Commvault Systems Inc (NASDAQ:CVLT): Paul Singer’s Elliott Associates, L.P. filed an amended 13D.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
---|---|---|---|---|---|---|
Elliott Associates | 1,067,706 | 0 | 1,067,706 | 0 | 1,067,706 | 2.4% |
Elliott International | 0 | 2,268,878 | 0 | 2,268,878 | 2,268,878 | 5.0% |
Elliott International Capital Advisors Inc | 0 | 2,268,878 | 0 | 2,268,878 | 2,268,878 | 5.0% |
Page 1 of 14 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION | |
Washington, D.C. 20549 | |
SCHEDULE 13D | |
Under the Securities Exchange Act of 1934 | |
Commvault | |
(Name of Issuer) | |
Common Stock, | |
(Title of Class of Securities) | |
204166102 | |
(CUSIP Number) | |
Elliott Associates, L.P. c/o Elliott Management Corporation 40 West 57th Street New York, NY 10019 with a copy to: Eleazer Klein, Esq. Schulte Roth & Zabel LLP 919 Third Avenue New York, New York 10022 (212) 756-2000 | |
(Name, Address and Telephone Number of Person | |
Authorized to Receive Notices and Communications) | |
March 21, | |
(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 Rule 13d-1(e), Rule
13d-1(f) or Rule 13d-1(g), check the following box. [ ]
(Page 1 of 12 Pages)
______________________________
* 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).
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Page 2 of 14 – SEC Filing
1 | NAME OF REPORTING PERSON Elliott Associates, L.P. | |||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) x (b) ¨ | ||
3 | SEC USE ONLY | |||
4 | SOURCE OF FUNDS WC | |||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 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 1,067,706 (1) | ||
8 | SHARED VOTING POWER -0- | |||
9 | SOLE DISPOSITIVE POWER 1,067,706 (1) | |||
10 | SHARED DISPOSITIVE POWER -0- | |||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 1,067,706 (1) | |||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ¨ | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.4% | |||
14 | TYPE OF REPORTING PERSON PN | |||
(1) Includes 395,707 shares of Common Stock underlying Physical
Derivative Agreements.
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Page 3 of 14 – SEC Filing
1 | NAME OF REPORTING PERSON Elliott International, L.P. | |||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) x (b) ¨ | ||
3 | SEC USE ONLY | |||
4 | SOURCE OF FUNDS WC | |||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | ¨ | ||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies | |||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 7 | SOLE VOTING POWER -0- | ||
8 | SHARED VOTING POWER 2,268,878 (1) | |||
9 | SOLE DISPOSITIVE POWER -0- | |||
10 | SHARED DISPOSITIVE POWER 2,268,878 (1) | |||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 2,268,878 (1) | |||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ¨ | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.0% | |||
14 | TYPE OF REPORTING PERSON PN | |||
(1) Includes 840,877 shares of Common Stock underlying Physical
Derivative Agreements.
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Page 4 of 14 – SEC Filing
1 | NAME OF REPORTING PERSON Elliott International Capital Advisors Inc. | |||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) x (b) ¨ | ||
3 | SEC USE ONLY | |||
4 | SOURCE OF FUNDS OO | |||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 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 -0- | ||
8 | SHARED VOTING POWER 2,268,878 (1) | |||
9 | SOLE DISPOSITIVE POWER -0- | |||
10 | SHARED DISPOSITIVE POWER 2,268,878 (1) | |||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 2,268,878 (1) | |||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ¨ | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.0% | |||
14 | TYPE OF REPORTING PERSON CO | |||
(1) Includes 840,877 shares of Common Stock underlying Physical
Derivative Agreements.
