UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 1)
Under the Securities Exchange Act of 1934
PAXAR CORPORATION
-----------------
(Name of Issuer)
Common Stock, Par Value $0.10 Per Share
-----------------------------
(Title of Class of Securities)
704227107
---------
(CUSIP Number)
Gregory D. Hitchan
Blum Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 27, 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 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 [ ].
*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).
Page 1 of 10
CUSIP NO. 704227107 SCHEDULE 13D Page 2 of 10
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1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3205364
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
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5. CHECK BOX 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 California
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7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,932,000**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,932,000**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,932,000**
------------------------------------------------------------------------------
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) 7.2%**
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14. TYPE OF REPORTING PERSON PN, IA
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** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 704227107 SCHEDULE 13D Page 3 of 10
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1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-2967812
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,932,000**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,932,000**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,932,000**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.2%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
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** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 704227107 SCHEDULE 13D Page 4 of 10
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 04-3809436
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX 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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7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,932,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,932,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,932,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.2%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 704227107 SCHEDULE 13D Page 5 of 10
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 02-0742606
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
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
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,932,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,932,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,932,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.2%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 704227107 SCHEDULE 13D Page 6 of 10
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1. NAME OF REPORTING PERSON SADDLEPOINT PARTNERS GP, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 83-0424234
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
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
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,932,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,932,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,932,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.2%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 704227107 SCHEDULE 13D Page 7 of 10
Item 1. Security and Issuer
----------------------------
This Amendment No. 1 amends the Statement on Schedule 13D (the "Schedule 13D")
filed with the Securities and Exchange Commission (the "Commission") on
October 11, 2005 by Blum Capital Partners, L.P., a California limited
partnership, ("Blum L.P."); Richard C. Blum & Associates, Inc., a California
corporation ("RCBA Inc."); Blum Strategic GP III, L.L.C., a Delaware limited
liability company ("Blum GP III"); Blum Strategic GP III, L.P., a Delaware
limited partnership ("Blum GP III LP"); and Saddlepoint Partners GP, L.L.C.,
a Delaware limited liability company ("Saddlepoint GP") (collectively, the
"Reporting Persons"). This amendment relates to shares of common stock,
$0.10 par value per share (the "Common Stock") of Paxar Corporation, a New
York corporation (the "Issuer"). The principal executive office and mailing
address of the Issuer is 105 Corporate Park Drive, White Plains, New York
10604. The following amendments to the Schedule 13D are hereby made. Unless
otherwise defined herein, all capitalized terms shall have the meanings
ascribed to them in the Schedule 13D.
Item 5. Interest in Securities of the Issuer
---------------------------------------------
(a), (b) According to the Issuer's Form 10-Q filed with the Securities
and Exchange Commission on August 9, 2005, there were 40,666,385 shares
of Common Stock issued and outstanding as of August 5, 2005. Based on
such information, after taking into account the transactions described
in Item 5(c) below, the Reporting Persons report beneficial ownership
of the following shares of Common Stock: (i) 972,200 shares of Common
Stock held by Blum L.P. and RCBA Inc. on behalf of the limited
partnerships for which Blum L.P. serves as the general partner, or
on behalf of an entity for which Blum L.P. serves as investment advisor,
which represents 2.4% of the outstanding shares of the Common Stock;
(ii) 1,853,800 shares of the Common Stock held by Blum GP III which
serves as general partner of Blum GP III LP which, in turn, serves
as the general partner of Blum Strategic III, which represents 4.6%
of the outstanding shares of the Common Stock; (iii) 38,400 shares
of the Common Stock held by Saddlepoint GP on behalf of partnerships
for which it serves as the general partner, which represents 0.1% of
the outstanding shares of the Common Stock; and (iv) 33,800 shares
of the Common Stock that are legally owned by The Nuclear Decommissioning
Trust of Dominion Nuclear Connecticut, Inc. ("Dominion Connecticut"),
which represents 0.1% of the outstanding shares of the Common Stock
and 33,800 shares of the Common Stock that are legally owned by Virginia
Electric and Power Company Qualified Nuclear Decommissioning Trust
("Virginia Electric"), which represents 0.1% of the outstanding shares
of the Common Stock (collectively, the "Investment Advisory Clients"),
with respect to which Blum L.P. has voting and investment power.
