Fir Tree, founded by Jeffrey Tannenbaum, has reported the acquisition of 7.22 million shares of Tivo Inc (NASDAQ:TIVO) through a Form 13D filing with the SEC, which account for 7.2% of the company’s outstanding stock. The acquisition represents a new addition to Fir Tree’s portfolio, and while the filing was made via a Form 13D, the fund has claimed to have bought the shares only for investment purposes, which makes sense as the stock is now a merger-arb play.
Tivo is a company that provides professional video technology software services and cloud-based software-as-a-service solutions. At the end of April, it was announced that the company will be acquired by Rovi Corporation for around $1.1 billion or $10.70 per share. The acquisition is expected to be completed during the current quarter, upon the approval of both companies’ shareholders. Over the past 12 months, Tivo’s stock has gained 24.52%.
As per our hedge fund database, 25 investors were long Tivo Inc (NASDAQ:TIVO) at the end of June, down from 29 at the end of March. Some of the bullish smart money managers of the stock were John Orrico’s Water Island Capital, with a position valued at $62.03 million, Jim Simons’ Renaissance Technologies, which held a $26.6 million position, Mario Gabelli’s GAMCO Investors, Charles Frumberg’s Emancipation Capital, and Gavin Saitowitz and Cisco J. Del Valle’s Springbok Capital.
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Some of the investors who lost enthusiasm for investing in Tivo Inc (NASDAQ:TIVO) during the second quarter and decided to dump their positions were Chuck Royce’s Royce & Associates, which said goodbye to a Tivo holding valued at $4.10 million on March 31, Carl Tiedemann and Michael Tiedemann’s TIG Advisors, which dropped a $1.50 million position, Matthew Tewksbury’s Stevens Capital Management, Wojciech Uzdelewicz’s Espalier Global Management, and Jacob Gottlieb’s Visium Asset Management.
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 |
---|---|---|---|---|---|---|
Fir Tree Inc | 0 | 7,217,383 | 0 | 7,217,383 | 7,217,383 | 7.2% |
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Page 1 of 8 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION | |
Washington, D.C. 20549 | |
SCHEDULE 13D | |
Under the Securities Exchange Act of 1934 | |
(Amendment No. __)* | |
TiVo Inc. | |
(Name of Issuer) | |
Common Stock, | |
(Title of Class of Securities) | |
888706108 | |
(CUSIP Number) | |
Brian Meyer | |
Fir Tree Inc. | |
505 Fifth Avenue, 23rd Floor | |
New York, NY 10017 | |
(212) 599-0090 | |
Marc Weingarten, Esq. | |
Eleazer Klein, Esq. | |
Schulte Roth & Zabel LLP | |
919 Third Avenue | |
New York, NY 10022 | |
(212) 756-2000 | |
(Name, Address and Telephone Number of Person | |
Authorized to Receive Notices and Communications) | |
August 24, | |
(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 Rule 13d-1(e), Rule
13d-1(f) or Rule 13d-1(g), check the following box. [ ]
(Page 1 of 8 Pages)
______________________________
* 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).
Page 2 of 8 – SEC Filing
1 | NAME OF REPORTING PERSON Fir Tree Inc. | |||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ¨ (b) ¨ | ||
3 | SEC USE ONLY | |||
4 | SOURCE OF FUNDS AF | |||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | ¨ | ||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION New York | |||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 7 | SOLE VOTING POWER -0- | ||
8 | SHARED VOTING POWER 7,217,383 shares of Common Stock | |||
9 | SOLE DISPOSITIVE POWER -0- | |||
10 | SHARED DISPOSITIVE POWER 7,217,383 shares of Common Stock | |||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 7,217,383 shares of Common Stock | |||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ¨ | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.2% | |||
14 | TYPE OF REPORTING PERSON IA, CO | |||
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Page 3 of 8 – SEC Filing
Item 1. | SECURITY AND ISSUER |
This statement on Schedule 13D (the “Schedule 13D“) relates to the Common Stock, $0.001 par value per share (the “Common Stock“), of TiVo Inc., a Delaware corporation (the “Issuer“). The Issuer’s principal executive offices are located at 2160 Gold Street, San Jose, California 95002. |
Item 2. | IDENTITY AND BACKGROUND |
(a) | This statement is filed by Fir Tree Inc., a New York corporation (“Fir Tree“). Fir Tree is the investment manager to certain private-pooled investment vehicles for which Fir Tree serves as the investment manager (the “Fir Tree Funds“), and has been granted investment discretion over portfolio investments, including the Common Stock held by the Fir Tree Funds. |
The foregoing person is hereinafter sometimes collectively referred to as the “Reporting Person.” Any disclosures herein with respect to persons other than the Reporting Person are made on information and belief after making inquiry to the appropriate party. | |
The filing of this statement should not be construed in and of itself as an admission by the Reporting Person as to beneficial ownership of the securities reported herein. | |
(b) | The address of the business office of the Reporting Persons is 505 Fifth Avenue, 23rd floor, New York, NY 10017. |
(c) | Fir Tree provides investment management services to private individuals and institutions and its principal business is investment management. |
