SC 13D/A 1 t050807b.txt FIFTH AMENDMENT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Amendment No. 5) Under the Securities Exchange Act of 1934* AEP Industries Inc. -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.01 per share -------------------------------------------------------------------------------- (Title of Class of Securities) 001031103 -------------------------------------------------------------------------------- (CUSIP Number of Class of Securities) Daniel S. Loeb Third Point LLC 390 Park Avenue New York, NY 10022 (212) 224-7400 -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) Copies to: Michael A. Schwartz, Esq. Willkie Farr & Gallagher LLP 787 Seventh Avenue New York, NY 10019-6099 (212) 728-8000 May 4, 2007 -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Schedule) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of ss.ss. 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 Rule 240.13d-7 for other parties to whom copies are to be sent. * 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). SCHEDULE 13D ----------------------------------- -------------------------- CUSIP No. 001031103 Page 2 of 9 Pages ----------------------------------- -------------------------- ----------- -------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Third Point LLC I.D. #13-3922602 ----------- -------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ----------- -------------------------------------------------------------------- 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 Delaware --------------------- --------- ------------------------------------------------ 7 SOLE VOTING POWER 0 --------- ------------------------------------------------ 8 SHARED VOTING POWER NUMBER OF SHARES BENEFICIALLY OWNED 697,000 BY EACH REPORTING --------- ------------------------------------------------ PERSON WITH 9 SOLE DISPOSITIVE POWER 0 --------- ------------------------------------------------ 10 SHARED DISPOSITIVE POWER 697,000 ----------- -------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 697,000 ----------- -------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] ----------- -------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.8% ----------- -------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO ----------- -------------------------------------------------------------------- SCHEDULE 13D ----------------------------------- -------------------------- CUSIP No. 001031103 Page 3 of 9 Pages ----------------------------------- -------------------------- ----------- -------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Daniel S. Loeb ----------- -------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ----------- -------------------------------------------------------------------- 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 United States --------------------- --------- ------------------------------------------------ 7 SOLE VOTING POWER 0 --------- ------------------------------------------------ 8 SHARED VOTING POWER NUMBER OF SHARES BENEFICIALLY OWNED 697,000 BY EACH REPORTING --------- ------------------------------------------------ PERSON WITH 9 SOLE DISPOSITIVE POWER 0 --------- ------------------------------------------------ 10 SHARED DISPOSITIVE POWER 697,000 ----------- -------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 697,000 ----------- -------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] ----------- -------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.8% ----------- -------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ----------- -------------------------------------------------------------------- SCHEDULE 13D ----------------------------------- -------------------------- CUSIP No. 001031103 Page 4 of 9 Pages ----------------------------------- -------------------------- ----------- -------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Third Point Offshore Fund, Ltd. ----------- -------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ----------- -------------------------------------------------------------------- 3 SEC USE ONLY ----------- -------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC ----------- -------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] ----------- -------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands --------------------- --------- ------------------------------------------------ 7 SOLE VOTING POWER 0 --------- ------------------------------------------------ 8 SHARED VOTING POWER NUMBER OF SHARES BENEFICIALLY OWNED 477,000 BY EACH REPORTING --------- ------------------------------------------------ PERSON WITH 9 SOLE DISPOSITIVE POWER 0 --------- ------------------------------------------------ 10 SHARED DISPOSITIVE POWER 477,000 ----------- -------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 477,000 ----------- -------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] ----------- -------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.0% ----------- -------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO ----------- -------------------------------------------------------------------- SCHEDULE 13D ----------------------------------- -------------------------- CUSIP No. 001031103 Page 5 of 9 Pages ----------------------------------- -------------------------- ----------- -------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Bradley Louis Radoff ----------- -------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ----------- -------------------------------------------------------------------- 3 SEC USE ONLY ----------- -------------------------------------------------------------------- 4 SOURCE OF FUNDS* PF ----------- -------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] ----------- -------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States --------------------- --------- ------------------------------------------------ 7 SOLE VOTING POWER 0 --------- ------------------------------------------------ 8 SHARED VOTING POWER NUMBER OF SHARES BENEFICIALLY OWNED 174,268 BY EACH REPORTING --------- ------------------------------------------------ PERSON WITH 9 SOLE DISPOSITIVE POWER 0 --------- ------------------------------------------------ 10 SHARED DISPOSITIVE POWER 174,268 ----------- -------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 174,268 ----------- -------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] ----------- -------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.2% ----------- -------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ----------- -------------------------------------------------------------------- This Amendment No. 5 to Schedule 13D ("Amendment No. 5") amends the Schedule 13D filed on February 14, 2005 (as amended by Amendment No. 1 thereto filed on April 21, 2006, Amendment No. 2 thereto filed on August 3, 2006, Amendment No. 3 thereto filed on November 9, 2006, Amendment No. 4 thereto