The following constitutes Amendment No. 17 to the Schedule 13D filed by the undersigned (“Amendment No. 17”). This Amendment No. 17 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 2,030,140 Shares beneficially owned by Starboard V&O Fund is approximately $86,846,269, excluding brokerage commissions. The aggregate purchase price of the 464,400 Shares beneficially owned by Starboard S LLC is approximately $20,112,172, excluding brokerage commissions. The aggregate purchase price of the 254,553 Shares beneficially owned by Starboard C LP is approximately $10,940,891, excluding brokerage commissions. The aggregate purchase price of the 2,767,703 Shares beneficially owned by Starboard Delta LLC is approximately $116,165,303, excluding brokerage commissions. The aggregate purchase price of the 3,798,204 Shares held in the Starboard Value LP Accounts is approximately $171,886,292, excluding brokerage commissions. The 6,320 Shares directly owned by Mr. Feld were granted to Mr. Feld by the Issuer in his capacity as a director of the Issuer.
Item 4. | Purpose of Transaction. |
Item 4 is hereby amended to add the following:
As further described in Item 6 below, Starboard Value LP and certain of its affiliates (“Starboard”) entered into a Sales Trading Plan Agreement (the “Sales Trading Plan Agreement”) with J.P. Morgan Securities LLC (“JPMS”), dated February 5, 2016, for the purpose of effecting sales of Shares of the Issuer in compliance with, among other things, Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”). The Sales Trading Plan Agreement, if fully executed, would only represent approximately thirty percent of Starboard’s aggregate position in the Issuer, and is tiered based upon certain volume and pricing thresholds such that all of the shares subject to the Sales Trading Plan Agreement would only be sold if the stock trades at levels significantly above the current share price. Starboard has undertaken the Sales Trading Plan Agreement in large part to effectuate a rebalancing of Starboard’s portfolio in light of the significant appreciation in the Issuer’s stock price since the investment was made over two years ago.
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 128,236,458 Shares outstanding, as of December 15, 2015, 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 January 6, 2016.
| (a) | As of the close of business on February 5, 2016, Starboard V&O Fund beneficially owned 2,030,140 Shares. |
Percentage: Approximately 1.6%
| (b) | 1. Sole power to vote or direct vote: 2,030,140 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,030,140 |
| 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. 16 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on February 5, 2016, Starboard S LLC beneficially owned 464,400 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 464,400 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 464,400 |
| 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. 16 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on February 5, 2016, Starboard C LP beneficially owned 254,553 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 254,553 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 254,553 |
| 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. 16 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 254,553 shares owned by Starboard C LP. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 254,553 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 254,553 |
| 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. 16 to the Schedule 13D. The transactions in the Shares on behalf of Starboard C LP since the filing of Amendment No. 16 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 254,553 shares owned by Starboard C LP. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 254,553 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 254,553 |
| 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. 16 to the Schedule 13D. The transactions in the Shares on behalf of Starboard C LP since the filing of Amendment No. 16 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on February 5, 2016, Starboard Delta LLC beneficially owned 2,767,703 Shares. |
Percentage: Approximately 2.2%
| (b) | 1. Sole power to vote or direct vote: 2,767,703 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,767,703 |
| 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. 16 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Starboard Leaders Fund, as a member of Starboard Delta LLC, may be deemed the beneficial owner of the 2,767,703 shares owned by Starboard Delta LLC. |
Percentage: Approximately 2.2%
| (b) | 1. Sole power to vote or direct vote: 2,767,703 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,767,703 |
| 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. 16 to the Schedule 13D. The transactions in the Shares on behalf of Starboard Delta LLC since the filing of Amendment No. 16 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (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 2,767,703 shares owned by Starboard Delta LLC. |
Percentage: Approximately 2.2%
| (b) | 1. Sole power to vote or direct vote: 2,767,703 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,767,703 |
| 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. 16 to the Schedule 13D. The transactions in the Shares on behalf of Starboard Delta LLC since the filing of Amendment No. 16 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Starboard A GP, as the general partner of Starboard A LP, may be deemed the beneficial owner of the 2,767,703 shares owned by Starboard Delta LLC. |
Percentage: Approximately 2.2%
