UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. )1
Monotype Imaging Holdings Inc.
(Name of Issuer)
Common Stock,par value $0.001 per share
(Title of Class of Securities)
61022P100
(CUSIP Number)
JEFFREY C. SMITH
STARBOARD VALUE LP
777 Third Avenue, 18th Floor
New York, New York 10017
(212) 845-7977
GREG LEMPEL
1177 West Loop South, Suite 1625
Houston, Texas 77027
(713) 482-2196
STEVE WOLOSKY, ESQ.
ANDREW FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 26, 2017
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box¨.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,see theNotes).
1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| STARBOARD VALUE LP | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| DELAWARE | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 2,815,909 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,815,909 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,815,909 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 6.8% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 2 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| WC | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| CAYMAN ISLANDS | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 2,146,808 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,146,808 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,146,808 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 5.1% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| CO | |||||||||||||||||||
| 3 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| STARBOARD VALUE AND OPPORTUNITY S LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| WC | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| DELAWARE | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 248,290 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
248,290 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
248,290 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| Less than 1% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 4 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| STARBOARD VALUE AND OPPORTUNITY C LP | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| WC | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| DELAWARE | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 140,794 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
140,794 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
140,794 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| Less than 1% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 5 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| STARBOARD VALUE R LP | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| DELAWARE | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 140,794 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
140,794 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
140,794 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| Less than 1% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 6 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| STARBOARD VALUE R GP LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| DELAWARE | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 140,794 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
140,794 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
140,794 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| Less than 1% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 7 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| STARBOARD VALUE GP LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| DELAWARE | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 2,815,909 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,815,909 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,815,909 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 6.8% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 8 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| STARBOARD PRINCIPAL CO LP | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| DELAWARE | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 2,815,909 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 2,815,909 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 2,815,909 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 6.8% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 9 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| STARBOARD PRINCIPAL CO GP LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| DELAWARE | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 2,815,909 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 2,815,909 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 2,815,909 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 6.8% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 10 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| JEFFREY C. SMITH | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| USA | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 2,815,909 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 2,815,909 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 2,815,909 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 6.8% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 11 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| MARK R. MITCHELL | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| USA | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 2,815,909 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 2,815,909 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 2,815,909 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 6.8% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 12 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| PETER A. FELD | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| USA | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 2,815,909 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 2,815,909 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 2,815,909 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 6.8% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 13 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| BLR Partners LP | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| WC | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| TEXAS | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 938,637 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 938,637 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 938,637 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 2.3% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 14 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| BLRPart, LP | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| TEXAS | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 938,637 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 938,637 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 938,637 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 2.3% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 15 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| BLRGP Inc. | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| TEXAS | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 938,637 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 938,637 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 938,637 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 2.3% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| CO | |||||||||||||||||||
| 16 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Fondren Management, LP | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| TEXAS | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 938,637 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 938,637 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 938,637 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 2.3% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 17 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| FMLP Inc. | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| TEXAS | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 938,637 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 938,637 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 938,637 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 2.3% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| CO | |||||||||||||||||||
| 18 |
CUSIP No. 61022P100
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Bradley L. Radoff | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| USA | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 938,637 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | - 0 - | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 938,637 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| - 0 - | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 938,637 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 2.3% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 19 |
CUSIP No. 61022P100
The following constitutes the Schedule 13D filed by the undersigned (the “Schedule 13D”).
| Item 1. | Security and Issuer. |
This statement relates to the common stock, par value $0.001 per share (the “Shares”), of Monotype Imaging Holdings Inc., a Delaware corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 600 Unicorn Park Drive, Woburn, Massachusetts 01801.
| Item 2. | Identity and Background. |
(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; |
| 20 |
CUSIP No. 61022P100
| (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; |
| (xiii) | BLR Partners LP, a Texas limited partnership (“BLR Partners”); |
| (xiv) | BLRPart, LP, a Texas limited partnership (“BLRPart GP”), which serves as the general partner of BLR Partners; |
| (xv) | BLRGP Inc., a Texas S corporation (“BLRGP”), which serves as the general partner of BLRPart GP; |
| (xvi) | Fondren Management, LP, a Texas limited partnership (“Fondren Management”), which serves as the investment manager of BLR Partners; |
| (xvii) | FMLP Inc., a Texas S corporation (“FMLP”), which serves as the general partner of Fondren Management; and |
| (xviii) | Bradley L. Radoff, who serves as the sole shareholder and sole director of each of BLRGP and FMLP. |
Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” Starboard V&O Fund, 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, Feld and Mitchell are referred to as the “Starboard Parties” and BLR Partners, BLRPart GP, BLRGP, Fondren, FMLP, and Mr. Radoff are referred to as the “BLR Parties.” Each of the Reporting Persons is party to that certain Group 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 777 Third Avenue, 18th Floor, New York, New York 10017. 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 and are incorporated by reference in this Item 2. The address of the principal office of each of BLR Partners, BLRPart GP, BLRGP, Fondren Management, FMLP, and Mr. Radoff is 1177 West Loop South, Suite 1625, Houston, TX 77027.
(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. The principal business of BLR Partners is investing in securities. The principal business of BLRPart GP is serving as the general partner of BLR Partners. The principal business of BLRGP is serving as the general partner of BLRPart GP. The principal business of Fondren Management is serving as the investment manager of BLR Partners. The principal business of FMLP is serving as the general partner of Fondren Management. The principal occupation of Mr. Radoff is serving as the sole shareholder and sole director of each of BLRGP and FMLP.
| 21 |
CUSIP No. 61022P100
(d) No Reporting Person, nor any person listed on Schedule A, annexed hereto, 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, annexed hereto, 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, Feld and Radoff are citizens of the United States of America. The citizenship of the persons listed on Schedule A is set forth therein.
| Item 3. | Source and Amount of Funds or Other Consideration. |
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 B, which is incorporated by reference herein. The aggregate purchase price of the 2,146,808 Shares beneficially owned by Starboard V&O Fund is approximately $40,556,547, excluding brokerage commissions. The aggregate purchase price of the 248,290 Shares beneficially owned by Starboard S LLC is approximately $4,692,047, excluding brokerage commissions. The aggregate purchase price of the 140,794 Shares beneficially owned by Starboard C LP is approximately $2,658,756, excluding brokerage commissions. The aggregate purchase price of the 280,017 Shares held in the Starboard Value LP Account is approximately $5,321,731, excluding brokerage commissions.
