SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ___)*
Merrimac Industries, Inc.
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
590262 10 1
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(CUSIP Number of Class of Securities)
Kevin Handwerker
c/o Neuberger Berman, L.L.C.
605 Third Avenue
New York, NY 10158
(212) 476-9850
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copies to:
Michael A. Schwartz, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
(212) 728-8000
May 5, 2006
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(Date of Event which Requires
Filing of this Schedule)
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 ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-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 240.13d-7 for other
parties to whom copies are to be sent.
* 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).
SCHEDULE 13D
CUSIP No. 590262 10 1 Page 2 of 8 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Neuberger Berman, L.L.C.
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
AF
________________________________________________________________________________
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
NUMBER OF 0
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
161,300
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
161,300
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
161,300
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IA, OO
________________________________________________________________________________
SCHEDULE 13D
CUSIP No. 590262 10 1 Page 3 of 8 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Neuberger Berman, Inc.
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
AF
________________________________________________________________________________
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
NUMBER OF 0
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
161,300
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
161,300
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
161,300
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
This statement on Schedule 13D (this "Schedule 13D") is being filed
to report the beneficial ownership of Common Stock, par value $0.01 per share
(the "Common Stock") of Merrimac Industries, Inc., a company incorporated under
the laws of Delaware (the "Company"). All statements concerning parties listed
on Schedule A are made to the best knowledge of the Reporting Persons.
ITEM 1. SECURITY AND ISSUER.
This Schedule 13D relates to the Common Stock of the Company. The
Company's principal executive office is located at 41 Fairfield Place, West
Caldwell, New Jersey 07006.
ITEM 2. IDENTITY AND BACKGROUND.
This Schedule 13D is being filed on behalf of the following
Reporting Persons:
(i) Neuberger Berman, L.L.C., a Delaware limited liability
company ("NB LLC"), which serves as the investment adviser to certain investment
funds and accounts (the "Funds"); and
(ii) Neuberger Berman, Inc., a Delaware corporation ("NB
Inc."), which serves as the sole owner and managing member of NB LLC.
NB LLC may be deemed to beneficially own the Common Stock directly
held by the Funds (the "Shares"). NB Inc. may be deemed to control NB LLC by
virtue of its position as the sole owner and managing member of NB LLC. Any
disclosures herein with respect to persons other than the Reporting Persons are
made on information and belief after making inquiry to the appropriate party.
The address of the principal business office of the Reporting
Persons is 605 Third Avenue, New York, New York 10158.
The principal business of NB LLC is to serve as investment adviser
to the Funds. The principal business of NB Inc. is to serve as a holding company
and manage its subsidiaries.
The names, residence or business address, citizenships and present
occupations or employment of the executive officers and directors of NB Inc., NB
LLC, Neuberger Berman Asset Management, L.L.C. (which may be deemed to control
the Funds by virtue of being the general partner of the Funds) and its executive
officers and directors, and of Lehman Brothers Holdings Inc. (which may be
deemed to control NB Inc. by virtue of owning 100% of NB Inc.'s voting stock)
and its executive officers and directors, are set forth in Schedule A hereto.
During the last five years, none of the Reporting Persons nor, to
the best knowledge of the Reporting Persons, any person named in Schedule A, has
been (i) convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
4
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The Funds expended an aggregate of approximately $1,446,212 of their
own investment capital to acquire the 161,000 Shares beneficially owned by them.
The Funds effect purchases of securities primarily through margin
accounts maintained for them with Bear Stearns Inc. and Lehman Brothers Holdings
UK, which may extend margin credit to the Funds as and when required to open or
carry positions in the margin accounts, subject to applicable Federal margin
regulations, stock exchange rules and the firm's credit policies. In such
instances, the positions held in the margin accounts are pledged as collateral
security for the repayment of debit balances in the accounts.
ITEM 4. PURPOSE OF TRANSACTION.
This Schedule 13D is being filed to report, among other things, that
in accordance with Rule 13d-1(e)(1) of the Exchange Act, the Reporting Persons
may be deemed to be holding their shares of Common Stock with a purpose or
effect of changing or influencing control of the Company. As further detailed in
a letter, dated April 20, 2006, from the President and Chief Investment Officer
of LibertyView Capital Management, a division of Neuberger Berman, LLC, to the
Chairman, President and Chief Executive Officer of the Company, a copy of which
is attached hereto as Exhibit 99.2, the Reporting Persons have concerns about
the Company's continuing failure to provide adequate returns to stockholders.
The Reporting Persons believe it is in the best interests of the Company and its
stockholders for the Company to pursue a sale or other business combination
transaction with another entity. For the reasons set forth in Exhibit 99.2, the
Reporting Persons demanded that the Company's Board of Directors immediately
redeem the rights issued to stockholders pursuant to the Stockholder Rights
Agreement, dated as of March 9, 1999, by and between the Company and Wachovia
Bank, National Association, as Rights Agent, as amended.
