Ricky Sandler‘s Eminence Capital and Sachem Head Capital, led by Scott Ferguson have disclosed reaching an agreement with Autodesk, Inc. (NASDAQ:ADSK). As revealed via a statement attached to two 13D filings with the US Securities and Exchange Commission, Sachem Head and Eminence have reached settlement agreements with Autodesk, under the terms of which, the company has appointed Scott Ferguson, Rick Hill and Jeff Clarke to its Board of directors.
Eminence Capital holds 13.08 million shares of Autodesk, representing 5.8% of the company’s outstanding common stock, while Sachem Head owns 12.89 million shares, equal to 5.7% of the stock.
During the fourth quarter, Autodesk saw an increase in activity from the world’s largest hedge funds and it was in 34 hedge funds’ portfolios at the end of December, versus 32 funds a quarter earlier. Of the funds tracked by Insider Monkey, Eminence Capital and Sachem Head have the most valuable positions in Autodesk, Inc. (NASDAQ:ADSK). Among other large shareholders are Eric W. Mandelblatt’s Soroban Capital Partners, John Griffin’s Blue Ridge Capital and Stephen Mandel’s Lone Pine Capital, which initiated a $349.3 million position during the fourth quarter.
You can access the original Eminence’s 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 |
---|---|---|---|---|---|---|
Eminence Capital | 0 | 13,079,213 | 0 | 13,079,213 | 13,079,213 | 5.8% |
Eminence GP | 0 | 10,610,020 | 0 | 10,610,020 | 10,610,020 | 4.7% |
Ricky C. Sandler | 3,375 | 13,079,213 | 3,375 | 13,079,213 | 13,082,588 | 5.8% |
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You can access the Sachem Head’s 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 |
---|---|---|---|---|---|---|
Sachem Head Capital Management | 0 | 12,890,000 | 0 | 12,890,000 | 12,890,000 | 5.7% |
Uncas GP | 0 | 12,890,000 | 0 | 12,890,000 | 12,890,000 | 5.7% |
Sachem Head GP | 0 | 7,175,000 | 0 | 7,175,000 | 7,175,000 | 3.2% |
Scott D. Ferguson | 0 | 12,890,000 | 0 | 12,890,000 | 12,890,000 | 5.7% |
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Page 1 of 7 SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Autodesk,
Inc.
(Name of Issuer)
Common Stock
(Title of
Class of Securities)
052769106
(CUSIP Number)
Ricky C.
Sandler
Eminence Capital, LP
65 East 55th Street
25th
Floor
New York, New York 10022
(212) 418-2100
(Name,
Address and Telephone Number of Person Authorized to Receive Notices and Communications)
March 10, 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 which is the subject of this Schedule 13D, and is filing this schedule because of Sections 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
Section 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 persons 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 7 SEC Filing
CUSIP No. 052769106 |
1 | NAME OF Eminence Capital, LP | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER (a) ¨ (b) x | |||||
3 | SEC USE ONLY | |||||
4 | SOURCE OF FUNDS AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL ¨ | |||||
6 | CITIZENSHIP OR PLACE OF Delaware | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 0 | ||||
8 | SHARED VOTING POWER 13,079,213 | |||||
9 | SOLE DISPOSITIVE POWER 0 | |||||
10 | SHARED DISPOSITIVE POWER 13,079,213 | |||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 13,079,213 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ¨ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT 5.8% | |||||
14 | TYPE OF REPORTING PERSON IA, PN |
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Page 3 of 7 SEC Filing
CUSIP No. 052769106 |
1 | NAME OF Eminence GP, LLC | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER (a) ¨ (b) x | |||||
3 | SEC USE ONLY | |||||
4 | SOURCE OF FUNDS AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL ¨ | |||||
6 | CITIZENSHIP OR PLACE OF Delaware | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 0 | ||||
8 | SHARED VOTING POWER 10,610,020 | |||||
9 | SOLE DISPOSITIVE POWER 0 | |||||
10 | SHARED DISPOSITIVE POWER 10,610,020 | |||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,610,020 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ¨ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT 4.7% | |||||
14 | TYPE OF REPORTING PERSON OO |
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Page 4 of 7 SEC Filing
CUSIP No. 052769106 |
1 | NAME OF Ricky C. Sandler | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER (a) ¨ (b) x | |||||
3 | SEC USE ONLY | |||||
4 | SOURCE OF FUNDS AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL ¨ | |||||
6 | CITIZENSHIP OR PLACE OF United States | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 3,375 | ||||
8 | SHARED VOTING POWER 13,079,213 | |||||
9 | SOLE DISPOSITIVE POWER 3,375 | |||||
10 | SHARED DISPOSITIVE POWER 13,079,213 | |||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 13,082,588 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ¨ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT 5.8% | |||||
14 | TYPE OF REPORTING PERSON IN |
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Page 5 of 7 SEC Filing
This Amendment No. 2 to Schedule 13D (this Amendment No. 2) relates to the
common stock, par value $0.01 per share (the Shares), of Autodesk, Inc., a Delaware corporation (the Issuer) and amends the Schedule 13D filed on November 16, 2015, as amended by Amendment No. 1 thereto filed on
December 11, 2015 (the Original Schedule 13D and, together with this Amendment No. 2, the Schedule 13D). Capitalized terms used and not defined in this Amendment No. 2 have the meanings set forth in the
Original Schedule 13D.
