Eric Singer’s VIEX Capital Advisors recently filed a Form 13D with the SEC, updating the regulatory body on the latest pertinent information related to its position in Electro Scientific Industries, Inc. (NASDAQ:ESIO). The activist filing shows that the investment firm’s ownership position in the stock stands at 1.88 million shares, amounting to 6.0% of the company’s shares. The filing shows that in a series of transactions between February 29 and March 4, VIEX Capital sold just under 500,000 shares of the issuer. You can see the latest ownership position in the table below, while the filing is embedded below and on the following pages.
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 |
|---|---|---|---|---|---|---|
| VIEX Opportunities Fund | 585,411 | 585,411 | 585,411 | 1.9% | ||
| VIEX Special Opportunities Fund II | 1,295,945 | 1,295,945 | 1,295,945 | 4.2% | ||
| VIEX GP | 585,411 | 585,411 | 585,411 | 1.9% | ||
| VIEX Special Opportunities GP II | 1,295,945 | 1,295,945 | 1,295,945 | 4.2% | ||
| VIEX Capital Advisors | 1,881,356 | 1,881,356 | 1,881,356 | 6.0% | ||
| Eric Singer | 1,881,356 | 1,881,356 | 1,881,356 | 6.0% |
Page 1 of 12 SEC Filing
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. 3)1
Electro Scientific Industries, Inc.
(Name of Issuer)
Common Stock, without par value
(Title of Class of Securities)
285229100
(CUSIP Number)
ERIC SINGER
VIEX CAPITAL ADVISORS, LLC
825 Third Avenue, 33rd Floor
New York, New York 10022
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 2, 2016
(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).
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Page 2 of 12 SEC Filing
| 1 | NAME OF REPORTING PERSON VIEX Opportunities Fund, LP – Series One* | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) o (b) o | |
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS WC | ||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 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 585,411 | ||
| 9 | SOLE DISPOSITIVE POWER – 0 – | ||
| 10 | SHARED DISPOSITIVE POWER 585,411 | ||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 585,411 | ||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.9% | ||
| 14 | TYPE OF REPORTING PERSON PN | ||
* This Series One is part of a series of VIEX Opportunities Fund, LP, a Delaware series limited partnership.
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Page 3 of 12 SEC Filing
| 1 | NAME OF REPORTING PERSON VIEX Special Opportunities Fund II, LP | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) o (b) o | |
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS WC | ||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 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 1,295,945 | ||
| 9 | SOLE DISPOSITIVE POWER – 0 – | ||
| 10 | SHARED DISPOSITIVE POWER 1,295,945 | ||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,295,945 | ||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.2% | ||
| 14 | TYPE OF REPORTING PERSON PN | ||
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Page 4 of 12 SEC Filing
| 1 | NAME OF REPORTING PERSON VIEX GP, LLC | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) o (b) o | |
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS AF | ||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 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 585,411 | ||
| 9 | SOLE DISPOSITIVE POWER – 0 – | ||
| 10 | SHARED DISPOSITIVE POWER 585,411 | ||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 585,411 | ||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.9% | ||
| 14 | TYPE OF REPORTING PERSON OO | ||
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Page 5 of 12 SEC Filing
| 1 | NAME OF REPORTING PERSON VIEX Special Opportunities GP II, LLC | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) o (b) o | |
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS AF | ||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 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 1,295,945 | ||
| 9 | SOLE DISPOSITIVE POWER – 0 – | ||
| 10 | SHARED DISPOSITIVE POWER 1,295,945 | ||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,295,945 | ||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.2% | ||
| 14 | TYPE OF REPORTING PERSON OO | ||
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Page 6 of 12 SEC Filing
| 1 | NAME OF REPORTING PERSON VIEX Capital Advisors, LLC | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) o (b) o | |
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS AF | ||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 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 1,881,356 | ||
| 9 | SOLE DISPOSITIVE POWER – 0 – | ||
| 10 | SHARED DISPOSITIVE POWER 1,881,356 | ||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,881,356 | ||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.0% | ||
| 14 | TYPE OF REPORTING PERSON IA | ||
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Page 7 of 12 SEC Filing
| 1 | NAME OF REPORTING PERSON Eric Singer | ||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) o (b) o | |
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS AF | ||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ¨ | |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION USA | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER – 0 – | |
| 8 | SHARED VOTING POWER 1,881,356 | ||
| 9 | SOLE DISPOSITIVE POWER – 0 – | ||
| 10 | SHARED DISPOSITIVE POWER 1,881,356 | ||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,881,356 | ||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.0% | ||
| 14 | TYPE OF REPORTING PERSON IN | ||
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Page 8 of 12 SEC Filing
The following constitutes Amendment No. 3 to the Schedule 13D filed by the undersigned (“Amendment No. 3”). This Amendment No. 3 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 to read as follows:
The Shares purchased by each of Series One and VSO II 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 585,411 Shares beneficially owned by Series One is approximately $3,192,448, excluding brokerage commissions. The aggregate purchase price of the 1,295,945 Shares beneficially owned by VSO II is approximately $6,057,745, excluding brokerage commissions.
