13D Filing: Starboard Value LP and Parexel International Corp (PRXL)

UNITED STATES

SECURITIES AND EXCHANGE
COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED
IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No.  )¹

PAREXEL International Corporation

(Name
of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

699462107

(CUSIP Number)

JEFFREY
C. SMITH

STARBOARD
VALUE LP

777 Third Avenue, 18^th Floor

New York, New York 10017

(212) 845-7977

STEVE WOLOSKY, ESQ.

ANDREW FREEDMAN, ESQ.

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices
and Communications)

May 2, 2017

(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 §§ 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
§ 240.13d-7 for other parties to whom copies are to be sent.

1
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).

  * Includes 882,040 Shares underlying certain forward purchase contracts exercisable within 60 days hereof.

* Includes 882,040 Shares underlying
certain forward purchase contracts exercisable within 60 days hereof.

* Includes 882,040 Shares underlying
certain forward purchase contracts exercisable within 60 days hereof.

* Includes 882,040 Shares underlying
certain forward purchase contracts exercisable within 60 days hereof.

* Includes 882,040 Shares underlying
certain forward purchase contracts exercisable within 60 days hereof.

* Includes 882,040 Shares underlying
certain forward purchase contracts exercisable within 60 days hereof.

* Includes 882,040 Shares underlying
certain forward purchase contracts exercisable within 60 days hereof.

* Includes 882,040 Shares underlying
certain forward purchase contracts exercisable within 60 days hereof.

The following constitutes
the Schedule 13D filed by the undersigned (the “Schedule 13D”).

This statement relates
to the Common Stock, $0.01 par value per share (the “Shares”), of PAREXEL International Corporation (the “Issuer”).
The address of the principal executive offices of the Issuer is 195 West Street, Waltham, Massachusetts 02451.

(a)       This
statement is filed by:

Each of the foregoing
is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting
Persons is party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are
hereby filing a joint Schedule 13D.

(b)       The
address of the principal office of each of Starboard S LLC, Starboard C LP, Starboard R LP, Starboard R GP, Starboard November
LLC, Starboard Leaders Fund, Starboard A LP, Starboard A GP, Starboard Value LP, Starboard Value GP, Principal Co, Principal GP,
and Messrs. Smith, Mitchell and Feld is 777 Third Avenue, 18^th Floor, New York, New York 10017. The address of the principal
office of Starboard V&O Fund is 89 Nexus Way, Camana Bay, PO Box 31106, Grand Cayman KY1-1205, Cayman Islands. The officers
and directors of Starboard V&O Fund and their principal occupations and business addresses are set forth on Schedule A and
are incorporated by reference in this Item 2.

(c)       The
principal business of Starboard V&O Fund is serving as a private investment fund.  Starboard V&O Fund has been
formed for the purpose of making equity investments and, on occasion, taking an active role in the management of portfolio companies
in order to enhance shareholder value. Starboard S LLC, Starboard C LP and Starboard November LLC have been formed for the purpose
of investing in securities and engaging in all related activities and transactions.  The principal business of Starboard
Leaders Fund is serving as a private investment partnership. Starboard Value LP provides investment advisory and management services
and acts as the investment manager of Starboard V&O Fund, Starboard C LP, Starboard November LLC, Starboard Leaders Fund, and
the Starboard Value LP Accounts and the manager of Starboard S LLC.  The principal business of Starboard Value GP is
providing a full range of investment advisory, pension advisory and management services and serving as the general partner of Starboard
Value LP.  The principal business of Principal Co is providing investment advisory and management services.  Principal
Co is a member of Starboard Value GP.  Principal GP serves as the general partner of Principal Co.  Starboard
R LP serves as the general partner of Starboard C LP. Starboard R GP serves as the general partner of Starboard R LP. Starboard
A LP serves as the general partner of Starboard Leaders Fund and the managing member of Starboard November LLC. Starboard A GP
serves as the general partner of Starboard A LP. Messrs. Smith, Mitchell and Feld serve as members of Principal GP and the members
of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP.

(d)       No
Reporting Person, nor any person listed on Schedule A, annexed hereto, has, during the last five years, been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).

(e)       No
Reporting Person, nor any person listed on Schedule A, annexed hereto, has, during the last five years, been 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)       Messrs.
Smith, Mitchell and Feld are citizens of the United States of America. The citizenship of the persons listed on Schedule A is set
forth therein.