The Shares purchased by BLR Partners 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. The aggregate purchase price of the 938,637 Shares owned directly by BLR Partners is approximately $17,732,742, including brokerage commissions.
| Item 4. | Purpose of Transaction. |
The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.
| 22 |
CUSIP No. 61022P100
No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in communications with management and the Board of Directors of the Issuer, engaging in discussions with stockholders of the Issuer or other third parties about the Issuer and the Reporting Persons’ investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer’s financial and/or operational performance, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.
| Item 5. | Interest in Securities of the Issuer. |
The aggregate percentage of Shares reported owned by each person named herein is based upon 41,717,178 Shares outstanding, as of July 25, 2017, 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 July 31, 2017.
| A. | Starboard V&O Fund |
| (a) | As of the close of business on October 6, 2017, Starboard V&O Fund beneficially owned 2,146,808 Shares. |
Percentage: Approximately 5.1%
| (b) | 1. Sole power to vote or direct vote: 2,146,808 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,146,808 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 B and are incorporated herein by reference. |
| B. | Starboard S LLC |
| (a) | As of the close of business on October 6, 2017, Starboard S LLC beneficially owned 248,290 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 248,290 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 248,290 4. Shared power to dispose or direct the disposition: 0 |
| 23 |
CUSIP No. 61022P100
| (c) | The transactions in the Shares by Starboard S LLC during the past sixty days are set forth in Schedule B and are incorporated herein by reference. |
| C. | Starboard C LP |
| (a) | As of the close of business on October 6, 2017, Starboard C LP beneficially owned 140,794 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 140,794 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 140,794 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 B and are incorporated herein by reference. |
| D. | Starboard R LP |
| (a) | Starboard R LP, as the general partner of Starboard C LP, may be deemed the beneficial owner of the 140,794 Shares owned by Starboard C LP. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 140,794 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 140,794 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 B and are incorporated herein by reference. |
| E. | Starboard R GP |
| (a) | Starboard R GP, as the general partner of Starboard R LP, may be deemed the beneficial owner of the 140,794 Shares owned by Starboard C LP. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 140,794 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 140,794 4. Shared power to dispose or direct the disposition: 0 |
| 24 |
CUSIP No. 61022P100
| (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 B and are incorporated herein by reference. |
| F. | Starboard Value LP |
| (a) | As of the close of business on October 6, 2017, 280,017 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) 2,146,808 Shares owned by Starboard V&O Fund, (ii) 248,290 Shares owned by Starboard S LLC, (iii) 140,794 Shares owned by Starboard C LP, and (iv) 280,017 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.8%
| (b) | 1. Sole power to vote or direct vote: 2,815,909 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,815,909 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 B and are incorporated herein by reference. |
| G. | Starboard Value GP |
| (a) | Starboard Value GP, as the general partner of Starboard Value LP, may be deemed the beneficial owner of the (i) 2,146,808 Shares owned by Starboard V&O Fund, (ii) 248,290 Shares owned by Starboard S LLC, (iii) 140,794 Shares owned by Starboard C LP, and (iv) 280,017 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.8%
| (b) | 1. Sole power to vote or direct vote: 2,815,909 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,815,909 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 B and are incorporated herein by reference. |
| H. | Principal Co |
| (a) | Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 2,146,808 Shares owned by Starboard V&O Fund, (ii) 248,290 Shares owned by Starboard S LLC, (iii) 140,794 Shares owned by Starboard C LP, and (iv) 280,017 Shares held in the Starboard Value LP Account. |
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CUSIP No. 61022P100
Percentage: Approximately 6.8%
| (b) | 1. Sole power to vote or direct vote: 2,815,909 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,815,909 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 B and are incorporated herein by reference. |
| I. | Principal GP |
| (a) | Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 2,146,808 Shares owned by Starboard V&O Fund, (ii) 248,290 Shares owned by Starboard S LLC, (iii) 140,794 Shares owned by Starboard C LP, and (iv) 280,017 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.8%
| (b) | 1. Sole power to vote or direct vote: 2,815,909 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,815,909 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 B and are incorporated herein by reference. |
| J. | 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) 2,146,808 Shares owned by Starboard V&O Fund, (ii) 248,290 Shares owned by Starboard S LLC, (iii) 140,794 Shares owned by Starboard C LP, and (iv) 280,017 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.8%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 2,815,909 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 2,815,909 |
| (c) | None of Messrs. Smith, Mitchell or Feld 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 B and are incorporated herein by reference. |
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CUSIP No. 61022P100
| K. | BLR Partners |
| (a) | As of the close of business on October 6, 2017, BLR Partners beneficially owned 938,637 Shares. |
Percentage: Approximately 2.3%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 938,637 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 938,637 |
| (c) | The transactions in the Shares by BLR Partners during the past sixty days are set forth in Schedule B and are incorporated herein by reference. |
| L. | BLRPart GP |
| (a) | BLRPart GP, as the general partner of BLR Partners, may be deemed the beneficial owner of the 938,637 Shares owned by BLR Partners. |
Percentage: Approximately 2.3%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 938,637 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 938,637 |
| (c) | BLRPart GP has not entered into any transactions in the Shares during the past sxity days. The transactions in the Shares on behalf of BLR Partners during the past sixty days are set forth in Schedule B and are incorporated herein by reference. |
| M. | BLRGP |
| (a) | BLRGP, as the general partner of BLRPart GP, may be deemed the beneficial owner of the 938,637 Shares owned by BLR Partners. |
Percentage: Approximately 2.3%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 938,637 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 938,637 |
| (c) | BLRGP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of BLR Partners during the past sixty days are set forth in Schedule B and are incorporated herein by reference. |
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CUSIP No. 61022P100
| N. | Fondren Management |
| (a) | Fondren Management, as the investment manager of BLR Partners, may be deemed the beneficial owner of the 938,637 Shares owned by BLR Partners. |
Percentage: Approximately 2.3%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 938,637 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 938,637 |
| (c) | Fondren Management has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of BLR Partners during the past sixty days are set forth in Schedule B and are incorporated herein by reference. |
| O. | FMLP |
| (a) | FMLP, as the general partner of Fondren Management, may be deemed the beneficial owner of the 938,637 Shares owned by BLR Partners. |
Percentage: Approximately 2.3%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 938,637 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 938,637 |
| (c) | FMLP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of BLR Partners during the past sixty days are set forth in Schedule B and are incorporated herein by reference. |
| P. | Mr. Radoff |
| (a) | Mr. Radoff, as the sole shareholder and sole director of each of BLRGP and FMLP, may be deemed the beneficial owner of the 938,637 Shares owned by BLR Partners. |
Percentage: Approximately 2.3%
| (b) | 1. Sole power to vote or direct vote: 938,637 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 938,637 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Mr. Radoff has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of BLR Partners during the past sixty days are set forth in Schedule B and are incorporated herein by reference. |
As of the close of business on October 6, 2017, the Reporting Persons collectively beneficially owned an aggregate of 3,754,546 Shares, constituting approximately 9.0% of the Shares outstanding.
