The following constitutes Amendment No. 12 to the Schedule 13D filed by the undersigned (“Amendment No. 12”). This Amendment No. 12 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, Starboard S LLC, Starboard C LP and Starboard Delta 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, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein. The aggregate purchase price of the 2,535,767 Shares beneficially owned by Starboard V&O Fund is approximately $122,894,450, excluding brokerage commissions. The aggregate purchase price of the 580,066 Shares beneficially owned by Starboard S LLC is approximately $28,306,543, excluding brokerage commissions. The aggregate purchase price of the 317,952 Shares beneficially owned by Starboard C LP is approximately $15,479,357, excluding brokerage commissions. The aggregate purchase price of the 1,732,025 Shares beneficially owned by Starboard Delta LLC is approximately $84,202,991, excluding brokerage commissions. The aggregate purchase price of certain call options exercisable into 650,000 Shares beneficially owned by Starboard Delta LLC, as further described in Item 6 below, is approximately $24,538,085, excluding brokerage commissions. The aggregate purchase price of the 4,744,190 Shares held in the Starboard Value LP Accounts is approximately $240,321,755, excluding brokerage commissions.
The Shares purchased by each of Messrs. Blum, Sonsteby, Mock, Miller, Fogarty, Lenehan, Nowell and Stillman and by each of Ms. Betsy Atkins, Ms. Shân Atkins and Misses Birch and Jamison, were purchased in the open market with personal funds. The aggregate purchase price of the 2,250 Shares owned directly by Mr. Blum is approximately $109,568, including brokerage commissions. The aggregate purchase price of the 3,000 Shares owned directly by Mr. Sonsteby is approximately $146,211.45, including brokerage commissions. The aggregate purchase price of the 1,318 Shares owned directly by Mr. Mock is approximately $64,541, including brokerage commissions. The aggregate purchase price of the 1,000 Shares owned directly by Mr. Miller is approximately $49,918, including brokerage commissions. The aggregate purchase price of the 200 Shares owned directly by Ms. Betsy Atkins is approximately $10,108, including brokerage commissions. The aggregate purchase price of the 150 Shares owned directly by Ms. Shân Atkins is approximately $7,545, including brokerage commissions. The aggregate purchase price of the 450 Shares owned directly by Ms. Birch is approximately $22,040.60, including brokerage commissions. The aggregate purchase price of the 1,990 Shares owned directly by Mr. Fogarty is approximately $99,639, excluding brokerage commissions. The aggregate purchase price of the 420 Shares owned directly by Ms. Jamison is approximately $20,435.35, excluding brokerage commissions. The aggregate purchase price of the 1,108 Shares owned directly by Mr. Lenehan is approximately $55,086, including brokerage commissions. The aggregate purchase price of the 400 Shares owned directly by Mr. Nowell is approximately $19,632.40, including brokerage commissions. The aggregate purchase price of the 100 Shares owned directly by Mr. Stillman is approximately $4,997, including brokerage commissions.
Item 4. | Purpose of Transaction. |
Item 4 is hereby amended to add the following:
On July 23, 2014, Starboard Value LP (“Starboard”) filed a Complaint in the Circuit Court for the Ninth Judicial Circuit in and for Orange County, Florida against the Issuer seeking an order to compel the Issuer to provide Starboard with certain books and records for purposes of inspection and copying pursuant to Section 607.1604 of the Florida Business Corporations Act. Within its rights as a shareholder under Florida law, Starboard delivered a letter to the Issuer on June 5, 2014 demanding production of certain of the Issuer’s books and records (the “June 5 Demand”) in order to gain additional insight and learn more as to the analyses, processes and rationale that ultimately led to the Issuer’s agreement on May 16, 2014 to sell Red Lobster at what Starboard believes to be a fire sale price to Golden Gate Capital (the “Red Lobster Sale”). In agreeing to the Red Lobster Sale, the Issuer disregarded the strong mandate from its shareholders representing 57% of the Issuer’s outstanding shares, or 80% of the shares realistically able to vote, to either pause the Red Lobster Sale or to subject any transaction involving Red Lobster to a shareholder vote.
Since the Issuer’s announcement of the Red Lobster Sale, the Issuer’s stock price has declined by 11% and has underperformed its peers by 16%, representing the destruction of hundreds of millions of dollars in total shareholder value. In addition to better understanding the process and rationale behind the Red Lobster Sale, Starboard served the June 5 Demand specifically to (i) investigate potential mismanagement, wrongdoing and/or corporate waste in connection with the proposed sale in the course of evaluating whether to bring an action to enjoin the sale or for breach of fiduciary duty against Issuer’s current Board of Directors and management, and (ii) assist Starboard in evaluating its proxy contest. These are appropriate purposes for making a books and records demand under Florida law.
