Exhibit 99.1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 9)
Under the Securities Exchange Act of 1934*
Nabi Biopharmaceuticals
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(Name of Issuer)
Common Stock, par value $0.10 per share
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(Title of Class of Securities)
629519109
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(CUSIP Number of Class of Securities)
Daniel S. Loeb
Third Point LLC
390 Park Avenue
New York, NY 10022
(212) 224-7400
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copies to:
Michael A. Schwartz, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
(212) 728-8000
October 18, 2006
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(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 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 Rule 240.13d-7 for other
parties to whom copies are to be sent.
* 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).
SCHEDULE 13D
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CUSIP No. 629519109 Page 2 of 10 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Third Point LLC I.D. #13-3922602
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
5,750,000
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
5,750,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,750,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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14 TYPE OF REPORTING PERSON*
OO
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SCHEDULE 13D
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CUSIP No. 629519109 Page 3 of 10 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Third Point Offshore Fund, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
3,724,100
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
3,724,100
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
3,724,100
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
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14 TYPE OF REPORTING PERSON*
OO
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SCHEDULE 13D
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CUSIP No. 629519109 Page 4 of 10 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Daniel S. Loeb
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_|
- ----------- -----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
0
--------- ---------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
5,750,000
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9 SOLE DISPOSITIVE POWER
0
--------- ---------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,750,000
- ----------- -----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,750,000
- ----------- -----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
- ----------- -----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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14 TYPE OF REPORTING PERSON*
IN
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SCHEDULE 13D
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CUSIP No. 629519109 Page 5 of 10 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Jason Aryeh
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_|
- ----------- -----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ---------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
1,232,650
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9 SOLE DISPOSITIVE POWER
0
--------- ---------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,232,650
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,232,650
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
- ----------- -----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
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14 TYPE OF REPORTING PERSON*
IN
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This Amendment No. 9 (the "Amendment") amends the Schedule 13D filed on
April 17, 2006 (together with Amendment No. 1 thereto previously filed on April
27, 2006, Amendment No. 2 thereto previously filed on June 15, 2006, Amendment
No. 3 thereto previously filed on August 16, 2006, Amendment No. 4 thereto
previously filed on September 5, 2006, Amendment No. 5 thereto previously filed
on September 14, 2006, Amendment No. 6 thereto previously filed on September 26,
2006, Amendment No. 7 thereto previously filed on October 4, 2006 and Amendment
No. 8 thereto previously filed on October 16, 2006, the "Schedule 13D") and is
being filed on behalf of Third Point LLC, a Delaware limited liability company
(the "Management Company"), Third Point Offshore Fund, Ltd., a Cayman Islands
limited liability exempted company (the "Offshore Fund"), Daniel S. Loeb, an
individual ("Mr. Loeb" and together with the Management Company and the Offshore
Fund, the "Third Point Reporting Persons") and Jason Aryeh, an individual ("Mr.
Aryeh" and, together with the Third Point Reporting Persons, the "Reporting
Persons"). Unless the context otherwise requires, references herein to the
"Common Stock" are to shares of common stock, par value $0.10 per share, of Nabi
Biopharmaceuticals, a Delaware corporation (the "Company"). The Management
Company is the investment manager or adviser to a variety of hedge funds and
managed accounts (such funds and accounts, collectively, including but not
limited to the Offshore Fund, the "Funds"). The Funds directly own the Common
Stock to which this Schedule 13D relates, and the Third Point Reporting Persons
may be deemed to have beneficial ownership over such Common Stock by virtue of
their ownership or the authority granted to them by the Funds to vote and to
dispose of the securities held by the Funds, including the Common Stock. Mr.
Aryeh may be deemed to have beneficial ownership of the shares of Common Stock
directly owned by JALAA Equities, LP ("JALAA"), JLV Investments, LP, the Jason
Aryeh Trust, the Jason Aryeh 2003 Family Trust, the Jason Aryeh IRA, and Ann
Schroeder (collectively, the "Aryeh Entities") by virtue of his ability to vote
and/or to dispose of the securities held by the Aryeh Entities, including the
Common Stock.
ITEM 2. IDENTITY AND BACKGROUND.
Items 2(a), (b), (c) and (f) are hereby amended by adding thereto the
following:
(a) Mr. Aryeh is a nominee of the Management Company and the Funds in
the pending consent solicitation.
(b) The business address of Mr. Aryeh is 34 Sumner Road, Greenwich, CT
06831.
(c) The principal business of Mr. Aryeh is the general partner of
JALAA.
(f) Mr. Aryeh is a United States citizen.
ITEM 3. SOURCES AND AMOUNT OF FUNDS AND OTHER CONSIDERATION.