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CUSIP No. 61022P100
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 or its pecuniary interest therein.
| (d) | No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares. |
| (e) | Not applicable. |
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
On August 21, 2017, the Reporting Persons entered into a Group Agreement (the “Group Agreement”) in which the Reporting Persons agreed, among other things, (i) to form a group for the purpose of engaging in discussions with the Issuer regarding means to enhance stockholder value and corporate governance, (ii) to take any other actions the group determines to undertake in connection with their respective investment in the Issuer, including, but not limited to, a potential solicitation of proxies in furtherance of seeking representation on the Issuer’s Board of Directors, (iii) 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, (iv) that each of the Starboard Parties and BLR Parties will pay directly all pre-approved expenses incurred in connection with the group’s activities based on their pro rata ownership percentage of the Shares, as adjusted each month, and (v) that a trading policy will be in effect during the term of the Group Agreement, which provides, among other things, that each of the Starboard Parties and BLR Parties will only buy, sell or otherwise transact in securities of the Issuer approximately in proportion to the agreed upon target position of the parties. The Group Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.
| Item 7. | Material to be Filed as Exhibits. |
| 99.1 | Group Agreement, dated August 21, 2017. |
| 99.2 | Power of Attorney for Jeffrey C. Smith, Mark R. Mitchell and Peter A. Feld, dated September 15, 2011. |
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CUSIP No. 61022P100
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: October 6, 2017
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: | /s/ Jeffrey C. Smith | |
| Name: | Jeffrey C. Smith | |
| Title: | Authorized Signatory
| |
/s/ Jeffrey C. Smith |
| Jeffrey C. Smith |
| Individually and as attorney-in-fact for Mark R. Mitchell and Peter A. Feld |
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CUSIP No. 61022P100
| BLR Partners LP | |||
| By: | BLRPart, LP General Partner | ||
| By: | BLRGP Inc. General Partner | ||
| By: | /s/ Bradley L. Radoff | ||
| Name: | Bradley L. Radoff | ||
| Title: | Sole Director | ||
| BLRPart, LP | |||
| By: | BLRGP Inc. General Partner | ||
| By: | /s/ Bradley L. Radoff | ||
| Name: | Bradley L. Radoff | ||
| Title: | Sole Director | ||
| BLRGP Inc. | |||
| By: | /s/ Bradley L. Radoff | ||
| Name: | Bradley L. Radoff | ||
| Title: | Sole Director | ||
| Fondren Management, LP | |||
| By: | FMLP Inc. General Partner | ||
| By: | /s/ Bradley L. Radoff | ||
| Name: | Bradley L. Radoff | ||
| Title: | Sole Director | ||
| FMLP Inc. | |||
| By: | /s/ Bradley L. Radoff | ||
| Name: | Bradley L. Radoff | ||
| Title: | Sole Director | ||
/s/ Bradley L. Radoff | |
| Bradley L. Radoff |
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CUSIP No. 61022P100
SCHEDULE A
Directors and Officers of Starboard Value and Opportunity Master Fund Ltd
| Name and Position | Principal Occupation | Principal Business Address | Citizenship |
Patrick Agemian Director | Director of Global Funds Management, Ltd. | PO Box 10034, Harbour Place 2nd Floor 103 South Church Street Grand Cayman Cayman Islands, KY1-1001 | Canada |
Mark R. Mitchell Director* | |||
Don Seymour Director | Managing Director of dms Governance | dms Governance dms House, 20 Genesis Close P.O. Box 31910 Grand Cayman Cayman Islands, KY1-1208 | Cayman Islands |
* Mr. Mitchell is a Reporting Person and, as such, the information with respect to Mr. Mitchell called for by Item 2 of Schedule 13D is set forth therein.