Each Investment Advisory Client has entered into an investment
management agreement with Blum L.P., but neither Investment Advisory
Client has any contract, arrangement or understanding with the other
Investment Advisory Client, or any other Reporting Person, with respect
to the acquisition, ownership, disposition or voting of any shares of
the Common Stock. Each Investment Advisory Client disclaims membership
in a group with any Reporting Person or with the other Investment Advisory
CUSIP NO. 704227107 SCHEDULE 13D Page 8 of 10
Client, and each disclaims beneficial ownership of any shares beneficially
owned by the Reporting Persons other than for their own account.
Voting and investment power concerning the above shares are held solely
by Blum L.P., Blum GP III and Saddlepoint GP. The Reporting Persons
therefore may be deemed to be members in a group, in which case the
group would be deemed to have beneficial ownership of an aggregate of
2,932,000 shares of the Common Stock, which is 7.2% of the outstanding
Common Stock. As the sole general partner of Blum L.P., RCBA Inc. is
deemed the beneficial owner of the securities over which Blum L.P. has
voting and investment power. The filing of this Schedule shall not be
construed as an admission that any of the shareholders, directors or
executive officers of RCBA Inc. or the managing members and members of
Blum GP III, Blum GP III LP and Saddlepoint GP, is, for any purpose,
the beneficial owner of any of the securities that are beneficially
owned by RCBA Inc., Blum GP III LP, Blum GP III or Saddlepoint GP.
c) Since the most recent filing of Schedule 13D, the Reporting Persons
purchased the following shares of Common Stock in the open market:
Entity Trade Date Shares Price/Share
------ ---------- ------ ------------
Investment partnerships for 10-19-05 200 17.2999
which Blum L.P. serves as the 10-20-05 100 17.2588
general partner and on behalf 10-21-05 800 17.2989
of an entity for which Blum L.P. 10-26-05 100 17.2852
serves as investment advisor. 10-27-05 100 17.0490
10-28-05 100 17.0819
11-02-05 500 17.1384
11-02-05 2,300 17.1637
11-03-05 1,600 17.1202
11-04-05 23,000 17.0957
Entity Trade Date Shares Price/Share
------ --------- ------- ----------
For Blum Strategic III for 10-19-05 158,400 17.2999
which Blum GP III LP 10-20-05 41,100 17.2588
serves as the general partner 10-21-05 82,900 17.2989
and for Blum GP III which 10-24-05 2,000 17.3450
serves as the general 10-25-05 50,000 17.2349
partner for Blum GP III LP. 10-26-05 26,100 17.2852
10-27-05 43,000 17.0490
10-28-05 22,600 17.0819
11-02-05 13,300 17.1384
11-02-05 133,200 17.1637
11-03-05 115,700 17.1202
CUSIP NO. 704227107 SCHEDULE 13D Page 9 of 10
Entity Trade Date Shares Price/Share
------ ---------- ------- ----------
The partnerships for which 10-21-05 200 17.2989
Saddlepoint GP serves as 10-28-05 300 17.0819
general partner. 11-02-05 1,100 17.1637
11-03-05 2,500 17.1202
11-04-05 9,000 17.0957
Entity Trade Date Shares Price/Share
------ ---------- ------ ------------
The Investment Advisory 11-02-05 1,400 17.1637
Clients for which Blum L.P. 11-03-05 200 17.1202
serves as investment advisor.
(d) and (e) Not applicable.
Item 7. Material to be Filed as Exhibits
-----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 704227107 SCHEDULE 13D Page 10 of 10
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement
is true, complete and correct.
Dated: November 8, 2005
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Member and General Counsel Member and General Counsel
SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Capital Partners, L.P.
Its Managing Member
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan
-------------------------------
Gregory D. Hitchan
General Counsel and Secretary
CUSIP NO. 704227107 SCHEDULE 13D Page 1 of 1
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to this Schedule 13D to evidence the agreement
of the below-named parties, in accordance with the rules promulgated
pursuant to the Securities Exchange Act of 1934, to file this Schedule
jointly on behalf of each such party.
Dated: November 8, 2005
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Member and General Counsel Member and General Counsel
SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Capital Partners, L.P.
Its Managing Member
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan
-------------------------------
Gregory D. Hitchan
General Counsel and Secretary