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. 4)1
TriQuint Semiconductor, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
89674K103
(CUSIP Number)
JEFFREY C. SMITH
STARBOARD VALUE LP
830 Third Avenue, 3rd Floor
New York, New York 10022
(212) 845-7977
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
(Name, Address and Telephone Number of PersonAuthorized to Receive Notices and Communications)
December 2, 2013
(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.
_______________
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.
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 the Notes).
1
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS WC | |
5 | ||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 6,008,722 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 6,008,722 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,008,722 | |
12 | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.7% | |
14 | TYPE OF REPORTING PERSON CO |
2
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD VALUE AND OPPORTUNITY S LLC | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 1,471,773 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 1,471,773 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,471,773 | |
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 |
3
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD VALUE AND OPPORTUNITY C LP | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 881,734 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 881,734 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 881,734 | |
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 |
4
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD VALUE R LP | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 881,734 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 881,734 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 881,734 | |
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. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD VALUE R GP LLC | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 881,734 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 881,734 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 881,734 | |
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 |
6
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD LEADERS ALPHA LLC | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 1,930,102 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 1,930,102 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,930,102 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.2% | |
14 | TYPE OF REPORTING PERSON OO |
7
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD LEADERS FUND LP | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 1,930,102 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 1,930,102 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,930,102 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.2% | |
14 | TYPE OF REPORTING PERSON PN |
8
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD VALUE A LP | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 1,930,102 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 1,930,102 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,930,102 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.2% | |
14 | TYPE OF REPORTING PERSON PN |
9
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD VALUE A GP LLC | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 1,930,102 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 1,930,102 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,930,102 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.2% | |
14 | TYPE OF REPORTING PERSON OO |
10
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD VALUE LP | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 12,607,000 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 12,607,000 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 12,607,000 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.8% | |
14 | TYPE OF REPORTING PERSON PN |
11
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD VALUE GP LLC | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 12,607,000 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 12,607,000 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 12,607,000 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.8% | |
14 | TYPE OF REPORTING PERSON OO |
12
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD PRINCIPAL CO LP | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 12,607,000 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 12,607,000 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 12,607,000 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.8% | |
14 | TYPE OF REPORTING PERSON PN |
13
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS STARBOARD PRINCIPAL CO GP LLC | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 12,607,000 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 12,607,000 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 12,607,000 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.8% | |
14 | TYPE OF REPORTING PERSON OO |
14
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS JEFFREY C. SMITH | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER 12,607,000 | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER 12,607,000 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 12,607,000 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.8% | |
14 | TYPE OF REPORTING PERSON IN |
15
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS MARK R. MITCHELL | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER 12,607,000 | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER 12,607,000 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 12,607,000 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.8% | |
14 | TYPE OF REPORTING PERSON IN |
16
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS PETER A. FELD | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER 12,607,000 | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER 12,607,000 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 12,607,000 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.8% | |
14 | TYPE OF REPORTING PERSON IN |
17
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS RICHARD S. HILL | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% | |
14 | TYPE OF REPORTING PERSON IN |
18
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS SOHAIL KHAN | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS PF | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 20,000 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 20,000 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 20,000 | |
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 IN |
19
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS CATHAL PHELAN | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS | |
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, IRELAND | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% | |
14 | TYPE OF REPORTING PERSON IN |
20
CUSIP NO. 89674K103
1 | NAME OF REPORTING PERSONS RICHARD H. WILLS | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS | |
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% | |
14 | TYPE OF REPORTING PERSON IN |
21
The following constitutes Amendment No. 4 (“Amendment No. 4”) to the Schedule 13D filed by the undersigned. This Amendment No. 4 amends the Schedule 13D as specifically set forth.
