0001104659-13-091632.txt : 20131220 0001104659-13-091632.hdr.sgml : 20131220 20131220172252 ACCESSION NUMBER: 0001104659-13-091632 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20131220 DATE AS OF CHANGE: 20131220 GROUP MEMBERS: DAVID H. BATCHELDER GROUP MEMBERS: RALPH V. WHITWORTH GROUP MEMBERS: RELATIONAL COAST PARTNERS, L.P. GROUP MEMBERS: RELATIONAL FUND PARTNERS, L.P. GROUP MEMBERS: RELATIONAL INVESTORS IX, L.P. GROUP MEMBERS: RELATIONAL INVESTORS MID-CAP FUND I, L.P. GROUP MEMBERS: RELATIONAL INVESTORS MID-CAP FUND II, L.P. GROUP MEMBERS: RELATIONAL INVESTORS XV, L.P. GROUP MEMBERS: RELATIONAL INVESTORS XVI, L.P. GROUP MEMBERS: RELATIONAL INVESTORS XX, L.P. GROUP MEMBERS: RELATIONAL INVESTORS XXIII, L.P. GROUP MEMBERS: RELATIONAL INVESTORS XXIV, L.P. GROUP MEMBERS: RH FUND 1, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: HOLOGIC INC CENTRAL INDEX KEY: 0000859737 STANDARD INDUSTRIAL CLASSIFICATION: X-RAY APPARATUS & TUBES & RELATED IRRADIATION APPARATUS [3844] IRS NUMBER: 042902449 STATE OF INCORPORATION: DE FISCAL YEAR END: 0928 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-41074 FILM NUMBER: 131292502 BUSINESS ADDRESS: STREET 1: 35 CROSBY DRIVE CITY: BEDFORD STATE: MA ZIP: 01730 BUSINESS PHONE: 7819997300 MAIL ADDRESS: STREET 1: 35 CROSBY DRIVE CITY: BEDFORD STATE: MA ZIP: 01730 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: RELATIONAL INVESTORS LLC CENTRAL INDEX KEY: 0001047644 IRS NUMBER: 330694767 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 12400 HIGH BLUFF DRIVE STREET 2: SUITE 600 CITY: SAN DIEGO STATE: CA ZIP: 92130 BUSINESS PHONE: 858.704.3333 MAIL ADDRESS: STREET 1: 12400 HIGH BLUFF DRIVE STREET 2: SUITE 600 CITY: SAN DIEGO STATE: CA ZIP: 92130 SC 13D 1 a13-26688_1sc13d.htm SC 13D

 

 

UNITED STATES

 

 

SECURITIES AND EXCHANGE
COMMISSION

 

 

Washington, D.C. 20549

 

 

 

 

 

SCHEDULE 13D

 


Under the Securities Exchange Act of 1934
(Amendment No.    )*

Hologic, Inc.

(Name of Issuer)

 

Common Stock, $0.01 par value

(Title of Class of Securities)

 

436440101

(CUSIP Number)

 

Ralph V. Whitworth
Relational Investors, LLC
12400 High Bluff Drive, Suite 600
San Diego, CA 92130
(858) 704-3333

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

December 10, 2013

(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. o

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.

* 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.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Relational Investors, LLC

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

x

 

 

(b)

o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
OO

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
19,950,200

 

8.

Shared Voting Power
-0-

 

9.

Sole Dispositive Power
19,950,200

 

10.

Shared Dispositive Power
-0-

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
19,950,200

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
7.30%

 

 

14.

Type of Reporting Person (See Instructions)
IA/HC/OO

 

2



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Relational Investors Mid-Cap Fund I, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

x

 

 

(b)

o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
7,035,728

 

8.

Shared Voting Power
-0-

 

9.

Sole Dispositive Power
7,035,728

 

10.

Shared Dispositive Power
-0-

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
7,035,728

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
2.58%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

3



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Relational Investors Mid-Cap Fund II, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
5,200,645

 

8.

Shared Voting Power
-0-

 

9.

Sole Dispositive Power
5,200,645

 

10.

Shared Dispositive Power
-0-

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
5,200,645

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
1.90%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

4



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Relational Fund Partners, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

x

 

 

(b)

o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC/OO

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
44,720

 

8.

Shared Voting Power
-0-

 

9.

Sole Dispositive Power
44,720

 

10.

Shared Dispositive Power
-0-

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
44,720

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
0.02%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

5



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Relational Coast Partners, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

x

 

 

(b)

o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC/OO

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
421,529

 

8.

Shared Voting Power
-0-

 

9.

Sole Dispositive Power
421,529

 

10.