CUSIP No. 61022P100
SCHEDULE B
Transactions in the Shares During the Past Sixty Days
| Nature of the Transaction | Amount of Securities Purchased/(Sold) | Price ($) | Date of Purchase/Sale |
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
| Purchase of Common Stock | 27,851 | 18.8074 | 08/07/2017 |
| Purchase of Common Stock | 27,852 | 18.8074 | 08/07/2017 |
| Purchase of Common Stock | 3,820 | 18.8449 | 08/07/2017 |
| Purchase of Common Stock | 3,820 | 18.8449 | 08/07/2017 |
| Purchase of Common Stock | 26,156 | 18.8144 | 08/08/2017 |
| Purchase of Common Stock | 26,156 | 18.8144 | 08/08/2017 |
| Purchase of Common Stock | 4,289 | 18.8799 | 08/08/2017 |
| Purchase of Common Stock | 4,289 | 18.8799 | 08/08/2017 |
| Purchase of Common Stock | 9,550 | 18.8990 | 08/09/2017 |
| Purchase of Common Stock | 9,550 | 18.8990 | 08/09/2017 |
| Purchase of Common Stock | 13,649 | 18.9937 | 08/09/2017 |
| Purchase of Common Stock | 13,649 | 18.9937 | 08/09/2017 |
| Purchase of Common Stock | 2,181 | 19.0276 | 08/09/2017 |
| Purchase of Common Stock | 2,181 | 19.0276 | 08/09/2017 |
| Purchase of Common Stock | 3,043 | 18.8491 | 08/10/2017 |
| Purchase of Common Stock | 3,043 | 18.8491 | 08/10/2017 |
| Purchase of Common Stock | 11,274 | 18.9244 | 08/10/2017 |
| Purchase of Common Stock | 11,274 | 18.9244 | 08/10/2017 |
| Purchase of Common Stock | 13,219 | 18.9432 | 08/10/2017 |
| Purchase of Common Stock | 13,218 | 18.9432 | 08/10/2017 |
| Purchase of Common Stock | 7,640 | 18.8305 | 08/11/2017 |
| Purchase of Common Stock | 7,640 | 18.8305 | 08/11/2017 |
| Purchase of Common Stock | 17,541 | 18.9417 | 08/11/2017 |
| Purchase of Common Stock | 17,541 | 18.9417 | 08/11/2017 |
| Purchase of Common Stock | 10,459 | 19.1294 | 08/14/2017 |
| Purchase of Common Stock | 10,460 | 19.1294 | 08/14/2017 |
| Purchase of Common Stock | 13,224 | 19.4122 | 08/14/2017 |
| Purchase of Common Stock | 13,224 | 19.4122 | 08/14/2017 |
| Purchase of Common Stock | 72,580 | 18.6291 | 08/16/2017 |
| Purchase of Common Stock | 72,580 | 18.6291 | 08/16/2017 |
| Purchase of Common Stock | 13,370 | 18.7149 | 08/16/2017 |
| Purchase of Common Stock | 13,370 | 18.7149 | 08/16/2017 |
| Purchase of Common Stock | 6,188 | 18.2491 | 08/22/2017 |
| Purchase of Common Stock | 4,954 | 18.2928 | 08/22/2017 |
| Purchase of Common Stock | 31,833 | 18.3500 | 08/22/2017 |
| Sale of Common Stock | (39,610) | 18.1530 | 08/28/2017 |
| Sale of Common Stock | (36,774) | 18.1530 | 08/28/2017 |
| Purchase of Forward Contract | 76,384 | 18.1880 | 08/28/2017 |
CUSIP No. 61022P100
| Sale of Common Stock | (39,610) | 18.1491 | 08/29/2017 |
| Sale of Common Stock | (36,774) | 18.1491 | 08/29/2017 |
| Purchase of Forward Contract | 76,384 | 18.1849 | 08/29/2017 |
| Sale of Common Stock | (39,610) | 18.1681 | 08/30/2017 |
| Sale of Common Stock | (36,774) | 18.1681 | 08/30/2017 |
| Purchase of Forward Contract | 76,384 | 18.2011 | 08/30/2017 |
| Sale of Common Stock | (39,610) | 18.3386 | 08/31/2017 |
| Sale of Common Stock | (36,774) | 18.3386 | 08/31/2017 |
| Purchase of Forward Contract | 76,384 | 18.3476 | 08/31/2017 |
| Sale of Common Stock | (39,610) | 18.2320 | 09/01/2017 |
| Sale of Common Stock | (36,774) | 18.2320 | 09/01/2017 |
| Purchase of Forward Contract | 76,384 | 18.2756 | 09/01/2017 |
| Sale of Common Stock | (39,610) | 19.0297 | 09/06/2017 |
| Sale of Common Stock | (36,774) | 19.0297 | 09/06/2017 |
| Purchase of Forward Contract | 76,384 | 19.0619 | 09/06/2017 |
| Sale of Common Stock | (39,610) | 19.6205 | 09/07/2017 |
| Sale of Common Stock | (36,774) | 19.6205 | 09/07/2017 |
| Purchase of Forward Contract | 76,384 | 19.6583 | 09/07/2017 |
| Sale of Common Stock | (39,610) | 19.7044 | 09/11/2017 |
| Sale of Common Stock | (36,774) | 19.7044 | 09/11/2017 |
| Purchase of Forward Contract | 76,384 | 19.7435 | 09/11/2017 |
| Sale of Common Stock | (39,610) | 19.5807 | 09/18/2017 |
| Sale of Common Stock | (36,774) | 19.5807 | 09/18/2017 |
| Purchase of Forward Contract | 76,384 | 19.6095 | 09/18/2017 |
| Sale of Common Stock | (39,610) | 18.9601 | 09/19/2017 |
| Sale of Common Stock | (36,774) | 18.9601 | 09/19/2017 |
| Purchase of Forward Contract | 76,384 | 18.9929 | 09/19/2017 |
| Sale of Common Stock | (39,610) | 18.7511 | 09/20/2017 |
| Sale of Common Stock | (36,775) | 18.7511 | 09/20/2017 |
| Purchase of Forward Contract | 76,385 | 18.7638 | 09/20/2017 |
| Purchase of Common Stock | 11,475 | 18.2750 | 09/21/2017 |
