UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
FAB Industries, Inc.
(Name of Issuer)
Common Stock, $.20 par value
(Title of Class of Securities)
302747100
(CUSIP Number)
Mr. James Mitarotonda
c/o Barington Capital Group, L.P.
888 Seventh Avenue, 17th Floor
New York, N.Y. 10019
(212) 974-5700
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
October 28, 2003
(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)
------------
* 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).
CUSIP No. 302747100 Page 2 of 8
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1 Name of Reporting Person
I.R.S. Identification No. of above person (entities only)
Barington Companies Equity Partners, 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 WC
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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
----------------------------------- --------------------------------------------
7 Sole Voting Power 96,862
Number of Shares Beneficially
--------------------------------------------
8 Shared Voting Power** none
Owned by Each Reporting
--------------------------------------------
9 Sole Dispositive Power 96,862
Person With
--------------------------------------------
10 Shared Dispositive Power** none
-------- -----------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by each Reporting Person** 96,862
-------- -----------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
-------- -----------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 1.8%
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14 Type of Reporting Person PN
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CUSIP No. 302747100 Page 3 of 8
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1 Name of Reporting Person
I.R.S. Identification No. of above person (entities only)
Jewelcor Management, Inc.
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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
-------- -----------------------------------------------------------------------
4 Source of Funds WC
-------- -----------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
-------- -----------------------------------------------------------------------
6 Citizenship or Place of Organization Nevada
----------------------------------- --------------------------------------------
7 Sole Voting Power 35,759
Number of Shares Beneficially
--------------------------------------------
8 Shared Voting Power** none
Owned by Each Reporting
--------------------------------------------
9 Sole Dispositive Power 35,759
Person With
--------------------------------------------
10 Shared Dispositive Power** none
-------- -----------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by each Reporting Person** 35,759
-------- -----------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
-------- -----------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) less than 1.0%
-------- -----------------------------------------------------------------------
14 Type of Reporting Person CO
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CUSIP No. 302747100 Page 4 of 8
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1 Name of Reporting Person
I.R.S. Identification No. of above person (entities only)
RCG Ambrose Master Fund, Ltd
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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
-------- -----------------------------------------------------------------------
4 Source of Funds WC
-------- -----------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
-------- -----------------------------------------------------------------------
6 Citizenship or Place of Organization Cayman Islands
----------------------------------- --------------------------------------------
7 Sole Voting Power 35,760
Number of Shares Beneficially
--------------------------------------------
8 Shared Voting Power** none
Owned by Each Reporting
--------------------------------------------
9 Sole Dispositive Power 35,760
Person With
--------------------------------------------
10 Shared Dispositive Power** none
-------- -----------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by each Reporting Person** 35,760
-------- -----------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
-------- -----------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) less than 1.0%
-------- -----------------------------------------------------------------------
14 Type of Reporting Person CO
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CUSIP No. 302747100 Page 5 of 8
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1 Name of Reporting Person
I.R.S. Identification No. of above person (entities only)
Ramius Securities, LLC
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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 if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
-------- -----------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
----------------------------------- --------------------------------------------
7 Sole Voting Power 96,469
Number of Shares Beneficially
--------------------------------------------
8 Shared Voting Power** none
Owned by Each Reporting
--------------------------------------------
9 Sole Dispositive Power 96,469
Person With
--------------------------------------------
10 Shared Dispositive Power** none
-------- -----------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by each Reporting Person** 96,469
-------- -----------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
-------- -----------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 1.8%
-------- -----------------------------------------------------------------------
14 Type of Reporting Person OO
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CUSIP No. 302747100 Page 6 of 8
THIS AMENDMENT NO. 1 AMENDS ITEMS 5, 6 AND 7 OF THE SCHEDULE 13D ORIGINALLY
FILED BY BARINGTON COMPANIES EQUITY PARTNERS, L.P., JEWELCOR MANAGEMENT, INC.,
RCG AMBROSE MASTER FUND, LTD, AND RAMIUS SECURITIES, LLC (COLLECTIVELY, THE
"REPORTING PERSONS") WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 7,
2003 (SUCH SCHEDULE, SO AMENDED, THE "SCHEDULE 13D"). THIS STATEMENT RELATES TO
COMMON STOCK, $.20 PAR VALUE (THE "COMMON STOCK") OF FAB INDUSTRIES, INC., A
DELAWARE CORPORATION (THE "ISSUER").
Capitalized terms used herein have the meaning set forth in the
Schedule 13D.
Item 5. Interest in Securities of the Issuer.
The information previously provided in response to this Item 5 is
hereby amended by adding the following:
(a) As of the date hereof, the Reporting Entities own an aggregate of 264,850
shares of Common Stock, representing approximately 5.1% of the outstanding
shares of Common Stock based upon the 5,238,015 shares of Common Stock reported
by Fab Industries to be issued and outstanding as of April 15, 2003 in its
Quarterly Report on Form 10-Q for the quarter ended March 1, 2003.
As of the date hereof, Barington Company Equities Partners, L.P.
beneficially owns an aggregate of 96,862 shares of Common Stock, representing
approximately 1.8% of the outstanding shares of Common Stock.
As of the date hereof, Jewelcor Management, Inc. beneficially owns an
aggregate of 35,759 shares of Common Stock, representing less than 1% of the
outstanding shares of Common Stock.