Since serving the June 5 Demand, Starboard has attempted to negotiate in good faith the conditions for the Issuer to turn over the requested records, even going so far as to narrow its request voluntarily in an effort to get to resolution. Unfortunately, the Issuer was not willing to accept reasonable terms regarding confidentiality restrictions. Specifically, the Issuer demanded that Starboard not only keep the books and records themselves confidential, but also insisted that Starboard could not express any “opinions, conclusions, views, or perspectives,” derived from the produced books and records. The Issuer therefore sought to condition production of the books and records on a gag order that would extend not only to the documents themselves, but also to any Starboard view or opinion informed by, or derived in any way from, the produced documents. Despite Starboard’s efforts to negotiate the confidentiality terms in good faith, the Issuer has refused to provide any of the requested books and records, and Starboard has filed the Complaint seeking to enforce its inspection rights under Florida law.
The foregoing summary is qualified in its entirety by reference to the full text of the Complaint, a copy of which is filed herewith as Exhibit 99.1 and is incorporated by reference herein.
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 132,314,493 Shares outstanding, as of May 25, 2014, which is the total number of Shares outstanding as reported in the Issuer’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on July 18, 2014.
| (a) | As of the close of business on July 23, 2014, Starboard V&O Fund beneficially owned 2,535,767 Shares. |
Percentage: Approximately 1.9%
| (b) | 1. Sole power to vote or direct vote: 2,535,767 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,535,767 |
| 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. 11 to the Schedule 13D are set forth on Schedule A and are incorporated by reference herein. |
| (a) | As of the close of business on July 23, 2014, Starboard S LLC beneficially owned 580,066 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 580,066 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 580,066 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard S LLC has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
| (a) | As of the close of business on July 23, 2014, Starboard C LP beneficially owned 317,952 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 317,952 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 317,952 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard C LP has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
| (a) | Starboard R LP, as the general partner of Starboard C LP, may be deemed the beneficial owner of the 317,952 shares owned by Starboard C LP. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 317,952 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 317,952 |
| 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. 11 to the Schedule 13D. |
| (a) | Starboard R GP, as the general partner of Starboard R LP, may be deemed the beneficial owner of the 317,952 shares owned by Starboard C LP. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 317,952 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 317,952 |
| 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. 11 to the Schedule 13D. |
| (a) | As of the close of business on July 23, 2014, Starboard Delta LLC beneficially owned 2,382,025 Shares, including 650,000 Shares underlying certain call options |
Percentage: Approximately 1.8%
| (b) | 1. Sole power to vote or direct vote: 2,382,025 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,382,025 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard Delta LLC since the filing of Amendment No. 11 to the Schedule 13D are set forth on Schedule A and are incorporated by reference herein. |
| (a) | Starboard Leaders Fund, as a member of Starboard Delta LLC, may be deemed the beneficial owner of the 2,382,025 shares owned by Starboard Delta LLC. |
Percentage: Approximately 1.8%
| (b) | 1. Sole power to vote or direct vote: 2,382,025 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,382,025 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard Leaders Fund has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. The transactions in the Shares on behalf of Starboard Delta LLC since the filing of Amendment No. 11 to the Schedule 13D are set forth on Schedule A and are incorporated by reference herein. |
| (a) | Starboard A LP, as the general partner of Starboard Leaders Fund and the managing member of Starboard Delta LLC, may be deemed the beneficial owner of the 2,382,025 shares owned by Starboard Delta LLC. |
Percentage: Approximately 1.8%
| (b) | 1. Sole power to vote or direct vote: 2,382,025 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,382,025 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard A LP has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. The transactions in the Shares on behalf of Starboard Delta LLC since the filing of Amendment No. 11 to the Schedule 13D are set forth on Schedule A and are incorporated by reference herein. |
| (a) | Starboard A GP, as the general partner of Starboard A LP, may be deemed the beneficial owner of the 2,382,025 shares owned by Starboard Delta LLC. |
Percentage: Approximately 1.8%
| (b) | 1. Sole power to vote or direct vote: 2,382,025 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,382,025 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard A GP has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. The transactions in the Shares on behalf of Starboard Delta LLC since the filing of Amendment No. 11 to the Schedule 13D are set forth on Schedule A and are incorporated by reference herein. |
| (a) | As of the close of business on July 23, 2014, 4,744,190 Shares were held in the Starboard Value LP Accounts. Starboard Value LP, as the investment manager of Starboard V&O Fund, Starboard C LP, Starboard Delta LLC and the Starboard Value LP Accounts and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 2,535,767 Shares owned by Starboard V&O Fund, (ii) 580,066 Shares owned by Starboard S LLC, (iii) 317,952 Shares owned by Starboard C LP, (iv) 2,382,025 Shares owned by Starboard Delta LLC and (v) 4,744,190 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 8.0%
| (b) | 1. Sole power to vote or direct vote: 10,560,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 10,560,000 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard Value LP has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard Delta LLC since the filing of Amendment No. 11 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) 2,535,767 Shares owned by Starboard V&O Fund, (ii) 580,066 Shares owned by Starboard S LLC, (iii) 317,952 Shares owned by Starboard C LP, (iv) 2,382,025 Shares owned by Starboard Delta LLC and (v) 4,744,190 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 8.0%
