: Corporate Secretary
Gentlemen:
Steel Partners II, L.P. is writing to inform you that it has voted all
of its 2,433,207 shares of Novoste Corporation (the "Company") against the
proposals relating to the proposed merger (the "Merger") with ONI Medical
Systems, Inc. ("ONI") at the Company's special meeting of stockholders scheduled
to be held on September 14, 2005. We believe ONI is a poorly chosen merger
candidate. In fact, the share price has dropped 29% since you originally
announced this deal. The Merger provides no benefits or upside to the Company's
stockholders, significantly increases the risks to the Company and its
stockholders and has significant costs.
We believe this board continues to make bad decisions that are not in
the stockholders' best interests. These ill-conceived decisions include:
o The proposed Merger which will result in significant dilution of the
stockholders' ownership in the combined company; and
o The formation of rabbi trusts, funded with stockholders' cash, which
will be used to protect key employee retention and other bonus
payments, severance payments and other benefits that would be paid to
executives at the time of their termination; these change of control
payments of $2.3 million represent over 20% of the current market
value of the Company.
We are perplexed that the board of directors would even consider the
proposed Merger as a value enhancing alternative for its stockholders. Had the
board of directors given the stockholders an opportunity to voice their concerns
prior to entering into this extraordinary transaction, as we requested in our
letter dated April 4, 2005, perhaps we could have shown you the light and spared
the Company the significant expense that has already been spent on consummating
this transaction. For the reasons set forth in this letter, we believe it is
clear that the Merger should not be approved by the stockholders.
Very truly yours,
STEEL PARTNERS II, L.P.
By: Steel Partners, L.L.C.
General Partner
By: /s/ Warren G. Lichtenstein
--------------------------------
Warren G. Lichtenstein
Managing Member