Glenn J. Krevlin‘s Glenhill Advisors has dumped most of its stake in Lionbridge Technologies Inc (NASDAQ:LIOX). According to a recently amended filing with the Securities and Exchange Commission, the fund currently holds 673,929 shares of the stock, down from 8.39 million shares reported in its 13F filing for the September 30 reporting period. As a result, Glenhill owns just 1.1% of Lionbridge’s common stock.
A provider of business support services, Lionbridge Technologies Inc (NASDAQ:LIOX) has agreed to be taken over by private-equity firm H.I.G Capital, in a deal worth $360 million or $5.75 per share, so it’s not surprising to see some funds sell out of the stock ahead of the completion of that deal. Lionbridge CEO and founder Rory Cowan welcomes the change, stating that private equity is a “far more efficient capital partner than public markets.” Immediately after the announcement, several law firms initiated investigations into the deal. Question marks were raised with regard to the Board’s decision to accept the offer that will see shareholders get $5.75 per share under the terms of the deal, while at least one analyst had set a price target of $7 per share on the stock.
Hedge fund sentiment towards Lionbridge Technologies Inc (NASDAQ:LIOX) was unchanged during the third quarter of last year. At the end of September, the stock could be found in the portfolios of 17 of the funds followed by Insider Monkey, which amassed 23.6% of the company’s outstanding stock. Glen Capital Partners, run by Gregory Summe, held a major position in the equity, owning 3.65 million shares at the end of the third quarter. Jim Simons‘ Renaissance Technologies reduced its holding in the stock by 15% during the quarter, ending the period with 494,900 shares.
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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 |
---|---|---|---|---|---|---|
Glenhill Advisors | 673,929 | 0 | 673,929 | 0 | 673,929 | 1.1% |
Glenn J. Krevlin | 673,929 | 0 | 673,929 | 0 | 673,929 | 1.1% |
Glenhill Capital Advisors | 0 | 673,929 | 0 | 673,929 | 673,929 | 1.1% |
Glenhill Capital Management | 0 | 673,929 | 0 | 673,929 | 673,929 | 1.1% |
Glenhill Capital Overseas Master Fund | 0 | 0 | 0 | 0 | 0 | 0% |
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Page 1 of 10 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
Under
the Securities Exchange Act of 1934
(Amendment No. 13)*
Lionbridge Technologies, Inc.
(Name of Issuer)
Common
Stock
(Title of Class of Securities)
536252109
(CUSIP Number)
January 5, 2017
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to
designate the rule pursuant to which this Schedule is filed:
☐ Rule 13d-1(b)
☒ Rule 13d-1(c)
☐
Rule 13d-1(d)
* | 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 the disclosures provided in a prior cover page. |
The information required in 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).
Page 2 of 10 – SEC Filing
CUSIP No. 536252109 |
1 | Names Glenhill Advisors, LLC | |||||
2 | Check the Appropriate Box if a (a) ☐ (b) ☒ | |||||
3 | SEC Use Only | |||||
4 | Citizenship or Place of Delaware | |||||
Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 673,929 | ||||
6 | Shared Voting Power 0 | |||||
7 | Sole Dispositive Power 673,929 | |||||
8 | Shared Dispositive Power 0 | |||||
9 | Aggregate Amount Beneficially Owned by Each Reporting Person 673,929 | |||||
10 | Check if the Aggregate Amount in | |||||
11 | Percent of Class Represented by 1.1% | |||||
12 | Type of Reporting Person (See IA, HC |
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Page 3 of 10 – SEC Filing
CUSIP No. 536252109 |
1 | Names Glenn J. Krevlin | |||||
2 | Check the Appropriate Box if a (a) ☐ (b) ☒ | |||||
3 | SEC Use Only | |||||
4 | Citizenship or Place of United States | |||||
Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 673,929 | ||||
6 | Shared Voting Power 0 | |||||
7 | Sole Dispositive Power 673,929 | |||||
8 | Shared Dispositive Power 0 | |||||
9 | Aggregate Amount Beneficially Owned by Each Reporting Person 673,929 | |||||
10 | Check if the Aggregate Amount in | |||||
11 | Percent of Class Represented by 1.1% | |||||
12 | Type of Reporting Person (See IN, HC |
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Page 4 of 10 – SEC Filing
CUSIP No. 536252109 |
1 | Names Glenhill Capital Advisors, LLC | |||||
2 | Check the Appropriate Box if a (a) ☐ (b) ☒ | |||||
3 | SEC Use Only | |||||
4 | Citizenship or Place of Delaware | |||||
Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 0 | ||||
6 | Shared Voting Power 673,929 | |||||
7 | Sole Dispositive Power 0 | |||||
8 | Shared Dispositive Power 673,929 | |||||
9 | Aggregate Amount Beneficially Owned by Each Reporting Person 673,929 | |||||
10 | Check if the Aggregate Amount in | |||||
11 | Percent of Class Represented by 1.1% | |||||
12 | Type of Reporting Person (See IA, HC |
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Page 5 of 10 – SEC Filing
CUSIP No. 536252109 |
1 | Names Glenhill Capital Management, LLC | |||||
2 | Check the Appropriate Box if a (a) ☐ (b) ☒ | |||||
3 | SEC Use Only | |||||
4 | Citizenship or Place of Delaware | |||||
Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 0 | ||||
6 | Shared Voting Power 673,929 | |||||
7 | Sole Dispositive Power 0 | |||||
8 | Shared Dispositive Power 673,929 | |||||
9 | Aggregate Amount Beneficially Owned by Each Reporting Person 673,929 | |||||
10 | Check if the Aggregate Amount in | |||||
11 | Percent of Class Represented by 1.1% | |||||
12 | Type of Reporting Person (See IA, HC |
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Page 6 of 10 – SEC Filing
CUSIP No. 536252109 |
1 | Names Glenhill Capital Overseas Master Fund, LP | |||||
2 | Check the Appropriate Box if a (a) ☐ (b) ☒ | |||||
3 | SEC Use Only | |||||
4 | Citizenship or Place of Cayman | |||||
Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 0 | ||||
6 | Shared Voting Power 0 | |||||
7 | Sole Dispositive Power 0 | |||||
8 | Shared Dispositive Power 0 | |||||
9 | Aggregate Amount Beneficially Owned by Each Reporting Person 0 | |||||
10 | Check if the Aggregate Amount in | |||||
11 | Percent of Class Represented by 0% | |||||
12 | Type of Reporting Person (See PN |
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Page 7 of 10 – SEC Filing
Item 1(a). | Name of Issuer: |
Lionbridge Technologies, Inc.
Item 1(b). | Address of Issuers Principal Executive Offices: |
1050 Winter Street
Waltham, MA 02451
Item 2(a). | Name of Person Filing: |
Glenhill Advisors, LLC, Glenn J. Krevlin, Glenhill Capital
Advisors, LLC, Glenhill Capital Management, LLC and Glenhill Capital Overseas Master Fund, LP.
Glenn J. Krevlin is the managing member
and control person of Glenhill Advisors, LLC, and is the sole shareholder of Krevlin Management, Inc. Krevlin Management, Inc. is the managing member of Glenhill Capital Advisors, LLC, which is the investment manager of Glenhill Capital Overseas
Master Fund, LP and Glenhill Concentrated Long Master Fund, LLC (each of which was a security holder of the Issuer), and the investment manager of Glenhill Long Fund, LP which is currently (along with Mr. Krevlin) a security holder of the Issuer.
Glenhill Advisors, LLC is the managing member of Glenhill Capital Management, LLC. Glenhill Capital Management, LLC is the managing member of Glenhill Concentrated Long Master Fund, LLC and Glenhill Long GP, LLC, and is sole shareholder of Glenhill
Capital Overseas GP, Ltd. Glenhill Capital Overseas GP, Ltd. is the general partner of Glenhill Capital Overseas Master Fund, LP. Glenhill Long GP, LLC is the general partner of Glenhill Long Fund LP.