Item 2. | Identity and Background. |
Item 2 is hereby amended and restated to read as follows: |
(a) This statement is filed by:
(i) | Starboard Value and Opportunity Master Fund Ltd, a Cayman Islands exempted company (“Starboard V&O Fund”), with respect to the Shares directly and beneficially owned by it; |
(ii) | Starboard Value and Opportunity S LLC, a Delaware limited liability company (“Starboard S LLC”), with respect to the Shares directly and beneficially owned by it; |
(iii) | Starboard Value and Opportunity C LP, a Delaware limited partnership (“Starboard C LP”), with respect to the Shares directly and beneficially owned by it; |
(iv) | Starboard Leaders Alpha LLC, a Delaware limited liability company (“Alpha LLC”), with respect to the Shares directly and beneficially owned by it; |
(v) | Starboard Leaders Fund LP (“Leaders Fund”), as a member of Alpha LLC; |
(vi) | Starboard Value LP (“Starboard Value LP”), as the investment manager of Starboard V&O Fund, Starboard C LP, Alpha LLC and Leaders Fund 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 partnerof Starboard Value LP; |
(viii) | Starboard Principal Co LP (“Principal Co”), as a member of StarboardValue GP; |
(ix) | Starboard Principal Co GP LLC (“Principal GP”), as the general partner of Principal Co; |
(x) | Starboard Value A LP (“Starboard A LP”), as the general partner of Leaders Fund and the managing member of Alpha LLC; |
(xi) | Starboard Value A GP LLC (“Starboard A GP”), as the generalpartner of Starboard A LP; |
(xii) | Starboard Value R LP (“Starboard R LP”), as the general partner of Starboard C LP; |
22
(xiii) | Starboard Value R GP LLC (“Starboard R GP”), as the general partner ofStarboard R LP; |
(xiv) | 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, and as a nominee for the Board of Directors of the Issuer (the “Board”); |
(xv) | 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; |
(xvi) | 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, and as a nominee for the Board; |
(xvii) | Richard S. Hill, who is a nominee for the Board; |
(xviii) | Sohail Khan, who is a nominee for the Board; |
(xix) | Cathal Phelan, who is a nominee for the Board; and |
(xx) | Richard H. Wills, who is a nominee for the Board. |
Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting Persons is party to that certain Joint Filing and Solicitation 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, Alpha LLC, Leaders Fund, Starboard Value LP, Starboard Value GP, Principal Co, Principal GP, Starboard A LP, Starboard A GP, Starboard R LP, Starboard R GP and Messrs. Smith, Mitchell and Feld is 830 Third Avenue, 3rd Floor, New York, New York 10022. The address of the principal office of Starboard V&O Fund is 89 Nexus Way, Camana Bay, PO Box 31106, Grand Cayman KY1-1205, Cayman Islands. The officers and directors of Starboard V&O Fund and their principal occupations and business addresses are set forth on Schedule A to the Schedule 13D and are incorporated by reference in this Item 2. The principal business address of Mr. Hill is c/o Tessera Technologies, Inc., 3025 Orchard Parkway, San Jose, CA 95134. The principal business address of Mr. Khan is c/o Lilliputian Systems, 36 Jonspin Road, Wilmington, MA 01887. The principal business address of Mr. Phelan is 1215 Gronwall Lane, Los Altos, CA 94024. The principal business address of Mr. Wills is c/o General Fusion Inc., 108–3680 Bonneville Place, Burnaby, BC V3N 4T5, Canada.
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(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, Starboard C LP and Alpha LLC have been formed for the purpose of investing in securities and engaging in all related activities and transactions. The principal business of Leaders Fund is serving as a private investment partnership. Starboard Value LP provides investment advisory and management services and acts as the investment manager of Starboard V&O Fund, Starboard C LP, Alpha LLC, Leaders Fund 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 A LP serves as the general partner of Leaders Fund and the managing member of Alpha LLC. Starboard A GP serves as the general partner of Starboard A LP. 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 occupation of Mr. Hill is serving as the Chairman of the Board of Directors of Tessera Technologies, Inc. The principal occupation of Mr. Khan is serving as the Chief Executive Officer of Lilliputian Systems, Inc. Mr. Phelan’s principal occupation is serving as a consultant. The principal occupation of Mr. Wills is serving as the Chairman of the Board of Directors of General Fusion Inc.
(d) No Reporting Person, nor any person listed on Schedule A to the Schedule 13D, has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) No Reporting Person, nor any person listed on Schedule A to the Schedule 13D, has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f) Messrs. Smith, Mitchell, Feld, Hill, Khan, Phelan and Wills are citizens of the United States of America. Mr. Phelan is also a citizen of Ireland. The citizenship of the persons listed on Schedule A to the Schedule 13D is set forth therein.
Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended and restated to read as follows: |
The Shares purchased by each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and Alpha LLC and held in the Starboard Value LP Account were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein. The aggregate purchase price of the 6,008,722 Shares beneficially owned by Starboard V&O Fund is approximately $32,979,388, excluding brokerage commissions. The aggregate purchase price of the 1,471,773 Shares beneficially owned by Starboard S LLC is approximately $8,664,245, excluding brokerage commissions. The aggregate purchase price of the 881,734 Shares beneficially owned by Starboard C LP is approximately $4,876,469, excluding brokerage commissions. The aggregate purchase price of the 1,930,102 Shares beneficially owned by Alpha LLC is approximately $12,330,176, excluding brokerage commissions. The aggregate purchase price of the 2,314,669 Shares held in the Starboard Value LP Account is approximately $13,256,835, excluding brokerage commissions.
The 20,000 Shares owned directly by Mr. Khan were purchased in the open market with personal funds. The aggregate purchase price of the 20,000 Shares owned directly by Mr. Khan is approximately $125,800, excluding brokerage commissions.
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Item 4. | Purpose of the Transaction. |
Item 4 is hereby amended to add the following:
On December 2, 2013, Starboard delivered a letter to the Board of the Issuer, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. In the letter to the Board, Starboard reiterated its beliefs, as previously outlined in detail in Starboard’s October 29, 2013 letter, that the Issuer is deeply undervalued and that significant opportunities exist to unlock value based on actions within the control of management and the Board. Starboard stated it is seriously concerned with the Issuer’s prolonged underperformance under the direction of the current management team and Board, and that Starboard believes substantial change is needed on the Board to ensure that appropriate actions are taken to improve execution, drive better financial performance, and create value for all shareholders. Starboard stated in the letter that such change should include new highly-qualified, independent directors with relevant credentials for the Issuer, as well as direct shareholder representation to ensure the best interests of all shareholders are appropriately represented on the Board at all times.
To that end, on December 2, 2013, Starboard V&O Fund delivered a letter to the Issuer (the “Nomination Letter”) nominating Peter A. Feld, Richard S. Hill, Sohail Khan, Cathal Phelan, Jeffrey C. Smith and Richard H. Wills (the “Nominees”) for election to the Board at the Issuer’s 2014 annual meeting of shareholders (the “2014 Annual Meeting”). The Reporting Persons believe that significant change to the composition of the Board is warranted given the qualifications of their Nominees and the long-term underperformance of the Issuer. Depending on certain factors, including the number of directors up for election at the 2014 Annual Meeting and the Issuer’s financial and operational performance, the Reporting Persons reserve the right to either withdraw certain or all of its nominees or to nominate additional nominees for election to the Board at the 2014 Annual Meeting.
The Reporting Persons have engaged, and intend to continue to engage, in discussions with management and the Board of the Issuer regarding Board representation and the composition of the Issuer’s Board, generally, and Starboard Value remains prepared to engage in a constructive dialogue with the Board to reach a mutually agreeable resolution to re-constitute the Board in a manner that is in the best interests of all shareholders.
Item 5. | Interest in Securities of the Issuer. |
Items 5(a)-(c) are hereby amended and restated to read as follows: |
The aggregate percentage of Shares reported owned by each person named herein is based upon 160,605,803 Shares outstanding, as of November 1, 2013, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 6, 2013.
