The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned (“Amendment No. 1”). This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.
Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended and restated as follows:
The Shares purchased by each of Starboard V&O Fund and Starboard LLC and held in the Starboard Value LP Accounts were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein. The aggregate purchase price of the 3,015,003 Shares beneficially owned by Starboard V&O Fund is approximately $44,158,222, excluding brokerage commissions. The aggregate purchase price of the 668,550 Shares beneficially owned by Starboard LLC is approximately $9,794,348, excluding brokerage commissions. The aggregate purchase price of the 1,281,447 Shares held in the Starboard Value LP Accounts is approximately $19,072,564, excluding brokerage commissions.
The Shares owned by Messrs. Massimo and Meyer were purchased with personal funds in open market purchases, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein. The aggregate purchase price of the 1,000 Shares beneficially owned by Mr. Massimo is approximately $16,000, excluding brokerage commissions. The aggregate purchase price of the 402 Shares beneficially owned by Mr. Meyer is approximately $6,441, excluding brokerage commissions.
Item 5. | Interest in Securities of the Issuer. |
Items 5(a) - 5(c) are hereby amended and restated to read as follows:
The aggregate percentage of Shares reported owned by each person named herein is based upon 53,926,617 Shares outstanding, as of February 22, 2013, which is the total number of Shares outstanding as reported in the Issuer’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2013.
| (a) | As of the close of business on February 28, 2013, Starboard V&O Fund beneficially owned 3,015,003 Shares. |
Percentage: Approximately 5.6%
| (b) | 1. Sole power to vote or direct vote: 3,015,003 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 3,015,003 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard V&O Fund since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on February 28, 2013, Starboard LLC beneficially owned 668,550 Shares. |
Percentage: 1.2%
| (b) | 1. Sole power to vote or direct vote: 668,550 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 668,550 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard LLC since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on February 28, 2013, 1,281,447 Shares were held in the Starboard Value LP Accounts. Starboard Value LP, as the investment manager of Starboard V&O Fund and the Starboard Value LP Accounts and the manager of Starboard LLC, may be deemed the beneficial owner of the (i) 3,015,003 Shares owned by Starboard V&O Fund, (ii) 668,550 Shares owned by Starboard LLC and (iii) 1,281,447 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 9.2%
| (b) | 1. Sole power to vote or direct vote: 4,965,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 4,965,000 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard Value LP through the Starboard Value LP Accounts and on behalf of each of Starboard V&O Fund and Starboard LLC since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Starboard Value GP, as the general partner of Starboard Value LP, may be deemed the beneficial owner of the (i) 3,015,003 Shares owned by Starboard V&O Fund, (ii) 668,550 Shares owned by Starboard LLC and (iii) 1,281,447 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 9.2%
| (b) | 1. Sole power to vote or direct vote: 4,965,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 4,965,000 |
| 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 the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard LLC and through the Starboard Value LP Accounts since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 3,015,003 Shares owned by Starboard V&O Fund, (ii) 668,550 Shares owned by Starboard LLC and (iii) 1,281,447 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 9.2%
| (b) | 1. Sole power to vote or direct vote: 4,965,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 4,965,000 |
| 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 the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard LLC and through the Starboard Value LP Accounts since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 3,015,003 Shares owned by Starboard V&O Fund, (ii) 668,550 Shares owned by Starboard LLC and (iii) 1,281,447 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 9.2%
| (b) | 1. Sole power to vote or direct vote: 4,965,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 4,965,000 |
| 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 the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard LLC and through the Starboard Value LP Accounts since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
G. | 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) 3,015,003 Shares owned by Starboard V&O Fund, (ii) 668,550 Shares owned by Starboard LLC and (iii) 1,281,447 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 9.2%
| (b) | 1. Sole power to vote or direct vote: 0 |
| 2. Shared power to vote or direct vote: 4,965,000 |
| 3. Sole power to dispose or direct the disposition: 0 |
| 4. Shared power to dispose or direct the disposition: 4,965,000 |
| (c) | None of Messrs. Smith, Mitchell or Feld has entered into any transactions in the Shares since the filing of the Schedule 13D. The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard LLC and through the Starboard Value LP Accounts since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on February 28, 2013, Mr. Massimo beneficially owned 1,000 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 1,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 1,000 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Mr. Massimo since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on February 28, 2013, Mr. Meyer beneficially owned 402 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 402 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 402 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Mr. Meyer since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
An aggregate of 4,966,402 Shares, constituting approximately 9.2% of the Shares outstanding, are reported in this Amendment No. 1.
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.
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: March 1, 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 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 |
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By: | |
| Name: | Jeffrey C. Smith |
| Title: | Authorized Signatory |
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JEFFREY C. SMITH |
Individually and as attorney-in-fact for Mark R. Mitchell, Peter A. Feld, Louis S. Massimo and Lee D. Meyer |
SCHEDULE A
Transactions in the Shares Since the Filing of the Schedule 13D
Shares of Common Stock Purchased | Price Per Share($) | Date of Purchase |
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
31,500 | | 15.7955 | 01/22/2013 |
31,500 | | 15.8851 | 01/22/2013 |
31,300 | | 15.6986 | 02/04/2013 |
46,950 | | 15.8707 | 02/07/2013 |
31,300 | | 16.4609 | 02/08/2013 |
31,300 | | 16.2482 | 02/11/2013 |
21,691 | | 16.2507 | 02/12/2013 |
9,609 | | 16.1909 | 02/12/2013 |
STARBOARD VALUE AND OPPORTUNITY S LLC
7,000 | | 15.7955 | 01/22/2013 |
7,000 | | 15.8851 | 01/22/2013 |
7,000 | | 15.6986 | 02/04/2013 |
10,500 | | 15.8707 | 02/07/2013 |
7,000 | | 16.4609 | 02/08/2013 |
7,000 | | 16.2482 | 02/11/2013 |
4,851 | | 16.2507 | 02/12/2013 |
2,149 | | 16.1909 | 02/12/2013 |
STARBOARD VALUE LP
(Through the Starboard Value LP Accounts)
11,500 | | 15.7955 | 01/22/2013 |
11,500 | | 15.8851 | 01/22/2013 |
78,863 | | 16.1180 | 01/28/2013 |
21,137 | | 16.3736 | 01/29/2013 |
50,000 | | 16.2890 | 01/30/2013 |
11,700 | | 15.6986 | 02/04/2013 |
10,000 | | 15.7500 | 02/05/2013 |
5,800 | | 15.7419 | 02/06/2013 |
26,750 | | 15.8707 | 02/07/2013 |
11,700 | | 16.4609 | 02/08/2013 |
11,700 | | 16.2482 | 02/11/2013 |
18,458 | | 16.2507 | 02/12/2013 |
8,242 | | 16.1909 | 02/12/2013 |
LOUIS S. MASSIMO
LEE D. MEYER