Marvell Technology Group Ltd (MRVL): Starboard Value Acquires More Shares

A freshly-amended 13D filing with the US Securities and Exchange Commission showed that Jeffrey Smith‘s Starboard Value LP has increased its stake in Marvell Technology Group Ltd (NASDAQ:MRVL), and that it currently holds 33.72 million shares, which represent 6.6% of the float. Starboard Value’s stake was raised from 20.4 million shares the fund previously owned, according to its last 13F filing (for the end of June).

Marvel Technology Group is a company that produces communications, storage, and semiconductor products. Year-to-date, the company’s stock is up by 42.52%. For the second quarter of fiscal 2017, the company reported earnings per share of $0.18, above the estimates of $0.11, and revenue of $626 million, below the estimates of $630 million.

Moreover, there has been a lot of analysts activity on  Marvel Technology Group’s stock lately. Among them, B. Riley has reaffirmed its ‘Buy’ rating on the stock, with a price target of $16, while Oppenheimer has reiterated its ‘Market Perform’ rating  and MKM Partners reiterated its ‘Neutral’ rating on the stock.

Jeff Smith

The number of hedge funds from Insider Monkey’s database long Marvell Technology Group (NASDAQ:MRVL) increased by 7 recently, and at the end of June, 38 investors were bullish on the stock. Those investors included Richard Barrera’s Roystone Capital Partners, with a position valued at $42.75 million, Jim Simons’ Renaissance Technologies, which held a position worth around $17.39 million, Ken Hahn’s Quentec Asset Management, Paul Marshall And Ian Wace’s Marshall Wace LLP, and Benjamin A. Smith’s Laurion Capital Management.

Among the new investors in Marvell Technology Group (NASDAQ:MRVL) during the June quarter, were Curtis Macnguyen’s Ivory Capital (Investment Mgmt), which acquired a position worth around $76.9 million, Didric Cederholm’s Lion Point, which had $19.06 million invested in the company, Spencer M. Waxman’s Shannon River Fund Management, Leon Shaulov’s Maplelane Capital, and Manoneet Singh’s Kavi Asset Management.

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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
STARBOARD VALUE 33,720,786 33,720,786 33,720,786 33,720,786 33,720,786 6.6%
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD 13,495,491 33,720,786 13,495,491 33,720,786 13,495,491 2.6%
STARBOARD VALUE AND OPPORTUNITY S 1,588,369 33,720,786 1,588,369 33,720,786 1,588,369 Less than 1%
STARBOARD VALUE AND OPPORTUNITY C 877,932 877,932 877,932 Less than 1%
STARBOARD VALUE R 877,932 877,932 877,932 Less than 1%
STARBOARD VALUE R GP 877,932 877,932 877,932 Less than 1%
STARBOARD LEADERS JULIET 9,310,245 9,310,245 9,310,245 1.8%
STARBOARD LEADERS FUND 9,310,245 9,310,245 9,310,245 1.8%
STARBOARD LEADERS SELECT II 3,792,301 3,792,301 3,792,301 Less than 1%
STARBOARD LEADERS SELECT II GP 3,792,301 3,792,301 3,792,301 Less than 1%
STARBOARD LEADERS SELECT FUND 3,792,301 3,792,301 3,792,301 Less than 1%
STARBOARD T FUND 2,883,842 2,883,842 2,883,842 Less than 1%
STARBOARD VALUE A 15,986,388 15,986,388 15,986,388 3.1%
STARBOARD VALUE A GP 15,986,388 15,986,388 15,986,388 3.1%
STARBOARD VALUE GP 33,720,786 33,720,786 33,720,786 6.6%
STARBOARD PRINCIPAL CO 33,720,786 33,720,786 33,720,786 6.6%
STARBOARD PRINCIPAL CO GP 33,720,786 33,720,786 33,720,786 6.6%
JEFFREY C. SMITH 3,246 3,246 33,720,786 6.6%
MARK R. MITCHELL 33,720,786 6.6%
PETER A. FELD 33,724,032 6.6%