| Purchase of Common Stock | 4,705 | 18.2997 | 09/21/2017 |
| Purchase of Common Stock | 26,851 | 18.4781 | 09/21/2017 |
| Purchase of Common Stock | 8,606 | 18.5235 | 09/22/2017 |
| Purchase of Common Stock | 4,705 | 18.3857 | 09/26/2017 |
| Purchase of Common Stock | 115 | 18.425 | 09/26/2017 |
| Purchase of Common Stock | 9,467 | 18.4591 | 09/26/2017 |
| Purchase of Common Stock | 26,392 | 18.6063 | 09/26/2017 |
| Purchase of Common Stock | 43,709 | 18.7027 | 09/26/2017 |
| Purchase of Common Stock | 74,504 | 18.7579 | 09/26/2017 |
| Purchase of Common Stock | 41,740 | 18.8448 | 09/27/2017 |
| Purchase of Common Stock | 910 | 18.8484 | 09/27/2017 |
| Purchase of Common Stock | 50,707 | 18.8684 | 09/27/2017 |
| Purchase of Common Stock | 216,304 | 18.8792 | 09/27/2017 |
| Purchase of Common Stock | 11,475 | 18.7363 | 09/28/2017 |
| Purchase of Common Stock | 11,475 | 18.7363 | 09/28/2017 |
| Purchase of Common Stock | 6,337 | 18.8199 | 09/28/2017 |
| Purchase of Common Stock | 6,337 | 18.8199 | 09/28/2017 |
| Purchase of Common Stock | 1,635 | 19.0000 | 09/28/2017 |
| Purchase of Common Stock | 1,635 | 19.0000 | 09/28/2017 |
| Purchase of Common Stock | 23,523 | 19.0345 | 09/28/2017 |
| Purchase of Common Stock | 23,523 | 19.0345 | 09/28/2017 |
| Purchase of Common Stock | 14,407 | 19.0632 | 09/28/2017 |
CUSIP No. 61022P100
| Purchase of Common Stock | 14,407 | 19.0632 | 09/28/2017 |
| Purchase of Common Stock | 2,625 | 18.9565 | 09/29/2017 |
| Purchase of Common Stock | 2,626 | 18.9565 | 09/29/2017 |
| Purchase of Common Stock | 2,988 | 18.9921 | 09/29/2017 |
| Purchase of Common Stock | 2,988 | 18.9921 | 09/29/2017 |
| Purchase of Common Stock | 170 | 19.3750 | 10/03/2017 |
| Purchase of Common Stock | 452 | 19.3813 | 10/03/2017 |
| Purchase of Common Stock | 141,188 | 19.4100 | 10/03/2017 |
| Purchase of Common Stock | 141,187 | 19.3100 | 10/04/2017 |
| Purchase of Common Stock | 25,537 | 19.8291 | 10/05/2017 |
| Purchase of Common Stock | 28,237 | 19.8587 | 10/05/2017 |
| Exercise of Forward Contract | 229,153 | 19.0702 | 10/06/2017 |
| Exercise of Forward Contract | 611,072 | 18.6682 | 10/06/2017 |
| Purchase of Common Stock | 2,479 | 20.0891 | 10/06/2017 |
| Purchase of Common Stock | 3,183 | 19.9914 | 10/06/2017 |
| Purchase of Common Stock | 26,529 | 20.1000 | 10/06/2017 |
Starboard Value and Opportunity S LLC
| Purchase of Common Stock | 6,416 | 18.8074 | 08/07/2017 |
| Purchase of Common Stock | 880 | 18.8449 | 08/07/2017 |
| Purchase of Common Stock | 6,025 | 18.8144 | 08/08/2017 |
| Purchase of Common Stock | 988 | 18.8799 | 08/08/2017 |
| Purchase of Common Stock | 2,200 | 18.8990 | 08/09/2017 |
| Purchase of Common Stock | 3,144 | 18.9937 | 08/09/2017 |
| Purchase of Common Stock | 503 | 19.0276 | 08/09/2017 |
| Purchase of Common Stock | 701 | 18.8491 | 08/10/2017 |
| Purchase of Common Stock | 2,597 | 18.9244 | 08/10/2017 |
| Purchase of Common Stock | 3,045 | 18.9432 | 08/10/2017 |
| Purchase of Common Stock | 1,760 | 18.8305 | 08/11/2017 |
| Purchase of Common Stock | 4,041 | 18.9417 | 08/11/2017 |
| Purchase of Common Stock | 2,409 | 19.1294 | 08/14/2017 |
| Purchase of Common Stock | 3,047 | 19.4122 | 08/14/2017 |
| Purchase of Common Stock | 16,720 | 18.6291 | 08/16/2017 |
| Purchase of Common Stock | 3,080 | 18.7149 | 08/16/2017 |
| Purchase of Common Stock | 713 | 18.2491 | 08/22/2017 |
| Purchase of Common Stock | 571 | 18.2928 | 08/22/2017 |
| Purchase of Common Stock | 3,666 | 18.3500 | 08/22/2017 |
| Sale of Common Stock | (8,806) | 18.1530 | 08/28/2017 |
| Purchase of Forward Contract | 8,806 | 18.1880 | 08/28/2017 |
| Sale of Common Stock | (8,806) | 18.1491 | 08/29/2017 |
| Purchase of Forward Contract | 8,806 | 18.1849 | 08/29/2017 |
| Sale of Common Stock | (8,806) | 18.1681 | 08/30/2017 |
| Purchase of Forward Contract | 8,806 | 18.2011 | 08/30/2017 |
| Sale of Common Stock | (8,806) | 18.3386 | 08/31/2017 |
| Purchase of Forward Contract | 8,806 | 18.3476 | 08/31/2017 |
| Sale of Common Stock | (8,806) | 18.2320 | 09/01/2017 |
| Purchase of Forward Contract | 8,806 | 18.2756 | 09/01/2017 |
| Sale of Common Stock | (8,806) | 19.0297 | 09/06/2017 |
| Purchase of Forward Contract | 8,806 | 19.0619 | 09/06/2017 |
| Sale of Common Stock | (8,806) | 19.6205 | 09/07/2017 |
CUSIP No. 61022P100
| Purchase of Forward Contract | 8,806 | 19.6583 | 09/07/2017 |
| Sale of Common Stock | (8,806) | 19.7044 | 09/11/2017 |