Shared Dispositive Power
-0-

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
421,529

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
0.15%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

6



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Relational Investors IX, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
559,260

 

8.

Shared Voting Power
-0-

 

9.

Sole Dispositive Power
559,260

 

10.

Shared Dispositive Power
-0-

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
559,260

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
0.20%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

7



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Relational Investors XV, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
430,591

 

8.

Shared Voting Power
-0-

 

9.

Sole Dispositive Power
430,591

 

10.

Shared Dispositive Power
-0-

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
430,591

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
0.16%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

8



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Relational Investors XVI, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
243,121

 

8.

Shared Voting Power
-0-

 

9.

Sole Dispositive Power
243,121

 

10.

Shared Dispositive Power
-0-

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
243,121

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
0.09%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

9



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Relational Investors XX, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC/OO

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
396,483

 

8.

Shared Voting Power
-0-

 

9.

Sole Dispositive Power
396,483

 

10.

Shared Dispositive Power
-0-

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
396,483

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
0.15%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

10



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Relational Investors XXIII, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC/OO

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
561,766

 

8.

Shared Voting Power
-0-

 

9.

Sole Dispositive Power
561,766

 

10.

Shared Dispositive Power
-0-

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
561,766

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
0.21%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

11



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Relational Investors XXIV, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
80,245

 

8.

Shared Voting Power
-0-

 

9.

Sole Dispositive Power
80,245

 

10.

Shared Dispositive Power
-0-

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
80,245

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
0.03%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

12



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
RH Fund 1, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC/OO

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
373,492

 

8.

Shared Voting Power
-0-

 

9.

Sole Dispositive Power
373,492

 

10.

Shared Dispositive Power
-0-

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
373,492

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
0.14%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

13



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Ralph V. Whitworth

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
NA

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
United States

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
-0-

 

8.

Shared Voting Power
19,950,200

 

9.

Sole Dispositive Power
-0-

 

10.

Shared Dispositive Power
19,950,200

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
19,950,200

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
7.30%

 

 

14.

Type of Reporting Person (See Instructions)
IN

 

14



 

 

1.

Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
David H. Batchelder

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 x

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
NA

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
United States

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
-0-

 

8.

Shared Voting Power
19,950,200

 

9.

Sole Dispositive Power
-0-

 

10.

Shared Dispositive Power
19,950,200

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
19,950,200

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
7.30%

 

 

14.

Type of Reporting Person (See Instructions)
IN

 

15



 

Item 1.   Security and Issuer

 

This Statement on Schedule 13D (this “Statement”) relates to the common stock, $0.01 par value (the “Shares”) of Hologic, Inc. (the “Issuer” or the “Company”). The Issuer’s principal executive offices are located at 35 Crosby Drive, Bedford, MA 01730.

Item 2.   Identity and Background

This Statement is being filed by and on behalf of Relational Investors Mid-Cap Fund I, L.P. (“MC I”), Relational Investors Mid-Cap Fund II, L.P. (“MC II”), Relational Fund Partners, L.P. (“RFP”), Relational Coast Partners, L.P. (“RCP”), Relational Investors IX, L.P. (“RI IX”), Relational Investors XV, L.P. (“RI XV”), Relational Investors XVI, L.P. (“RI XVI”), Relational Investors XX, L.P. (“RI XX”), Relational Investors XXIII, L.P. (“RI XXIII”), Relational Investors XXIV, L.P. (“RI XXIV”) and RH Fund 1, L.P. (“RHF 1”), collectively, the “Relational LPs.”  Each of the Relational LPs is a Delaware limited partnership.  The principal business of each, is investing in securities.

This Statement is also being filed by Relational Investors, LLC (“RILLC”), a Delaware limited liability company.  The principal business of RILLC is being the sole general partner or sole managing member of the general partner of certain investment partnerships, including the Relational LPs and the investment adviser of certain client managed accounts, the “Managed Accounts”.  The Relational LPs and the Managed Accounts are the beneficial owners of the securities covered by this Statement.  Pursuant to the Limited Partnership Agreement of each of the Relational LPs, and the investment management agreement of the Managed Accounts, RILLC has sole investment discretion and voting authority with respect to the securities covered by this Statement.

This Statement is also being filed by Ralph V. Whitworth and David H. Batchelder.  Messrs. Whitworth and Batchelder are the Principals of RILLC, in which capacity they share voting control and dispositive power over certain securities covered by this Statement.  As such, Messrs. Whitworth and Batchelder may be deemed to have indirect beneficial ownership of such securities, but, each of Mr. Whitworth and Mr. Batchelder disclaim beneficial ownership of the Shares except to the extent of his pecuniary interest therein.  The present principal occupation of each of Messrs. Whitworth and Batchelder is serving as Principals of RILLC (Messrs. Whitworth and Batchelder, together with Relational LPs and RILLC, hereinafter, the “Reporting Persons”).