Glenhill Capital Advisors, LLC is also the investment manager for certain third party accounts for which shares of the Issuer were held and
managed by one or more of the Reporting Persons for the benefit of such third parties. Such Reporting Persons had dispositive power and shared certain voting power with respect to such shares, and received management fees and performance-related
fees in connection therewith. As of the date of this filing, there are no shares of Common Stock of the Issuer held in such third party managed accounts.
Item 2(b). | Address of Principal Business Office or, if none, Residence: |
600 Fifth Avenue, 11th
Floor
New York, NY 10020
Item 2(c). | Citizenship: |
See the response(s) to Item 4 on the attached cover page(s).
Item 2(d). | Title of Class of Securities: |
Common Stock
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Page 8 of 10 – SEC Filing
Item 2(e). | CUSIP Number: |
536252109
Item 3. | If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
Not Applicable
Item 4. | Ownership. |
Provide the following information regarding the aggregate number and percentage of the
class of securities of the issuer identified in Item 1:
(a) | Amount Beneficially owned: |
See the response(s) to Item 9 on the attached cover page(s). |
(b) | Percent of Class: |
See the response(s) to Item 11 on the attached cover page(s), which was determined by dividing the number of shares beneficially held by the Reporting Person by 61,503,253, the number of shares of common stock issued and outstanding as reported in the Issuers Form 10-Q filed with the Securities and Exchange Commission on November 8, 2016. |
(c) | Number of shares as to which the person has: |
(i) | Sole power to vote or to direct the vote: |
See the response(s) to Item 5 on the attached cover
page(s).
(ii) | Shared power to vote or to direct the vote: |
See the response(s) to Item 6 on the attached
cover page(s).
(iii) | Sole power to dispose or to direct the disposition of: |
See the response(s) to Item 7 on the
attached cover page(s).
(iv) | Shared power to dispose or to direct the disposition of: |
See the response(s) to Item 8 on the
attached cover page(s).
Item 5. | Ownership of Five Percent or Less of a Class. |
If this statement is being filed to
report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following ☒.
Item 6. | Ownership of More Than Five Percent on Behalf of Another Person. |
Not Applicable.
Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
Not Applicable.
Item 8. | Identification and Classification of Members of the Group. |
Not Applicable.
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Page 9 of 10 – SEC Filing
Item 9. | Notice of Dissolution of Group. |
Not Applicable.
Item 10. | Certifications. |
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as
a participant in any transaction having that purpose or effect.
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Page 10 of 10 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
DATE: January 13, 2017
GLENHILL ADVISORS, LLC | ||
By: | /s/ GLENN J. KREVLIN | |
Name: | Glenn J. Krevlin | |
Title: | Managing Member | |
/s/ GLENN J. KREVLIN | ||
Name: Glenn J. Krevlin | ||
GLENHILL CAPITAL ADVISORS, LLC | ||
By: | KREVLIN MANAGEMENT, INC. | |
Managing Member | ||
By: | /s/ GLENN J. KREVLIN | |
Name: | Glenn J. Krevlin | |
Title: | President | |
GLENHILL CAPITAL MANAGEMENT, LLC | ||
By: | GLENHILL ADVISORS, LLC | |
Managing Member | ||
By: | /s/ GLENN J. KREVLIN | |
Name: | Glenn J. Krevlin | |
Title: | Managing Member | |
GLENHILL CAPITAL OVERSEAS MASTER FUND, LP | ||
By: | GLENHILL CAPITAL OVERSEAS GP, LTD. | |
General Partner | ||
By: | GLENHILL CAPITAL MANAGEMENT, LLC | |
Sole Shareholder | ||
By: | GLENHILL ADVISORS, LLC | |
Managing Member | ||
By: | /s/ GLENN J. KREVLIN | |
Name: | Glenn J. Krevlin | |
Title: | Managing Member |