| (b) | 1. Sole power to vote or direct vote: 2,767,703 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 2,767,703 |
| 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. 16 to the Schedule 13D. The transactions in the Shares on behalf of Starboard Delta LLC since the filing of Amendment No. 16 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on February 5, 2016, 3,798,204 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) 2,030,140 Shares owned by Starboard V&O Fund, (ii) 464,400 Shares owned by Starboard S LLC, (iii) 254,553 Shares owned by Starboard C LP, (iv) 2,767,703 Shares owned by Starboard Delta LLC and (v) 3,798,204 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.3%
| (b) | 1. Sole power to vote or direct vote: 9,315,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 9,315,000 |
| 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. 16 to the Schedule 13D. 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, Starboard S LLC, Starboard C LP and Starboard Delta LLC since the filing of Amendment No. 16 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) 2,030,140 Shares owned by Starboard V&O Fund, (ii) 464,400 Shares owned by Starboard S LLC, (iii) 254,553 Shares owned by Starboard C LP, (iv) 2,767,703 Shares owned by Starboard Delta LLC and (v) 3,798,204 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.3%
| (b) | 1. Sole power to vote or direct vote: 9,315,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 9,315,000 |
| 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. 16 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 Starboard Delta LLC and through the Starboard Value LP Accounts since the filing of Amendment No. 16 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) 2,030,140 Shares owned by Starboard V&O Fund, (ii) 464,400 Shares owned by Starboard S LLC, (iii) 254,553 Shares owned by Starboard C LP, (iv) 2,767,703 Shares owned by Starboard Delta LLC and (v) 3,798,204 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.3%
| (b) | 1. Sole power to vote or direct vote: 9,315,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 9,315,000 |
| 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. 16 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 Starboard Delta LLC and through the Starboard Value LP Accounts since the filing of Amendment No. 16 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) 2,030,140 Shares owned by Starboard V&O Fund, (ii) 464,400 Shares owned by Starboard S LLC, (iii) 254,553 Shares owned by Starboard C LP, (iv) 2,767,703 Shares owned by Starboard Delta LLC and (v) 3,798,204 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.3%
| (b) | 1. Sole power to vote or direct vote: 9,315,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 9,315,000 |
| 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. 16 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 Starboard Delta LLC and through the Starboard Value LP Accounts since the filing of Amendment No. 16 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on February 5, 2016, Mr. Feld directly owned 6,320 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) 2,030,140 Shares owned by Starboard V&O Fund, (ii) 464,400 Shares owned by Starboard S LLC, (iii) 254,553 Shares owned by Starboard C LP, (iv) 2,767,703 Shares owned by Starboard Delta LLC and (v) 3,798,204 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.3%
| (b) | 1. Sole power to vote or direct vote: 6,320 |
| 2. Shared power to vote or direct vote: 9,315,000 |
| 3. Sole power to dispose or direct the disposition: 6,320 |
| 4. Shared power to dispose or direct the disposition: 9,315,000 |
| (c) | Mr. Feld has not entered into any transactions in the Shares since the filing of Amendment No. 16 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 Starboard Delta LLC and through the Starboard Value LP Accounts since the filing of Amendment No. 16 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
O. | 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) 2,030,140 Shares owned by Starboard V&O Fund, (ii) 464,400 Shares owned by Starboard S LLC, (iii) 254,553 Shares owned by Starboard C LP, (iv) 2,767,703 Shares owned by Starboard Delta LLC and (v) 3,798,204 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.3%
| (b) | 1. Sole power to vote or direct vote: 0 |
| 2. Shared power to vote or direct vote: 9,315,000 |
| 3. Sole power to dispose or direct the disposition: 0 |
| 4. Shared power to dispose or direct the disposition: 9,315,000 |
| (c) | None of Messrs. Smith or Mitchell has entered into any transactions in the Shares since the filing of Amendment No. 16 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 Starboard Delta LLC and through the Starboard Value LP Accounts since the filing of Amendment No. 16 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
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:
As disclosed in Item 4 above, on February 5, 2016, Starboard entered into the Sales Trading Plan Agreement with JPMS for the purpose of establishing a trading plan to effect sales of Shares of the Issuer in compliance with all applicable laws, including, without limitation, Section 10(b) of the Exchange Act, including, but not limited to, Rule 10b5-1. The Sales Trading Plan allows for the sale of up to 2,700,000 Shares by JPMS on behalf of Starboard. Shares sold pursuant to the Sales Trading Plan Agreement may only be sold in accordance with trading requirements adopted by the Reporting Persons, and there can be no assurance as to how many Shares, if any, will be sold pursuant to the Sales Trading Plan Agreement or at what price any such Shares will be sold.