NB LLC and the Funds are engaged in the investment business. In
pursuing this business, they intend to continually review the Company's business
affairs, financial position, and future prospects, as well as conditions in the
securities markets and general economic and industry conditions. Based on such
evaluation, review, and other factors, they may purchase additional Common Stock
and, alternatively, may sell Common Stock in the open market or in privately
negotiated transactions.
Except as set forth above, neither the Reporting Persons nor any
person named in Schedule A has any present plans or proposals that relate to or
would result in any of the actions required to be described in Item 4 of
Schedule 13D.
5
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) & (b) Ownership and power over disposition:
A. NB LLC
(a) Amount beneficially owned: 161,300 Shares.
(b) Percent of class: 5.1%. This percentage is based upon a
total of 3,150,796 shares of Common Stock, par value $0.01 per share, issued and
outstanding as of March 24, 2006, as reflected in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2005, filed on March 31, 2006
(the "Reported Outstanding Shares").
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 161,300
(iii) Sole power to dispose or direct the
disposition: -0-
(iv) Shared power to dispose or direct the
disposition: 161,300
B. NB Inc.
(a) Amount beneficially owned: 161,300 Shares.
(b) Percent of class: 5.1%. This percentage is based upon the
Reported Outstanding Shares.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 161,300
(iii) Sole power to dispose or direct the
disposition: -0-
(iv) Shared power to dispose or direct the
disposition: 161,300
To the knowledge of the Reporting Persons, no Shares of the Company
are beneficially owned by any of the persons named in Schedule A.
(c) The transactions in the Shares that may be deemed to be beneficially owned
by a Reporting Person commencing 60 days prior to the event triggering the
filing of this Schedule 13D are set forth on Schedule B attached hereto.
(d) Not applicable.
(e) Not applicable.
6
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
Except as otherwise set forth herein, the Reporting Persons do not
have any contract, arrangement, understanding or relationship with any person
with respect to securities of the Company.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Attached hereto as Exhibit 99.1 is a Joint Filing Agreement by and
among the Reporting Persons, dated as of May 15, 2006.
Attached hereto as Exhibit 99.2 is a letter dated April 20, 2006,
from Richard A. Meckler, the President and Chief Investment Officer of
LibertyView Capital Management, a division of Neuberger Berman, LLC, to Mason N.
Carter, the Chairman, President and Chief Executive Officer of the Company.
[THE REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]
7
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
DATED: May 15, 2006
NEUBERGER BERMAN, L.L.C.
By: /s/ Kevin Handwerker
------------------------------------
Name: Kevin Handwerker
Title: Chief Administrative Officer and General Counsel
NEUBERGER BERMAN, INC.
By: /s/ Kevin Handwerker
------------------------------------
Name:
Title: Chief Administrative Officer and General Counsel
NEUBERGER BERMAN, L.L.C, on behalf of, and as investment advisor to the Funds.
By: /s/ Kevin Handwerker
------------------------------------
Name: Kevin Handwerker
Title: Chief Administrative Officer and General Counsel
[SIGNATURE PAGE TO SCHEDULE 13D WITH RESPECT TO
MERRIMAC INDUSTRIES, INC.]
SCHEDULE A
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NAME, ADDRESS AND PRINCIPAL OCCUPATION OF EACH DIRECTOR AND EXECUTIVE OFFICER
OF THE REPORTING PERSONS
The name and present occupation or employment of the executive officers
and directors of the Reporting Persons, and of Lehman Brothers Holdings Inc. and
its executive officers and directors, are set forth below. Except as noted, all
individuals are citizens of the United States of America. Lehman Brothers
Holdings Inc. is a Delaware corporation. The business address of the executive
officers and directors of NB LLC, NB Inc., and Neuberger Berman Asset
Management, L.L.C. is 605 Third Avenue, New York, New York 10158. The business
address of Lehman Brothers Holdings Inc. is 745 Seventh Avenue, New York, New
York 10019.
NEUBERGER BERMAN, L.L.C.
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NAME TITLE/PRESENT PRINCIPAL OCCUPATION
------------------- ---------------------------------------------------------
Jeffrey B. Lane Chairman, President and Chief Operating Officer
------------------- ---------------------------------------------------------
Kevin Handwerker Chief Administrative Officer and General Counsel
------------------- ---------------------------------------------------------
Jeffrey S. Maurer Executive Vice President
------------------- ---------------------------------------------------------
Jack Rivkin Chief Information Officer and Executive Vice President
------------------- ---------------------------------------------------------
Peter E. Sundman Executive Vice President
------------------- ---------------------------------------------------------
NEUBERGER BERMAN, INC.
------------------- ---------------------------------------------------------
NAME TITLE/PRESENT PRINCIPAL OCCUPATION
------------------- ---------------------------------------------------------
Jeffrey B. Lane Chairman, President and Chief Operating Officer
------------------- ---------------------------------------------------------
Kevin Handwerker Chief Administrative Officer and General Counsel
------------------- ---------------------------------------------------------
Jeffrey S. Maurer Executive Vice President
------------------- ---------------------------------------------------------
Peter E. Sundman Director, Executive Vice President
------------------- ---------------------------------------------------------
NEUBERGER BERMAN ASSET MANAGEMENT, L.L.C.