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Page 5 of 14 – SEC Filing
Item 1. | SECURITY AND ISSUER |
This statement relates to the shares of common stock, par value $0.01 per share (the “Common Stock“), of Commvault Systems, Inc., a Delaware corporation (the “Issuer“). The Issuer’s principal executive offices are located at 1 Commvault Way, Tinton Falls, New Jersey 07724. |
Item 2. | IDENTITY AND BACKGROUND |
(a)-(c) This statement is being filed by Elliott Associates, L.P., a Delaware limited partnership, and its wholly-owned subsidiaries (collectively, “Elliott” or “we“), Elliott International, L.P., a Cayman Islands limited partnership (“Elliott International“), and Elliott International Capital Advisors Inc., a Delaware corporation (“EICA” and collectively with Elliott and Elliott International, the “Reporting Persons“). Elliott Advisors GP LLC, a Delaware limited liability company (“Elliott Advisors“), which is controlled by Paul E. Singer (“Singer“), Elliott Capital Advisors, L.P., a Delaware limited partnership (“Capital Advisors“), which is controlled by Singer, and Elliott Special GP, LLC, a Delaware limited liability company (“Special GP“), which is controlled by Singer, are the general partners of Elliott. Hambledon, Inc., a Cayman Islands corporation (“Hambledon“), which is also controlled by Singer, is the sole general partner of Elliott International. EICA is the investment manager for Elliott International. EICA expressly disclaims equitable ownership of and pecuniary interest in any shares of Common Stock. |
ELLIOTT The business address The principal business |
SINGER Singer’s business Singer’s principal |
CAPITAL ADVISORS The business address The principal business The names, business |
NAME | ADDRESS | OCCUPATION |
Paul E. Singer | 40 West 57th St. New York, New York 10019 | Sole Managing Member of Elliott Advisors; General partner of Capital Advisors; President of EICA; and a managing member of Special GP |
Braxton Associates, Inc. | 40 West 57th St. New York, New York 10019 | The principal business of Braxton Associates, Inc. is serving as general partner of Capital Advisors |
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Page 6 of 14 – SEC Filing
Elliott Asset Management LLC | 40 West 57th St. New York, New York 10019 | General Partner of Capital Advisors |
The name, business address, and present principal occupation or employment of the sole director and executive officer of Braxton Associates, Inc. are as follows: |
NAME | ADDRESS | OCCUPATION |
Paul E. Singer | 40 West 57th St. New York, New York 10019 | Sole Managing Member of Elliott Advisors; General partner of Capital Advisors; President of EICA; and a managing member of Special GP |
ELLIOTT SPECIAL The business address The principal business The names, business |
NAME | ADDRESS | OCCUPATION |
Paul E. Singer | 40 West 57th St. New York, New York 10019 | Sole Managing Member of Elliott Advisors; General partner of Capital Advisors; President of EICA; and a managing member of Special GP |
Braxton Associates, Inc. | 40 West 57th St. New York, New York 10019 | The principal business of Braxton Associates, Inc. is serving as general partner of Capital Advisors |
Elliott Asset Management LLC | 40 West 57th St. New York, New York 10019 | General Partner of Capital Advisors |
ELLIOTT ADVISORS The business address The principal business The name, business |
NAME | ADDRESS | OCCUPATION |
Paul E. Singer | 40 West 57th St. New York, New York 10019 | Sole Managing Member of Elliott Advisors; General partner of Capital Advisors; President of EICA; and a managing member of Special GP |
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Page 7 of 14 – SEC Filing
ELLIOTT INTERNATIONAL The business address The principal business The name, business |
NAME | ADDRESS | OCCUPATION |
Hambledon, Inc. | c/o Maples & Calder P.O. Box 309 Ugland House South Church Street George Town, Cayman Islands British West Indies | General partner of Elliott International |
HAMBLEDON The name, business |
NAME | ADDRESS | OCCUPATION |
Paul E. Singer | 40 West 57th St. New York, New York 10019 | Sole Managing Member of Elliott Advisors; General partner of Capital Advisors; President of EICA; and a managing member of Special GP |
EICA The business address The principal business The name, business |
NAME | ADDRESS | OCCUPATION |
Paul E. Singer | 40 West 57th St. New York, New York 10019 | Sole Managing Member of Elliott Advisors; General partner of Capital Advisors; President of EICA; and a managing member of Special GP |
(d) and (e) During the last five years, none of the persons or entities listed above has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); or (ii) a 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) Singer is a citizen of the United States of America. |
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Page 8 of 14 – SEC Filing
Item 3. | SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION |
Elliott Working Capital | The aggregate purchase price of the shares of Common Stock directly owned by Elliott is approximately $36,082,896. The aggregate purchase price of the Physical Derivative Agreements owned by Elliott is approximately $22,743,350. |
Elliott International Working Capital | The aggregate purchase price of the shares of Common Stock directly owned by Elliott International is approximately $76,676,325. The aggregate purchase price of Physical Derivative Agreements owned by Elliott International is approximately $48,329,597. |