As disclosed in Item 4 above, the Sales Trading Plan Agreement, if fully executed, would represent less than thirty percent of Starboard’s aggregate position in the Issuer, and is tiered based upon certain volume and pricing thresholds such that all of the shares subject to the Sales Trading Plan Agreement would only be sold if the stock trades at levels significantly above the current share price. Starboard has undertaken the Sales Trading Plan Agreement in large part to effectuate a rebalancing of Starboard’s portfolio in light of the significant appreciation in the Issuer’s stock price since the investment was made over two years ago.
Item 7. | Material to be Filed as Exhibits. |
Item 7 is hereby amended to add the following exhibit:
| 99.1 | Sales Trading Plan Agreement between Starboard Value LP and J.P. Morgan Securities LLC, dated February 5, 2016. |
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 5, 2016
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 and Peter A. Feld |
SCHEDULE A
Transactions in the Shares Since the Filing of Amendment No. 16 to the Schedule 13D
Shares of Common Stock Purchased/(Sold) | Price Per Share($) | Date of Purchase / Sale |
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
(21,794) | 61.8204 | 01/22/2016 |
(21,794) | 61.8218 | 01/22/2016 |
(43,589) | 61.8800 | 01/25/2016 |
(65,383) | 62.1992 | 01/26/2016 |
(37,051) | 63.4912 | 01/28/2016 |
(32,691) | 63.3360 | 02/01/2016 |
STARBOARD VALUE AND OPPORTUNITY S LLC
(4,986) | 61.8204 | 01/22/2016 |
(4,986) | 61.8218 | 01/22/2016 |
(9,971) | 61.8800 | 01/25/2016 |
(14,957) | 62.1992 | 01/26/2016 |
(8,475) | 63.4912 | 01/28/2016 |
(7,478) | 63.3360 | 02/01/2016 |
STARBOARD VALUE AND OPPORTUNITY C LP
(2,733) | 61.8204 | 01/22/2016 |
(2,733) | 61.8218 | 01/22/2016 |
(5,465) | 61.8800 | 01/25/2016 |
(8,198) | 62.1992 | 01/26/2016 |
(4,645) | 63.4912 | 01/28/2016 |
(4,099) | 63.3360 | 02/01/2016 |
STARBOARD LEADERS DELTA LLC
(29,711) | 61.8204 | 01/22/2016 |
(29,711) | 61.8218 | 01/22/2016 |
(59,425) | 61.8800 | 01/25/2016 |
(89,136) | 62.1992 | 01/26/2016 |
(50,511) | 63.4912 | 01/28/2016 |
(44,569) | 63.3360 | 02/01/2016 |
STARBOARD VALUE LP
(Through the Starboard Value LP Accounts)
(40,776) | 61.8204 | 01/22/2016 |
(40,776) | 61.8218 | 01/22/2016 |
(81,550) | 61.8800 | 01/25/2016 |
(122,326) | 62.1992 | 01/26/2016 |
(69,318) | 63.4912 | 01/28/2016 |
(61,163) | 63.3360 | 02/01/2016 |