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Page 1 of of 12 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.3)*
VAIL RESORTS, INC.
-----------------------------------------------------
(Name of Issuer)
COMMON STOCK
-----------------------------------------------------
(Title of Class of Securities)
91879Q109
-----------------------------------------------------
(CUSIP Number)
Linda S. Martinson, Esq. (212) 583-2000
767 Fifth Avenue, 24th Floor, New York, NY 10153
-----------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 13, 1998
-----------------------------------------------------
(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 [ ].
Check the following box if a fee is being paid with this statement [ ].
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*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).
SEC 1746 (12-91)
Amendment Number 3 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 2 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Group, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 160,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 993,300
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 160,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
10,442,200
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,602,200
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
40.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 3 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 3 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BAMCO, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 200,000
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,648,900
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,648,900
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
36.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 3 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 4 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 160,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 793,300
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 160,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
793,300
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
953,300
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 3 to Schedule 13D (continued)
CUSIP No. 91879Q109 Page 5 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Asset Fund
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 9,448,900
BENEFICIALLY ------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,448,900
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,448,900
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
35.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IV, OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Amendment Number 3 to Schedule 13D(continued)
CUSIP No. 91879Q109 Page 6 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald Baron
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 160,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 993,300
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 160,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
10,442,200
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,602,200
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
40.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 7 of 12 Pages
Item 1. Security and Issuer
(a) Name of Issuer:
Vail Resorts, Inc.
(b) Address of Issuer's Principal Executive Offices:
Post Office Box 7
c/o Anaconda Towers
Vail, CO 81658
(c) Title and Class of Securities:
Common Stock
Item 2. Identity and Background
(a) Name:
Baron Capital Group, Inc. ("BCG")
BAMCO, Inc. ("BAMCO")
Baron Capital Management, Inc. ("BCM")
Baron Asset Fund ("BAF")
Ronald Baron
(b) Business Address:
767 Fifth Avenue
24th Floor
New York, NY 10153
(c) Present Principal Employment:
BCG: Holding company
BAMCO: Investment adviser
BAF: Investment company
Ronald Baron: President and majority shareholder:
BCG, BCM, BAMCO
767 Fifth Avenue
24th Floor
New York, NY 10153
(d) Record of Convictions:
During the last five years, Filing Persons were not convicted
In a criminal proceeding (excluding traffic violations or
similar misdemeanors.)
(e) Record of Civil Proceedings:
During the last five years, Filing Persons were not 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 such
activities subject to, federal or state securities laws or
finding any violation with respect to such laws.
(f) Citizenship:
BCG, BAMCO and BCM are New York corporations. Ronald Baron
is a citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration
Ronald Baron owns no shares of the issuer directly.
BAMCO directed the purchase of 5,648,900 shares of the Issuer
for its investment advisory clients for an aggregate purchase
price of $125,190,939. Of those shares, 5,448,900 were purchased
for the account of BAF, for a total purchase price of $120,903,585.
An additional 4,000,000 shares of the Issuer were purchased in a
privately negotiated transaction for the account of BAF from
Apollo Ski Partners, L.P. The shares were purchased for an
aggregate price of $112,000,000. BCM directed the purchase of
793,300 shares of the issuer for its investment advisory clients
for an aggregate purchase price of $17,746,878 and 160,000 shares
for two investment partnerships for an aggregate purchase price
of $3,529,265. All of the shares were paid for by cash assets in
the respective clients' accounts and by margin borrowings for the
account of one BCM client pursuant to standard margin agreements
with Spear, Leeds & Kellogg.
Page 8 of 12 Pages
Item 4. Purpose of Transaction
The securities referred to herein were acquired in the ordinary
course of business and were not acquired for the purpose of and
do not have the effect of changing or influencing the control of
the Issuer of such securities and were not acquired in connection
with or as a participant in any transaction having such purposes
or effect. Filing Persons reserve the right to discuss management
and other proposals with other persons.
Item 5. Interest in Securities of the Issuer
(a) Amount and percentage beneficially owned:
BCG: 10,620,200 40.0%*
BAMCO: 9,648,900 36.4%*
BCM: 953,300 3.6%*
BAF: 9,448,900 35.6%
Ronald Baron: 10,620,200 40.0%*
*Disclaims beneficial ownership of these shares
(b) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
BCG*: 160,000
BAMCO*: 0
BCM*: 160,000
BAF: 9,448,900
Ronald Baron*: 160,000
(ii) shared power to vote or direct the vote:
BCG*: 993,300
BAMCO*: 200,000
BCM*: 793,300
BAF: 0
Ronald Baron*: 993,300
(iii) sole power to dispose or to direct the disposition:
BCG*: 160,000
BAMCO*: 0
BCM*: 160,000
BAF: 0
Ronald Baron*: 160,000
(iv) shared power to dispose or direct the disposition:
BCG*: 10,442,200
BAMCO*: 9,648,900
BCM*: 793,300
BAF: 9,448,900
Ronald Baron*: 10,442,200
*Reporting Persons may be deemed to share power to vote and dispose
of shares referred to herein as a result of control relationships
(BCG and Ronald Baron with respect to all of the shares; BAMCO with
respect to disposition, but not vote, of the BAF shares) and pursuant
to investment advisory relationships with advisory clients. The
shares reported above for sole power are attributable to investment
partnerships for which BCM and Ronald Baron serve as general
partners. BAMCO and its related control persons have no power to
vote the shares owned by BAF.