| Item 5. | Interest in Securities of the Issuer. |
Items 5(a)-(c) are hereby amended and restated to read as follows:
The aggregate percentage of Shares reported owned by each Reporting Person is based upon 31,127,287 Shares outstanding, which is the total number of Shares outstanding as of February 5, 2016 as reported in the Issuer’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on February 9, 2016.
| A. | Series One |
| | (a) | As of the close of business on March 4, 2016, Series One beneficially owned 585,411 Shares. |
Percentage: Approximately 1.9%
| | (b) | 1. Sole power to vote or direct vote: 0 |
| | 2. Shared power to vote or direct vote: 585,411 |
| | 3. Sole power to dispose or direct the disposition: 0 |
| | 4. Shared power to dispose or direct the disposition: 585,411 |
| | (c) | The transactions in the Shares by Series One since the filing of Amendment No. 2 are set forth in Schedule A and are incorporated herein by reference. |
| B. | VSO II |
| | (a) | As of the close of business on March 4, 2016, VSO II beneficially owned 1,295,945 Shares. |
Percentage: Approximately 4.2%
| | (b) | 1. Sole power to vote or direct vote: 0 |
| | 2. Shared power to vote or direct vote: 1,295,945 |
| | 3. Sole power to dispose or direct the disposition: 0 |
| | 4. Shared power to dispose or direct the disposition: 1,295,945 |
| | (c) | The transactions in the Shares by VSO II since the filing of Amendment No. 2 are set forth in Schedule A and are incorporated herein by reference. |
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Page 9 of 12 SEC Filing
| C. | VIEX GP |
| | (a) | VIEX GP, as the general partner of Series One, may be deemed the beneficial owner of the 585,411 Shares owned by Series One. |
Percentage: Approximately 1.9%
| | (b) | 1. Sole power to vote or direct vote: 0 |
| | 2. Shared power to vote or direct vote: 585,411 |
| | 3. Sole power to dispose or direct the disposition: 0 |
| | 4. Shared power to dispose or direct the disposition: 585,411 |
| | (c) | VIEX GP has not entered into any transactions in the Shares since the filing of Amendment No. 2. The transactions in the Shares on behalf of Series One since the filing of Amendment No. 2 are set forth in Schedule A and are incorporated herein by reference. |
| D. | VSO GP II |
| | (a) | VSO GP II, as the general partner of VSO II, may be deemed the beneficial owner of the 1,295,945 Shares owned by VSO II. |
Percentage: Approximately 4.2%
| | (b) | 1. Sole power to vote or direct vote: 0 |
| | 2. Shared power to vote or direct vote: 1,295,945 |
| | 3. Sole power to dispose or direct the disposition: 0 |
| | 4. Shared power to dispose or direct the disposition: 1,295,945 |
| | (c) | VSO GP II has not entered into any transactions in the Shares since the filing of Amendment No. 2. The transactions in the Shares on behalf of VSO II since the filing of Amendment No. 2 are set forth in Schedule A and are incorporated herein by reference. |
| E. | VIEX Capital |
| | (a) | VIEX Capital, as the investment manager of Series One and VSO II, may be deemed the beneficial owner of the (i) 585,411 Shares owned by Series One and (ii) 1,295,945 Shares owned by VSO II. |
Percentage: Approximately 6.0%
| | (b) | 1. Sole power to vote or direct vote: 0 |
| | 2. Shared power to vote or direct vote: 1,881,356 |
| | 3. Sole power to dispose or direct the disposition: 0 |