------------------------ ----------------------------------------------------
NAME TITLE/PRESENT PRINCIPAL OCCUPATION
------------------------ ----------------------------------------------------
Neuberger Berman, Inc. Principal
------------------------ ----------------------------------------------------
Peter E. Sundman President and Chief Executive Officer
------------------------ ----------------------------------------------------
Robert P. Traversa Chief Administrative Officer and Executive Vice
President
------------------------ ----------------------------------------------------
Edward Grieb Managing Director
------------------------ ----------------------------------------------------
Brad E. Cetron Chief Compliance Officer
------------------------ ----------------------------------------------------
A-1
LEHMAN BROTHERS HOLDINGS INC. - BOARD OF DIRECTORS
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NAME TITLE/PRESENT PRINCIPAL OCCUPATION
--------------------------------------- --------------------------------------------------------------------
Michael L. Ainslie Private Investor and former President and Chief Executive Officer
of Sotheby's Holdings
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John F. Akers Retired Chairman of International Business Machines Corporation
--------------------------------------- --------------------------------------------------------------------
Roger S. Berlind Theatrical Producer
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Thomas H. Cruikshank Retired Chairman and Chief Executive Officer of Halliburton Company
--------------------------------------- --------------------------------------------------------------------
Marsha Johnson Evans President and Chief Executive Officer of American Red Cross
--------------------------------------- --------------------------------------------------------------------
Richard S. Fuld, Jr. Chairman and Chief Executive Officer
--------------------------------------- --------------------------------------------------------------------
Sir Christopher Gent (United Kingdom Non-executive Chairman of GlaxoSmithKline plc.
citizen)
--------------------------------------- --------------------------------------------------------------------
Henry Kaufman President of Henry Kaufman & Company, Inc.
--------------------------------------- --------------------------------------------------------------------
John D. Macomber Principal of JDM Investment Group
--------------------------------------- --------------------------------------------------------------------
Dina Merrill Vice Chairman of RKO Pictures, Inc. and Actress
--------------------------------------- --------------------------------------------------------------------
Roland A. Hernandez Retired Chairman and Chief Executive Officer of Telemundo, Inc.
--------------------------------------- --------------------------------------------------------------------
LEHMAN BROTHERS HOLDINGS INC. - EXECUTIVE OFFICERS
------------------------------ ----------------------------------------------
NAME TITLE/PRESENT PRINCIPAL OCCUPATION
------------------------------ ----------------------------------------------
Lehman Brothers Holdings Inc. Investment Bank
------------------------------ ----------------------------------------------
Richard S. Fuld, Jr. Chairman and Chief Executive Officer
------------------------------ ----------------------------------------------
Jonathan E. Beyman Chief of Operations and Technology
------------------------------ ----------------------------------------------
David Goldfarb Chief Administrative Officer
------------------------------ ----------------------------------------------
Joseph M. Gregory President and Chief Operating Officer
------------------------------ ----------------------------------------------
Christopher O'Meara Chief Financial Officer and Controller
------------------------------ ----------------------------------------------
Thomas A. Russo Vice Chairman and Chief Legal Officer
------------------------------ ----------------------------------------------
A-2
SCHEDULE B
TRANSACTIONS BY THE FUNDS COMMENCING SIXTY DAYS PRIOR TO THE TRIGGERING EVENT
---------------- ------------ --------------------------- ---------------------------- ---------------------
DATE SECURITY AMOUNT OF SHARES BOUGHT AMOUNT OF SHARES SOLD PRICE PER SHARE
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/2/06 Common 1800 $9.00
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/3/06 Common 200 $9.10
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/6/06 Common 1700 $9.06
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/7/06 Common 2000 $9.09
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/8/06 Common 100 $9.08
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/8/06 Common 200 $9.15
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/13/06 Common 200 $9.10
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/13/06 Common 400 $9.30
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/14/06 Common 100 $9.12
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/15/06 Common 200 $9.25
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/16/06 Common 2100 $9.38
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/29/06 Common 1000 $9.50
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/30/06 Common 1000 $9.62
---------------- ------------ --------------------------- ---------------------------- ---------------------
3/31/06 Common 2500 $9.83
---------------- ------------ --------------------------- ---------------------------- ---------------------
4/6/06 Common 500 $9.30
---------------- ------------ --------------------------- ---------------------------- ---------------------
4/10/06 Common 200 $9.30
---------------- ------------ --------------------------- ---------------------------- ---------------------
4/11/06 Common 800 $9.32
---------------- ------------ --------------------------- ---------------------------- ---------------------
5/5/06 Common 3700 $8.88
---------------- ------------ --------------------------- ---------------------------- ---------------------
5/9/06 Common 300 $9.10
---------------- ------------ --------------------------- ---------------------------- ---------------------
B-1