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 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 C LP 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 as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein. The aggregate purchase price of the 1,921,392 Shares beneficially owned by Starboard V&O Fund is approximately $27,941,053, excluding brokerage commissions. The aggregate purchase price of the 435,019 Shares beneficially owned by Starboard S LLC is approximately $7,059,387, excluding brokerage commissions. The aggregate purchase price of the 136,342 Shares beneficially owned by Starboard C LP is approximately $2,431,124, excluding brokerage commissions. The aggregate purchase price of the 682,247 Shares held in the Starboard Value LP Account is approximately $11,092,813, excluding brokerage commissions. The 11,541 Shares directly owned by Mr. Feld were granted to Mr. Feld by the Issuer in his capacity as a director 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 52,770,296 Shares outstanding, as of October 24, 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 November 4, 2014.
| (a) | As of the close of business on February 20, 2015, Starboard V&O Fund beneficially owned 1,921,392 Shares. |
Percentage: Approximately 3.6%
| (b) | 1. Sole power to vote or direct vote: 1,921,392 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 1,921,392 |
| 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 February 20, 2015, Starboard S LLC beneficially owned 435,019 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 435,019 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 435,019 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard S 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 February 20, 2015, Starboard C LP beneficially owned 136,342 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 136,342 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 136,342 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard C LP during the past sixty days 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 136,342 shares owned by Starboard C LP. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 136,342 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 136,342 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard R LP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Starboard C LP during the past sixty days 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 136,342 shares owned by Starboard C LP. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 136,342 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 136,342 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard R GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Starboard C LP 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 February 20, 2015, 682,247 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 Account and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 1,921,392 Shares owned by Starboard V&O Fund, (ii) 435,019 Shares owned by Starboard S LLC, (iii) 136,342 Shares owned by Starboard C LP and (iv) 682,247 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.0%
| (b) | 1. Sole power to vote or direct vote: 3,175,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 3,175,000 |
| 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 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) 1,921,392 Shares owned by Starboard V&O Fund, (ii) 435,019 Shares owned by Starboard S LLC, (iii) 136,342 Shares owned by Starboard C LP and (iv) 682,247 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.0%
| (b) | 1. Sole power to vote or direct vote: 3,175,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 3,175,000 |
| 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, Starboard S LLC, Starboard C LP and through the Starboard Value LP Account 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) 1,921,392 Shares owned by Starboard V&O Fund, (ii) 435,019 Shares owned by Starboard S LLC, (iii) 136,342 Shares owned by Starboard C LP and (iv) 682,247 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.0%
| (b) | 1. Sole power to vote or direct vote: 3,175,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 3,175,000 |
| 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, Starboard S LLC, Starboard C LP and through the Starboard Value LP Account 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) 1,921,392 Shares owned by Starboard V&O Fund, (ii) 435,019 Shares owned by Starboard S LLC, (iii) 136,342 Shares owned by Starboard C LP and (iv) 682,247 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.0%
| (b) | 1. Sole power to vote or direct vote: 3,175,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 3,175,000 |
| 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, Starboard S LLC, Starboard C LP and through the Starboard Value LP Account during the past sixty days 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) 1,921,392 Shares owned by Starboard V&O Fund, (ii) 435,019 Shares owned by Starboard S LLC, (iii) 136,342 Shares owned by Starboard C LP and (iv) 682,247 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.0%
| (b) | 1. Sole power to vote or direct vote: 0 |
| 2. Shared power to vote or direct vote: 3,175,000 |
| 3. Sole power to dispose or direct the disposition: 0 |
| 4. Shared power to dispose or direct the disposition: 3,175,000 |
| (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, Starboard S LLC, Starboard C LP and through the Starboard Value LP Account 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 February 20, 2015, Mr. Feld directly owned 11,541 Shares. 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) 1,921,392 Shares owned by Starboard V&O Fund, (ii) 435,019 Shares owned by Starboard S LLC, (iii) 136,342 Shares owned by Starboard C LP and (iv) 682,247 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.0%
| (b) | 1. Sole power to vote or direct vote: 11,541 |
| 2. Shared power to vote or direct vote: 3,175,000 |
| 3. Sole power to dispose or direct the disposition: 11,541 |
| 4. Shared power to dispose or direct the disposition: 3,175,000 |
| (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, Starboard S LLC, Starboard C LP and through the Starboard Value LP Account 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: February 20, 2015
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 |
|
|
By: | |
| Name: | Jeffrey C. Smith |
| Title: | Authorized Signatory |
|
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
(45,387) | 39.3681 | 02/12/2015 |
(15,129) | 39.3789 | 02/12/2015 |
(60,517) | 39.1269 | 02/13/2015 |
(75,645) | 39.6707 | 02/17/2015 |
(48,414) | 39.7365 | 02/18/2015 |
(42,361) | 39.6796 | 02/19/2015 |
(60,517) | 39.8656 | 02/20/2015 |
STARBOARD VALUE AND OPPORTUNITY S LLC
(10,276) | 39.3681 | 02/12/2015 |
(3,425) | 39.3789 | 02/12/2015 |
(13,701) | 39.1269 | 02/13/2015 |
(17,127) | 39.6707 | 02/17/2015 |
(10,961) | 39.7365 | 02/18/2015 |
(9,591) | 39.6796 | 02/19/2015 |
(13,701) | 39.8656 | 02/20/2015 |
STARBOARD VALUE AND OPPORTUNITY C LP
(3,221) | 39.3681 | 02/12/2015 |
(1,074) | 39.3789 | 02/12/2015 |
(4,294) | 39.1269 | 02/13/2015 |
(5,368) | 39.6707 | 02/17/2015 |
(3,435) | 39.7365 | 02/18/2015 |
(3,006) | 39.6796 | 02/19/2015 |
STARBOARD VALUE LP
(Through the Starboard Value LP Account)
(16,116) | 39.3681 | 02/12/2015 |
(5,372) | 39.3789 | 02/12/2015 |
(21,488) | 39.1269 | 02/13/2015 |
(26,860) | 39.6707 | 02/17/2015 |
(17,190) | 39.7365 | 02/18/2015 |
(15,042) | 39.6796 | 02/19/2015 |
(21,488) | 39.8656 | 02/20/2015 |