A. | Starboard V&O Fund |
(a) | As of the close of business on November 29, 2013, Starboard V&O Fund beneficially owned 6,008,722 Shares. |
Percentage: Approximately 3.7%
(b) | 1. Sole power to vote or direct vote: 6,008,722 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 6,008,722 |
4. Shared power to dispose or direct the disposition: 0 |
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(c) | The transactions in the Shares by Starboard V&O Fund since the filing of Amendment No. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
B. | Starboard S LLC |
(a) | As of the close of business on November 29, 2013, Starboard S LLC beneficially owned 1,471,773 Shares. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 1,471,773 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 1,471,773 |
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. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
C. | Starboard C LP |
(a) | As of the close of business on November 29, 2013, Starboard C LP beneficially owned 881,734 Shares. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 881,734 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 881,734 |
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. 3 to the Schedule 13D are set forth in Schedule A 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 881,734 shares owned by Starboard C LP. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 881,734 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 881,734 |
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. 3 to the Schedule 13D. The transactions in the Shares on behalf of Starboard C LP since the filing of Amendment No. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
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E. | Starboard R GP |
(a) | Starboard R GP, as the general partner of Starboard R LP, may be deemed the beneficial owner of the 881,734 shares owned by Starboard C LP. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 881,734 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 881,734 |
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. 3 to the Schedule 13D. The transactions in the Shares on behalf of Starboard C LP since the filing of Amendment No. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
F. | Alpha LLC |
(a) | As of the close of business on November 29, 2013, Alpha LLC beneficially owned 1,930,102 Shares. |
Percentage: Approximately 1.2%
(b) | 1. Sole power to vote or direct vote: 1,930,102 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 1,930,102 |
4. Shared power to dispose or direct the disposition: 0 |
(c) | The transactions in the Shares by Alpha LLC since the filing of Amendment No. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
G. | Leaders Fund |
(a) | Leaders Fund, as a member of Alpha LLC, may be deemed the beneficial owner of the 1,930,102 shares owned by Alpha LLC. |
Percentage: Approximately 1.2%
(b) | 1. Sole power to vote or direct vote: 1,930,102 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 1,930,102 |
4. Shared power to dispose or direct the disposition: 0 |
(c) | Leaders Fund has not entered into any transactions in the Shares since the filing of Amendment No. 3 to the Schedule 13D. The transactions in the Shares on behalf of Alpha LLC since the filing of Amendment No. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
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H. | Starboard A LP |
(a) | Starboard A LP, as the general partner of Leaders Fund and the managing member of Alpha LLC, may be deemed the beneficial owner of the 1,930,102 shares owned by Alpha LLC. |
Percentage: Approximately 1.2%
(b) | 1. Sole power to vote or direct vote: 1,930,102 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 1,930,102 |
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. 3 to the Schedule 13D. The transactions in the Shares on behalf of Alpha LLC since the filing of Amendment No. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
I. | Starboard A GP |
(a) | Starboard A GP, as the general partner of Starboard A LP, may be deemed the beneficial owner of the 1,930,102 shares owned by Alpha LLC. |
Percentage: Approximately 1.2%
(b) | 1. Sole power to vote or direct vote: 1,930,102 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 1,930,102 |
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. 3 to the Schedule 13D. The transactions in the Shares on behalf of Alpha LLC since the filing of Amendment No. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
J. | Starboard Value LP |
(a) | As of the close of business on November 29, 2013, 2,314,669 Shares were held in the Starboard Value LP Account. Starboard Value LP, as the investment manager of Starboard V&O Fund, Starboard C LP, Alpha LLC and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 6,008,722 Shares owned by Starboard V&O Fund, (ii) 1,471,773 Shares owned by Starboard S LLC, (iii) 881,734 Shares owned by Starboard C LP, (iv) 1,930,102 Shares owned by Alpha LLC and (v) 2,314,669 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 7.8%
(b) | 1. Sole power to vote or direct vote: 12,607,000 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 12,607,000 |
4. Shared power to dispose or direct the disposition: 0 |
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(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, Starboard C LP and Alpha LLC since the filing of Amendment No. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
K. | Starboard Value GP |
(a) | Starboard Value GP, as the general partner of Starboard Value LP, may be deemed the beneficial owner of the (i) 6,008,722 Shares owned by Starboard V&O Fund, (ii) 1,471,773 Shares owned by Starboard S LLC, (iii) 881,734 Shares owned by Starboard C LP, (iv) 1,930,102 Shares owned by Alpha LLC and (v) 2,314,669 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 7.8%
