The following constitutes Amendment No. 1 (“Amendment No. 1”) to the Schedule 13D filed by the undersigned. This Amendment No. 1 amends the Schedule 13D as specifically set forth.
Item 3. | Source and Amount of Funds or Other Consideration. |
The Shares purchased by each of Starboard V&O Fund, Starboard 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 5,056,312 Shares beneficially owned by Starboard V&O Fund is approximately $23,781,179, excluding brokerage commissions. The aggregate purchase price of the 1,117,127 Shares beneficially owned by Starboard LLC is approximately $5,416,754, excluding brokerage commissions. The aggregate purchase price of the 727,485 Shares beneficially owned by Starboard C LP is approximately $3,414,091, excluding brokerage commissions. The aggregate purchase price of the 983,868 Shares beneficially owned by Alpha LLC is approximately $4,852,624, excluding brokerage commissions. The aggregate purchase price of the 1,885,208 Shares held in the Starboard Value LP Account is approximately $9,145,595, excluding brokerage commissions.
The Shares purchased by Mr. McCreary were purchased with personal funds (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 30,000 Shares beneficially owned by Mr. McCreary is approximately $145,000, excluding brokerage commissions.
Item 5. | Interest in Securities of the Issuer. |
The aggregate percentage of Shares reported owned by each person named herein is based upon 163,268,210 Shares outstanding, as of April 29, 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 May 1, 2013.
| (a) | As of the close of business on August 2, 2013, Starboard V&O Fund beneficially owned 5,056,312 Shares. |
Percentage: Approximately 3.1%
| (b) | 1. Sole power to vote or direct vote: 5,056,312 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 5,056,312 |
| 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 A and are incorporated herein by reference. |
| (a) | As of the close of business on August 2, 2013, Starboard LLC beneficially owned 1,117,127 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 1,117,127 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 1,117,127 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Starboard LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on August 2, 2013, Starboard C LP beneficially owned 727,485 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 727,485 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 727,485 |
| 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 A and are incorporated herein by reference. |
| (a) | Starboard R LP, as the general partner of Starboard C LP, may be deemed the beneficial owner of the 727,485 shares owned by Starboard C LP. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 727,485 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 727,485 |
| 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 A and are incorporated herein by reference. |
| (a) | Starboard R GP, as the general partner of Starboard R LP, may be deemed the beneficial owner of the 727,485 shares owned by Starboard C LP. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 727,485 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 727,485 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (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 A and are incorporated herein by reference. |
| (a) | As of the close of business on August 2, 2013, Alpha LLC beneficially owned 983,868 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 983,868 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 983,868 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Alpha LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Leaders Fund, as a member of Alpha LLC, may be deemed the beneficial owner of the 983,868 shares owned by Alpha LLC. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 983,868 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 983,868 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Leaders Fund has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Alpha LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
| (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 983,868 shares owned by Alpha LLC. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 983,868 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 983,868 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard A LP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Alpha LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Starboard A GP, as the general partner of Starboard A LP, may be deemed the beneficial owner of the 983,868 shares owned by Alpha LLC. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 983,868 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 983,868 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Starboard A GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Alpha LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on August 2, 2013, 1,885,208 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 LLC, may be deemed the beneficial owner of the (i) 5,056,312 Shares owned by Starboard V&O Fund, (ii) 1,117,127 Shares owned by Starboard LLC, (iii) 727,485 Shares owned by Starboard C LP, (iv) 983,868 Shares owned by Alpha LLC and (v) 1,885,208 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.0%
| (b) | 1. Sole power to vote or direct vote: 9,770,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 9,770,000 |
| 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 Account and on behalf of each of Starboard V&O Fund, Starboard LLC, Starboard C LP and Alpha LLC during the past sixty days 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) 5,056,312 Shares owned by Starboard V&O Fund, (ii) 1,117,127 Shares owned by Starboard LLC, (iii) 727,485 Shares owned by Starboard C LP, (iv) 983,868 Shares owned by Alpha LLC and (v) 1,885,208 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.0%