As of the date hereof, RCG Ambrose Master Trust, Ltd. beneficially owns
an aggregate of 35,760 shares of Common Stock, representing less than 1% of the
outstanding shares of Common Stock.
As of the date hereof, Ramius Securities, LLC beneficially owns an
aggregate of 96,469 shares of Common Stock, representing approximately 1.8% of
the outstanding shares of Common Stock.
(b) As of the date hereof, each of the Reporting Entities has sole voting and
dispositive power over the shares of Common Stock beneficially owned by such
Reporting Entity.
(c) Except as set forth above or in the attached Schedule, no person identified
in Item 2 hereof has effected any transaction in shares of such Common Stock
during the 60 days preceding the date hereof.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to
Securities of the Issuer.
The information previously provided in response to this Item 6 is
hereby amended by adding the following:
On October 23, 2003, the Issuer announced that it had received a
preliminary offer from a management-led buyout group to acquire the business of
the Issuer, as a going concern. On October 28, 2003, Barington Capital Group,
L.P., on behalf of the Reporting Persons, sent a letter to the Chairman and
Chief Executive Officer of the Issuer, a copy of which is attached as Exhibit 2
(the "Barington Letter"). In the Barington Letter, the Reporting Persons
expressed surprise as to the offer from management, and noted that the offer was
48% lower than the October 30th closing price of $7.15 per share of Common
Stock, and also 60% lower than the Issuer's August 31, 2003 tangible book value
of approximately $9.45 per share of Common Stock. The Barington Letter cited an
expectation that the independent members of the Board of Directors of the Issuer
will very carefully consider all of the Issuer's alternatives in light of their
fiduciary duties and seek to maximize value for all of the Issuer's
shareholders.
CUSIP No. 302747100 Page 7 of 8
The foregoing description of the Barington Letter is not, and does not
purport to be, complete and is qualified in its entirety by reference to the
Barington Letter, a copy of which is filed as Exhibit 2 hereto and is
incorporated herein by reference.
Item 7. Material to be Filed as Exhibits.
The information previously provided in response to this Item 7 is
hereby amended by adding the following:
Exhibit No. Description
----------- -----------
Exhibit 1* Agreement of Joint Filing among Barington Companies Equity
Partners, L.P., Jewelcor Management, Inc., RCG Ambrose Master
Fund, Ltd., and Ramius Securities, LLC dated March 7, 2003
Exhibit 2** Letter from Barington Capital Group, L.P. to FAB Industries,
Inc. dated October 28, 2003
Exhibit 3** Agreement of Joint Filing among Barington Companies Equity
Partners, L.P., Jewelcor Management, Inc., RCG Ambrose Master
Fund, Ltd., and Ramius Securities, LLC dated November 4, 2003
------------------
* Previously filed.
** Filed herewith
CUSIP No. 302747100 Page 8 of 8
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
November 4, 2003
BARINGTON COMPANIES EQUITY PARTNERS, L.P.
By: Barington Companies Investors, LLC, its
general partner
By: /s/ S. E. Cassetta
-----------------------------------------
S.E Cassetta
Executive Vice President and Chief
Operating Officer
JEWELCOR MANAGEMENT, INC.
By: /s/ Richard Huffsmith
-----------------------------------------
Richard Huffsmith
Vice President and General Counsel
RCG AMBROSE MASTER FUND, LTD.
By: /s/ Marran H. Ogilvie
-----------------------------------------
Marran H. Ogilvie
Authorized Signatory
RAMIUS SECURITIES, LLC
By: Ramius Capital Group, LLC, its managing
member
By: /s/ Marran H. Ogilvie
-----------------------------------------
Marran H. Ogilvie
Authorized Signatory
CUSIP No. 302747100
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
Exhibit 1* Agreement of Joint Filing among Barington Companies Equity
Partners, L.P., Jewelcor Management, Inc., RCG Ambrose Master
Fund, Ltd., and Ramius Securities, LLC dated March 7, 2003
Exhibit 2** Letter from Barington Capital Group, L.P. to FAB Industries,
Inc. dated October 28, 2003
Exhibit 3** Agreement of Joint Filing among Barington Companies Equity
Partners, L.P., Jewelcor Management, Inc., RCG Ambrose Master
Fund, Ltd., and Ramius Securities, LLC dated November 4, 2003
------------------
* Previously filed.
** Filed herewith
CUSIP No. 302747100
SCHEDULE
Shares sold by Barington Companies Equity Partners, L.P.
Date Number of Shares Price per Share Total(*)
---- ---------------- --------------- --------
11/03/03 12,913 $4.9705 $64,184.07
Shares sold by Jewelcor Management, Inc.
Date Number of Shares Price per Share Total(*)
---- ---------------- --------------- --------
11/03/03 4,766 $4.9705 $23,689.40
Shares sold by RCG Ambrose Master Trust, Ltd.
Date Number of Shares Price per Share Total(*)
---- ---------------- --------------- --------
11/03/03 4,765 $4.9705 $23,684.43
Shares sold by Ramius Securities LLC
Date Number of Shares Price per Share Total(*)
---- ---------------- --------------- --------
11/03/03 12,856 $4.9705 $63,900.75
* Excludes commissions and other execution-related costs.