The Shares purchased
by each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, and Starboard November 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 B, which is incorporated
by reference herein. The aggregate purchase price of the 1,104,137 Shares beneficially owned by Starboard V&O Fund is approximately
$70,980,014, excluding brokerage commissions. The aggregate purchase price of the entered into over-the-counter forward purchase
contracts providing for the purchase of 882,040 Shares by Starboard V&O Fund is approximately $50,996,724, excluding commissions.
The aggregate purchase price of the 222,450 Shares beneficially owned by Starboard S LLC is approximately $13,694,985, excluding
brokerage commissions. The aggregate purchase price of the 123,955 Shares beneficially owned by Starboard C LP is approximately
$7,631,301, excluding brokerage commissions. The aggregate purchase price of the 218,264 Shares beneficially owned by Starboard
November LLC is approximately $14,534,042, excluding brokerage commissions. The aggregate purchase price of the 326,654 Shares
held in the Starboard Value LP Accounts is approximately $21,231,489, excluding brokerage commissions.

The Reporting Persons purchased
the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were substantially undervalued and represented
an attractive investment opportunity.  Depending upon overall market conditions, other investment opportunities available
to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the
Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or
sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons
may deem advisable.

The Reporting Persons believe
there is a substantial opportunity to improve the Issuer’s operating margins given the large disparity in the Issuer’s
margins versus its best-in class peers. Based on recent press reports, the Reporting Persons understand that the Issuer may be
working with investment bankers to explore a sale of the Issuer. The Reporting Persons believe that if the Issuer runs a legitimate,
robust process to explore strategic alternatives, there would be significant strategic and financial buyer interest in such sale
process.

Starboard Value LP has retained
D. Jamie Macdonald to consult with the Reporting Persons regarding the pharmaceutical and healthcare services industries, including
the Issuer. Mr. Macdonald has substantial experience as an industry executive, including as CEO of INC Research and SVP and Head
of Global Project Management of Quintiles, where he helped to significantly improve operating margins. Starboard Value LP entered
into an Advisor Agreement with Mr. Macdonald defined and described in Item 6 below.

No Reporting Person has any
present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) – (j) of Item 4 of
Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the
actions discussed herein.  The Reporting Persons intend to review their investment in the Issuer on a continuing basis.
Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the
price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons
may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without
limitation, engaging in communications with management and the Board of Directors of the Issuer, engaging in discussions with stockholders
of the Issuer or other third parties about the Issuer and the Reporting Persons’ investment, including potential business
combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer
concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business
combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer’s
financial and/or operational performance, purchasing additional Shares, selling some or all of their Shares, engaging in short
selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative instruments,
or changing their intention with respect to any and all matters referred to in Item 4.

The aggregate percentage
of Shares reported owned by each person named herein is based upon 50,762,287 Shares outstanding, as of May 3, 2017, 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 8, 2017.

Percentage: Approximately 3.9%

Percentage: Less than 1%

Percentage: Less than 1%

Percentage: Less than 1%

Percentage: Less than 1%

Percentage: Approximately Less than
1%

Percentage: Approximately Less than
1%

Percentage: Approximately Less than
1%

Percentage: Approximately Less than
1%

Percentage: Approximately 5.7%

Percentage: Approximately 5.7%

Percentage: Approximately 5.7%

Percentage: Approximately 5.7%

Percentage: Approximately 5.7%

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.

As described in Item 4 above,
Starboard Value LP has retained Mr. Macdonald to consult with the Reporting Persons regarding the pharmaceutical and healthcare
services industries, including the Issuer. Starboard Value LP entered into an advisor agreement (the “Advisor Agreement”)
with Mr. Macdonald on April 26, 2017. Pursuant to the Advisor Agreement and in consideration for the performance of certain consulting
and advisory services by Mr. Macdonald, Starboard Value LP agreed to pay Mr. Macdonald an upfront fee equal to $50,000 in cash.

Starboard V&O
Fund entered into forward contracts with Morgan Stanley as the counterparty on the dates referenced in Schedule B providing for
the purchase of an aggregate of 882,040 Shares having an aggregate purchase price of $50,996,724 (each a “Forward Contract”).
Each of the Forward Contracts has a final valuation date of December 29, 2017, however, Starboard V&O Fund has the ability
to elect early settlement after serving notice to Morgan Stanley of such intention at least two (2) scheduled trading days in advance
of the desired early final valuation date. Each of the Forward Contracts provides for physical settlement. Until the settlement
date, none of the Forward Contracts give the Reporting Persons voting and dispositive control over the Shares to which such contracts
relate.

On May 10, 2017, the
Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of
each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law.
The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Other than as described
herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting
Persons and any other person, with respect to the securities of the Issuer.

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: May 10, 2017

SCHEDULE A

Directors and Officers of Starboard
Value and Opportunity Master Fund Ltd

^* Mr. Mitchell is a Reporting Person and, as such, the
information with respect to Mr. Mitchell called for by Item 2 of Schedule 13D is set forth therein.

SCHEDULE B

Transactions in the Shares During
the Past Sixty Days

STARBOARD
VALUE AND OPPORTUNITY MASTER FUND LTD

Starboard
Value and Opportunity S LLC

Starboard
Value and Opportunity C LP

STARBOARD
LEADERS November LLC

STARBOARD
VALUE LP

(Through the Starboard Value LP Accounts)