| Purchase of Forward Contract | 8,806 | 19.7435 | 09/11/2017 |
| Sale of Common Stock | (8,806) | 19.5807 | 09/18/2017 |
| Purchase of Forward Contract | 8,806 | 19.6095 | 09/18/2017 |
| Sale of Common Stock | (8,806) | 18.9601 | 09/19/2017 |
| Purchase of Forward Contract | 8,806 | 18.9929 | 09/19/2017 |
| Sale of Common Stock | (8,806) | 18.7511 | 09/20/2017 |
| Purchase of Forward Contract | 8,806 | 18.7638 | 09/20/2017 |
| Purchase of Common Stock | 1,320 | 18.2750 | 09/21/2017 |
| Purchase of Common Stock | 541 | 18.2997 | 09/21/2017 |
| Purchase of Common Stock | 3,089 | 18.4781 | 09/21/2017 |
| Purchase of Common Stock | 990 | 18.5235 | 09/22/2017 |
| Purchase of Common Stock | 541 | 18.3857 | 09/26/2017 |
| Purchase of Common Stock | 13 | 18.4250 | 09/26/2017 |
| Purchase of Common Stock | 1,089 | 18.4591 | 09/26/2017 |
| Purchase of Common Stock | 3,036 | 18.6063 | 09/26/2017 |
| Purchase of Common Stock | 5,028 | 18.7027 | 09/26/2017 |
| Purchase of Common Stock | 8,570 | 18.7579 | 09/26/2017 |
| Purchase of Common Stock | 4,801 | 18.8448 | 09/27/2017 |
| Purchase of Common Stock | 105 | 18.8484 | 09/27/2017 |
| Purchase of Common Stock | 5,833 | 18.8684 | 09/27/2017 |
| Purchase of Common Stock | 24,882 | 18.8792 | 09/27/2017 |
| Purchase of Common Stock | 2,640 | 18.7363 | 09/28/2017 |
| Purchase of Common Stock | 1,458 | 18.8199 | 09/28/2017 |
| Purchase of Common Stock | 376 | 19.0000 | 09/28/2017 |
| Purchase of Common Stock | 5,412 | 19.0345 | 09/28/2017 |
| Purchase of Common Stock | 3,315 | 19.0632 | 09/28/2017 |
| Purchase of Common Stock | 604 | 18.9565 | 09/29/2017 |
| Purchase of Common Stock | 688 | 18.9921 | 09/29/2017 |
| Purchase of Common Stock | 20 | 19.3750 | 10/03/2017 |
| Purchase of Common Stock | 53 | 19.3813 | 10/03/2017 |
| Purchase of Common Stock | 16,687 | 19.4100 | 10/03/2017 |
| Purchase of Common Stock | 16,688 | 19.3100 | 10/04/2017 |
| Purchase of Common Stock | 3,338 | 19.8587 | 10/05/2017 |
| Purchase of Common Stock | 3,018 | 19.8291 | 10/05/2017 |
| Exercise of Forward Contract | 26,418 | 19.0472 | 10/06/2017 |
| Exercise of Forward Contract | 70,448 | 18.6452 | 10/06/2017 |
| Purchase of Common Stock | 293 | 20.0891 | 10/06/2017 |
| Purchase of Common Stock | 376 | 19.9914 | 10/06/2017 |
| Purchase of Common Stock | 3,136 | 20.1000 | 10/06/2017 |
Starboard Value and Opportunity C LP
| Purchase of Common Stock | 3,646 | 18.8074 | 08/07/2017 |
| Purchase of Common Stock | 500 | 18.8449 | 08/07/2017 |
| Purchase of Common Stock | 3,424 | 18.8144 | 08/08/2017 |
| Purchase of Common Stock | 562 | 18.8799 | 08/08/2017 |
| Purchase of Common Stock | 1,250 | 18.8990 | 08/09/2017 |
| Purchase of Common Stock | 1,786 | 18.9937 | 08/09/2017 |
| Purchase of Common Stock | 285 | 19.0276 | 08/09/2017 |
CUSIP No. 61022P100
| Purchase of Common Stock | 398 | 18.8491 | 08/10/2017 |
| Purchase of Common Stock | 1,476 | 18.9244 | 08/10/2017 |
| Purchase of Common Stock | 1,730 | 18.9432 | 08/10/2017 |
| Purchase of Common Stock | 1,000 | 18.8305 | 08/11/2017 |
| Purchase of Common Stock | 2,296 | 18.9417 | 08/11/2017 |
| Purchase of Common Stock | 1,369 | 19.1294 | 08/14/2017 |
| Purchase of Common Stock | 1,731 | 19.4122 | 08/14/2017 |
| Purchase of Common Stock | 9,500 | 18.6291 | 08/16/2017 |
| Purchase of Common Stock | 1,750 | 18.7149 | 08/16/2017 |
| Purchase of Common Stock | 405 | 18.2491 | 08/22/2017 |
| Purchase of Common Stock | 324 | 18.2928 | 08/22/2017 |
| Purchase of Common Stock | 2,083 | 18.3500 | 08/22/2017 |
| Sale of Common Stock | (5,003) | 18.1530 | 08/28/2017 |
| Purchase of Forward Contract | 5,003 | 18.1880 | 08/28/2017 |
| Sale of Common Stock | (5,003) | 18.1491 | 08/29/2017 |
| Purchase of Forward Contract | 5,003 | 18.1849 | 08/29/2017 |
| Sale of Common Stock | (5,003) | 18.1681 | 08/30/2017 |
| Purchase of Forward Contract | 5,003 | 18.2011 | 08/30/2017 |
| Sale of Common Stock | (5,003) | 18.3386 | 08/31/2017 |
| Purchase of Forward Contract | 5,003 | 18.3476 | 08/31/2017 |
| Sale of Common Stock | (5,003) | 18.2320 | 09/01/2017 |
| Purchase of Forward Contract | 5,003 | 18.2756 | 09/01/2017 |
| Sale of Common Stock | (5,004) | 19.0297 | 09/06/2017 |
| Purchase of Forward Contract | 5,004 | 19.0619 | 09/06/2017 |
| Sale of Common Stock | (5,003) | 19.6205 | 09/07/2017 |
| Purchase of Forward Contract | 5,003 | 19.6583 | 09/07/2017 |
| Sale of Common Stock | (5,004) | 19.7044 | 09/11/2017 |