Item 3 is hereby amended by adding thereto the following:
The Aryeh Entities expended an aggregate of approximately $6,346,859.25
of its own investment capital to acquire the 1,232,650 shares of Common Stock
held by it. All Shares were acquired in open market purchases on the Nasdaq
National Market.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is hereby amended by adding thereto the
following:
As previously announced, the Third Point Reporting Persons plan to
conduct shortly a consent solicitation to remove Thomas H. McLain ("Mr. McLain")
and other directors from the Board of Directors (the "Board"). In the
solicitation, the Reporting Persons will seek stockholder support to replace a
majority of the directors of the Company with persons nominated by the Third
Point Reporting Persons in order to provide new leadership for the Company with
the goal of maximizing stockholder value under the leadership of a new chief
executive officer. In conjunction with this solicitation, the Third Point
Reporting Persons intend to file a consent statement with the Securities and
Exchange Commission (the "SEC"), in which the Third Point Reporting Persons will
nominate Mr. Aryeh, Todd Davis, Stephen Kasnet, Timothy Lynch and Stuart Oran to
be appointed by the remaining members of the Board to fill any vacancies created
by the removal of directors.
Pursuant to the Company's Bylaws, any stockholder of record seeking to
have the stockholders authorize or take a corporate action by written consent
must request, by written notice, that the Board fix a record date to establish
those stockholders that are entitled to give their consent. The Company's Board
must promptly, but in all events within 10 days after the date the request is
received, adopt a resolution fixing the record date for the solicitation, which
record date must be no more than 10 days after the date of the resolution. The
Third Point Reporting Persons intend in the future to deliver to the Company
such a written notice in order to seek corporate action by written consent.
However, neither this filing nor the filing of a consent statement, whether in
preliminary or definitive form, with the SEC shall be deemed a request by the
Reporting Persons or any other Company stockholder for the Board to set a record
date for the consent solicitation.
On October 26, 2006, Mr. Aryeh contacted Mr. McLain to clarify
fundamental issues regarding NABI-HB raised on the Company's earnings conference
call held the prior day. Mr. Aryeh also advised Mr. McLain that he had agreed to
be a nominee of the Third Point Reporting Persons, and that he regretted that
the Company's dispute with many of its largest stockholders had come to such an
impasse. Later that day, Mr. McLain reached out to Mr. Aryeh and proposed that
Mr. Aryeh act as an intermediary to attempt to reach a settlement with the Third
Point Reporting Persons. With the consent of the Third Point Reporting Persons,
Mr. Aryeh again proposed a settlement offer substantially on the terms
previously proposed on September 29, 2006. Discussions continued on October 27,
2006 and ended without an agreement because the parties could not agree on the
composition of the strategic action committee (the "SAC"). The Company insisted
that the SAC be a committee of five members, consisting of three current Board
members and two of the Third Point Reporting Persons' nominees, and the
Reporting Persons agreed that the SAC could be a committee of five members if
there were a mutual agreement on the fifth member. The Reporting Persons
proposed that the SAC be established with four members - two designated by the
Board and two of the Management Company's nominees - and that the four members,
by majority vote, would choose a fifth member from among the current Board
members and, failing agreement in good faith, that the four members would seek
to agree in good faith on an independent person not currently on the Board to be
added to the Board and the SAC. The discussions ended because the Company
required that the fifth member of the SAC be another current member of the
Board. Subsequently, on October 30, 2006, the Reporting Persons and the Company
renewed discussions, but no settlement has been reached and significant
differences between their respective positions remain.
* * * *
In connection with the consent solicitation, Third Point LLC and
certain of its affiliates intend to file a consent statement with the SEC to
solicit stockholders of the Company with respect to the removal of a majority of
the Board of Directors. THIRD POINT LLC STRONGLY ADVISES ALL STOCKHOLDERS OF THE
COMPANY TO READ THE CONSENT STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL
CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE
PARTICIPANTS IN ANY SUCH CONSENT SOLICITATION. SUCH CONSENT STATEMENT, WHEN
FILED, AND ANY OTHER RELEVANT DOCUMENTS WILL BE AVAILABLE AT NO CHARGE ON THE
SEC'S WEBSITE AT HTTP://WWW.SEC.GOV.