| (b) | 1. Sole power to vote or direct vote: 10,560,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 10,560,000 |
| 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. 11 to the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard Delta LLC since the filing of Amendment No. 11 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) 2,535,767 Shares owned by Starboard V&O Fund, (ii) 580,066 Shares owned by Starboard S LLC, (iii) 317,952 Shares owned by Starboard C LP, (iv) 2,382,025 Shares owned by Starboard Delta LLC and (v) 4,744,190 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 8.0%
| (b) | 1. Sole power to vote or direct vote: 10,560,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 10,560,000 |
| 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. 11 to the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard Delta LLC since the filing of Amendment No. 11 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) 2,535,767 Shares owned by Starboard V&O Fund, (ii) 580,066 Shares owned by Starboard S LLC, (iii) 317,952 Shares owned by Starboard C LP, (iv) 2,382,025 Shares owned by Starboard Delta LLC and (v) 4,744,190 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 8.0%
| (b) | 1. Sole power to vote or direct vote: 10,560,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 10,560,000 |
| 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. 11 to the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard Delta LLC since the filing of Amendment No. 11 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
N. | Messrs. Smith, Mitchell and Feld |
| (a) | Each of Messrs. Smith, Mitchell and 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) 2,535,767 Shares owned by Starboard V&O Fund, (ii) 580,066 Shares owned by Starboard S LLC, (iii) 317,952 Shares owned by Starboard C LP, (iv) 2,382,025 Shares owned by Starboard Delta LLC and (v) 4,744,190 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 8.0%
| (b) | 1. Sole power to vote or direct vote: 0 |
| 2. Shared power to vote or direct vote: 10,560,000 |
| 3. Sole power to dispose or direct the disposition: 0 |
| 4. Shared power to dispose or direct the disposition: 10,560,000 |
| (c) | None of Messrs. Smith, Mitchell or Feld has entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard Delta LLC since the filing of Amendment No. 11 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on July 23, 2014, Mr. Blum directly owned 2,250 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 2,250 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,250 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Mr. Blum has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
| (a) | As of the close of business on July 23, 2014, Mr. Sonsteby directly owned 3,000 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 3,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 3,000 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Mr. Sonsteby has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
| (a) | As of the close of business on July 23, 2014, Mr. Mock directly owned 1,318 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 1,318 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 1,318 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Mr. Mock has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
| (a) | As of the close of business on July 23, 2014, Mr. Miller directly owned 1,000 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 1,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 1,000 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Mr. Miller has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
| (a) | As of the close of business on July 23, 2014, Ms. Betsy Atkins directly owned 200 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 200 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 200 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Ms. Atkins has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
| (a) | As of the close of business on July 23, 2014, Ms. Shân Atkins directly owned 150 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 150 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 150 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Ms. Atkins has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
| (a) | As of the close of business on July 23, 2014, Ms. Birch directly owned 450 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 450 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 450 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Ms. Birch has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
V. Mr. Fogarty
| (a) | As of the close of business on July 23, 2014, Mr. Fogarty directly owned 1,990 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 1,990 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 1,990 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Mr. Fogarty has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
| (a) | As of the close of business on July 23, 2014, Ms. Jamison directly owned 420 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 420 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 420 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Ms. Jamison has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
| (a) | As of the close of business on July 23, 2014, Mr. Lenehan directly owned 1,108 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 1,108 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 1,108 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Mr. Lenehan has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
Y. Mr. Nowell
| (a) | As of the close of business on July 23, 2014, Mr. Nowell directly owned 400 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 400 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 400 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Mr. Nowell has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
| (a) | As of the close of business on July 23, 2014, Mr. Stillman directly owned 100 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 100 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 100 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Mr. Stillman has not entered into any transactions in the Shares since the filing of Amendment No. 11 to the Schedule 13D. |
Each Reporting Person, as a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. Each Reporting Person disclaims beneficial ownership of such Shares except to the extent of his, her or its pecuniary interest therein.
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 6 is hereby amended to add the following:
On July 21, 2014, Starboard V&O exercised all American-style call options described in Amendment No. 9 to the Schedule 13D and Amendment No. 11 to the Schedule 13D and thereby acquired 1,009,439 Shares in the aggregate. On July 21, 2014, upon exercise of such call options, all European-style put options described in Amendment No. 9 to the Schedule 13D and Amendment No. 11 to the Schedule 13D terminated in accordance with their terms.
