The following constitutes Amendment No. 7 to the Schedule 13D filed by the undersigned (“Amendment No. 7”). This Amendment No. 7 amends the Schedule 13D as specifically set forth herein.
Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended and restated to read as follows:
The Shares purchased by each of Starboard V&O Fund and Starboard LLC and held in the Starboard Value LP Accounts were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 2,135,955 Shares beneficially owned by Starboard V&O Fund is approximately $15,464,084, excluding brokerage commissions. The aggregate purchase price of the 30,258 Shares beneficially owned by Starboard LLC is approximately $241,660, excluding brokerage commissions. The aggregate purchase price of the 394,283 Shares held in the Starboard Value LP Accounts is approximately $3,005,589, excluding brokerage commissions.
The 20,000 Shares owned personally by Peter A. Feld represent vested restricted stock units (RSUs) that were granted to Mr. Feld as compensation for his service on the Board of Directors of the Issuer (the “Board”).
Item 5. | Interest in Securities of the Issuer. |
Items 5(a)-5(c) are hereby amended and restated to read as follows:
The aggregate percentage of Shares reported owned by each person named herein is based upon 32,746,605 Shares outstanding, as of June 3, 2013, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on June 7, 2013.
| (a) | As of the close of business on July 18, 2013, Starboard V&O Fund beneficially owned 2,135,955 Shares. |
Percentage: Approximately 6.5%.
| (b) | 1. Sole power to vote or direct vote: 2,135,955 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,135,955 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard V&O Fund during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on July 18, 2013, Starboard LLC beneficially owned 30,258 Shares. |
Percentage: Less than 1%.
| (b) | 1. Sole power to vote or direct vote: 30,258 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 30,258 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on July 18, 2013, 394,283 Shares were held in the Starboard Value LP Accounts. Starboard Value LP, as the investment manager of Starboard V&O Fund and the manager of Starboard LLC, may be deemed the beneficial owner of the (i) 2,135,955 Shares owned by Starboard V&O Fund, (ii) 30,258 Shares owned by Starboard LLC and (iii) 394,283 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.8%.
| (b) | 1. Sole power to vote or direct vote: 2,558,198 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,558,198 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard Value LP through the Starboard Value LP Accounts and on behalf of each of Starboard V&O Fund and Starboard LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Starboard Value GP, as the general partner of Starboard Value LP, may be deemed the beneficial owner of the (i) 2,135,955 Shares owned by Starboard V&O Fund, (ii) 30,258 Shares owned by Starboard LLC and (iii) 394,283 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.8%.
| (b) | 1. Sole power to vote or direct vote: 2,558,198 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,558,198 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard Value GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard LLC and through the Starboard Value LP Accounts during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 2,135,955 Shares owned by Starboard V&O Fund, (ii) 30,258 Shares owned by Starboard LLC and (iii) 394,283 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.8%.
| (b) | 1. Sole power to vote or direct vote: 2,558,198 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,558,198 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Principal Co has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard LLC and through the Starboard Value LP Accounts during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 2,135,955 Shares owned by Starboard V&O Fund, (ii) 30,258 Shares owned by Starboard LLC and (iii) 394,283 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.8%.
| (b) | 1. Sole power to vote or direct vote: 2,558,198 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,558,198 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Principal GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard LLC and through the Starboard Value LP Accounts during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
G. | Messrs. Smith and Mitchell |
| (a) | Each of Messrs. Smith and Mitchell, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 2,135,955 Shares owned by Starboard V&O Fund, (ii) 30,258 Shares owned by Starboard LLC and (iii) 394,283 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.8%.
| (b) | 1. Sole power to vote or direct vote: 0 |
| 2. Shared power to vote or direct vote: 2,558,198 |
| 3. Sole power to dispose or direct the disposition: 0 |
| 4. Shared power to dispose or direct the disposition: 2,558,198 |
| (c) | None of Messrs. Smith or Mitchell has entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard LLC and through the Starboard Value LP Accounts during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on July 18, 2013, Mr. Feld beneficially owned 20,000 vested RSUs. Mr. Feld, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 2,135,955 Shares owned by Starboard V&O Fund, (ii) 30,258 Shares owned by Starboard LLC and (iii) 394,283 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.9%.
| (b) | 1. Sole power to vote or direct vote: 20,000 |
| 2. Shared power to vote or direct vote: 2,558,198 |
| 3. Sole power to dispose or direct the disposition: 20,000 |
| 4. Shared power to dispose or direct the disposition: 2,558,198 |
| (c) | Mr. Feld has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard LLC and through the Starboard Value LP Accounts during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: July 19, 2013
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD By: Starboard Value LP, its investment manager STARBOARD VALUE AND OPPORTUNITY S LLC By: Starboard Value LP, its manager STARBOARD VALUE LP By: Starboard Value GP LLC, its general partner | | STARBOARD VALUE GP LLC By: Starboard Principal Co LP, its member STARBOARD PRINCIPAL CO LP By: Starboard Principal Co GP LLC, its general partner STARBOARD PRINCIPAL CO GP LLC |
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By: | |
| Name: | Jeffrey C. Smith |
| Title: | Authorized Signatory |
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JEFFREY C. SMITH |
Individually and as attorney-in-fact for Mark R. Mitchell and Peter A. Feld |
SCHEDULE A
Transactions in the Shares During the Past Sixty Days
Shares of Common Stock Purchased /(Sold) | Price Per Share($) | Date of Purchase /Sale |
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD |
(8,349) | | 10.7946 | 05/31/2013 |
(12,524) | | 12.5207 | 07/18/2013 |
STARBOARD VALUE AND OPPORTUNITY S LLC |
(118) | | 10.7946 | 05/31/2013 |
(178) | | 12.5207 | 07/18/2013 |
STARBOARD VALUE LP (Through the Starboard Value LP Accounts) |
(1,533) | | 10.7946 | 05/31/2013 |
(2,298) | | 12.5207 | 07/18/2013 |