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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
--------------
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. 3)
------------------------------
CENTERPULSE LTD.
(Name of Issuer)
Registered Shares, par value CHF 30 per share Not applicable*
(Title of class of securities) (CUSIP number)
Eric Stupp
c/o InCentive Capital Ltd.
Baarrerstrasse 8
6301 Zug,
Switzerland
With a copy to:
Michael S. Immordino, Esq.
Latham & Watkins
99 Bishopsgate
London EC2M 3XF
England
(+44) 207-710-1076
(Name, address and telephone number of person authorized
to receive notices and communications)
July 9, 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 [_].
(Continued on following pages)
Page 1 of 14
_____________________
* There is no CUSIP Number assigned to the Registered Shares. CUSIP No.
152005104 has been assigned to the American Depositary Shares of
Centerpulse Ltd., which are quoted on the New York Stock Exchange under the
symbol "CEP".
----------------------------- ------------------------------------
CUSIP No. 152005104 * 13D Page 2 of 14
----------------------------- ------------------------------------
----------------------- ---------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON INCENTIVE INVESTMENT (JERSEY) LTD
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY)
----------------------- ------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
----------------------- ------------------------------------------------------------------------------------
3 SEC USE ONLY
----------------------- ------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: N/A
----------------------- ------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
----------------------- ------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Jersey, UK
-------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
---------------- ------------------------------------------------------------------
8 SHARED VOTING POWER: 1,592,577
BENEFICIALLY
OWNED BY
---------------- ------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
EACH
REPORTING ---------------- ------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 1,592,577
PERSON WITH
----------------------- ------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 1,592,577
REPORTING PERSON:
----------------------- ------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES: [_]
----------------------- ------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 13.5%
----------------------- ------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IV
________________________
* There is no CUSIP Number assigned to the Registerd Shares. CUSIP NO.
152005103 has been assigned to the American Depositary Shares of
Centerpulse Ltd., which are quoted on the New Stock Exchange under the
symbol "CEP".
Page 2
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CUSIP No. 152005104* Page 3 of 14
--------------------------------------- -----------------------------
----------------------- ---------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON INCENTIVE CAPITAL AG
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY)
----------------------- ---------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
----------------------- ---------------------------------------------------------------------------------------
3 SEC USE ONLY
----------------------- ---------------------------------------------------------------------------------------
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: Switzerland
----------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 645,000
SHARES
---------------- -------------------------------------------------------------------
8 SHARED VOTING POWER: 1,592,577
BENEFICIALLY
OWNED BY
---------------- -------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 645,000
EACH
REPORTING ---------------- -------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 1,592,577
PERSON WITH
----------------------- ---------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 2,237,577
REPORTING PERSON:
----------------------- ---------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES: [_]
----------------------- ---------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 18.9%
----------------------- ---------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IV
____________________
* There is no CUSIP Number assigned to the Registered Shares. CUSIP No.
152005104 has been assigned to the American Depositary Shares of
Centerpulse Ltd., which are quoted on the New York Stock Exchange under the
symbol "CEP".
Page 3
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CUSIP No. 152005104* Page 4 of 14
------------------------------------------- ----------------------------
------------------- --------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON INCENTIVE ASSET MANAGEMENT LTD
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY)
------------------- --------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
------------------- --------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------------- --------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: N/A
------------------- --------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
------------------- --------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Switzerland
-----------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
-------------------- -------------------------------------------------------------------
8 SHARED VOTING POWER: 0
BENEFICIALLY
OWNED BY -------------------- -------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
EACH
REPORTING -------------------- -------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 2,255,968
PERSON WITH
------------------- --------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 2,255,968
REPORTING PERSON:
------------------- --------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES: [_]
------------------- --------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 19.1%
------------------- --------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IA
_____________________
* There is no CUSIP Number assigned to the Registered Shares. CUSIP No.
152005104 has been assigned to the American Depositary Shares of
Centerpulse Ltd., which are quoted on the New York Stock Exchange under the
symbol "CEP".
Page 4
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CUSIP No. 152005104* Page 5 of 14
-------------------------------------- ------------------------------------
-------------------- -------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON MR RENE BRAGINSKY
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON (ENTITIES ONLY)
-------------------- -------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [X]
-------------------- -------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------- -------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: N/A
-------------------- -------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [_]
-------------------- -------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Switzerland
-----------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 6,203
SHARES
------------------ ----------------------------------------------------------------------
8 SHARED VOTING POWER: 0
BENEFICIALLY
OWNED BY ------------------ ----------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 6,203
EACH
REPORTING ------------------ ----------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 2,255,968
PERSON WITH
-------------------- -------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 2,262,171
REPORTING PERSON:
-------------------- -------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES: [_]
-------------------- -------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 19.1%
-------------------- -------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
_________________
* There is no CUSIP Number assigned to the Registered Shares. CUSIP No.
152005104 has been assigned to the American Depositary Shares of
Centerpulse Ltd., which are quoted on the New York Stock Exchange under the
symbol "CEP".