| Purchase of Forward Contract | 5,004 | 19.7435 | 09/11/2017 |
| Sale of Common Stock | (5,003) | 19.5807 | 09/18/2017 |
| Purchase of Forward Contract | 5,003 | 19.6095 | 09/18/2017 |
| Sale of Common Stock | (5,004) | 18.9601 | 09/19/2017 |
| Purchase of Forward Contract | 5,004 | 18.9929 | 09/19/2017 |
| Sale of Common Stock | (5,003) | 18.7511 | 09/20/2017 |
| Purchase of Forward Contract | 5,003 | 18.7638 | 09/20/2017 |
| Purchase of Common Stock | 750 | 18.2750 | 09/21/2017 |
| Purchase of Common Stock | 308 | 18.2997 | 09/21/2017 |
| Purchase of Common Stock | 1,755 | 18.4781 | 09/21/2017 |
| Purchase of Common Stock | 563 | 18.5235 | 09/22/2017 |
| Purchase of Common Stock | 307 | 18.3857 | 09/26/2017 |
| Purchase of Common Stock | 7 | 18.4250 | 09/26/2017 |
| Purchase of Common Stock | 619 | 18.4591 | 09/26/2017 |
| Purchase of Common Stock | 1,725 | 18.6063 | 09/26/2017 |
| Purchase of Common Stock | 2,857 | 18.7027 | 09/26/2017 |
| Purchase of Common Stock | 4,870 | 18.7579 | 09/26/2017 |
| Purchase of Common Stock | 2,728 | 18.8448 | 09/27/2017 |
| Purchase of Common Stock | 59 | 18.8484 | 09/27/2017 |
| Purchase of Common Stock | 3,314 | 18.8684 | 09/27/2017 |
| Purchase of Common Stock | 14,137 | 18.8792 | 09/27/2017 |
| Purchase of Common Stock | 1,500 | 18.7363 | 09/28/2017 |
| Purchase of Common Stock | 828 | 18.8199 | 09/28/2017 |
CUSIP No. 61022P100
| Purchase of Common Stock | 214 | 19.0000 | 09/28/2017 |
| Purchase of Common Stock | 3,075 | 19.0345 | 09/28/2017 |
| Purchase of Common Stock | 1,883 | 19.0632 | 09/28/2017 |
| Purchase of Common Stock | 343 | 18.9565 | 09/29/2017 |
| Purchase of Common Stock | 391 | 18.9921 | 09/29/2017 |
| Purchase of Common Stock | 11 | 19.3750 | 10/03/2017 |
| Purchase of Common Stock | 30 | 19.3813 | 10/03/2017 |
| Purchase of Common Stock | 9,375 | 19.4100 | 10/03/2017 |
| Purchase of Common Stock | 9,375 | 19.3100 | 10/04/2017 |
| Purchase of Common Stock | 1,875 | 19.8587 | 10/05/2017 |
| Purchase of Common Stock | 1,696 | 19.8291 | 10/05/2017 |
| Exercise of Forward Contract | 15,010 | 19.0472 | 10/06/2017 |
| Exercise of Forward Contract | 40,026 | 18.6453 | 10/06/2017 |
| Purchase of Common Stock | 165 | 20.0891 | 10/06/2017 |
| Purchase of Common Stock | 211 | 19.9914 | 10/06/2017 |
| Purchase of Common Stock | 1,761 | 20.1000 | 10/06/2017 |
STARBOARD VALUE LP
(Through the Starboard Value LP Account)
| Purchase of Common Stock | 7,145 | 18.8074 | 08/07/2017 |
| Purchase of Common Stock | 980 | 18.8449 | 08/07/2017 |
| Purchase of Common Stock | 6,710 | 18.8144 | 08/08/2017 |
| Purchase of Common Stock | 1,100 | 18.8799 | 08/08/2017 |
| Purchase of Common Stock | 2,450 | 18.8990 | 08/09/2017 |
| Purchase of Common Stock | 3,502 | 18.9937 | 08/09/2017 |
| Purchase of Common Stock | 560 | 19.0276 | 08/09/2017 |
| Purchase of Common Stock | 780 | 18.8491 | 08/10/2017 |
| Purchase of Common Stock | 2,892 | 18.9244 | 08/10/2017 |
| Purchase of Common Stock | 3,391 | 18.9432 | 08/10/2017 |
| Purchase of Common Stock | 1,960 | 18.8305 | 08/11/2017 |
| Purchase of Common Stock | 4,500 | 18.9417 | 08/11/2017 |
| Purchase of Common Stock | 2,684 | 19.1294 | 08/14/2017 |
| Purchase of Common Stock | 3,393 | 19.4122 | 08/14/2017 |
| Purchase of Common Stock | 18,620 | 18.6291 | 08/16/2017 |
| Purchase of Common Stock | 3,430 | 18.7149 | 08/16/2017 |
| Purchase of Common Stock | 794 | 18.2491 | 08/22/2017 |
| Purchase of Common Stock | 635 | 18.2928 | 08/22/2017 |
| Purchase of Common Stock | 4,084 | 18.3500 | 08/22/2017 |
| Sale of Common Stock | (9,807) | 18.1530 | 08/28/2017 |
| Purchase of Forward Contract | 9,807 | 18.1880 | 08/28/2017 |
| Sale of Common Stock | (9,807) | 18.1491 | 08/29/2017 |
| Purchase of Forward Contract | 9,807 | 18.1849 | 08/29/2017 |
| Sale of Common Stock | (9,807) | 18.1681 | 08/30/2017 |
| Purchase of Forward Contract | 9,807 | 18.2011 | 08/30/2017 |
| Sale of Common Stock | (9,807) | 18.3386 | 08/31/2017 |
| Purchase of Forward Contract | 9,807 | 18.3476 | 08/31/2017 |
| Sale of Common Stock | (9,807) | 18.2320 | 09/01/2017 |
| Purchase of Forward Contract | 9,807 | 18.2756 | 09/01/2017 |
| Sale of Common Stock | (9,806) | 19.0297 | 09/06/2017 |
| Purchase of Forward Contract | 9,806 | 19.0619 | 09/06/2017 |
CUSIP No. 61022P100
| Sale of Common Stock | (9,807) | 19.6205 | 09/07/2017 |
| Purchase of Forward Contract | 9,807 | 19.6583 | 09/07/2017 |
| Sale of Common Stock | (9,806) | 19.7044 | 09/11/2017 |
