Filing Details
- Accession Number:
- 0000921895-19-002251
- Form Type:
- 13D Filing
- Publication Date:
- 2019-08-15 16:52:31
- Filed By:
- Starboard Value LP
- Company:
- Gen Digital Inc. (NASDAQ:GEN)
- Filing Date:
- 2019-08-15
- SEC Url:
- 13D Filing
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
---|---|---|---|---|---|---|
STARBOARD VALUE | 43,600,796 | 43,600,796 | 43,600,796 | 43,600,796 | 7.1% | |
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD | 15,445,672 | 15,445,672 | 43,600,796 | 15,445,672 | 2.5% | |
STARBOARD VALUE AND OPPORTUNITY S | 2,433,000 | 2,433,000 | 2,433,000 | Less than 1% | ||
STARBOARD VALUE AND OPPORTUNITY C | 1,394,606 | 1,394,606 | 1,394,606 | Less than 1% | ||
STARBOARD VALUE R | 1,394,606 | 1,394,606 | 1,394,606 | Less than 1% | ||
STARBOARD VALUE R GP | 2,739,321 | 2,739,321 | 2,739,321 | Less than 1% | ||
STARBOARD VALUE AND OPPORTUNITY MASTER FUND L | 1,344,715 | 1,344,715 | 1,344,715 | Less than 1% | ||
STARBOARD VALUE L | 1,344,715 | 1,344,715 | 1,344,715 | Less than 1% | ||
STARBOARD LEADERS TANGO | 1,213,847 | 1,213,847 | 1,213,847 | Less than 1% | ||
STARBOARD LEADERS FUND | 1,213,847 | 1,213,847 | 1,213,847 | Less than 1% | ||
STARBOARD LEADERS SELECT VI | 1,629,398 | 1,629,398 | 1,629,398 | Less than 1% | ||
STARBOARD LEADERS SELECT VI GP | 1,629,398 | 1,629,398 | 1,629,398 | Less than 1% | ||
STARBOARD VALUE A | 2,843,245 | 2,843,245 | 2,843,245 | Less than 1% | ||
STARBOARD VALUE A GP | 2,843,245 | 2,843,245 | 2,843,245 | Less than 1% | ||
STARBOARD VALUE GP | 43,600,796 | 43,600,796 | 43,600,796 | 7.1% | ||
STARBOARD PRINCIPAL CO | 43,600,796 | 43,600,796 | 43,600,796 | 7.1% | ||
STARBOARD PRINCIPAL CO GP | 43,600,796 | 43,600,796 | 43,600,796 | 7.1% | ||
JEFFREY C. SMITH | 24,685 | 24,685 | 43,600,796 | 7.1% | ||
PETER A. FELD | 43,625,481 | 7.1% |
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. 3)1
Symantec Corporation
(Name of Issuer)
Common Stock, $0.01 par value per share
(Title of Class of Securities)
871503108
(CUSIP Number)
JEFFREY C. SMITH
STARBOARD VALUE LP
777 Third Avenue, 18th Floor
New York, New York 10017
(212) 845-7977
STEVE WOLOSKY, ESQ.
ANDREW FREEDMAN, 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)
August 13, 2019
(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).
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD VALUE LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 43,600,796 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
43,600,796 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
43,600,796* | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
7.1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
* Includes 274,186 Shares underlying a certain forward purchase contract exercisable within 60 days hereof.
