The following constitutes Amendment No. 8 to the Schedule 13D filed by the undersigned (“Amendment No. 8”). This Amendment No. 8 amends the Schedule 13D as specifically set forth herein.
Item 2. | Identity and Background. |
Item 2 is hereby amended and restated as follows:
(a) This statement is filed by:
| (i) | Starboard Value and Opportunity Master Fund Ltd, a Cayman Islands exempted company (“Starboard V&O Fund”), with respect to the Shares directly and beneficially owned by it; |
| (ii) | Starboard Value and Opportunity S LLC, a Delaware limited liability company (“Starboard S LLC”), with respect to the Shares directly and beneficially owned by it; |
| (iii) | Starboard Value and Opportunity C LP, a Delaware limited partnership (“Starboard C LP”), with respect to the Shares directly and beneficially owned by it; |
| (iv) | Starboard Value R LP (“Starboard R LP”), as the general partner of Starboard C LP; |
| (v) | Starboard Value R GP LLC (“Starboard R GP”), as the general partner of Starboard R LP; |
| (vi) | Starboard Value LP (“Starboard Value LP”), as the investment manager of Starboard V&O Fund, Starboard C LP and of a certain managed account (the “Starboard Value LP Account”) and the manager of Starboard S LLC; |
| (vii) | Starboard Value GP LLC (“Starboard Value GP”), as the general partner of Starboard Value LP; |
| (viii) | Starboard Principal Co LP (“Principal Co”), as a member of Starboard Value GP; |
| (ix) | Starboard Principal Co GP LLC (“Principal GP”), as the general partner of Principal Co; |
| (x) | Jeffrey C. Smith, 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; |
| (xi) | Mark R. 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; and |
| (xii) | Peter A. 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. |
Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting Persons is party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
(b) The address of the principal office of each of Starboard S LLC, Starboard C LP, Starboard R LP, Starboard R GP, Starboard Value LP, Starboard Value GP, Principal Co, Principal GP, and Messrs. Smith, Mitchell and Feld is 830 Third Avenue, 3rd Floor, New York, New York 10022. The address of the principal office of Starboard V&O Fund is 89 Nexus Way, Camana Bay, PO Box 31106, Grand Cayman KY1-1205, Cayman Islands. The officers and directors of Starboard V&O Fund and their principal occupations and business addresses are set forth on Schedule A to the Schedule 13D and are incorporated by reference in this Item 2.
(c) The principal business of Starboard V&O Fund is serving as a private investment fund. Starboard V&O Fund has been formed for the purpose of making equity investments and, on occasion, taking an active role in the management of portfolio companies in order to enhance shareholder value. Starboard S LLC and Starboard C LP have been formed for the purpose of investing in securities and engaging in all related activities and transactions. Starboard Value LP provides investment advisory and management services and acts as the investment manager of Starboard V&O Fund, Starboard C LP and the Starboard Value LP Account and the manager of Starboard S LLC. The principal business of Starboard Value GP is providing a full range of investment advisory, pension advisory and management services and serving as the general partner of Starboard Value LP. The principal business of Principal Co is providing investment advisory and management services. Principal Co is a member of Starboard Value GP. Principal GP serves as the general partner of Principal Co. Starboard R LP serves as the general partner of Starboard C LP. Starboard R GP serves as the general partner of Starboard R LP. Messrs. Smith, Mitchell and Feld serve as members of Principal GP and the members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP.
(d) No Reporting Person, nor any person listed on Schedule A to the Schedule 13D has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) No Reporting Person, nor any person listed on Schedule A to the Schedule 13D, has, during the last five years, been 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.
(f) Messrs. Smith, Mitchell and Feld are citizens of the United States of America. The citizenship of the persons listed on Schedule A to the Schedule 13D is set forth therein.
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, Starboard S LLC and Starboard CLP and held in the Starboard Value LP Account 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, except for an aggregate of 641,282 Shares that were acquired pursuant to the Issuer’s Rights Offering on September 9, 2013. The aggregate purchase price of the 7,076,149 Shares beneficially owned by Starboard V&O Fund is approximately $14,421,698, excluding brokerage commissions. The aggregate purchase price of the 3,062,133 Shares beneficially owned by Starboard S LLC is approximately $6,822,257, excluding brokerage commissions. The aggregate purchase price of the 101,549 Shares beneficially owned by Starboard C LP is approximately $214,338, excluding brokerage commissions. The aggregate purchase price of the 264,451 Shares held in the Starboard Value LP Account is approximately $558,200, excluding brokerage commissions.