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Page 1 of 31 – 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. 2)1
Marvell Technology Group Ltd.
(Name of Issuer)
Common Stock, $0.002 par value per share
(Title of Class of Securities)
G5876H105
(CUSIP Number)
JEFFREY C. SMITH
STARBOARD VALUE LP
777 Third Avenue, 18th Floor
New York, New York 10017
(212) 845-7977
 
STEVE WOLOSKY, 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)
September 13, 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 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
4
SOURCE OF FUNDS
OO
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
33,720,786
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
33,720,786
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
33,720,786
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
6.6%
14
TYPE OF REPORTING PERSON
 
PN

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Page 3 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
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
CAYMAN ISLANDS
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
13,495,491
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
13,495,491
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,495,491
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
2.6%
14
TYPE OF REPORTING PERSON
 
CO

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Page 4 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE AND OPPORTUNITY S LLC
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
1,588,369
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
1,588,369
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,588,369
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
OO

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Page 5 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE AND OPPORTUNITY C 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
877,932
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
877,932
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
877,932
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
PN

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Page 6 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE R LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
4
SOURCE OF FUNDS
OO
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
877,932
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
877,932
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
877,932
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
PN

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Page 7 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE R 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
OO
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
877,932
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
877,932
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
877,932
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
OO

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Page 8 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD LEADERS JULIET LLC
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
9,310,245
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
9,310,245
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
9,310,245
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
1.8%
14
TYPE OF REPORTING PERSON
 
OO

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Page 9 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD LEADERS FUND LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
4
SOURCE OF FUNDS
OO
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
9,310,245
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
9,310,245
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
9,310,245
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
1.8%
14
TYPE OF REPORTING PERSON
 
PN

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Page 10 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD LEADERS SELECT 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
3,792,301
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
3,792,301
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
3,792,301
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
PN

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Page 11 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD LEADERS SELECT II 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
OO
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
3,792,301
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
3,792,301
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
3,792,301
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
OO

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Page 12 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD LEADERS SELECT FUND LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
4
SOURCE OF FUNDS
OO
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
3,792,301
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
3,792,301
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
3,792,301
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
PN

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Page 13 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD T FUND 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
2,883,842
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
2,883,842
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
2,883,842
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
PN

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Page 14 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE A LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
4
SOURCE OF FUNDS
OO
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
15,986,388
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
15,986,388
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
15,986,388
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
3.1%
14
TYPE OF REPORTING PERSON
 
PN

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Page 15 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE A 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
OO
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
15,986,388
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
15,986,388
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
15,986,388
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
3.1%
14
TYPE OF REPORTING PERSON
 
OO

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Page 16 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE 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
OO
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
33,720,786
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
33,720,786
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
33,720,786
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
6.6%
14
TYPE OF REPORTING PERSON
 
OO

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Page 17 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD PRINCIPAL CO LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
4
SOURCE OF FUNDS
OO
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
33,720,786
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
33,720,786
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
33,720,786
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
6.6%
14
TYPE OF REPORTING PERSON
 
PN

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Page 18 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD PRINCIPAL CO 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
OO
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
33,720,786
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
33,720,786
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
33,720,786
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
6.6%
14
TYPE OF REPORTING PERSON
 
OO

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Page 19 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
JEFFREY C. SMITH
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
4
SOURCE OF FUNDS
OO
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
33,720,786
9
SOLE DISPOSITIVE POWER
– 0 –
10
SHARED DISPOSITIVE POWER
33,720,786
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
33,720,786
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
6.6%
14
TYPE OF REPORTING PERSON
 
IN

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Page 20 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
MARK R. MITCHELL
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
4
SOURCE OF FUNDS
OO
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
33,720,786
9
SOLE DISPOSITIVE POWER
– 0 –
10
SHARED DISPOSITIVE POWER
33,720,786
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
33,720,786
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
6.6%
14
TYPE OF REPORTING PERSON
 
IN

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Page 21 of 31 – SEC Filing

1
NAME OF REPORTING PERSON
PETER A. FELD
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
3
SEC USE ONLY
4
SOURCE OF FUNDS
OO
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
3,246
8
SHARED VOTING POWER
33,720,786
9
SOLE DISPOSITIVE POWER
3,246
10
SHARED DISPOSITIVE POWER
33,720,786
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
33,724,032
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
6.6%
14
TYPE OF REPORTING PERSON
 