2 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 15,445,672 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
15,445,672 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
15,445,672 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
2.5% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
CO |
3 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD VALUE AND OPPORTUNITY S LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 2,433,000 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,433,000 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,433,000 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
4 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD VALUE AND OPPORTUNITY C LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 1,394,606 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
1,394,606 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
1,394,606 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
5 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD VALUE R LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 1,394,606 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
1,394,606 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
1,394,606 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
6 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD VALUE R GP LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 2,739,321 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,739,321 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,739,321 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
7 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 1,344,715 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
1,344,715 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
1,344,715 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
8 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD VALUE L LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐☒ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 1,344,715 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
1,344,715 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
1,344,715 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
9 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD LEADERS TANGO LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 1,213,847 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
1,213,847 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
1,213,847 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
10 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD LEADERS FUND LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 1,213,847 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
1,213,847 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
1,213,847 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
11 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD LEADERS SELECT VI LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 1,629,398 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
1,629,398 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
1,629,398 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
12 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD LEADERS SELECT VI GP LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 1,629,398 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
1,629,398 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
1,629,398 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
13 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD VALUE A LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 2,843,245 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,843,245 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,843,245 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
14 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD VALUE A GP LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 2,843,245 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,843,245 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,843,245 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
15 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD VALUE GP LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 43,600,796 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
43,600,796 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
43,600,796* | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
7.1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
* Includes 274,186 Shares underlying a certain forward purchase contract exercisable within 60 days hereof.
16 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD PRINCIPAL CO LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 43,600,796 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
43,600,796 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
43,600,796* | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
7.1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
* Includes 274,186 Shares underlying a certain forward purchase contract exercisable within 60 days hereof.
17 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
STARBOARD PRINCIPAL CO GP LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 43,600,796 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
43,600,796 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
43,600,796* | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
7.1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
* Includes 274,186 Shares underlying a certain forward purchase contract exercisable within 60 days hereof.
18 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
JEFFREY C. SMITH | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | - 0 - | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | 43,600,796 | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
- 0 - | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
43,600,796 | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
43,600,796* | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
7.1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
IN |
* Includes 274,186 Shares underlying a certain forward purchase contract exercisable within 60 days hereof.
19 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
PETER A. FELD | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
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 | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 24,685 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | 43,600,796 | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
24,685 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
43,600,796 | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
43,625,481* | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
7.1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
IN |
* Includes 274,186 Shares underlying a certain forward purchase contract exercisable within 60 days hereof.
20 |
The following constitutes Amendment No. 3 to the Schedule 13D filed by the undersigned (“Amendment No. 3”). This Amendment No. 3 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 L Master, Starboard Tango LLC, Starboard Select VI LP, and held in the Starboard Value LP Accounts 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 Schedule A, which is incorporated by reference herein. The aggregate purchase price of the 15,445,672 Shares beneficially owned by Starboard V&O Fund is approximately $320,809,845, excluding brokerage commissions. The aggregate purchase price of the 2,433,000 Shares beneficially owned by Starboard S LLC is approximately $51,199,609, excluding brokerage commissions. The aggregate purchase price of the 1,394,606 Shares beneficially owned by Starboard C LP is approximately $29,349,022, excluding brokerage commissions. The aggregate purchase price of the 1,344,715 Shares beneficially owned by Starboard L Master is approximately $26,943,974, excluding brokerage commissions. The aggregate purchase price of the 1,213,847 Shares beneficially owned by Starboard Tango LLC is approximately $25,439,584, excluding brokerage commissions. The aggregate purchase price of the 1,629,398 Shares beneficially owned by Starboard Select VI LP is approximately $33,195,921, excluding brokerage commissions. The aggregate purchase price of the 19,865,372 Shares held in the Starboard Value LP Accounts is approximately $395,385,584, excluding brokerage commissions. The aggregate purchase price of the entered into over-the-counter forward purchase contract providing for the purchase of 274,186 Shares by Starboard Value LP through one of the Starboard Value LP Accounts is approximately $6,292,733, excluding brokerage commissions. The 24,685 Shares beneficially owned by Mr. Feld represent shares that 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 618,031,627 Shares outstanding, as of July 31, 2019, 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 on August 9, 2019.