| (b) | 1. Sole power to vote or direct vote: 9,770,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 9,770,000 |
| 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 LLC, Starboard C LP and Alpha LLC and through the Starboard Value LP Account during the past sixty days 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) 5,056,312 Shares owned by Starboard V&O Fund, (ii) 1,117,127 Shares owned by Starboard LLC, (iii) 727,485 Shares owned by Starboard C LP, (iv) 983,868 Shares owned by Alpha LLC and (v) 1,885,208 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.0%
| (b) | 1. Sole power to vote or direct vote: 9,770,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 9,770,000 |
| 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 LLC, Starboard C LP and Alpha LLC and through the Starboard Value LP Account during the past sixty days 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) 5,056,312 Shares owned by Starboard V&O Fund, (ii) 1,117,127 Shares owned by Starboard LLC, (iii) 727,485 Shares owned by Starboard C LP, (iv) 983,868 Shares owned by Alpha LLC and (v) 1,885,208 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.0%
| (b) | 1. Sole power to vote or direct vote: 9,770,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 9,770,000 |
| 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 LLC, Starboard C LP and Alpha LLC and through the Starboard Value LP Account during the past sixty days 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) 5,056,312 Shares owned by Starboard V&O Fund, (ii) 1,117,127 Shares owned by Starboard LLC, (iii) 727,485 Shares owned by Starboard C LP, (iv) 983,868 Shares owned by Alpha LLC and (v) 1,885,208 Shares held in the Starboard Value LP Account. |
Percentage: Approximately 6.0%
| (b) | 1. Sole power to vote or direct vote: 0 |
| 2. Shared power to vote or direct vote: 9,770,000 |
| 3. Sole power to dispose or direct the disposition: 0 |
| 4. Shared power to dispose or direct the disposition: 9,770,000 |
| (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 LLC, Starboard C LP and Alpha LLC and through the Starboard Value LP Account during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on August 2, 2013, Mr. McCreary beneficially owned 30,000 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 30,000 |
| 2. Shared power to vote or direct vote: 0 |
| 3. Sole power to dispose or direct the disposition: 30,000 |
| 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Mr. McCreary during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
Each Reporting Person, as a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. Each Reporting Person disclaims beneficial ownership of such Shares except to the extent of his 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: August 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: | |
| Name: | Jeffrey C. Smith |
| Title: | Authorized Signatory |
|
|
|
JEFFREY C. SMITH |
Individually and as attorney-in-fact for Mark R. Mitchell and Peter A. Feld |
SCHEDULE A
Transactions in the Shares During the Past Sixty Days
Shares of Common Stock Purchased/(Sold) | Price Per Share($) | Date of Purchase / Sale |
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
(207,015) | 6.9252 | 07/19/2013 |
(207,015) | 6.9433 | 07/22/2013 |
(207,015) | 6.8856 | 07/23/2013 |
(103,506) | 6.8247 | 07/24/2013 |
(77,631) | 7.9114 | 07/25/2013 |
(10,351) | 8.2165 | 07/30/2013 |
(51,754) | 8.1739 | 07/31/2013 |
(87,981) | 7.9970 | 07/31/2013 |
(56,929) | 8.0779 | 07/31/2013 |
(60,431) | 8.1091 | 07/31/2013 |
(193,972) | 8.0551 | 08/01/2013 |
(118,221) | 8.0146 | 08/01/2013 |
(69,867) | 7.9295 | 08/02/2013 |
(95,744) | 7.8626 | 08/02/2013 |
STARBOARD VALUE AND OPPORTUNITY S LLC
(45,737) | 6.9252 | 07/19/2013 |
(45,737) | 6.9433 | 07/22/2013 |
(45,737) | 6.8856 | 07/23/2013 |
(22,869) | 6.8247 | 07/24/2013 |
(17,151) | 7.9114 | 07/25/2013 |
(2,287) | 8.2165 | 07/30/2013 |
(11,434) | 8.1739 | 07/31/2013 |
(19,438) | 7.9970 | 07/31/2013 |
(12,578) | 8.0779 | 07/31/2013 |
(13,352) | 8.1091 | 07/31/2013 |
(42,856) | 8.0551 | 08/01/2013 |
(26,120) | 8.0146 | 08/01/2013 |
(15,436) | 7.9295 | 08/02/2013 |
(21,153) | 7.8626 | 08/02/2013 |
STARBOARD VALUE AND OPPORTUNITY C LP
(29,784) | 6.9252 | 07/19/2013 |
(29,784) | 6.9433 | 07/22/2013 |
(29,784) | 6.8856 | 07/23/2013 |
(14,892) | 6.8247 | 07/24/2013 |
(11,169) | 7.9114 | 07/25/2013 |
(1,489) | 8.2165 | 07/30/2013 |
(7,446) | 8.1739 | 07/31/2013 |
(12,658) | 7.9970 | 07/31/2013 |
(8,191) | 8.0779 | 07/31/2013 |
(8,695) | 8.1091 | 07/31/2013 |
(27,908) | 8.0551 | 08/01/2013 |
(17,009) | 8.0146 | 08/01/2013 |
(10,052) | 7.9295 | 08/02/2013 |
(13,775) | 7.8626 | 08/02/2013 |
STARBOARD LEADERS ALPHA LLC
(40,281) | 6.9252 | 07/19/2013 |
(40,281) | 6.9433 | 07/22/2013 |
(40,281) | 6.8856 | 07/23/2013 |
(20,141) | 6.8247 | 07/24/2013 |
(15,105) | 7.9114 | 07/25/2013 |
(2,014) | 8.2165 | 07/30/2013 |
(10,070) | 8.1739 | 07/31/2013 |
(17,120) | 7.9970 | 07/31/2013 |
(11,077) | 8.0779 | 07/31/2013 |
(11,759) | 8.1091 | 07/31/2013 |
(37,743) | 8.0551 | 08/01/2013 |
(23,004) | 8.0146 | 08/01/2013 |
(13,596) | 7.9295 | 08/02/2013 |
(18,631) | 7.8626 | 08/02/2013 |
STARBOARD VALUE LP
(Through the Starboard Value LP Account)
(77,183) | 6.9252 | 07/19/2013 |
(77,183) | 6.9433 | 07/22/2013 |
(77,183) | 6.8856 | 07/23/2013 |
(38,592) | 6.8247 | 07/24/2013 |
(28,944) | 7.9114 | 07/25/2013 |
(3,859) | 8.2165 | 07/30/2013 |
(19,296) | 8.1739 | 07/31/2013 |
(32,803) | 7.9970 | 07/31/2013 |
(21,225) | 8.0779 | 07/31/2013 |
(22,531) | 8.1091 | 07/31/2013 |
(72,321) | 8.0551 | 08/01/2013 |
(44,078) | 8.0146 | 08/01/2013 |
(26,049) | 7.9295 | 08/02/2013 |
(35,697) | 7.8626 | 08/02/2013 |
JEFFREY S. MCCREARY
(20,000) | 7.9799 | 07/25/2013 |
(30,000) | 8.1844 | 07/31/2013 |