During the last five years, none of the Reporting Persons has been (i) convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) or (ii) 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.

The business address of each of the Reporting Persons is 12400 High Bluff Drive, Suite 600, San Diego, CA 92130.

Messrs. Whitworth and Batchelder are each citizens of the United States.

Item 3.   Source and Amount of Funds or Other Consideration

RILLC and the Managed Accounts purchased an aggregate of 4,602,620 Shares for a total consideration (including brokerage commissions) of $99.6 million derived from capital of RILLC and the Managed Accounts.

The Relational LPs purchased an aggregate of 15,347,580 Shares for total consideration (including brokerage commissions) of $330.1 million derived from the capital of the Relational LPs and margin borrowings from Credit Suisse Securities (USA) LLC (“CSSU”) for RFP, RCP, RI XX, RI XXIII and RHF 1.

Interest on the margin debt balance of the margin accounts described above is charged at the then Federal Funds Rate plus 50 basis points.  CSSU has a lien on the Shares held by RFP, RCP, RI XX, RI XXIII and RHF 1 to secure repayment of the margin borrowings described above.

 

16



 

Item 4.                                                         Purpose of Transaction

 

The Reporting Persons believe the Company, a leading developer, manufacturer, and supplier of diagnostic and medical imaging systems for the health needs of women, trades at a discount to fair value.  The Reporting Persons attribute this discount to subpar operational execution and a history of deploying capital to over-priced acquisitions. These acquisitions have burdened the Company with excessive leverage and pushed the Company’s return on invested capital below its cost of capital. Driving this acquisition strategy was a short-term executive compensation program focused on revenue and EPS targets, without regard to investment returns, as well as a long-term executive compensation program that did not include performance targets.

 

The Reporting Persons began accumulating shares of the Company in August 2013.  Beginning in September 2013, the Reporting Persons have presented their views to the Company on the issues outlined above and emphasized that the Company should use its discretionary cash flows to normalize debt levels and accelerate debt reduction with selected divestitures.  The Reporting Persons also stressed that the Company should adopt a disciplined capital allocation program designed to avoid future dilutive acquisitions.  The Reporting Persons commend the Company for announcing a strategic review and adopting the Reporting Persons’ capital allocation recommendations on the Company’s fourth quarter earnings call held November 11th, 2013.  The Reporting Persons are further encouraged by recent management changes and the addition of shareholder representatives to the Board of Directors.

 

Management should continue to regularly communicate and report on its stated plan to pay down debt and return cash to shareholders. The Reporting Persons intend to monitor the Company’s adherence to this strategic plan and capital allocation disciplines.

 

The Reporting Persons may exercise any and all of their respective rights as shareholders of the Company in a manner consistent with their equity interests. The Reporting Persons and their representatives and advisers intend to continue from time to time to discuss the Company and its performance with members of the Company’s board and management. In addition, the Reporting Persons may communicate with other shareholders, industry participants and other interested parties concerning the Company. Although the Reporting Persons do not have any current plans, other than the monitoring and communication program outlined above, the Reporting Persons may in the future decide to seek representation on the Company’s board of directors.

 

The Reporting Persons may from time to time (i) acquire additional Shares (subject to availability at prices deemed favorable) in the open market, in privately negotiated transactions or otherwise, or (ii) dispose of Shares at prices deemed favorable in the open market, in privately negotiated transactions or otherwise. The Reporting Persons may formulate plans or proposals for, and may from time to time explore, or make proposals relating to, transactions or actions which relate to or would result in any of the matters specified in clauses (a) through (j) of Item 4 of Schedule 13D.

 

Item 5.   Interest in Securities of the Issuer

(a)           As of the date of this Statement, the Reporting Persons beneficially owned in the aggregate 19,950,200 Shares, constituting 7.30% of the outstanding Shares.  The percentage of Shares owned is based upon 273,128,747 Shares outstanding on November 18, 2013, as set forth in the Issuer’s Form 10-K for the year ended September 28, 2013.  The Reporting Persons may be deemed to have direct beneficial ownership of the Shares as follows:

NAME

 

NUMBER OF SHARES

 

% OF OUTSTANDING SHARES

 

VOTING AND DISPOSITIVE POWER

 

RILLC

 

4,602,620

 

1.69

%

Sole

 

MC I

 

7,035,728

 