The Reporting Persons may effect purchases of the shares of Common Stock through margin accounts maintained for them with prime brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules and such firms’ credit policies. Positions in the shares of Common Stock may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts. Since other securities may be held in such margin accounts, it may not be possible to determine the amounts, if any, of margin used to purchase the shares of Common Stock. |
Item 4. | PURPOSE OF TRANSACTION |
The Reporting Persons believe the securities of the Issuer are undervalued and represent an attractive investment opportunity. The Reporting Persons believe that the Issuer requires fundamental changes throughout its business and that the Issuer can significantly improve shareholder value through operational initiatives, capital allocation changes and enhanced management and Board of Directors (the “Board“) leadership. On April 2, 2018, the Reporting Persons sent a letter to the Issuer’s Board, which is attached hereto as Exhibit 99.2, detailing their views on improving the Issuer’s performance and increasing shareholder value. Additionally, on April 2, 2018, the Reporting Persons delivered a nomination letter to the Issuer nominating Martha Bejar, Wendy Lane, John McCormack and Chuck Moran for election to the Board at the Issuer’s 2018 annual meeting of shareholders. |
The Reporting Persons intend to consider, explore and/or develop plans and/or make proposals with respect to, among other things, the matters set forth in the previous paragraph (including the matters set forth in Exhibit 99.2) and potential changes in, the Issuer’s operations, management, organizational documents, Board composition, ownership, capital or corporate structure, sale transactions, dividend policy, and strategy and plans. The Reporting Persons intend to communicate with the Issuer’s management and Board about, and may enter into negotiations with them regarding, the foregoing and a broad range of operational and strategic matters and to communicate with other shareholders or third parties, including potential acquirers, service providers and financing sources regarding the Issuer. The Reporting Persons may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. The Reporting Persons may change their intentions with respect to any and all matters referred to in this item 4. They may also take steps to explore and prepare for various plans and actions, and propose transactions, before forming an intention to engage in such plans or actions or proceed with such transactions. |
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Page 9 of 14 – SEC Filing
The Reporting Persons intend to review their investment in the Issuer on a continuing basis and depending upon various factors, including without limitation, the Issuer’s financial position and strategic direction, the outcome of any discussions referenced above, overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may endeavor (i) to increase or decrease their respective positions in the Issuer through, among other things, the purchase or sale of securities of the Issuer, including through transactions involving the shares of Common Stock and/or other equity, debt, notes, other securities, or derivative or other instruments that are based upon or relate to the value of securities of the Issuer in the open market or in private transactions, including through a trading plan created under Rule 10b5-1(c) or otherwise, on such terms and at such times as the Reporting Persons may deem advisable and/or (ii) to enter into transactions that increase or hedge their economic exposure to the Common Stock without affecting their beneficial ownership of shares of Common Stock. In addition, the Reporting Persons may, at any time and from time to time, (i) review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto and (ii) consider or propose one or more of the actions described in subparagraphs (a) – (j) of Item 4 of Schedule 13D. |
Item 5. | INTEREST IN SECURITIES OF THE ISSUER |
(a) |
The |
As |
As of the date hereof, Elliott International beneficially owned 2,268,878 shares of Common Stock, including 840,877 shares of Common Stock underlying Physical Derivative Agreements that Elliott International may be deemed to beneficially own upon satisfaction of certain conditions, constituting 5.0% of the shares of Common Stock outstanding. EICA, as the investment manager of Elliott International may be deemed to beneficially own the 2,268,878 shares of Common Stock beneficially owned by Elliott International, constituting 5.0% of the shares of Common Stock outstanding. |
(b) |
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Page 10 of 14 – SEC Filing
Elliott |
(c) The transactions effected by the Reporting Persons during the past 60 days are set forth on Schedule 1 attached hereto. |
(d) No |
(e) Not applicable. |
Item 6. | CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER |
Elliott and Elliott International Elliott, through The Liverpool On April 2, 2018 Elliott, Except |
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Page 11 of 14 – SEC Filing
Item 7. | EXHIBITS | |
Exhibit | Description | |
Exhibit 99.1 – | Joint Filing Agreement | |
Exhibit 99.2 – | Letter to the Board, dated April 2, 2018 | |
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Page 12 of 14 – SEC Filing
SIGNATURES
After reasonable
inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in
this statement is true, complete and correct.