The 214,842 Shares owned personally by Peter A. Feld represent (i) 43,558 vested restricted stock bonus awards, (ii) 91,284 vested RSUs, and (iii) 80,000 Shares underlying certain options exercisable within 60 days that were granted to Mr. Feld as compensation for his service on the Board of Directors of the Issuer.
Item 5. | Interest in Securities of the Issuer. |
Items 5(a)-(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 109,767,378 Shares outstanding as of February 4, 2014, 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 February 7, 2014.
| (a) | As of the close of business on April 8, 2014, Starboard V&O Fund beneficially owned 7,076,149 Shares. |
Percentage: Approximately 6.4%
| (b) | 1. Sole power to vote or direct vote: 7,076,149 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 7,076,149 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard V&O Fund since the filing of Amendment No. 7 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on April 8, 2014, Starboard S LLC beneficially owned 3,062,133 Shares. |
Percentage: 2.8%
| (b) | 1. Sole power to vote or direct vote: 3,062,133 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 3,062,133 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard S LLC since the filing of Amendment No. 7 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on April 8, 2014, Starboard C LP beneficially owned 101,549 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 101,549 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 101,549 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard C LP since the filing of Amendment No. 7 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Starboard R LP, as the general partner of Starboard C LP, may be deemed the beneficial owner of the 101,549 shares owned by Starboard C LP. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 101,549 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 101,549 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard R LP has not entered into any transactions in the Shares since the filing of Amendment No. 7 to the Schedule 13D. The transactions in the Shares on behalf of Starboard C LP since the filing of Amendment No. 7 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Starboard R GP, as the general partner of Starboard R LP, may be deemed the beneficial owner of the 101,549 shares owned by Starboard C LP. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 101,549 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 101,549 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard R GP has not entered into any transactions in the Shares since the filing of Amendment No. 7 to the Schedule 13D. The transactions in the Shares on behalf of Starboard C LP since the filing of Amendment No. 7 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on April 8, 2014, 264,451 Shares were held in the Starboard Value LP Account. Starboard Value LP, as the investment manager of Starboard V&O Fund, Starboard C LP and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 7,076,149 Shares owned by Starboard V&O Fund, (ii) 3,062,133 Shares owned by Starboard S LLC, (iii) 101,549 Shares owned by Starboard C LP and (iv) 264,451 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 9.6%
| (b) | 1. Sole power to vote or direct vote: 10,504,282 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 10,504,282 |
| 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 Account and on behalf of each of Starboard V&O Fund, Starboard S LLC and Starboard C LP since the filing of Amendment No. 7 to the Schedule 13D 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) 7,076,149 Shares owned by Starboard V&O Fund, (ii) 3,062,133 Shares owned by Starboard S LLC, (iii) 101,549 Shares owned by Starboard C LP and (iv) 264,451 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 9.6%
| (b) | 1. Sole power to vote or direct vote: 10,504,282 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 10,504,282 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard Value GP has not entered into any transactions in the Shares since the filing of Amendment No. 7 to the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and through the Starboard Value LP Account since the filing of Amendment No. 7 to the Schedule 13D 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) 7,076,149 Shares owned by Starboard V&O Fund, (ii) 3,062,133 Shares owned by Starboard S LLC, (iii) 101,549 Shares owned by Starboard C LP and (iv) 264,451 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 9.6%
| (b) | 1. Sole power to vote or direct vote: 10,504,282 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 10,504,282 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Principal Co has not entered into any transactions in the Shares since the filing of Amendment No. 7 to the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and through the Starboard Value LP Account since the filing of Amendment No. 7 to the Schedule 13D 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) 7,076,149 Shares owned by Starboard V&O Fund, (ii) 3,062,133 Shares owned by Starboard S LLC, (iii) 101,549 Shares owned by Starboard C LP and (iv) 264,451 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 9.6%
