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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
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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. 4)
------------------------------
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)
August 15, 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 15
____________
* 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 15
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1. Name of Reporting Person
I.R.S. Identification No. of Above Person (Entities Only)
InCentive Investment (Jersey) Ltd
--------------------------------------------------------------------------------
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
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7. Sole Voting Power:
NUMBER OF 0
SHARES -----------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power:
OWNED BY 1,592,577
EACH -----------------------------------------------------------
REPORTING 9. Sole Dispositive Power:
PERSON 0
WITH -----------------------------------------------------------
10. Shared Dispositive Power:
1,592,577
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11. Aggregate Amount Beneficially Owned by Reporting Person:
1,592,577
--------------------------------------------------------------------------------
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%
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14. Type of Reporting Person:
IV
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______________
* 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 2
CUSIP NO. 152005104* Page 3 of 15
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1. Name of Reporting Person
I.R.S. Identification No. of Above Person (Entities Only)
InCentive Capital AG
--------------------------------------------------------------------------------
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
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7. Sole Voting Power:
NUMBER OF 645,000
SHARES -----------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power:
OWNED BY 1,592,577
EACH -----------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 645,000
WITH -----------------------------------------------------------
10. Shared Dispositive Power
1,592,577
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Reporting Person:
2,237,577
--------------------------------------------------------------------------------
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
CUSIP NO. 152005104* Page 4 of 15
---------
--------------------------------------------------------------------------------
1. Name of Reporting Person
I.R.S. Identification No. of Above Person (Entity Only)
InCentive Asset Management Ltd
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7. Sole Voting Power:
NUMBER OF 0
SHARES -----------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power:
OWNED BY 0
EACH -----------------------------------------------------------
REPORTING 9. Sole Dispositive Power:
PERSON 0
WITH -----------------------------------------------------------
10. Shared Dispositive Power:
2,255,968
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Reporting Person:
2,255,968
--------------------------------------------------------------------------------
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
CUSIP NO. 152005104* Page 5 of 15
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1. Name of Reporting Person
I.R.S. Identification No. of Above Person (Entities Only)
Mr Rene Braginsky
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7. Sole Voting Power:
NUMBER OF 6,203
SHARES -----------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power:
OWNED BY 0
EACH -----------------------------------------------------------
REPORTING 9. Sole Dispositive Power:
PERSON 6,203
WITH -----------------------------------------------------------
10. Shared Dispositive Power:
2,255,968
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Reporting Person:
2,262,171
--------------------------------------------------------------------------------
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
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______________
* 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
Item 1. Security and Issuer
This Amendment No. 4 to the Statement on Schedule 13D, dated August 15, 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 August 14, 2003 the Board of Directors of InCentive Capital AG issued a
report to its shareholders (the "Report") in which it recommended that the
shareholders accept the Zimmer Offer. The Report makes this recommendation based
on the fact that the price offered in the Zimmer Offer is fair from a financial
point of view and is considerably higher than the price offered pursuant to the
Tender Offer. The Board's recommendation is subject to the proviso that Zimmer
will timely offer the Zimmer common shares offered for exchange in accordance
with its duties under the Swiss takeover laws and regulations and that the
Zimmer Offer is otherwise completed in accordance with recommendations of the
Swiss Takeover Board.
InCentive Capital AG has been advised by its principal shareholders, including
Mr. Braginsky, that they intend to withdraw their shares from the Tender Offer
and tender their shares in the Zimmer 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:
Exhibit 6 Press Release dated August 15, 2003, issued by InCentive Asset
Management AG, entitled "Board of Directors of InCentive Capital
AG Recommends to its Shareholders to Accept the Public Tender
Offer of Zimmer Holdings, Inc."
Exhibit 7 Report dated August 14, 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 6
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/ 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/ Raoul Bloch
----------------------------------
Name: Dr. Raoul Bloch
Title: Member of management board
RENE BRAGINSKY
By: /s/ Rene Braginsky
----------------------------------
Name: Rene Braginsky
Date: August 15, 2003
Page 7
SCHEDULE B
Schedule B of the Amended Schedule 13D is hereby amended and supplemented
by substituting in their entirety footnotes (2) and (3) thereof with the
following footnotes:
(2) Mr. Stupp beneficially owns 4 Registered Shares of Centerpulse. Mr. Stupp
used personal funds to purchase such Registered Shares. Mr. Stupp has sole
voting and dispositive power over such shares. Mr. Stupp intends to tender such
Registered Shares in the Zimmer Offer.
(3) Mr. Kaiser beneficially owns 36,284 Registered Shares of Centerpulse.
Mr.Kaiser used personal funds to purchase 32,284 of such Registered Shares, and
Mr. Kaiser has sole voting and dispositive power over such shares. The other
4000 shares beneficially owned by Mr. Kaiser are held by a family member of Mr.
Kaiser and information as to the voting and dispositive power over such shares,
as well as information as to the funds used to purchase such shares, is
currently unavailable. Mr. Kaiser is a party to the Tender Agreement but has
decided to withdraw his Registered Shares from the Tender Offer. Instead, Mr.
Kaiser has decided to tender his Registered Shares to Zimmer in connection with
the Zimmer Offer.
Page 8
SCHEDULE C
Schedule C of the Amended Schedule 13D is hereby amended and
supplemented by substituting in their entirety footnote (4) thereof
with the following footnote:
(2) Mr. Wyler beneficially owns 1,000 Registered Shares of Centerpulse. Mr.
Wyler used personal funds to purchase such Registered Shares. Mr. Wyler has sole
voting and dispositive power over such shares. Mr. Wyler intends to tender such
Registered Shares in the Zimmer Offer.
Page 9
EXHIBIT INDEX
Exhibit No Description of Exhibit
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Exhibit 6 Press Release dated August 15, 2003, issued by InCentive Asset
Management AG, entitled "Board of Directors of InCentive Capital
AG Recommends to its Shareholders to Accept the Public Tender
Offer of Zimmer Holdings, Inc."
Exhibit 7 Report dated August 14, 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 10