Page 5
Page 6 of 14
Item 1. Security and Issuer
This Amendment No. 3 to the Statement on Schedule 13D, dated July o, 2003, with
respect to the Registered Shares, par value CHF 30 per share (the "Registered
Shares"), of Centerpulse Ltd., a company incorporated with limited liability
under the laws of Switzerland (the "Issuer"), hereby amends and supplements the
Statement on Schedule 13D (the "Amended Schedule 13D") initially filed on
October 15, 2002, as amended. The Registered Shares trade on the SWX Swiss
Exchange and other European exchanges and American Depository Shares ("ADSs")
for Registered Shares trade on the New York Stock Exchange under the symbol
"CEP". Each ADS represents 0.1 Registered Share. The address of the principal
executive offices of the Issuer is Andreasstrasse 15, CH-8050 Zurich,
Switzerland.
Item 4. Purpose of the Transaction
Item 4 of the Amended Schedule 13D is hereby amended and supplemented by
adding the following after the last paragraph:
On May 20, 2003 Zimmer Holdings, Inc. of Warsaw, Indiana, USA ("Zimmer")
announced its intention to launch an exchange/cash tender offer for all of the
Issuer's publicly held Registered Shares (the "Zimmer Offer"). On June 19, 2003
the Board of Directors of the Issuer received a formal offer from Zimmer
offering CHF 120 in cash and 3.68 Zimmer shares for each Registered Share of the
Issuer.
On June 11, 2003, the Swiss Takeover Board issued a recommendation in which it
determined that, as a result of the Zimmer Offer, the principal shareholders of
InCentive Capital AG are entitled to withdraw their shares from the Tender Offer
launched by New Smith on April 25, 2003, notwithstanding their contractual
obligations to tender their shares. That recommendation is currently being
appealed by New Smith.
On July 7, 2003 the Board of Directors of InCentive Capital AG issued a report
to its shareholders (the "Report") in which it recommended that the shareholders
wait until further notice to decide whether to accept the Zimmer Offer or the
Tender Offer. The Report recommends this postponement due to the fact that,
although the price offered in the Zimmer Offer's is currently higher than that
of the Tender Offer, the conditions on the offers are different and it is
unclear whether all conditions of each of the offers will be fulfilled. Finally,
New Smith will have the opportunity to increase its offer price until August 18,
2003, and, since the offer period on both offers does not expire until August
27, 2003, there is sufficient time to make a decision after all information
regarding each of the offers has been gathered and reviewed.
The Report also states that InCentive Capital AG has been advised by its
principal shareholders, including Mr. Braginsky, that they do not presently
intend to withdraw their shares from the Tender Offer.
Item 7. Materials to be filed as Exhibits.
Item 7 of the Amended Schedule 13D is hereby amended and supplemented by
adding the following:
Page 6
Page 7 of 14
Exhibit 4 Press Release dated July 9, 2003, issued by InCentive Asset
Management AG, entitled "The Board of Directors of InCentive Capital
Recommends to Wait Until Further Notice Before Accepting the Zimmer
Offer"
Exhibit 5 Report dated July 7, 2003 of the Board of Directors of InCentive
Capital AG, in respect of the public exchange and purchase offer of
Zimmer Holdings, Inc., Warsaw (USA), of June 19, 2003 for all
outstanding bearer shares of InCentive Capital AG
Page 7
Page 8 of 14
SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
INCENTIVE INVESTMENT (JERSEY) LTD.
By: /s/ Michael Dee
-----------------------------------
Name: Michael Dee
Title: Chairman
By: /s/ Dr. Marc C. Bruppacher
-----------------------------------
Name: Dr. Marc C. Bruppacher
Title: Director
INCENTIVE CAPITAL AG
By: /s/ Hans Kaiser
-----------------------------------
Name: Hans Kaiser
Title: Director
By: /s/ Eric Stupp
-----------------------------------
Name: Eric Stupp
Title: Director
INCENTIVE ASSET MANAGEMENT LTD.
By: /s/ Paul Wyler
-----------------------------------
Name: Paul Wyler
Title: Director
By: /s/ Dr. Raoul Bloch
-----------------------------------
Name: Dr. Raoul Bloch
Title: Member of management board
RENE BRAGINSKY
By: /s/ Rene Braginsky
-----------------------------------
Name: Rene Braginsky
Date: July 24, 2003
Page 8
Page 9 of 14
EXHIBIT INDEX
Exhibit No Description of Exhibit
---------- ----------------------
Exhibit 4 Press Release dated July 9, 2003, issued by InCentive Asset
Management AG, entitled "The Board of Directors of InCentive
Capital Recommends to Wait Until Further Notice Before Accepting
the Zimmer Offer"
Exhibit 5 Report dated July 7, 2003 of the Board of Directors of InCentive
Capital AG, in respect of the public exchange and purchase offer
of Zimmer Holdings, Inc., Warsaw (USA), of June 19, 2003 for all
outstanding bearer shares of InCentive Capital AG
Page 9