IN

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Page 22 of 31 – SEC Filing

The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned (“Amendment No. 2”).  This Amendment No. 2 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 Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard Juliet LLC, Starboard Select II LP, and Starboard T LP, and held in the Starboard Value LP Account 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 Item 5(c) to the Schedule 13D.  The aggregate purchase price of the 13,495,491 Shares beneficially owned by Starboard V&O Fund is approximately $115,300,546, excluding brokerage commissions. The aggregate purchase price of the 1,588,369 Shares beneficially owned by Starboard S LLC is approximately $13,564,332, excluding brokerage commissions. The aggregate purchase price of the 877,932 Shares beneficially owned by Starboard C LP is approximately $7,494,607, excluding brokerage commissions. The aggregate purchase price of the 9,310,245 Shares beneficially owned by Starboard Juliet LLC is approximately $76,534,955, excluding brokerage commissions. The aggregate purchase price of the 3,792,301 Shares beneficially owned by Starboard Select II LP is approximately $31,632,647, excluding brokerage commissions. The aggregate purchase price of the 2,883,842 Shares beneficially owned by Starboard T LP is approximately $24,054,941, excluding brokerage commissions. The aggregate purchase price of the 1,772,606 Shares held in the Starboard Value LP Account is approximately $15,621,574, excluding brokerage commissions.
The 3,246 Shares beneficially owned by Mr. Feld, were granted to Mr. Feld by the Issuer in his capacity as a director of the Issuer.
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 person named herein is based upon 511,700,000 Shares outstanding, as of August 26, 2016, 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 (the “SEC”) on September 8, 2016.
A.
Starboard V&O Fund
 
(a)
As of the close of business on September 15, 2016, Starboard V&O Fund beneficially owned 13,495,491 Shares.
Percentage: Approximately 2.6%
 
(b)
1. Sole power to vote or direct vote: 13,495,491
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 13,495,491
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
On September 13, 2016, Starboard V&O Fund exercised certain call options for 10,000,000 Shares at an exercise price of $5.00. On September 14, 2016, Starboard V&O Fund exercised certain call options for 1,287,308 Shares at an exercise price of $5.00.

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Page 23 of 31 – SEC Filing

B.
Starboard S LLC
 
(a)
As of the close of business on September 15, 2016, Starboard S LLC beneficially owned 1,588,369 Shares.
Percentage: Less than 1%
 
(b)
1. Sole power to vote or direct vote: 1,588,369
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 1,588,369
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
On September 13, 2016, Starboard S LLC exercised certain call options for 1,308,889 Shares at an exercise price of $5.00.
C.
Starboard C LP
 
(a)
As of the close of business on September 15, 2016, Starboard C LP beneficially owned 877,932 Shares.
Percentage: Less than 1%
 
(b)
1. Sole power to vote or direct vote: 877,932
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 877,932
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
On September 13, 2016, Starboard C LP exercised certain call options for 727,225 Shares at an exercise price of $5.00.
D.
Starboard R LP
 
(a)
Starboard R LP, as the general partner of Starboard C LP, may be deemed the beneficial owner of the 877,932 Shares owned by Starboard C LP.
Percentage: Less than 1%
 
(b)
1. Sole power to vote or direct vote: 877,932
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 877,932
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard R LP has not entered into any transactions in the Shares during the past sixty days.  The transactions in the Shares on behalf of Starboard C LP during the past sixty days are set forth in Item 5(c).