(b) | 1. Sole power to vote or direct vote: 12,607,000 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 12,607,000 |
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. 3 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 Alpha LLC and through the Starboard Value LP Account since the filing of Amendment No. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
L. | Principal Co |
(a) | Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 6,008,722 Shares owned by Starboard V&O Fund, (ii) 1,471,773 Shares owned by Starboard S LLC, (iii) 881,734 Shares owned by Starboard C LP, (iv) 1,930,102 Shares owned by Alpha LLC and (v) 2,314,669 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 7.8%
(b) | 1. Sole power to vote or direct vote: 12,607,000 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 12,607,000 |
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. 3 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 Alpha LLC and through the Starboard Value LP Account since the filing of Amendment No. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
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M. | Principal GP |
(a) | Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 6,008,722 Shares owned by Starboard V&O Fund, (ii) 1,471,773 Shares owned by Starboard S LLC, (iii) 881,734 Shares owned by Starboard C LP, (iv) 1,930,102 Shares owned by Alpha LLC and (v) 2,314,669 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 7.8%
(b) | 1. Sole power to vote or direct vote: 12,607,000 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 12,607,000 |
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. 3 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 Alpha LLC and through the Starboard Value LP Account since the filing of Amendment No. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
N. | Messrs. Smith, Mitchell and Feld |
(a) | Each of Messrs. Smith, Mitchell and Feld, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 6,008,722 Shares owned by Starboard V&O Fund, (ii) 1,471,773 Shares owned by Starboard S LLC, (iii) 881,734 Shares owned by Starboard C LP, (iv) 1,930,102 Shares owned by Alpha LLC and (v) 2,314,669 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 7.8%
(b) | 1. Sole power to vote or direct vote: 0 |
2. Shared power to vote or direct vote: 12,607,000 |
3. Sole power to dispose or direct the disposition: 0 |
4. Shared power to dispose or direct the disposition: 12,607,000 |
(c) | None of Messrs. Smith, Mitchell or Feld has entered into any transactions in the Shares since the filing of Amendment No. 3 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 Alpha LLC and through the Starboard Value LP Account since the filing of Amendment No. 3 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
O. | Messrs. Hill, Phelan and Wills |
(a) | As of the close of business on November 29, 2013, neither of Messrs. Hill, Phelan or Wills directly owns any Shares. |
Percentage: 0%
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(b) | 1. Sole power to vote or direct vote: 0 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 0 |
4. Shared power to dispose or direct the disposition: 0 |
(c) | Neither of Messrs. Hill, Phelan or Wills has entered into any transactions in the Shares since the filing of Amendment No. 3 to the Schedule 13D. |
P. | Mr. Khan |
(a) | As of the close of business on November 29, 2013, Mr. Khan directly owns 20,000 Shares. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 20,000 |
2. Shared power to vote or direct vote: 0 |
3. Sole power to dispose or direct the disposition: 20,000 |
4. Shared power to dispose or direct the disposition: 0 |
(c) | Mr. Khan has not entered into any transactions in the Shares since the filing of Amendment No. 3 to the Schedule 13D. |
Each Reporting Person, as a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. Each Reporting Person disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 6 is hereby amended to add the following:
On December 2, 2013, the Reporting Persons entered into a Joint Filing and Solicitation Agreement in which, among other things, (a) the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer, (b) the Reporting Persons agreed to solicit proxies or written consents for the election of the Nominees at the 2014 Annual Meeting (the “Solicitation”), and (c) Starboard V&O Fund, Starboard LLC, Starboard C LP and Alpha LLC agreed to bear all expenses incurred in connection with the Solicitation, including approved expenses incurred by any of the parties in connection with the Solicitation, subject to certain limitations. The Joint Filing and Solicitation Agreement is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
Pursuant to letter agreements, Starboard V&O Fund has agreed to indemnify each of Messrs. Hill, Khan, Phelan and Wills against any and all claims of any nature arising from the Solicitation and any related transactions. A form of the indemnification letter agreement is attached hereto as Exhibit 99.3 and is incorporated herein by reference.
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Starboard V&O Fund has agreed to compensate Messrs. Hill, Khan, Phelan and Wills for being named as and serving as nominees for election as directors of the Issuer pursuant to letter agreements (the “Compensation Letter Agreements”). Under the Compensation Letter Agreements, Starboard V&O Fund has agreed to pay each of Messrs. Hill, Khan, Phelan and Wills (i) $10,000 in cash upon submission of the Nomination Letter to the Issuer and (ii) $10,000 in cash upon the filing of a definitive proxy statement with the SEC by Starboard relating to a solicitation of proxies in favor of Messrs. Messrs. Hill, Khan, Phelan and Wills’s election as directors of the Issuer at the 2014 Annual Meeting.
