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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
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. 2)
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PLAINS RESOURCES INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $.10 PER SHARE 726540503
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(Title of class of securities) (CUSIP number)
JOSEPH A. ORLANDO WILLIAM ACKMAN
LEUCADIA NATIONAL CORPORATION PERSHING SQUARE CAPITAL MANAGEMENT, LLC
315 PARK AVENUE SOUTH 110 EAST 42ND STREET
NEW YORK, NEW YORK 10010 NEW YORK, NEW YORK 10017
(212) 460-1900 (212) 813-3700
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(Name, address and telephone number of person
authorized to receive notices and communications)
MARCH 19, 2004
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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 Rules 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box [_].
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CUSIP NO. 726540503 13D Page 2
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1 NAME OF REPORTING PERSON: Leucadia National Corporation
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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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: NA
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: New York
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 0
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
----------------- -----------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0%
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14 TYPE OF REPORTING PERSON: CO
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CUSIP NO. 726540503 13D Page 3
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1 NAME OF REPORTING PERSON: Pershing Square, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): 38-3694138
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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: NA
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 1,258,500
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------ --------------------------------------------- ---------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,258,500
----------------- ------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,258,500
----------------- ------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.33%
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14 TYPE OF REPORTING PERSON: PN
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CUSIP NO. 726540503 13D Page 4
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1 NAME OF REPORTING PERSON: Pershing Square GP, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): 38-3694141
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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: N/A
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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
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------ --------------------------------------------- ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,258,500
OWNED BY
------ --------------------------------------------- ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------ --------------------------------------------- ---------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,258,500
----------------- ------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,258,500
----------------- ------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
----------------- ------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.33%
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14 TYPE OF REPORTING PERSON: OO
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CUSIP NO. 726540503 13D Page 5
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1 NAME OF REPORTING PERSON: William Ackman
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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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: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
----------------- -------------------------------------------------------------- ---------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------ --------------------------------------------- ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,258,500
OWNED BY
------ --------------------------------------------- ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------ --------------------------------------------- ---------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,258,500
----------------- ------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,258,500
----------------- ------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_]
----------------- ------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.33%
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14 TYPE OF REPORTING PERSON: IN
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This Amendment No. 2, amends the Schedule 13D filed on February 23,
2004, and is filed by Leucadia National Corporation ("Leucadia"), Pershing
Square, L.P., Pershing Square GP, LLC and William Ackman (collectively, the
"Reporting Persons") with respect to the common stock, par value $0.10 per share
("Common Stock"), of Plains Resources Inc. (the "Company").
Item 4. Purpose of Transaction.
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Item 4 is hereby supplemented as follows:
On March 10, 2004, as per Leucadia's March 5, 2004 written proposal
to the special committee of the Company's Board of Directors to acquire the
Company, Leucadia submitted a merger agreement to the Company. On March 12,
2004, representatives of Leucadia and the Company held discussions regarding
Leucadia's March 5, 2004 proposal. On March 15, 2004, the Company issued a press
release announcing that the special committee of the Board of Directors had
rejected Leucadia's March 5, 2004 proposal.
On March 19, 2004, Leucadia submitted a further revised written
proposal (the "March 19 Proposal") to the special committee of the Company's
Board of Directors. The March 19 Proposal provides for a transaction in which a
to-be-formed affiliate of Leucadia will acquire the Company in a merger for a
combination of cash and securities described in the March 19 Proposal and valued
by Leucadia at approximately $18.75 per share, representing a 11.9% premium to
the $16.75 transaction between the Company, management of the Company and Paul
Allen (the "Insider Transaction"). A copy of the March 19 Proposal is attached
hereto as Exhibit 2 and incorporated herein by reference. A copy of the press
releases issued by Leucadia on March 19, 2004 is attached hereto as Exhibit 3,
and incorporated herein by reference.
The Reporting Persons believe that the March 19 Proposal is superior
to the $16.75 Insider Transaction. The Reporting Persons have communicated the
March 19 Proposal to the Company's Board of Directors and the Reporting Persons
intend to communicate with other stockholders of the Company and other
interested parties in an effort to determine stockholder interest in the March
19 Proposal.
In the event that the special committee of the Board of Directors
chooses not to proceed to consummate the transaction contemplated by the March
19 Proposal and depending upon market developments and stockholder interest in
the March 19 Proposal, the Reporting Persons may solicit proxies against the
Insider Transaction from the Company's stockholders. The Reporting Persons may
acquire additional securities of the Company or dispose of securities of the
Company at any time and from time to time in the open market, in privately
negotiated transactions or otherwise.
Although the foregoing represents the range of activities presently
contemplated by the Reporting Persons and, to their knowledge, their respective
general partners, directors and officers, as applicable, with respect to the
Company, it should be noted that the possible activities of the Reporting
Persons and their respective general partners, directors and officers are
subject to change at any time.
Except as set forth above, neither the Reporting Persons, nor, to
their knowledge, any of their respective general partners, directors or
officers, have any present plans or proposals which relate to or would result in
any of the actions described in subparagraphs (a) through (j) of Item 4 of
Schedule 13D.
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Item 7. Materials to be Filed as Exhibits.
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1. Agreement among the Reporting Persons with respect to the filing of this
Schedule 13D.
2. Proposal, dated March 19, 2004, from Leucadia.
3. Press release of Leucadia National Corporation dated March 19, 2004.
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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.
LEUCADIA NATIONAL CORPORATION
By: /s/ Joseph A. Orlando
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Name: Joseph A. Orlando
Title: Vice President and Chief
Financial Officer
PERSHING SQUARE, L.P.
By: PERSHING SQUARE GP, LLC
By: /s/ William Ackman
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Name: William Ackman
Title: Managing Member
PERSHING SQUARE GP, LLC
By: /s/ William Ackman
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Name: William Ackman
Title: Managing Member
By: /s/ William Ackman
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Name: William Ackman
Date: March 19, 2004
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EXHIBIT INDEX
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Exhibit No.
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Exhibit 1 - Agreement among the Reporting Persons with respect to the filing
of this Schedule 13D
Exhibit 2 - Proposal, dated March 19, 2004, from Leucadia
Exhibit 3 - Press release of Leucadia National Corporation dated March 19,
2004
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