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Page 24 of 31 – SEC Filing

E.
Starboard R GP
 
(a)
Starboard R GP, as the general partner of Starboard R LP, may be deemed the beneficial owner of the 877,932 Shares owned by Starboard C LP.
Percentage: Less than 1%
 
(b)
1. Sole power to vote or direct vote: 877,932
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 877,932
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard R GP has not entered into any transactions in the Shares during the past sixty days.  The transactions in the Shares on behalf of Starboard C LP during the past sixty days are set forth in Item 5(c).
F.
Starboard Juliet LLC
 
(a)
As of the close of business on September 15, 2016, Starboard Juliet LLC beneficially owned 9,310,245 Shares.
Percentage: Approximately 1.8%
 
(b)
1. Sole power to vote or direct vote: 9,310,245
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 9,310,245
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard Juliet LLC has not entered into any transactions in the Shares during the past sixty days.
G.
Starboard Leaders Fund
 
(a)
Starboard Leaders Fund, as a member of Starboard Juliet LLC, may be deemed the beneficial owner of the 9,310,245 Shares owned by Starboard Juliet LLC.
Percentage: Approximately 1.8%
 
(b)
1. Sole power to vote or direct vote: 9,310,245
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 9,310,245
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard Leaders Fund has not entered into any transactions in the Shares during the past sixty days.

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Page 25 of 31 – SEC Filing

H.
Starboard Select II LP
 
(a)
As of the close of business on September 15, 2016, Starboard Select II LP beneficially owned 3,792,301 Shares.
Percentage: Less than 1%
 
(b)
1. Sole power to vote or direct vote: 3,792,301
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 3,792,301
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard Select II LP has not entered into any transactions in the Shares during the past sixty days.
I.
Starboard Select II GP
 
(a)
Starboard Select II GP, as the general partner of Starboard Select II LP, may be deemed the beneficial owner of the 3,792,301 Shares owned by Starboard Select II LP.
Percentage: Less than 1%
 
(b)
1. Sole power to vote or direct vote: 3,792,301
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 3,792,301
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard Select II GP has not entered into any transactions in the Shares during the past sixty days.
J.
Starboard Select Fund
 
(a)
Starboard Select Fund, as the sole member of Starboard Select II GP, may be deemed the beneficial owner of the 3,792,301 Shares owned by Starboard Select II LP.
Percentage: Less than 1%
 
(b)
1. Sole power to vote or direct vote: 3,792,301
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 3,792,301
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard Select Fund has not entered into any transactions in the Shares during the past sixty days.

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Page 26 of 31 – SEC Filing

K.
Starboard T LP
 
(a)
As of the close of business on September 15, 2016, Starboard T LP beneficially owned 2,883,842 Shares.
Percentage: Less than 1%
 
(b)
1. Sole power to vote or direct vote: 2,883,842
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 2,883,842
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard T LP has not entered into any transactions in the Shares during the past sixty days.
L.
Starboard A LP
 
(a)
Starboard A LP, as the general partner of Starboard Leaders Fund, Starboard Select Fund and Starboard T LP and the managing member of Starboard Juliet LLC, may be deemed the beneficial owner of the (i) 9,310,245 Shares owned by Starboard Juliet LLC, (ii) 3,792,301 Shares owned by Starboard Select II LP and (iii) 2,883,842 Shares owned by Starboard T LP.
Percentage: Approximately 3.1%
 
(b)
1. Sole power to vote or direct vote: 15,986,388
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 15,986,388
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard A LP has not entered into any transactions in the Shares during the past sixty days.
M.
Starboard A GP
 
(a)
Starboard A GP, as the general partner of Starboard A LP, may be deemed the beneficial owner of the (i) 9,310,245 Shares owned by Starboard Juliet LLC, (ii) 3,792,301 Shares owned by Starboard Select II LP and (iii) 2,883,842 Shares owned by Starboard T LP.
Percentage: Approximately 3.1%
 
(b)
1. Sole power to vote or direct vote: 15,986,388
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 15,986,388
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard A GP has not entered into any transactions in the Shares during the past sixty days.