A. | Starboard V&O Fund |
(a) | As of the close of business on August 15, 2019, Starboard V&O Fund beneficially owned 15,445,672 Shares. |
Percentage: Approximately 2.5%
(b) | 1. Sole power to vote or direct vote: 15,445,672 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 15,445,672 4. Shared power to dispose or direct the disposition: 0 |
(c) | The transactions in the Shares by Starboard V&O Fund during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
21 |
B. | Starboard S LLC |
(a) | As of the close of business on August 15, 2019, Starboard S LLC beneficially owned 2,433,000 Shares. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 2,433,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,433,000 4. Shared power to dispose or direct the disposition: 0 |
(c) | The transactions in the Shares by Starboard S LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
C. | Starboard C LP |
(a) | As of the close of business on August 15, 2019, Starboard C LP beneficially owned 1,394,606 Shares. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 1,394,606 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,394,606 4. Shared power to dispose or direct the disposition: 0 |
(c) | The transactions in the Shares by Starboard C LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
D. | Starboard R LP |
(a) | Starboard R LP, as the general partner of Starboard C LP, may be deemed the beneficial owner of the 1,394,606 Shares owned by Starboard C LP. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 1,394,606 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,394,606 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 Schedule A and are incorporated herein by reference. |
E. | Starboard R GP |
(a) | Starboard R GP, as the general partner of Starboard R LP and Starboard L GP, may be deemed the beneficial owner of the (i) 1,394,606 Shares owned by Starboard C LP and (ii) 1,344,715 Shares owned by Starboard L Master. |
Percentage: Less than 1%
22 |
(b) | 1. Sole power to vote or direct vote: 2,739,321 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,739,321 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 and Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
F. | Starboard L Master |
(a) | As of the close of business on August 15, 2019, Starboard L Master beneficially owned 1,344,715 Shares. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 1,344,715 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,344,715 4. Shared power to dispose or direct the disposition: 0 |
(c) | The transactions in the Shares by Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
G. | Starboard L GP |
(a) | Starboard L GP, as the general partner of Starboard L Master, may be deemed the beneficial owner of the 1,344,715 Shares owned by Starboard L Master. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 1,344,715 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,344,715 4. Shared power to dispose or direct the disposition: 0 |
(c) | Starboard L GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
H. | Starboard Tango LLC |
(a) | As of the close of business on August 15, 2019, Starboard Tango LLC beneficially owned 1,213,847 Shares. |
Percentage: Less than 1%
23 |
(b) | 1. Sole power to vote or direct vote: 1,213,847 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,213,847 4. Shared power to dispose or direct the disposition: 0 |
(c) | The transactions in the Shares by Starboard Tango LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
I. | Starboard Leaders Fund |
(a) | Starboard Leaders Fund, as a member of Starboard Tango LLC, may be deemed the beneficial owner of the 1,213,847 Shares owned by Starboard Tango LLC. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 1,213,847 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,213,847 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. The transactions in the Shares on behalf of Starboard Tango LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
J. | Starboard Select VI LP |
(a) | As of the close of business on August 15, 2019, Starboard Select VI LP beneficially owned 1,629,398 Shares. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 1,629,398 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,629,398 4. Shared power to dispose or direct the disposition: 0 |
