The following constitutes Amendment No. 5 to the Schedule 13D filed by the undersigned (“Amendment No. 5”). This Amendment No. 5 amends the Schedule 13D as specifically set forth.
Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended and restated to read as follows:
The aggregate purchase price of the 350,200 Shares owned by MMI Investments is $5,648,644; the source of funds is MMI Investments’ working capital. The aggregate purchase price of the 2,700 Shares owned by MMI Plus is $50,046; the source of funds is MMI Plus’ working capital.
MMI Investments and MMI Plus effect purchases of securities primarily through margin accounts maintained for them with prime brokers, which may extend margin credit to them as and when required to open or carry positions in the margin accounts, subject to applicable federal margin regulations, stock exchange rules and the prime brokers’ credit policies. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the accounts.
Item 4. | Purpose of Transaction. |
Item 4 is hereby amended to add the following:
On June 13, 2011, the Issuer announced that it had entered into a definitive agreement with Honeywell International Inc., a Delaware corporation (“Honeywell”), pursuant to which Honeywell will acquire the Issuer in an all-cash transaction valued at approximately $491 million, net of cash acquired (the “Merger Agreement”). Under the terms of the Merger Agreement, a wholly owned subsidiary of Honeywell (“Purchaser”) will commence a tender offer (the “Offer”) no later than June 27, 2011 to acquire all of the outstanding Shares at a purchase price of $33.00 per Share in cash. Upon successful completion of the Offer, Purchaser will merge with and into the Issuer and the Issuer will become a wholly owned subsidiary of Honeywell (the “Merger”).
The Reporting Persons have reviewed the public announcements relating to the Merger Agreement and the Offer and, based on their initial review of such publicly available information, the Reporting Persons believe the Merger represents an extremely favorable outcome for the shareholders of the Issuer and do not intend to continue their solicitation of proxies to elect their slate of director nominees at the next annual meeting of shareholders of the Issuer provided the Issuer moves forward with the Merger. The Reporting Persons may tender all or a portion of their Shares in the Offer, sell all or a portion of their Shares in the open market prior to the completion of the Offer, engage in any hedging or similar transactions with respect to the Shares, or take any combination of the foregoing actions with respect to their Shares. The Reporting Persons intend to review additional information relating to the Merger Agreement and the Offer as it becomes available and reserve the right to change their views with respect to the foregoing in the future. On June 13, 2011, the Reporting Persons issued a press release with respect to the foregoing. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
Item 5. | Interest in Securities of the Issuer. |
Item 5 is hereby amended and restated to read as follows:
(a)-(b) The aggregate percentage of Shares reported owned by each Reporting Person is based upon 15,450,193 Shares outstanding as of June 10, 2011, which is the total number of Shares outstanding as disclosed in Exhibit No. 2.1 to the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 13, 2011.
As of the date hereof, MMI Investments directly owned 350,200 Shares, constituting approximately 2.3% of the Shares outstanding. MMI Investments has the sole power to direct the vote and disposition of such Shares on the date of this Statement. As of the date hereof, MMI Plus directly owned 2,700 Shares, constituting less than 1% of the Shares outstanding. MMI Plus has the sole power to direct the vote and disposition of such Shares on the date of this Statement. MCM does not directly own any Shares. However, by virtue of being the general partner of MMI Investments and MMI Plus, MCM may be deemed to be the beneficial owner of the Shares owned by MMI Investments and MMI Plus and to have sole power over the voting and disposition of such Shares as a result of its having the sole power to make voting and disposition decisions on behalf of MMI Investments and MMI Plus with respect to such Shares. MCM disclaims beneficial ownership of such Shares, except to the extent of its pecuniary interest therein. Mr. Lifflander does not directly own any Shares. However, as a member of a “group” for the purposes of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as amended, Mr. Lifflander may be deemed to beneficially own the Shares owned by MMI Investments and MMI Plus. Mr. Lifflander disclaims beneficial ownership of such Shares, except to the extent of his pecuniary interest therein.
Except as described above, as of the date hereof, to each Reporting Person’s knowledge, none of the persons listed on Schedule I annexed to Amendment No. 3 to the Schedule 13D (“Schedule I”) owns any Shares or has any right to acquire, directly or indirectly, any beneficial ownership of Shares.
As of the date hereof, none of Messrs. Lande, Martin, Thompson or Wetzel directly owned any Shares. Each of Messrs. Lande, Martin, Thompson and Wetzel, as members 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 to beneficially own the Shares owned in the aggregate by the other Reporting Persons. Each of Messrs. Lande, Martin, Thompson and Wetzel disclaims beneficial ownership of such Shares.
(c) Except for the open market sales of Shares by MMI Investments set forth in Schedule II attached hereto and incorporated herein by reference, there have been no transactions with respect to the Shares during the past 60 days by the Reporting Persons, or, to each Reporting Person’s knowledge, any of the persons listed on Schedule I.
(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, such Shares.
(e) As of June 13, 2011, the Reporting Persons ceased to be the beneficial owners of more than 5% of the Shares of the Issuer.
Item 7. | Material to be Filed as Exhibits. |
Item 7 is hereby amended to add the following exhibit:
| 99.1 | Press Release dated June 13, 2011. |
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: June 14, 2011
| MMI INVESTMENTS, L.P. |
| |
| By: | MCM Capital Management, LLC General Partner |
| |
| By: | /s/ Jerome J. Lande |
| | Jerome J. Lande |
| | Executive Vice President |
| MMI PLUS, L.P. |
| |
| By: | MCM Capital Management, LLC General Partner |
| |
| By: | /s/ Jerome J. Lande |
| | Jerome J. Lande |
| | Executive Vice President |
| MCM CAPITAL MANAGEMENT, LLC |
| |
| By: | /s/ Jerome J. Lande |
| | Jerome J. Lande |
| | Executive Vice President |
| /s/ Clay B. Lifflander |
| CLAY B. LIFFLANDER |
| /s/ Jerome J. Lande |
| JEROME J. LANDE |
| /s/ Carroll R. Wetzel, Jr. |
| CARROLL R. WETZEL, JR. |
| /s/ Theodore E. Martin |
| THEODORE E. MARTIN |
| /s/ Samme L. Thompson |
| SAMME L. THOMPSON |
SCHEDULE II
Transactions in the Shares During the Past 60 Days
Shares of Common Stock (Sold) | Price Per Share($) | Date of Sale |
MMI Investments, L.P. |
(650,000) | 32.80 | 06/13/11 |