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Page 27 of 31 – SEC Filing

N.
Starboard Value LP
 
(a)
As of the close of business on September 15, 2016, 1,772,606 Shares were held in the Starboard Value LP Account. Starboard Value LP, as the investment manager of Starboard V&O Fund, Starboard C LP, Starboard Juliet LLC, Starboard Select II LP, Starboard T LP, and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 13,495,491 Shares owned by Starboard V&O Fund, (ii) 1,588,369 Shares owned by Starboard S LLC, (iii) 877,932 Shares owned by Starboard C LP, (iv) 9,310,245 Shares owned by Starboard Juliet LLC, (v) 3,792,301 Shares owned by Starboard Select II LP, (vi) 2,883,842 Shares owned by Starboard T LP, and (vii) 1,772,606 Shares held in the Starboard Value LP Account.
Percentage: Approximately 6.6%
 
(b)
1. Sole power to vote or direct vote: 33,720,786
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 33,720,786
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard Value LP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC and Starboard C LP during the past sixty days are set forth in Item 5(c).
O.
Starboard Value GP
 
(a)
Starboard Value GP, as the general partner of Starboard Value LP, may be deemed the beneficial owner of the (i) 13,495,491 Shares owned by Starboard V&O Fund, (ii) 1,588,369 Shares owned by Starboard S LLC, (iii) 877,932 Shares owned by Starboard C LP, (iv) 9,310,245 Shares owned by Starboard Juliet LLC, (v) 3,792,301 Shares owned by Starboard Select II LP, (vi) 2,883,842 Shares owned by Starboard T LP, and (vii) 1,772,606 Shares held in the Starboard Value LP Account.
Percentage: Approximately 6.6%
 
(b)
1. Sole power to vote or direct vote: 33,720,786
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 33,720,786
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard Value GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC and Starboard C LP during the past sixty days are set forth in Item 5(c).
P.
Principal Co
 
(a)
Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 13,495,491 Shares owned by Starboard V&O Fund, (ii) 1,588,369 Shares owned by Starboard S LLC, (iii) 877,932 Shares owned by Starboard C LP, (iv) 9,310,245 Shares owned by Starboard Juliet LLC, (v) 3,792,301 Shares owned by Starboard Select II LP, (vi) 2,883,842 Shares owned by Starboard T LP, and (vii) 1,772,606 Shares held in the Starboard Value LP Account.
Percentage: Approximately 6.6%
 
(b)
1. Sole power to vote or direct vote: 33,720,786
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 33,720,786
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Principal Co has not entered into any transactions in the Shares during the past sixty days.  The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC and Starboard C LP during the past sixty days are set forth in Item 5(c).

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Page 28 of 31 – SEC Filing

Q.
Principal GP
 
(a)
Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 13,495,491 Shares owned by Starboard V&O Fund, (ii) 1,588,369 Shares owned by Starboard S LLC, (iii) 877,932 Shares owned by Starboard C LP, (iv) 9,310,245 Shares owned by Starboard Juliet LLC, (v) 3,792,301 Shares owned by Starboard Select II LP, (vi) 2,883,842 Shares owned by Starboard T LP, and (vii) 1,772,606 Shares held in the Starboard Value LP Account.
Percentage: Approximately 6.6%
 
(b)
1. Sole power to vote or direct vote: 33,720,786
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 33,720,786
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Principal GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC and Starboard C LP during the past sixty days are set forth in Item 5(c).
R.
Messrs. Smith and Mitchell
 
(a)
Each of Messrs. Smith and Mitchell, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 13,495,491 Shares owned by Starboard V&O Fund, (ii) 1,588,369 Shares owned by Starboard S LLC, (iii) 877,932 Shares owned by Starboard C LP, (iv) 9,310,245 Shares owned by Starboard Juliet LLC, (v) 3,792,301 Shares owned by Starboard Select II LP, (vi) 2,883,842 Shares owned by Starboard T LP, and (vii) 1,772,606 Shares held in the Starboard Value LP Account.
Percentage: Approximately 6.6%
 
(b)
1. Sole power to vote or direct vote: 0
 
2. Shared power to vote or direct vote: 33,720,786
 
3. Sole power to dispose or direct the disposition: 0
 
4. Shared power to dispose or direct the disposition: 33,720,786
 
(c)
None of Messrs. Smith or Mitchell has entered into any transactions in the Shares during the past sixty days.  The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC and Starboard C LP during the past sixty days are set forth in Item 5(c).
S.
Mr. Feld
 