This Amendment No. 2 is being filed to amend Item 4, Item 5, Item 6 and Item 7 of the Schedule 13D as follows:
Item 4. | Purpose of Transaction. |
Item 4 of the Schedule 13D is amended to add the following:
On March 10, 2016, the Issuer entered into an agreement (the Settlement Agreement) with certain Reporting Persons
(collectively, Eminence) pertaining to the election of directors to the Issuers Board of Directors (the Board). Pursuant to the Settlement Agreement, the Issuer increased the size of the Board from 10 to
13 directors and appointed Mr. Scott Ferguson, Mr. Rick Hill and Mr. Jeff Clarke to the Board.
Under the terms of the Settlement
Agreement, until the expiration of certain standstill restrictions, Eminence agreed to vote all of its Shares for each of the Issuers nominees recommended by the Board, against any nominees for director not recommended by the Board and against
any proposals to remove any director. Eminence also agreed to customary standstill restrictions, which are subject to certain exceptions.
A copy of the Settlement Agreement and a joint press release regarding the Settlement Agreement (the Press Release) issued
on March 11, 2016, are attached hereto as Exhibits 4 and 5, respectively, and incorporated by reference herein. The foregoing descriptions of the Settlement Agreement and the Press Release are qualified in their entirety by reference to the
full text of the Settlement Agreement and the Press Release, respectively.
In addition, on March 10, 2016, in accordance with Section
6(A) of the E/S Agreement (previously filed as Exhibit 1 to the Schedule 13D), Eminence Capital and Sachem Head, on behalf of the group, mutually agreed to terminate the E/S Agreement (the Termination Agreement) and dissolve the
group that was previously formed under the Exchange Act. Effective as of execution of the Termination Agreement the Reporting Persons and the Sachem Head Persons shall no longer be deemed to be a group for purposes of
Section 13(d)(3) of the Exchange Act and Rule 13d-5(b) promulgated thereunder. All further filings with respect to transactions in the securities of the Issuer will be filed, if required, separately by the Reporting Persons and the Sachem Head
Persons. The Termination Agreement is attached as Exhibit 6 hereto and is incorporated by reference herein.
Item 5. | Interest in Securities of the Issuer. |
Item 5 of the Schedule 13D is amended to add the following:
The response to Item 4 of this Schedule 13D is incorporated herein by reference.
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 6 of the Schedule 13D is amended to add the following:
The response to Item 4 of this Schedule 13D is incorporated herein by reference.
Item 7. | Material to be Filed as Exhibits. |
Exhibit 4 | Agreement, dated as of March 10, 2016, by and among Autodesk, Inc., Eminence Capital, LP and Eminence GP, LLC | |
Exhibit 5 | Press Release, dated March 11, 2016 | |
Exhibit 6 | Termination Agreement, dated as of March 10, 2016, by and between Eminence Capital, LP and Sachem Head Capital Management LP |
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Page 6 of 7 SEC Filing
SIGNATURES
After reasonable inquiry and to the best of each of the undersigneds knowledge and belief, each of the undersigned, severally and not jointly, certified
that the information set forth in this statement is true, complete and correct.
Dated: March 11, 2016
/s/ Ricky C. Sandler |
Ricky C. Sandler, individually; as |
Managing Member of Eminence Capital GP, LLC, the General Partner of Eminence Capital, LP; and as Managing Member |
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Page 7 of 7 SEC Filing
INDEX TO EXHIBITS
Exhibit No. | Description | |
Exhibit 1* | Agreement, dated as of November 13, 2015, by and between Eminence Capital, LP and Sachem Head Capital Management LP | |
Exhibit 2* | Joint Filing Agreement, dated November 16, 2015, by and among Eminence Capital, LP, Eminence GP, LLC, and Ricky C. Sandler | |
Exhibit 3* | Amended and Restated Limited Partnership Agreement of EC Co-Invest I, LP, dated as of October 30, 2015 | |
Exhibit 4 | Agreement, dated as of March 10, 2016, by and among Autodesk, Inc., Eminence Capital, LP and Eminence GP, LLC | |
Exhibit 5 | Press Release, dated March 11, 2016 | |
Exhibit 6 | Termination Agreement, dated as of March 10, 2016, by and between Eminence Capital, LP and Sachem Head Capital Management LP |
* | Previously filed. |