THIRD POINT PARTICIPANT INFORMATION
In accordance with Rule 14a-12(a)(1)(i) of the Securities
Exchange Act of 1934, as amended, the following persons are anticipated to be,
or may be deemed to be, participants in any such consent solicitation by Third
Point LLC: Third Point LLC, Mr. Loeb, Third Point Offshore Fund, Ltd., Third
Point Ultra Ltd., Third Point Partners LP, Third Point Partners Qualified LP,
Lyxor/Third Point Fund Limited, Jason Aryeh, Todd Davis, Stephen Kasnet, Timothy
Lynch, Stuart Oran, and the Aryeh Entities. Certain of these persons hold direct
or indirect interests as follows: Third Point LLC may be deemed to beneficially
own 5,750,000 shares of Common Stock; Mr. Daniel Loeb may be deemed to own
5,750,000 shares of Common Stock; Third Point Offshore Fund, Ltd. may be deemed
to beneficially own 3,724,100 shares of Common Stock; Third Point Ultra Ltd. may
be deemed to beneficially own 614,300 shares of Common Stock; Third Point
Partners LP may be deemed to beneficially own 585,300 shares of Common Stock;
Third Point Partners Qualified LP may be deemed to beneficially own 459,100
shares of Common Stock; Lyxor/Third Point Fund Limited may be deemed to
beneficially own 367,200 shares of Common Stock; Jason Aryeh may be deemed to
beneficially own 1,232,650 shares of Common Stock; JLV Investments, LP may be
deemed to beneficially own 70,000 shares of Common Stock; the Jason Aryeh Trust
may be deemed to beneficially own 35,700 shares of Common Stock; the Jason Aryeh
2003 Family Trust may be deemed to beneficially own 600 shares of Common Stock;
the Jason Aryeh IRA may be deemed to beneficially own 6,400 shares of Common
Stock; and Ann Schroeder may be deemed to beneficially own 17,000 shares of
Common Stock.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Items 5(a) and (b) are amended and restated in their entirety as
follows:
(a) As of the date of this Amendment, the Management Company
beneficially owns 5,750,000 shares of Common Stock. The Management Company
shares voting and dispositive power over such holdings with Mr. Loeb and with
the Funds. The Shares represent 9.5% of the 60,376,349 shares of Common Stock
outstanding as of July 27, 2006, as reflected in the Company's Quarterly Report
on Form 10-Q for the quarterly period ended July 1, 2006.
As of the date of this Amendment, the Offshore Fund directly
beneficially owns 3,724,100 shares of Common Stock, which represent 6.2% of the
outstanding shares of Common Stock. None of the other individual Funds owns a
number of shares of Common Stock representing more than 5% of such total.
As of the date of this Amendment, Mr. Aryeh beneficially owns
1,232,650 shares of Common Stock, which represents 2.0% of the outstanding
shares of Common Stock. Mr. Aryeh shares voting rights and dispositive power
over such holdings with the Aryeh Entities.
As a result of their determination to work together as described
in Item 4, the Management Company and Mr. Loeb may be deemed members of a group
with Mr. Aryeh, and may be deemed to beneficially own for purposes of Section
13(d) of the Securities Exchange Act of 1934, as amended, the shares
beneficially owned for such purposes by Mr. Aryeh. Accordingly, on this basis,
the Management Company, Mr. Loeb and Mr. Aryeh might be deemed to beneficially
own, in the aggregate, 6,982,650, shares, or 11.6%, of the outstanding Common
Shares (which includes 1,232,650, Common Shares beneficially owned by the Mr.
Aryeh and 5,750,000 shares owned by the Third Point Reporting Persons). Each of
the Management Company and Mr. Loeb disclaims beneficial ownership of the Common
Stock beneficially owned by Mr. Aryeh, and any pecuniary interest therein, and
Mr. Aryeh disclaims beneficial ownership of the Common Stock beneficially owned
by the Management Company and Mr. Loeb, and any pecuniary interest therein.
(b) The Management Company and Mr. Loeb share voting and dispositive
power over the 5,750,000 shares of Common Stock held directly by the Funds. The
Management Company, Mr. Loeb and the Offshore Fund share voting power and
dispositive power over the 3,724,100 shares of Common Stock held by the Offshore
Fund. Mr. Aryeh and the Aryeh Entities share voting power and dispositive power
over the 1,232,650 shares of Common Stock beneficially owned by Mr. Aryeh.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
99.1 Joint Filing Agreement, dated October 30, 2006, by and among the
Reporting Persons.
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: October 30, 2006
THIRD POINT LLC
By:
--------------------------------------
Name: Daniel S. Loeb
Title: Chief Executive Officer
THIRD POINT OFFSHORE FUND, LTD.
By:
--------------------------------------
Name: Daniel S. Loeb
Title: Director
------------------------------------------
Daniel S. Loeb
------------------------------------------
Jason Aryeh
[SIGNATURE PAGE TO AMENDMENT NO. 9 TO SCHEDULE 13D
WITH RESPECT TO NABI BIOPHARMACEUTICALS]
Exhibit 1
JOINT FILING AGREEMENT
PURSUANT TO RULE 13d-1(k)(1)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13D shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
filing agreements. The undersigned acknowledge that each shall be responsible
for the timely filing of such amendments, and for the completeness and accuracy
of the information concerning it contained therein, but shall not be responsible
for the completeness and accuracy of the information concerning the others,
except to the extent that it knows or has reason to believe that such
information is inaccurate. This Agreement may be executed in any number of
counterparts and all of such counterparts taken together shall constitute one
and the same instrument.
Dated: October 30, 2006
THIRD POINT LLC
By:
------------------------------------------
Name: Daniel S. Loeb
Title: Chief Executive Officer
THIRD POINT OFFSHORE FUND, LTD.
By:
------------------------------------------
Name: Daniel S. Loeb
Title: Director
----------------------------------------------
Daniel S. Loeb
----------------------------------------------
Jason Aryeh
[JOINT FILING AGREEMENT FOR SCHEDULE 13D WITH RESPECT TO
NABI BIOPHARMACEUTICALS]