Pursuant to the Compensation Letter Agreements, each of Messrs. Hill, Khan, Phelan and Wills agreed to use the after-tax proceeds from such compensation to acquire securities of the Issuer (the “Nominee Shares”) at such time that Messrs. Hill, Khan, Phelan and Wills shall determine. If elected or appointed to serve as a director of the Board, each of Hill, Khan, Phelan and Wills agreed not to sell, transfer or otherwise dispose of any Nominee Shares within two years of their election or appointment as a director; provided, however, in the event that the Issuer enters into a business combination with a third party, each of Messrs. Hill, Khan, Phelan and Wills may sell, transfer or exchange the Nominee Shares in accordance with the terms of such business combination. A form of the Compensation Letter Agreements is attached hereto as Exhibit 99.4 and is incorporated herein by reference.
Item 7. | Material to be Filed as Exhibits. |
Item 7 is hereby amended to add the following exhibits: |
99.1 | Letter to the Board of Directors, dated December 2, 2013. |
99.2 | Joint Filing and Solicitation Agreement by and among Starboard Value and Opportunity Master Fund Ltd, Starboard Value and Opportunity S LLC, Starboard Value and Opportunity C LP, Starboard Leaders Alpha LLC, Starboard Leaders Fund LP, Starboard Value LP, Starboard Value GP LLC, Starboard Principal Co LP, Starboard Principal Co GP LLC, Starboard Value A LP, Starboard Value A GP LLC, Starboard Value R LP, Starboard Value R GP LLC, Jeffrey C. Smith, Mark R. Mitchell, Peter A. Feld, Richard S. Hill, Sohail Khan, Cathal Phelan, and Richard H. Wills, dated December 2, 2013. |
99.3 | Form of Indemnification Letter Agreement. |
99.4 | Form of Compensation Letter Agreement. |
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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: December 2, 2013
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 ALPHA LLC By: Starboard Value A LP, its managing manager 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: | /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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/s/ Richard S. Hill |
RICHARD S. HILL |
/s/ Sohail Khan |
SOHAIL KHAN |
/s/ Cathal Phelan |
CATHAL PHELAN |
/s/ Richard H. Wills |
RICHARD H. WILLS |
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SCHEDULE A
Transactions in the Shares Since the Filing of Amendment No. 3 to the Schdule 13D
Class of Security | Securities Purchased/(Sold) | Price Per Share($) | Date of Purchase / Sale |
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
Common Stock | 42,867 | 7.3380 | 11/11/2013 |
Common Stock | 21,433 | 7.3842 | 11/12/2013 |
Common Stock | 128,600 | 7.3040 | 11/19/2013 |
Common Stock | 98,636 | 7.2689 | 11/20/2013 |
STARBOARD VALUE AND OPPORTUNITY S LLC
Common Stock | 10,318 | 7.3380 | 11/11/2013 |
Common Stock | 5,159 | 7.3842 | 11/12/2013 |
Common Stock | 30,955 | 7.3040 | 11/19/2013 |
Common Stock | 23,742 | 7.2689 | 11/20/2013 |
STARBOARD VALUE AND OPPORTUNITY C LP
Common Stock | 6,297 | 7.3380 | 11/11/2013 |
Common Stock | 3,149 | 7.3842 | 11/12/2013 |
Common Stock | 18,892 | 7.3040 | 11/19/2013 |
Common Stock | 14,490 | 7.2689 | 11/20/2013 |
STARBOARD LEADERS ALPHA LLC
Common Stock | 24,130 | 7.3380 | 11/11/2013 |
Common Stock | 12,065 | 7.3842 | 11/12/2013 |
Common Stock | 72,389 | 7.3040 | 11/19/2013 |
Common Stock | 55,523 | 7.2689 | 11/20/2013 |
Common Stock | 66,900 | 7.6263 | 11/22/2013 |
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STARBOARD VALUE LP
(Through the Starboard Value LP Account)
Common Stock | 16,388 | 7.3380 | 11/11/2013 |
Common Stock | 8,194 | 7.3842 | 11/12/2013 |
Common Stock | 49,164 | 7.3040 | 11/19/2013 |
Common Stock | 37,709 | 7.2689 | 11/20/2013 |
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