(c) | The transactions in the Shares by Starboard Select VI LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
K. | Starboard Select VI GP |
(a) | Starboard Select VI GP, as the general partner of Starboard Select VI LP, may be deemed the beneficial owner of the 1,629,398 Shares owned by Starboard Select VI LP. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 1,629,398 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,629,398 4. Shared power to dispose or direct the disposition: 0 |
(c) | Starboard Select VI GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Starboard Select VI LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
L. | Starboard A LP |
(a) | Starboard A LP, as the general partner of Starboard Leaders Fund and the managing member of Starboard Tango LLC and Starboard Select VI GP, may be deemed the beneficial owner of the (i) 1,213,847 Shares owned by Starboard Tango LLC and (ii) 1,629,398 Shares owned by Starboard Select VI LP. |
Percentage: Less than 1%
24 |
(b) | 1. Sole power to vote or direct vote: 2,843,245 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,843,245 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. The transactions in the Shares on behalf of Starboard Tango LLC and Starboard Select VI LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
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) 1,213,847 Shares owned by Starboard Tango LLC and (ii) 1,629,398 Shares owned by Starboard Select VI LP. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 2,843,245 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,843,245 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. The transactions in the Shares on behalf of Starboard Tango LLC and Starboard Select VI LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
N. | Starboard Value LP |
(a) | As of the close of business on August 15, 2019, 20,139,558 Shares were held in the Starboard Value LP Accounts, including 274,186 Shares underlying a certain forward purchase contract. Starboard Value LP, as the investment manager of Starboard V&O Fund, Starboard C LP, Starboard L Master, Starboard Tango LLC, Starboard Select VI LP, and the Starboard Value LP Accounts and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 15,445,672 Shares owned by Starboard V&O Fund, (ii) 2,433,000 Shares owned by Starboard S LLC, (iii) 1,394,606 Shares owned by Starboard C LP, (iv) 1,344,715 Shares owned by Starboard L Master, (v) 1,213,847 Shares owned by Starboard Tango LLC, (vi) 1,629,398 Shares owned by Starboard Select VI LP, and (vii) 20,139,558 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.1%
(b) | 1. Sole power to vote or direct vote: 43,600,796 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 43,600,796 4. Shared power to dispose or direct the disposition: 0 |
(c) | The transactions in the Shares by Starboard Value LP through the Starboard Value LP Accounts and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master, Starboard Tango LLC, and Starboard Select VI LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
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) 15,445,672 Shares owned by Starboard V&O Fund, (ii) 2,433,000 Shares owned by Starboard S LLC, (iii) 1,394,606 Shares owned by Starboard C LP, (iv) 1,344,715 Shares owned by Starboard L Master, (v) 1,213,847 Shares owned by Starboard Tango LLC, (vi) 1,629,398 Shares owned by Starboard Select VI LP, and (vii) 20,139,558 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.1%
25 |
(b) | 1. Sole power to vote or direct vote: 43,600,796 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 43,600,796 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, Starboard C LP, Starboard L Master, Starboard Tango LLC, and Starboard Select VI LP and through the Starboard Value LP Accounts during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
P. | Principal Co |
(a) | Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 15,445,672 Shares owned by Starboard V&O Fund, (ii) 2,433,000 Shares owned by Starboard S LLC, (iii) 1,394,606 Shares owned by Starboard C LP, (iv) 1,344,715 Shares owned by Starboard L Master, (v) 1,213,847 Shares owned by Starboard Tango LLC, (vi) 1,629,398 Shares owned by Starboard Select VI LP, and (vii) 20,139,558 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.1%
(b) | 1. Sole power to vote or direct vote: 43,600,796 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 43,600,796 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, Starboard C LP, Starboard L Master, Starboard Tango LLC, and Starboard Select VI LP and through the Starboard Value LP Accounts during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
Q. | Principal GP |
(a) | Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 15,445,672 Shares owned by Starboard V&O Fund, (ii) 2,433,000 Shares owned by Starboard S LLC, (iii) 1,394,606 Shares owned by Starboard C LP, (iv) 1,344,715 Shares owned by Starboard L Master, (v) 1,213,847 Shares owned by Starboard Tango LLC, (vi) 1,629,398 Shares owned by Starboard Select VI LP, and (vii) 20,139,558 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.1%
26 |
(b) | 1. Sole power to vote or direct vote: 43,600,796 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 43,600,796 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, Starboard C LP, Starboard L Master, Starboard Tango LLC, and Starboard Select VI LP and through the Starboard Value LP Accounts during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
R. | Mr. Smith |
(a) | Mr. Smith, 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) 15,445,672 Shares owned by Starboard V&O Fund, (ii) 2,433,000 Shares owned by Starboard S LLC, (iii) 1,394,606 Shares owned by Starboard C LP, (iv) 1,344,715 Shares owned by Starboard L Master, (v) 1,213,847 Shares owned by Starboard Tango LLC, (vi) 1,629,398 Shares owned by Starboard Select VI LP, and (vii) 20,139,558 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.1%
(b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 43,600,796 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 43,600,796 |
(c) | Mr. Smith 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, Starboard C LP, Starboard L Master, Starboard Tango LLC, and Starboard Select VI LP and through the Starboard Value LP Accounts during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
S. | Mr. Feld |
(a) | As of the close of business on August 15, 2019, Mr. Feld beneficially owned 24,685 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) 15,445,672 Shares owned by Starboard V&O Fund, (ii) 2,433,000 Shares owned by Starboard S LLC, (iii) 1,394,606 Shares owned by Starboard C LP, (iv) 1,344,715 Shares owned by Starboard L Master, (v) 1,213,847 Shares owned by Starboard Tango LLC, (vi) 1,629,398 Shares owned by Starboard Select VI LP, and (vii) 20,139,558 Shares held in the Starboard Value LP Accounts. |
Percentage: Approximately 7.1%
27 |
(b) | 1. Sole power to vote or direct vote: 24,685 2. Shared power to vote or direct vote: 43,600,796 3. Sole power to dispose or direct the disposition: 24,685 4. Shared power to dispose or direct the disposition: 43,600,796 |
(c) | Mr. Feld 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, Starboard C LP, Starboard L Master, Starboard Tango LLC, and Starboard Select VI LP and through the Starboard Value LP Accounts during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
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.
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 6 is hereby amended to add the following:
Starboard Value LP through one of the Starboard Value LP Accounts entered into a forward purchase contract providing for the purchase of 274,186 Shares (the “Forward Contract”). The Forward Contract has a final valuation date of February 16, 2021, however, Starboard Value LP has the ability to elect early settlement after serving notice to the counter party of such intention at least two (2) scheduled trading days in advance of the desired early final valuation date. The Forward Contract provides for physical settlement. Until the settlement date, the Forward Contract does not give Starboard Value LP voting or dispositive control over the Shares to which the contract relates.
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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: August 15, 2019
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 AND OPPORTUNITY MASTER FUND L LP By: Starboard Value L LP, its general partner
Starboard Value L LP By: Starboard Value R GP LLC, its general partner
STARBOARD VALUE R LP By: Starboard Value R GP LLC, its general partner
STARBOARD LEADERS TANGO LLC By: Starboard Value A LP, its managing member
| Starboard Leaders Fund LP By: Starboard Value A LP, its general partner
Starboard Leaders Select VI LP By: Starboard Leaders Select VI GP LLC, 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 VI 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 Peter A. Feld |
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SCHEDULE A
Transactions in the Shares During the Past Sixty Days
Nature of the Transaction | Amount of Securities Purchased/(Sold) | Price ($) | Date of Purchase/Sale |
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
Purchase of Common Stock | 227,426 | 22.1867 | 08/13/2019 |
Purchase of Common Stock | 1,175,096 | 22.5256 | 08/13/2019 |
Purchase of Common Stock | 338,499 | 22.6966 | 08/13/2019 |
Purchase of Common Stock | 114,297 | 22.4274 | 08/13/2019 |
Purchase of Common Stock | 538,640 | 22.9194 | 08/13/2019 |
Purchase of Common Stock | 708,052 | 22.9506 | 08/14/2019 |
STARBOARD VALUE AND OPPORTUNITY S LLC
Purchase of Common Stock | 37,215 | 22.1867 | 08/13/2019 |
Purchase of Common Stock | 192,289 | 22.5256 | 08/13/2019 |
Purchase of Common Stock | 55,391 | 22.6966 | 08/13/2019 |
Purchase of Common Stock | 18,703 | 22.4274 | 08/13/2019 |
Purchase of Common Stock | 88,141 | 22.9194 | 08/13/2019 |
Purchase of Common Stock | 223,757 | 22.9506 | 08/14/2019 |
STARBOARD VALUE AND OPPORTUNITY C LP
Purchase of Common Stock | 21,427 | 22.1867 | 08/13/2019 |
Purchase of Common Stock | 110,711 | 22.5256 | 08/13/2019 |
Purchase of Common Stock | 31,892 | 22.6966 | 08/13/2019 |
Purchase of Common Stock | 10,768 | 22.4274 | 08/13/2019 |
Purchase of Common Stock | 50,748 | 22.9194 | 08/13/2019 |
Purchase of Common Stock | 128,830 | 22.9506 | 08/14/2019 |
STARBOARD LEADERS TANGO LLC
Purchase of Common Stock | 232 | 22.1867 | 08/13/2019 |
Purchase of Common Stock | 48 | 22.1867 | 08/13/2019 |
Purchase of Common Stock | 1,198 | 22.5256 | 08/13/2019 |
Purchase of Common Stock | 249 | 22.5256 | 08/13/2019 |
Purchase of Common Stock | 345 | 22.6966 | 08/13/2019 |
Purchase of Common Stock | 72 | 22.6966 | 08/13/2019 |
Purchase of Common Stock | 117 | 22.4274 | 08/13/2019 |
Purchase of Common Stock | 24 | 22.4274 | 08/13/2019 |
Purchase of Common Stock | 548 | 22.9194 | 08/13/2019 |
Purchase of Common Stock | 115 | 22.9194 | 08/13/2019 |
Purchase of Common Stock | 1,029 | 22.9506 | 08/14/2019 |
Purchase of Common Stock | 211 | 22.9506 | 08/14/2019 |
STARBOARD LEADERS SELECT VI LP
Purchase of Common Stock | 454 | 22.1867 | 08/13/2019 |
Purchase of Common Stock | 2,348 | 22.5256 | 08/13/2019 |
Purchase of Common Stock | 676 | 22.6966 | 08/13/2019 |
Purchase of Common Stock | 228 | 22.4274 | 08/13/2019 |
Purchase of Common Stock | 1,078 | 22.9194 | 08/13/2019 |
Purchase of Common Stock | 2,013 | 22.9506 | 08/14/2019 |
STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP
Purchase of Common Stock | 20,299 | 22.1867 | 08/13/2019 |
Purchase of Common Stock | 104,885 | 22.5256 | 08/13/2019 |
Purchase of Common Stock | 30,213 | 22.6966 | 08/13/2019 |
Purchase of Common Stock | 10,202 | 22.4274 | 08/13/2019 |
Purchase of Common Stock | 48,077 | 22.9194 | 08/13/2019 |
Purchase of Common Stock | 122,050 | 22.9506 | 08/14/2019 |
STARBOARD VALUE LP
(Through the Starboard Value LP Accounts)
Purchase of Common Stock | 69,544 | 22.1867 | 08/13/2019 |
Purchase of Common Stock | 359,327 | 22.5256 | 08/13/2019 |
Purchase of Common Stock | 103,508 | 22.6966 | 08/13/2019 |
Purchase of Common Stock | 34,950 | 22.4274 | 08/13/2019 |
Purchase of Common Stock | 164,708 | 22.9194 | 08/13/2019 |
Purchase of Common Stock | 3,355 | 22.1867 | 08/13/2019 |
Purchase of Common Stock | 17,333 | 22.5256 | 08/13/2019 |
Purchase of Common Stock | 4,993 | 22.6966 | 08/13/2019 |
Purchase of Common Stock | 1,686 | 22.4274 | 08/13/2019 |
Purchase of Common Stock | 7,945 | 22.9194 | 08/13/2019 |
Purchase of Common Stock | 125,000 | 22.9506 | 08/14/2019 |
Purchase of Forward Contract | 274,186 | 22.9506 | 08/14/2019 |
Purchase of Common Stock | 14,872 | 22.9506 | 08/14/2019 |