| | 4. Shared power to dispose or direct the disposition: 1,881,356 |
| | (c) | VIEX Capital has not entered into any transactions in the Shares since the filing of Amendment No. 2. The transactions in the Shares on behalf of each of Series One and VSO II since the filing of Amendment No. 2 are set forth in Schedule A and are incorporated herein by reference. |
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Page 10 of 12 SEC Filing
| F. | Eric Singer |
| | (a) | Mr. Singer, as the managing member of VIEX GP, VSO GP II and VIEX Capital, may be deemed the beneficial owner of the (i) 585,411 Shares owned by Series One and (ii) 1,295,945 Shares owned by VSO II. |
Percentage: Approximately 6.0%
| | (b) | 1. Sole power to vote or direct vote: 0 |
| | 2. Shared power to vote or direct vote: 1,881,356 |
| | 3. Sole power to dispose or direct the disposition: 0 |
| | 4. Shared power to dispose or direct the disposition: 1,881,356 |
| | (c) | Mr. Singer has not entered into any transactions in the Shares since the filing of Amendment No. 2. The transactions in the Shares on behalf of each of Series One and VSO II since the filing of Amendment No. 2 are set forth in Schedule A and are incorporated herein by reference. |
The filing of this Amendment No. 3 shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the Shares reported herein. Each Reporting Person disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.
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Page 11 of 12 SEC Filing
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: March 4, 2016
| VIEX Opportunities Fund, LP – Series One | ||||
| By: | VIEX GP, LLC General Partner | |||
| By: | /s/ Eric Singer | |||
| Name: | Eric Singer | |||
| Title: | Managing Member | |||
| VIEX GP, LLC | |||
| By: | /s/ Eric Singer | ||
| Name: | Eric Singer | ||
| Title: | Managing Member | ||
| VIEX Special Opportunities Fund II, LP | |||
| By: | VIEX Special Opportunities GP II, LLC General Partner | ||
| By: | /s/ Eric Singer | ||
| Name: | Eric Singer | ||
| Title: | Managing Member | ||
| VIEX Special Opportunities GP II, LLC | |||
| By: | /s/ Eric Singer | ||
| Name: | Eric Singer | ||
| Title: | Managing Member | ||
| VIEX Capital Advisors, LLC | |||
| By: | /s/ Eric Singer | ||
| Name: | Eric Singer | ||
| Title: | Managing Member | ||
| /s/ Eric Singer | |
| Eric Singer |
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Page 12 of 12 SEC Filing
SCHEDULE A
Transactions in the Shares Since the Filing of Amendment No. 2
| Nature of the Transaction | Securities Purchased/(Sold) | Price Per Share($) | Date of Purchase / Sale |
VIEX OPPORTUNITIES FUND, LP – SERIES ONE
| Sale of Common Stock | (58,011) | 7.1769 | 02/29/2016 |
| Sale of Common Stock | (39,665) | 7.2249 | 03/01/2016 |
| Sale of Common Stock | (10,457) | 7.3578 | 03/02/2016 |
| Sale of Common Stock | (22,245) | 7.2387 | 03/03/2016 |
| Sale of Common Stock | (25,966) | 7.1149 | 03/04/2016 |
VIEX SPECIAL OPPORTUNITIES FUND II, LP
| Sale of Common Stock | (122,614) | 7.1769 | 02/29/2016 |
| Sale of Common Stock | (83,835) | 7.2249 | 03/01/2016 |
| Sale of Common Stock | (22,102) | 7.3578 | 03/02/2016 |
| Sale of Common Stock | (47,018) | 7.2387 | 03/03/2016 |
| Sale of Common Stock | (54,883) | 7.1149 | 03/04/2016 |
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