On July 22, 2014, Starboard Delta LLC purchased in the over the counter market American-style call options referencing an aggregate of 150,000 Shares, which have an exercise price of $6.6414 per Share and expire on July 22, 2015. Also on July 22, 2014, Starboard Delta LLC sold in the over the counter market European-style put options referencing an aggregate of 150,000 Shares at an exercise price of $6.6414 per Share, which expire on July 22, 2015.
On July 23, 2014, Starboard Delta LLC purchased in the over the counter market American-style call options referencing an aggregate of 500,000 Shares, which have an exercise price of $6.6726 per Share and expire on July 23, 2015. Also on July 23, 2014, Starboard Delta LLC sold in the over the counter market European-style put options referencing an aggregate of 500,000 Shares at an exercise price of $6. 6726 per Share, which expire on July 23, 2015.
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby amended to add the following exhibit:
| 99.1 | Complaint, dated July 23, 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: July 24, 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 LEADERS DELTA LLC By: Starboard Value A LP, its managing member STARBOARD LEADERS FUND LP By: Starboard Value A LP its general partner | | STARBOARD VALUE A LP By: Starboard Value A 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 A GP LLC STARBOARD VALUE R GP LLC |
By: | |
| Name: | Jeffrey C. Smith |
| Title: | Authorized Signatory |
|
JEFFREY C. SMITH |
Individually and as attorney-in-fact for Mark R. Mitchell, Peter A. Feld, Bradley D. Blum, Charles M. Sonsteby, Robert Mock, Craig S. Miller, Betsy S. Atkins, Margaret Shân Atkins, Jean M. Birch, James P. Fogarty, Cynthia T. Jamison, William H. Lenehan, Lionel L. Nowell, III and Alan N. Stillman |
SCHEDULE A
Transactions in the Shares Since the Filing of Amendment No. 11 to the Schedule 13D
Nature of the Transaction | Amount of Securities Purchased/(Sold) | Price Per Share | Date of Purchase/Sale |
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
Exercise of Call Options | 269,139# | 6.5611## | 07/21/2014 |
Exercise of Call Options | 178,200# | 6.4074## | 07/21/2014 |
Exercise of Call Options | 29,700# | 6.3164## | 07/21/2014 |
Exercise of Call Options | 118,800# | 6.2428## | 07/21/2014 |
Exercise of Call Options | 89,100# | 6.2480## | 07/21/2014 |
Exercise of Call Options | 44,250# | 6.1391## | 07/21/2014 |
Exercise of Call Options | 44,250# | 6.5946## | 07/21/2014 |
Exercise of Call Options | 29,500# | 6.6449## | 07/21/2014 |
Exercise of Call Options | 59,000# | 6.5106## | 07/21/2014 |
Exercise of Call Options | 118,000# | 6.4546## | 07/21/2014 |
Exercise of Call Options | 29,500# | 6.3569## | 07/21/2014 |
STARBOARD LEADERS DELTA LLC
Purchase of Common Stock | 300,000 | 43.9666 | 07/16/2014 |
Purchase of Common Stock | 125,000 | 43.7557 | 07/17/2014 |
Purchase of Common Stock | 25,000 | 44.3976 | 07/18/2014 |
Purchase of Common Stock | 10,000 | 43.8976 | 07/21/2014 |
Purchase of Call Options | 150,000* | 37.6149** | 07/22/2014 |
Sale of Put Options | (150,000)^ | 0.0100^^ | 07/22/2014 |
Purchase of Call Options | 500,000* | 37.7917** | 07/23/2014 |
Sale of Put Options | (500,000)^ | 0.0100^^ | 07/23/2014 |
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# Represents Shares acquired upon exercising American-style call options purchased in the over the counter market. These call options would have expired on May 21, 2015, June 22, 2015, June 23, 2015, June 26, 2015, June 29, 2015, July 7, 2015, July 8, 2015, July 9, 2015, July 10, 2015, July 13, 2015 and July 15, 2015, respectively.
## Represents the average per share exercise price of the underlying American-style call options. The per share exercise price of these options was $7.3468, $7.2162, $7.1245, $7.0508, $7.0572, $6.9531, $6.8556, $6.9088, $6.7700, $6.7127, and $6.6145, respectively.
* Represents shares underlying American-style call options purchased in the over the counter market. These call options expire on July 22, 2015 and July 23, 2015, respectively.
** This amount represents the cost of an applicable American-style call option to purchase one Share. The per share exercise price of these call options is $6.6414 and 6.6726, respectively.
^ Represents shares underlying European-style put options sold in the over the counter market. These put options expire on July 22, 2015 and July 23, 2015, respectively.
^^ This amount represents the proceeds received from an applicable European-style put option to sell one Share. The per share exercise price of these put options is $6.6414 and 6.6726, respectively.