(c) A schedule of transactions effected in the last sixty days is
attached hereto.
(d) Ownership of More than Five Percent on Behalf of Another Person:
BAF and the investment advisory clients have the right to
receive the dividends from, or the proceeds from the sale of
the securities in their respective accounts. To the best of
Reporting Person's knowledge, no person has such interest
relating to more than 5% of the outstanding class of securities.
(e) Ownership of Less than Five Percent:
Not applicable.
Page 9 of 12 Pages
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
BAMCO and the Issuer have entered into a Standstill and
Registration Rights Agreement where, among other things, BAMCO
agrees that it will not directly or indirectly (through
affiliates or otherwise)acquire more than 500,000 additional
shares of the Issuer's common stock, as adjusted for
recapitalization. The Board of Trustees of BAF
has determined to allocate sole voting power of all shares held
by BAF to a committee of the independent trustees of BAF until
such time as the Board of Trustees determine otherwise. By virtue
of their investment advisory agreements with their clients, BCM
and BAMCO have been given the discretion to vote and to dispose
or direct the disposition of the securities in the advisory
accounts subject, in the case of BAF, to the overall authority
and supervision of the Board of Trustees. All such agreements
are, however, revocable on not more than 60 days prior notice.
Accordingly, the Filing Persons believe that as a general matter
the Filing Persons that are investment advisers share voting and
disposition power with their clients. The investment advisory
agreements of the Baron Funds are filed as exhibit 99 to Form
N1-A for BAF and are incorporated by reference herein. All the
advisory agreements are pursuant to a standard form.
Item 7. Material to be Filed as Exhibits
Exhibit 99 - 60 days of transactions.
Exhibit 99A- Standstill Agreement
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.
Date: May 14, 1998
Baron Capital Group, Inc., BAMCO, Inc.,
Baron Capital Management, Inc. and
Baron Asset Fund
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron, President
Ronald Baron, Individually
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron
Page 11 of 12 Pages TRANSACTION SCHEDULE From 03/13/98 To 05/13/98 All transactions were executed on the primary exchange for the Issuer unless otherwise indicated. Acct Exec. Date ID Trans Qty Price - -------- ---- ----- ------ --------- 03/25/98 bcm sell 2,500 31.0000 03/31/98 bcm buy 10,000 29.2500 04/01/98 bcm buy 20,000 29.0625 04/02/98 baf buy 3,100 28.8120 04/02/98 bcm buy 20,000 28.8120 04/03/98 baf buy 10,000 29.0625 04/07/98 baf buy 300 28.7500 04/08/98 baf buy 300 28.9375 04/13/98 baf buy 10,000 29.6250 04/22/98 baf buy 7,900 30.2668 04/22/98 bcm buy 4,000 30.2668 04/23/98 baf buy 8,400 30.4405 04/27/98 bcm buy 3,500 29.9821 04/29/98 baf buy 8,900 29.3750 04/29/98 bcm buy 2,000 29.3750 05/12/98 bcm buy 11,000 27.5335 05/13/98 baf buy* 4,000,000 28.0000 * The transaction was privately negotiated.
Page 12 of 12 Standstill and Registration Rights Agreement between Vail Resorts, Inc. and BAMCO, Inc. * * * Standstill Covenant. BAMCO hereby represents that it and its Affiliates collectively beneficially own on behalf of themselves and/or their clients, as of the date hereof, 6,602,200 shares of Common Stock of Vail. BAMCO agrees that during the term of this Agreement, it will not, directly or indirectly (through its Affiliates or otherwise), acquire, offer to acquire or agree to acquire by purchase or otherwise any additional Vail Securities except (i) as a result of a stock split, stock dividend, rights offering or similar recapitalization by Vail: (ii) the 4,000,000 shares of Common Stock of Vail to be purchased pursuant to the Stock Purchase Agreements dated the date hereof with Apollo; and (iii) up to an additional 500,000 shares of Common Stock of Vail so long as the aggregate number of shares Common Stock beneficially owned by BAMCO and it's affiliates does not exceed 11,102,200 (as adjusted for any stock split, stock dividend or recapitalization) at any time. For purposes of this Section 3, "Vail Securities" means the Common Stock and Class A Common Stock of Vail, and any other voting securities of Vail, including any securities convertible into or exercisable or exchangeable for any voting securities of Vail. * * * IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their respective officers thereunto duly authorized as of the date first above written. BAMCO, Inc. By: /s/ Name: Title: Vail Resorts, Inc. By: /s/ Name: Title: