David Cohen and Harold Levy‘s Iridian Asset Management has slightly increased its stake in Visteon Corp (NYSE:VC), and now owns 3.42 million common shares, which represent 10.2% of the company’s outstanding stock, as reported in a recent 13G filing with the US SEC. At the end of December, Iridian Asset Management held 2.81 million shares or 6.9% of the total amount of shares, as disclosed in a previous 13G filing.
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Visteon Corporation is an automotive company that produces a variety of products and equipment for vehicles belonging to famous world brands such as Ford, Honda, BMW, Nissan, Mazda, General Motors and Renault, including vehicle cockpit electronics products and audio systems. Over the past 12 months, the company’s shares have dropped by 29.49%.Visteon Corporation (NYSE:VC) has recently reported revenue of $251 million for the last quarter, up by 30% from the same quarter of the prior year, and a loss per share of $0.01, versus $0.25 posted a year earlier.
According to Insider Monkey’s database, the number of funds long Visteon Corporation (NYSE:VC) stood at 46 at the end of 2015, compared to 56 funds in the previous quarter. Iridian Asset Management disclosed the biggest position, valued at $246.7 million, and the second largest stake was held by Christopher Pucillo’s Solus Alternative Asset Management, worth $145.5 million. Other investors long the stock were Phill Gross and Robert Atchinson’s Adage Capital Management, Thomas Ellis and Todd Hammer’s North Run Capital, and Israel Englander’s Millennium Management.
Among the investors that dropped their entire stakes in Visteon Corp (NYSE:VC) during the fourth quarter, were Manish Chopra’s Tiger Veda, which dumped $35.3 million in stock, followed by Howard Guberman’s Gruss Asset Management, which said goodbye to its stock, worth around $31.9 million.
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 |
|---|---|---|---|---|---|---|
| Iridian Asset Management | 0 | 3,423,714 | 0 | 3,423,714 | 3,423,714 | 10.2% |
| David L. Cohen | 0 | 3,423,714 | 0 | 3,423,714 | 3,423,714 | 10.2% |
| Harold J. Levy | 0 | 3,423,714 | 0 | 3,423,714 | 3,423,714 | 10.2% |
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Page 1 of 2 – SEC Filing
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1 )* |
| Visteon Corporation (Name of Issuer) |
| Common Stock (Title of Class of Securities) |
| 92839U206 (CUSIP Number) |
| April 30, 2016 (Date of Event which Requires Filing of this Statement) |
| Check the appropriate box to designate the rule pursuant to which this Schedule is filed: | ||
| [ | X | ] 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 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 the 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). |
| SCHEDULE 13G | |||
| CUSIP No. 92839U206 | |||
| 1. | Names of Reporting Persons. Iridian Asset Management LLC I.R.S. Identification Nos. of above persons (entities only). | ||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X ] (b) [ ] | ||
| 3. | SEC USE ONLY | ||
| 4. | Citizenship or Place of Organization Delaware | ||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5. | Sole Voting Power 0 | |
| 6. | Shared Voting Power 3,423,714 | ||
| 7. | Sole Dispositive Power 0 | ||
| 8. | Shared Dispositive Power 3,423,714 | ||
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person 3,423,714 | ||
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | ||
| 11. | Percent of Class Represented by Amount in Row (9) 10.2% | ||
| 12. | Type of Reporting Person IA | ||
| 2 | |||
| SCHEDULE 13G | |||
| CUSIP No. 92839U206 | |||
| 1. | Names of Reporting Persons. David L. Cohen I.R.S. Identification Nos. of above persons (entities only). | ||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ X ] (b) [ ] | ||
| 3. | SEC USE ONLY | ||
| 4. | Citizenship or Place of Organization United States | ||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5. | Sole Voting Power 0 | |
| 6. | Shared Voting Power 3,423,714 | ||
| 7. | Sole Dispositive Power 0 | ||
| 8. | Shared Dispositive Power 3,423,714 | ||
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person 3,423,714 | ||
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | ||
| 11. | Percent of Class Represented by Amount in Row (9) 10.2% | ||
| 12. | Type of Reporting Person IN | ||
| 3 | |||
| SCHEDULE 13G | |||
| CUSIP No. 92839U206 | |||
| 1. | Names of Reporting Persons. Harold J. Levy I.R.S. Identification Nos. of above persons (entities only). | ||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X] (b) [ ] | ||
| 3. | SEC USE ONLY | ||
| 4. | Citizenship or Place of Organization United States | ||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5. | Sole Voting Power 0 | |
| 6. | Shared Voting Power 3,423,714 | ||
| 7. | Sole Dispositive Power 0 | ||
| 8. | Shared Dispositive Power 3,423,714 | ||
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person 3,423,714 | ||
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | ||
| 11. | Percent of Class Represented by Amount in Row (9) 10.2% | ||
| 12. | Type of Reporting Person IN | ||
| 4 | |||
This Amendment amends in its entirety the Schedule 13G filed for the month ended December 31, 2015.
| Item 1. | |||
| (a) | Name of Issuer Visteon Corporation | ||
| (b) | Address of Issuer’s Principal Executive Offices One Village Center Drive, Van Buren Township, Michigan 48111 | ||
| Item 2. | |||
| (a) | Name of Person Filing This Statement is being filed by and on behalf of Iridian Asset Management LLC (“Iridian”), David L. Cohen (“Cohen”) and Harold J. Levy (“Levy”) (collectively, the “Reporting Persons”). Iridian is majority owned by Arovid Associates LLC, a Delaware limited liability company owned and controlled by the following: 12.5% by Cohen, 12.5% by Levy, 37.5% by LLMD LLC, a Delaware limited liability company, and 37.5% by ALHERO LLC, a Delaware limited liability company. LLMD LLC is owned 1% by Cohen, and 99% by a family trust controlled by Cohen. ALHERO LLC is owned 1% by Levy and 99% by a family trust controlled by Levy. | ||
| (b) | Address of Principal Business Office or, if none, Residence The principal business address of the Reporting Persons is 276 Post Road West, Westport, CT 06880-4704. | ||
| (c) | Citizenship or Place of Organization Iridian is a Delaware limited liability company. Cohen and Levy are US citizens. | ||
| (d) | Title of Class of Securities Common Stock | ||
| (e) | CUSIP Number 92839U206 | ||
| 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: | ||
| (a) | [ ] | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). | |
| (b) | [ ] | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). | |
| (c) | [ ] | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). | |
| (d) | [ ] | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). | |
| (e) | [ ] | An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); | |
| (f) | [ ] | An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); | |
| (g) | [ ] | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); | |
| (h) | [ ] | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); | |
| (i) | [ ] | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); | |
| (j) | [ x] | Group, in accordance with §240.13d-1(b)(1)(ii)(J). | |
| Item 4. | Ownership. | ||
| (a) and (b) | Amount beneficially owned and Percent of Class: As of the date of this Statement, the Reporting Persons beneficially owned in the aggregate 3,423,714shares of Common Stock which equates to approximately 10.2% of the outstanding shares (the percentage of shares of Common Stock owned being based upon 34,009,529 shares of Common Stock outstanding at April 21, 2016 as set forth in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016). Iridian has direct beneficial ownership of the shares of Common Stock in the accounts for which it serves as the investment adviser under its investment management agreements. Messrs. Cohen and Levy may be deemed to possess beneficial ownership of the shares of Common Stock beneficially owned by Iridian by virtue of their indirect controlling ownership of Iridian, and having the power to vote and direct the disposition of shares of Common Stock as joint Chief Investment Officers of Iridian. Messrs. Cohen and Levy disclaim beneficial ownership of such shares. As used herein, “beneficial ownership” has the meaning set forth in Rule 13d-3 under the Securities Exchange Act of 1934, as amended. | ||
| (c) | Power to vote or dispose. Iridian has the direct power to vote or direct the vote, and the direct power to dispose or direct the disposition, of 3,423,714shares of Common Stock. Cohen and Levy may be deemed to share with Iridian the power to vote or direct the vote and to dispose or direct the disposition of such shares. | ||
| 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 five percent of the class of securities, check the following [ ]. Not Applicable. | |||
| 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 | ||
| Not Applicable. | |||
| Item 8. | Identification and Classification of Members of the Group | ||
| Iridian is an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, and its principal business is managing a number of accounts containing securities over which Iridian has voting and dispositive power. Each of Messrs. Cohen and Levy has a controlling interest in Iridian, and serves as Co-Chief Executive Officer and Co-Chief Investment Officer of Iridian. | |||
| Item 9. | Notice of Dissolution of Group | ||
| Not Applicable | |||
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Page 2 of 2 – SEC Filing
| Item 10. | Certification |
| By signing below the undersigned certifies that, to the best of its or his knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of and do not have 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 such purpose or effect. | |
| SIGNATURE | |
| After reasonable inquiry and to the best of its or his knowledge and belief, we certify that the information set forth in this statement is true, complete and correct. | |||
| Date: May 9, 2016 | |||
| IRIDIAN ASSET MANAGEMENT LLC | |||
| By: | /s/ Jeffrey M. Elliott _________________________ Jeffrey M. Elliott | ||
| Title: | Executive Vice President | ||
| David L. Cohen | |||
| By: | /s/ Jeffrey M. Elliott _________________________ Jeffrey M. Elliott | ||
| Title: | Agent | ||
| Harold J. Levy | |||
| By: | /s/ Jeffrey M. Elliott __________________________ Jeffrey M. Elliott | ||
| Title: | Agent | ||
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