(d) | The Reporting Persons has not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). |
(e) | The Reporting Persons has not, during the last five years, been a 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) | Fir Tree is a New York corporation. |
Schedule A attached hereto sets forth the information required by Instruction C of the instructions to Schedule 13D. |
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Page 4 of 8 – SEC Filing
Item 3. | SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION |
The Common Stock reported herein by the Reporting Person were acquired at an aggregate purchase price of $77,810,151 (excluding brokerage commissions). Such Common Stock was acquired with investment funds of the Fir Tree Funds. |
Item 4. | PURPOSE OF TRANSACTION |
The Reporting Persons acquired the shares of Common Stock to which this Schedule 13D relates for investment purposes in the ordinary course of business, and not with the purpose nor with the effect of changing or influencing the control or management of the Issuer. The Reporting Persons acquired the shares of Common Stock pursuant to investment strategies, including merger arbitrage and event driven strategies, because they believed that the shares of Common Stock reported herein, when purchased, represented an attractive investment opportunity. Accordingly, the Reporting Persons may not be eligible to report this position on a Schedule 13G. See Colish, Faith (No-Act., Available March 24, 1980). On May 4, 2016, the Issuer filed a Current Report on Form 8-K disclosing it had entered into an Agreement and Plan of Merger dated as of March 27, 2015 with Rovi Corporation, a Delaware corporation and certain of their affiliates. | |
Item 5. | INTEREST IN SECURITIES OF THE ISSUER |
(a) | See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares of Common Stock and percentages of the shares of Common Stock beneficially owned by each of the Reporting Persons. The percentages used in this Schedule 13D are calculated based upon 99,703,587 shares of Common Stock reported to be outstanding as of May 26, 2016 in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2016, filed with the Securities Exchange Commission on May 31, 2016. |
(b) | See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition. |
(c) | The transactions in the shares of Common Stock within the past sixty days by the Reporting Person, which were all in the open market, are set forth in Schedule B, and are incorporated herein by reference. |
(d) | No person other than the Reporting Person and the Fir Tree Funds is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock held by the Fir Tree Funds. |
(e) | Not applicable. |
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Page 5 of 8 – SEC Filing
Item 6. | CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER |
There are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any other securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies, including any securities pledged or otherwise subject to a contingency the occurrence of which would give another person voting power or investment power over such securities other than standard default and similar provisions contained in loan agreements. |
Item 7. | MATERIAL TO BE FILED AS EXHIBITS |
None. |
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Page 6 of 8 – SEC Filing
SIGNATURES
After reasonable inquiry and to the best
of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true,
complete and correct.
Date: September 2, 2016
FIR TREE INC. | ||
/s/ James Walker | ||
Name: | James Walker | |
Title: | Managing Director |
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Page 7 of 8 – SEC Filing
Schedule A
The following sets forth
the name, position, address, principal occupation and citizenship of each general partner, control person, director and/or executive
officer of the applicable Reporting Persons (the “Instruction C Persons“). To the best of the Reporting Persons’
knowledge, (i) none of the Instruction C Persons during the last five years has been convicted in a criminal proceeding (excluding
traffic violations or other similar misdemeanors) or been a 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 and (ii) none of the Instruction C Persons owns any Common Stock or is party to any contract or agreement
as would require disclosure in this Schedule 13D.
Name | Position | Citizenship | Present Principal Occupation | Business Address |
Jeffrey Tannenbaum | Director and Chairman of the Board | United States | President of Fir Tree Inc. | 505 Fifth Avenue, 23rd Floor, New York, NY 10017 |
James Walker | Managing Director | United States | Managing Director of Fir Tree Inc. | 505 Fifth Avenue, 23rd Floor, New York, NY 10017 |
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Page 8 of 8 – SEC Filing
Schedule B
This Schedule sets forth
information with respect to each purchase and sale of shares of Common Stock which were effectuated by the Reporting Person within
the past sixty days. All transactions were effectuated in the open market through a broker.
Trade Date | Shares Purchased (Sold) | Price Per Share ($)* |
08/15/2016 | 1,460,000 | 10.65 |
08/16/2016 | 1,460,000 | 10.65 |
08/17/2016 | 750,500 | 10.65 |
08/18/2016 | 337,866 | 10.65 |
08/19/2016 | 346,017 | 10.6494 |
08/23/2016 | 266,177 | 10.9273 |
08/24/2016 | 2,058,163 | 10.8771 |
08/25/2016 | 16,600 | 10.8708 |
08/26/2016 | 522,060 | 10.8943 |
* Excluding commissions.