filed on March 9, 2007, and this Amendment No. 5, the "Schedule 13D") and is being filed on behalf of Third Point LLC, a Delaware limited liability company (the "Management Company"), Third Point Offshore Fund, Ltd., a Cayman Islands limited liability exempted company (the "Offshore Fund"), Daniel S. Loeb, an individual ("Mr. Loeb" and, together with the Offshore Fund and the Management Company, the "Third Point Reporting Persons"), and Bradley Louis Radoff, an individual ("Mr. Radoff" and, together with the Third Point Reporting Persons, the "Reporting Persons"). This Amendment No. 5 relates to the common stock, par value $0.01 per share (the "Common Stock"), of AEP Industries Inc., a Delaware corporation (the "Company"). The Management Company is the investment manager or adviser to a variety of hedge funds and managed accounts (such funds and accounts, including the Offshore Fund, the "Funds"). Mr. Loeb is the Chief Executive Officer of the Management Company. The Funds directly own the Common Stock to which the Schedule 13D relates, other than the Radoff Shares (as defined in Item 5 below), which are owned directly by Mr. Radoff, and the Management Company and Mr. Loeb may be deemed to have beneficial ownership over such Common Stock (other than the Radoff Shares) by virtue of their ownership or the authority granted to them by the Funds to vote and to dispose of the securities held by the Funds, including the Common Stock. Item 3. Source and Amount of Funds or Other Consideration. Item 3 of the Schedule 13D is hereby amended and restated as follows: The Funds have expended an aggregate of approximately $11,361,100 of their own investment capital to acquire the 697,000 shares of Common Stock held by them as of the date of this Amendment No. 5, and the Offshore Fund has expended an aggregate of approximately $7,775,100 of its own investment capital to acquire the 477,000 shares of Common Stock owned by it as of such date. Mr. Radoff expended approximately $2,840,568 to acquire the 174,268 shares of Common Stock currently held by him. The source of such funds was a loan from Mr. Loeb, which has been paid in full from Mr. Radoff's personal funds. 6 Item 4. Purpose of Transaction. Item 4 is hereby amended by adding the following to the text thereof: Pursuant to a Purchase Agreement dated as of May 4, 2007 (the "Purchase Agreement") by and among the Company, the Management Company, Mr. Loeb and certain of the Funds (such Funds, together with the Management Company and Mr. Loeb, the "Sellers"), the Sellers agreed to sell to the Company, and the Company agreed to purchase from the Sellers, 300,000 shares (the "Purchased Shares") of Common Stock. The aggregate purchase price for the Purchased Shares is $ 13,200,000. The description of the Purchase Agreement in this Item 4 is qualified by reference to the Purchase Agreement, a copy of which is filed as Exhibit 99.1 to this Schedule 13D and incorporated herein by reference in its entirety. Item 5. Interest in Securities of the Issuer. Item 5 is hereby amended by adding the following to the text thereof: (a) As of the date hereof, the Management Company beneficially owns 697,000 shares of Common Stock (the "Shares"), which represent 8.8% of the 7,955,223 shares of Common Stock outstanding as of March 7, 2007, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2007. The percentages used herein and in the rest of this Amendment No. 5 are calculated based upon this number of outstanding shares. As of the date hereof, the Offshore Fund directly beneficially owns 477,000 shares of Common Stock, which represent 6.0% of the outstanding shares of Common Stock. None of the other individual Funds owns a number of shares of Common Stock representing more than 5% of such total. As of the date hereof, Mr. Radoff directly beneficially owns 174,268 shares of Common Stock (the "Radoff Shares"), which represent 2.2% of the outstanding shares of Common Stock. (b) The Management Company and Mr. Loeb share voting and dispositive power over the 697,000 shares of Common Stock beneficially owned by the Funds. The Management Company, Mr. Loeb and the Offshore Fund share voting power and dispositive power over the 477,000 shares of Common Stock held by the Offshore Fund. Mr. Radoff has sole voting and dispositive power over the Radoff Shares, which are held directly by him. (c) As described in Item 4 above, pursuant to the Purchase Agreement, the Funds sold in a private transaction 300,000 shares of Common Stock, 224,000 shares of which were sold by the Offshore Fund, at a price of $44 per share in cash. On May 7, 2007, the Funds sold 3,000 shares of Common Stock in open market transactions on the NASDAQ Global Market, of which 2,100 were sold by the Offshore Fund, at a price of $44.27 per share. There have been no other transactions in the Common Stock during the past 60 days by the Reporting Persons nor, to the best of their knowledge, by any of their directors, executive officers, general partners or members. 7 (d) Other than the Funds which directly hold the Shares, and except as set forth in this Item 5, no person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares. Other than Mr. Radoff, no person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Radoff Shares. (e) Not applicable. Mr. Radoff disclaims beneficial ownership of all shares of Common Stock beneficially owned by the Third Point Reporting Persons, and the Third Point Reporting Persons disclaim beneficial ownership over the Radoff Shares. Although Mr. Radoff covers the Company for the Management Company in connection with his employment with the Management Company, Mr. Radoff does not have or share voting discretion with respect to the Common Stock beneficially owned by the Third Point Reporting Persons. Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. Item 6 is hereby amended by adding thereto the information contained in Item 4 of this Amendment No. 5. Item 7. Material to be Filed as Exhibits. 99.1. Purchase Agreement, dated as of May 4, 2007, by and among AEP Industries Inc., Third Point LLC, Daniel S. Loeb, Third Point Partners L.P., Third Point Partners Qualified L.P., Third Point Ultra Ltd. and Third Point Offshore Fund, Ltd. [Signatures on following page] 8 SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. Dated: May 8, 2007 THIRD POINT LLC By: Daniel S. Loeb, Chief Executive Officer By: /s/ Justin Nadler ----------------------------------------- Name: Justin Nadler Title: Attorney-in-Fact THIRD POINT OFFSHORE FUND, LTD. By: Daniel S. Loeb, Director By: /s/ Justin Nadler ----------------------------------------- Name: Justin Nadler Title: Attorney-in-Fact DANIEL S. LOEB By: /s/ Justin Nadler ----------------------------------------- Name: Justin Nadler Title: Attorney-in-Fact /s/ Bradley Louis Radoff ----------------------------------------------- Bradley Louis Radoff [SIGNATURE PAGE TO AMENDMENT No. 5 TO SCHEDULE 13D WITH RESPECT TO AEP INDUSTRIES INC.]