DATE: April 2, 2018
ELLIOTT ASSOCIATES, L.P. | ||
By: Elliott Capital Advisors, L.P., as General Partner | ||
By: Braxton Associates, Inc., as General Partner | ||
/s/ Elliot Greenberg | ||
Name: Elliot Greenberg | ||
Title: Vice President |
ELLIOTT INTERNATIONAL, L.P. | ||
By: Elliott International Capital Advisors Inc., as Attorney-in-Fact | ||
/s/ Elliot Greenberg | ||
Name: Elliot Greenberg | ||
Title: Vice President |
ELLIOTT INTERNATIONAL CAPITAL ADVISORS INC. | ||
/s/ Elliot Greenberg | ||
Name: Elliot Greenberg | ||
Title: Vice President |
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Page 13 of 14 – SEC Filing
SCHEDULE 1
Transactions of the Reporting Persons Effected
During the Past 60 Days
The following transactions were effected directly by Elliott Associates,
L.P. in the shares of Common Stock during the past 60 days:
Date | Security | Amount of Shs. Bought / (Sold) | Approx. price ($) per Share |
03/19/2018 | Common Stock | 67,859 | 57.9288 |
03/15/2018 | Common Stock | 27,821 | 56.6073 |
03/14/2018 | Common Stock | 15,847 | 55.4498 |
03/13/2018 | Common Stock | 75,823 | 55.5674 |
03/12/2018 | Common Stock | 30,005 | 54.9938 |
03/09/2018 | Common Stock | 24,025 | 54.7110 |
03/08/2018 | Common Stock | 27,373 | 53.5943 |
03/07/2018 | Common Stock | 21,006 | 53.1642 |
03/06/2018 | Common Stock | 26,234 | 52.3910 |
03/02/2018 | Common Stock | 36,007 | 50.7856 |
02/28/2018 | Common Stock | 31,212 | 52.8500 |
02/27/2018 | Common Stock | 22,974 | 53.0688 |
02/26/2018 | Common Stock | 21,385 | 53.6420 |
02/23/2018 | Common Stock | 6,812 | 53.2394 |
02/22/2018 | Common Stock | 36,934 | 52.9491 |
02/21/2018 | Common Stock | 29,847 | 52.8662 |
02/20/2018 | Common Stock | 13,699 | 52.4073 |
02/15/2018 | Common Stock | 1,920 | 51.9900 |
02/14/2018 | Common Stock | 1,116 | 51.4971 |
02/13/2018 | Common Stock | 20,912 | 50.9375 |
02/12/2018 | Common Stock | 11,200 | 50.6369 |
02/08/2018 | Common Stock | 24,000 | 50.8052 |
02/07/2018 | Common Stock | 11,222 | 51.3658 |
02/06/2018 | Common Stock | 6,940 | 51.2195 |
02/05/2018 | Common Stock | 48,000 | 51.9888 |
02/01/2018 | Common Stock | (3,492) | 54.0057 |
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Page 14 of 14 – SEC Filing
The following transactions were effected by Elliott International,
L.P. in the shares of Common Stock during the past 60 days:
Date | Security | Amount of Shs. Bought / (Sold) | Approx. price ($) per Share |
03/19/2018 | Common Stock | 144,199 | 57.9288 |
03/15/2018 | Common Stock | 59,121 | 56.6073 |
03/14/2018 | Common Stock | 33,676 | 55.4498 |
03/13/2018 | Common Stock | 161,125 | 55.5674 |
03/12/2018 | Common Stock | 63,760 | 54.9938 |
03/09/2018 | Common Stock | 51,054 | 54.7110 |
03/08/2018 | Common Stock | 58,168 | 53.5943 |
03/07/2018 | Common Stock | 44,637 | 53.1642 |
03/06/2018 | Common Stock | 55,745 | 52.3910 |
03/02/2018 | Common Stock | 76,515 | 50.7856 |
02/28/2018 | Common Stock | 66,326 | 52.8500 |
02/27/2018 | Common Stock | 48,820 | 53.0688 |
02/26/2018 | Common Stock | 45,442 | 53.6420 |
02/23/2018 | Common Stock | 14,477 | 53.2394 |
02/22/2018 | Common Stock | 78,486 | 52.9491 |
02/21/2018 | Common Stock | 63,426 | 52.8662 |
02/20/2018 | Common Stock | 29,111 | 52.4073 |
02/15/2018 | Common Stock | 4,080 | 51.9900 |
02/14/2018 | Common Stock | 2,371 | 51.4971 |
02/13/2018 | Common Stock | 44,439 | 50.9375 |
02/12/2018 | Common Stock | 23,800 | 50.6369 |
02/08/2018 | Common Stock | 51,000 | 50.8052 |
02/07/2018 | Common Stock | 23,846 | 51.3658 |
02/06/2018 | Common Stock | 14,747 | 51.2195 |
02/05/2018 | Common Stock | 102,000 | 51.9888 |
02/01/2018 | Common Stock | (7,421) | 54.0057 |