| Purchase of Forward Contract | 9,806 | 19.7435 | 09/11/2017 |
| Sale of Common Stock | (9,807) | 19.5807 | 09/18/2017 |
| Purchase of Forward Contract | 9,807 | 19.6095 | 09/18/2017 |
| Sale of Common Stock | (9,806) | 18.9601 | 09/19/2017 |
| Purchase of Forward Contract | 9,806 | 18.9929 | 09/19/2017 |
| Sale of Common Stock | (9,806) | 18.7511 | 09/20/2017 |
| Purchase of Forward Contract | 9,806 | 18.7638 | 09/20/2017 |
| Purchase of Common Stock | 1,455 | 18.2750 | 09/21/2017 |
| Purchase of Common Stock | 596 | 18.2997 | 09/21/2017 |
| Purchase of Common Stock | 3,405 | 18.4781 | 09/21/2017 |
| Purchase of Common Stock | 1,091 | 18.5235 | 09/22/2017 |
| Purchase of Common Stock | 597 | 18.3857 | 09/26/2017 |
| Purchase of Common Stock | 15 | 18.4250 | 09/26/2017 |
| Purchase of Common Stock | 1,200 | 18.4591 | 09/26/2017 |
| Purchase of Common Stock | 3,347 | 18.6063 | 09/26/2017 |
| Purchase of Common Stock | 5,542 | 18.7027 | 09/26/2017 |
| Purchase of Common Stock | 9,447 | 18.7579 | 09/26/2017 |
| Purchase of Common Stock | 5,293 | 18.8448 | 09/27/2017 |
| Purchase of Common Stock | 115 | 18.8484 | 09/27/2017 |
| Purchase of Common Stock | 6,430 | 18.8684 | 09/27/2017 |
| Purchase of Common Stock | 27,427 | 18.8792 | 09/27/2017 |
| Purchase of Common Stock | 2,910 | 18.7363 | 09/28/2017 |
| Purchase of Common Stock | 1,607 | 18.8199 | 09/28/2017 |
| Purchase of Common Stock | 415 | 19.0000 | 09/28/2017 |
| Purchase of Common Stock | 5,965 | 19.0345 | 09/28/2017 |
| Purchase of Common Stock | 3,654 | 19.0632 | 09/28/2017 |
| Purchase of Common Stock | 666 | 18.9565 | 09/29/2017 |
| Purchase of Common Stock | 758 | 18.9921 | 09/29/2017 |
| Purchase of Common Stock | 24 | 19.3750 | 10/03/2017 |
| Purchase of Common Stock | 65 | 19.3813 | 10/03/2017 |
| Purchase of Common Stock | 20,250 | 19.4100 | 10/03/2017 |
| Purchase of Common Stock | 20,250 | 19.3100 | 10/04/2017 |
| Purchase of Common Stock | 4,050 | 19.8587 | 10/05/2017 |
| Purchase of Common Stock | 3,663 | 19.8291 | 10/05/2017 |
| Exercise of Forward Contract | 29,419 | 19.0472 | 10/06/2017 |
| Exercise of Forward Contract | 78,454 | 18.9951 | 10/06/2017 |
| Purchase of Common Stock | 356 | 20.0891 | 10/06/2017 |
| Purchase of Common Stock | 456 | 19.9914 | 10/06/2017 |
| Purchase of Common Stock | 3,805 | 20.1000 | 10/06/2017 |
CUSIP No. 61022P100
blr partners LP
| Purchase of Common Stock | 75,000 | 18.6000 | 08/16/2017 |
| Purchase of Common Stock | 2,700 | 18.2491 | 08/22/2017 |
| Purchase of Common Stock | 2,161 | 18.2928 | 08/22/2017 |
| Purchase of Common Stock | 13,889 | 18.3500 | 08/22/2017 |
| Purchase of Common Stock | 5,000 | 18.2750 | 09/21/2017 |
| Purchase of Common Stock | 2,050 | 18.2997 | 09/21/2017 |
| Purchase of Common Stock | 11,700 | 18.4781 | 09/21/2017 |
| Purchase of Common Stock | 3,750 | 18.5235 | 09/22/2017 |
| Purchase of Common Stock | 2,050 | 18.3857 | 09/26/2017 |
| Purchase of Common Stock | 50 | 18.4250 | 09/26/2017 |
| Purchase of Common Stock | 4,125 | 18.4591 | 09/26/2017 |
| Purchase of Common Stock | 11,500 | 18.6063 | 09/26/2017 |
| Purchase of Common Stock | 19,045 | 18.7027 | 09/26/2017 |
| Purchase of Common Stock | 32,463 | 18.7579 | 09/26/2017 |
| Purchase of Common Stock | 18,188 | 18.8448 | 09/27/2017 |
| Purchase of Common Stock | 397 | 18.8484 | 09/27/2017 |
| Purchase of Common Stock | 22,094 | 18.8684 | 09/27/2017 |
| Purchase of Common Stock | 94,250 | 18.8792 | 09/27/2017 |
| Purchase of Common Stock | 10,000 | 18.7363 | 09/28/2017 |
| Purchase of Common Stock | 5,522 | 18.8199 | 09/28/2017 |
| Purchase of Common Stock | 1,425 | 19.0000 | 09/28/2017 |
| Purchase of Common Stock | 20,500 | 19.0345 | 09/28/2017 |
| Purchase of Common Stock | 12,556 | 19.0632 | 09/28/2017 |
| Purchase of Common Stock | 2,288 | 18.9565 | 09/29/2017 |
| Purchase of Common Stock | 2,604 | 18.9921 | 09/29/2017 |
| Purchase of Common Stock | 75 | 19.3750 | 10/03/2017 |
| Purchase of Common Stock | 200 | 19.3813 | 10/03/2017 |
| Purchase of Common Stock | 62,500 | 19.4100 | 10/03/2017 |
| Purchase of Common Stock | 62,500 | 19.3100 | 10/04/2017 |
| Purchase of Common Stock | 12,500 | 19.8587 | 10/05/2017 |
| Purchase of Common Stock | 11,305 | 19.8291 | 10/05/2017 |
| Purchase of Common Stock | 1,097 | 20.0891 | 10/06/2017 |
| Purchase of Common Stock | 1,409 | 19.9914 | 10/06/2017 |
| Purchase of Common Stock | 11,744 | 20.1000 | 10/06/2017 |