| (b) | 1. Sole power to vote or direct vote: 10,504,282 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 10,504,282 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Principal GP has not entered into any transactions in the Shares since the filing of Amendment No. 7 to the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and through the Starboard Value LP Account since the filing of Amendment No. 7 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
J. | 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) 7,076,149 Shares owned by Starboard V&O Fund, (ii) 3,062,133 Shares owned by Starboard S LLC, (iii) 101,549 Shares owned by Starboard C LP and (iv) 264,451 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 9.6%
| (b) | 1. Sole power to vote or direct vote: 0 |
| 2. Shared power to vote or direct vote: 10,504,282 |
| 3. Sole power to dispose or direct the disposition: 0 |
| 4. Shared power to dispose or direct the disposition: 10,504,282 |
| (c) | None of Messrs. Smith or Mitchell has entered into any transactions in the Shares since the filing of Amendment No. 7 to the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and through the Starboard Value LP Account since the filing of Amendment No. 7 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on April 8, 2014, Mr. Feld beneficially owned 214,842 Shares, representing (i) 43,558 vested restricted stock bonus awards, (ii) 91,284 vested RSUs, and (iii) 80,000 Shares underlying certain options exercisable within 60 days. 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) 7,076,149 Shares owned by Starboard V&O Fund, (ii) 3,062,133 Shares owned by Starboard S LLC, (iii) 101,549 Shares owned by Starboard C LP and (iv) 264,451 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 9.8%
| (b) | 1. Sole power to vote or direct vote: 214,842 |
| 2. Shared power to vote or direct vote: 10,504,282 |
| 3. Sole power to dispose or direct the disposition: 214,842 |
| 4. Shared power to dispose or direct the disposition: 10,504,282 |
| (c) | Mr. Feld has not entered into any transactions in the Shares since the filing of Amendment No. 7 to the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and through the Starboard Value LP Account since the filing of Amendment No. 7 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 6 is hereby amended to add the following:
On April 9, 2014, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. A copy of this agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 7. | Material to be Filed as Exhibits. |
Item 7 is hereby amended to add the following exhibit:
| 99.1 | Joint Filing Agreement by and among Starboard Value and Opportunity Master Fund Ltd, Starboard Value and Opportunity S LLC, Starboard Value and Opportunity C LP, Starboard Value R LP, Starboard Value R GP LLC, Starboard Value LP, Starboard Value GP LLC, Starboard Principal Co LP, Starboard Principal Co GP LLC, Jeffrey C. Smith, Mark R. Mitchell and Peter A. Feld, dated April 9, 2014. |
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: April 9, 2014
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 AND OPPORTUNITY C LP By: Starboard Value R LP its general partner STARBOARD VALUE R LP By: Starboard Value R GP LLC, its general partner 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 STARBOARD VALUE R 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 Mitchell and Peter A. Feld |
SCHEDULE A
Transactions in the Shares Since the Filing of Amendment No. 7 to the Schedule 13D
Shares of Common Stock Purchased / (Sold) | Price Per Share($) | Date of Purchase / Sale |
STARBOARD VALUE AND OPPORTUNITY FUND LTD
122,005 | 2.2067 | 03/31/2014 |
54,395 | 2.1129 | 03/31/2014 |
136,620 | 2.1475 | 04/01/2014 |
80,962 | 2.1303 | 04/02/2014 |
79,418 | 2.1352 | 04/03/2014 |
148,500 | 2.0643 | 04/04/2014 |
100,980 | 2.0098 | 04/07/2014 |
44,550 | 2.0619 | 04/08/2014 |
32,670 | 2.0668 | 04/08/2014 |
STARBOARD VALUE AND OPPORTUNITY S LLC
28,426 | 2.2067 | 03/31/2014 |
12,674 | 2.1129 | 03/31/2014 |
31,280 | 2.1475 | 04/01/2014 |
18,537 | 2.1303 | 04/02/2014 |
18,183 | 2.1352 | 04/03/2014 |
34,000 | 2.0643 | 04/04/2014 |
23,120 | 2.0098 | 04/07/2014 |
10,200 | 2.0619 | 04/08/2014 |
7,480 | 2.0668 | 04/08/2014 |
STARBOARD VALUE AND OPPORTUNITY C LP
15,769 | 2.2067 | 03/31/2014 |
7,031 | 2.1129 | 03/31/2014 |
17,250 | 2.1475 | 04/01/2014 |
10,222 | 2.1303 | 04/02/2014 |
10,027 | 2.1352 | 04/03/2014 |
18,750 | 2.0643 | 04/04/2014 |
12,750 | 2.0098 | 04/07/2014 |
5,625 | 2.0619 | 04/08/2014 |
4,125 | 2.0668 | 04/08/2014 |
STARBOARD VALUE LP
(Through the Starboard Value LP Account)
41,291 | 2.2067 | 03/31/2014 |
18,409 | 2.1129 | 03/31/2014 |
44,850 | 2.1475 | 04/01/2014 |
26,579 | 2.1303 | 04/02/2014 |
26,072 | 2.1352 | 04/03/2014 |
48,750 | 2.0643 | 04/04/2014 |
33,150 | 2.0098 | 04/07/2014 |
14,625 | 2.0619 | 04/08/2014 |
10,725 | 2.0668 | 04/08/2014 |