(a)
As of the date hereof, Mr. Feld beneficially owned 3,246 Shares. Mr. Feld, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 13,495,491 Shares owned by Starboard V&O Fund, (ii) 1,588,369 Shares owned by Starboard S LLC, (iii) 877,932 Shares owned by Starboard C LP, (iv) 9,310,245 Shares owned by Starboard Juliet LLC, (v) 3,792,301 Shares owned by Starboard Select II LP, (vi) 2,883,842 Shares owned by Starboard T LP, and (vii) 1,772,606 Shares held in the Starboard Value LP Account.
Percentage: Approximately 6.6%
 
(b)
1. Sole power to vote or direct vote: 3,246
 
2. Shared power to vote or direct vote: 33,720,786
 
3. Sole power to dispose or direct the disposition: 3,246
 
4. Shared power to dispose or direct the disposition: 33,720,786
 
(c)
On August 11, 2016, Mr. Feld was granted 3,246 Shares by the Issuer pursuant to Rule 16b-3(d). The transactions on behalf of each of Starboard V&O Fund, Starboard S LLC and Starboard C LP during the past sixty days are set forth in Item 5(c).
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.

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Page 29 of 31 – SEC Filing

Item 6.
Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
Item 6 is hereby amended to add the following:
On September 13, 2016, Starboard V&O Fund exercised certain over the counter market American-style call options described in the Schedule 13D filed with the SEC on February 3, 2016 (the “Initial 13D”) and thereby acquired 10,000,000 Shares in the aggregate. Upon exercise of such call options, those certain call options terminated along with those certain put options referenced in the Initial 13D in accordance with their terms.
 
On September 14, 2016, Starboard V&O Fund exercised certain over the counter market American-style call options described in the Initial 13D and thereby acquired 1,287,308 Shares in the aggregate. Upon exercise of such call options, those certain call options terminated along with those certain put options referenced in the Initial 13D in accordance with their terms.
 
On September 13, 2016, Starboard S LLC exercised certain over the counter market American-style call options described in the Initial 13D and thereby acquired 1,308,889 Shares in the aggregate. Upon exercise of such call options, those certain call options terminated along with those certain put options referenced in the Initial 13D in accordance with their terms.
 
On September 13, 2016, Starboard C LP exercised certain over the counter market American-style call options described in the Initial 13D and thereby acquired 727,225 Shares in the aggregate. Upon exercise of such call options, those certain call options terminated along with those certain put options referenced in the Initial 13D in accordance with their terms.
 

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Page 30 of 31 – SEC Filing

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:  September 15, 2016
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
By: Starboard Value LP,
       its investment manager
STARBOARD VALUE AND OPPORTUNITY S LLC
By: Starboard Value LP,
       its manager
STARBOARD VALUE AND OPPORTUNITY C LP
By: Starboard Value R LP,
       its general partner
STARBOARD VALUE R LP
By: Starboard Value R GP LLC,
       its general partner
STARBOARD LEADERS JULIET LLC
By: Starboard Value A LP,
      its managing member
STARBOARD LEADERS FUND LP
By: Starboard Value A LP,
       its general partner
STARBOARD LEADERS SELECT II LP
By: Starboard Leaders Select II GP LLC,
       its general partner
 
STARBOARD LEADERS SELECT FUND LP
By: Starboard Value A LP,
       its general partner
STARBOARD T FUND LP
By: Starboard Value A LP,
       its general partner
STARBOARD VALUE A LP
By: Starboard Value A GP LLC,
      its general partner
STARBOARD VALUE LP
By: Starboard Value GP LLC,
       its general partner
STARBOARD VALUE GP LLC
By: Starboard Principal Co LP,
       its member
STARBOARD PRINCIPAL CO LP
By: Starboard Principal Co GP LLC,
       its general partner
STARBOARD PRINCIPAL CO GP LLC
STARBOARD VALUE A GP LLC
STARBOARD VALUE R GP LLC
STARBOARD LEADERS SELECT II GP LLC
By:
/s/ Jeffrey C. Smith
 
Name:
Jeffrey C. Smith
 
Title:
Authorized Signatory
/s/ Jeffrey C. Smith
JEFFREY C. SMITH
Individually and as attorney-in-fact for Mark R. Mitchell and Peter A. Feld

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Page 31 of 31 – SEC Filing

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