2.58

%

Sole

 

MC II

 

5,200,645

 

1.90

%

Sole

 

RFP

 

44,720

 

0.02

%

Sole

 

RCP

 

421,529

 

0.15

%

Sole

 

RI IX

 

559,260

 

0.20

%

Sole

 

RI XV

 

430,591

 

0.16

%

Sole

 

RI XVI

 

243,121

 

0.09

%

Sole

 

RI XX

 

396,483

 

0.15

%

Sole

 

RI XXIII

 

561,766

 

0.21

%

Sole

 

RI XXIV

 

80,245

 

0.03

%

Sole

 

RHF 1

 

373,492

 

0.14

%

Sole

 

17



RILLC, individually and in its capacity as an investment adviser, may be deemed to possess direct beneficial ownership of the 4,602,620 Shares that are owned by it and the Managed Accounts.  Additionally, RILLC, as the sole general partner, or sole managing member of the general partner, of each of the Relational LPs may be deemed to beneficially own (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended) the 15,347,580 Shares beneficially owned by the Relational LPs because the limited partnership agreements of the Relational LPs specify that RILLC has sole investment discretion and voting authority with respect to those Shares.

Each of Messrs. Whitworth and Batchelder, as Principals of RILLC, may be deemed to share indirect beneficial ownership of the Shares which RILLC may beneficially own.  Each of Messrs. Whitworth and Batchelder disclaims beneficial ownership of such Shares for all other purposes.

To the best of the knowledge of each of the Reporting Persons, other than as set forth above, none of the persons named in Item 2 is the beneficial owner of any Shares.

(b)           See item (a) above.

(c)           Except as set forth in Exhibit A to this Statement, none of the Reporting Persons has effected any transactions in the Shares during the past sixty days.

(d)           No other 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 covered by this Statement, except that dividends from, and proceeds from the sale of, the Shares held by accounts managed by RILLC may be delivered to such accounts.

(e)           Not applicable.

 

Item 6.  Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

 

Except for the joint filing agreement between and among the Reporting Persons attached hereto as Exhibit B, and except for the investment discretion and voting authority described in Item 2 of this Statement and in the respective partnership agreements and investment management agreements of the Relational LPs and Managed Accounts which each contain provisions whereby RILLC may, after certain adjustments, receive a percentage of realized or unrealized profits, if any, derived from that partnership’s or managed account’s investments, to the best of the knowledge of the Reporting Persons, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the Reporting Persons or between the Reporting Persons and any other person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

 

Item 7.  Material to Be Filed as Exhibits

 

The following Exhibits are filed herewith:

 

Exhibit A – Information concerning transactions in the Shares effected by the Reporting Persons in the last 60 days not previously reported.

 

Exhibit B – Joint Filing Agreement.

 

18



 

Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated:  December 20, 2013

RELATIONAL INVESTORS MID-CAP FUND I, L.P.
RELATIONAL INVESTORS MID-CAP FUND II, L.P.
RELATIONAL FUND PARTNERS, L.P.
RELATIONAL COAST PARTNERS, L.P.
RELATIONAL INVESTORS IX, L.P.
RELATIONAL INVESTORS XV, L.P.
RELATIONAL INVESTORS XVI, L.P.
RELATIONAL INVESTORS XX, L.P.
RELATIONAL INVESTORS XXIII, L.P.
RELATIONAL INVESTORS XXIV, L.P.
RH FUND 1, L.P.

By:

RELATIONAL INVESTORS, LLC

 

 

as general partner to each,

 

 

By:

/s/ Ralph V. Whitworth

 

 

 

Ralph V. Whitworth, Principal

 

 

 

RELATIONAL INVESTORS, LLC

 

 

 

 

 

 

By:

/s/ Ralph V. Whitworth

 

 

 

Ralph V. Whitworth, Principal

 

 

 

 

 

 

/s/ Ralph V. Whitworth

 

 

 

Ralph V. Whitworth

 

 

 

 

 

 

 

 

 

 

 

/s/ David H. Batchelder

 

 

 

David H. Batchelder

 

 

 

 

19


EX-99.A 2 a13-26688_1ex99da.htm EX-99.A

Exhibit A

 

Transactions by Reporting Persons in the last 60 days.

 

Beneficial Ownership

 

Purchase or
Sale

 

Quantity

 

Transaction
Date

 

Price per Share
(including
commission)

 

How Effected

 

Relational Coast Partners, L.P.

 

Purchase

 

14,438

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

3,678

 

12/10/2013

 

$

22.07

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

606

 

12/10/2013

 

$

22.17

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

1,636

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

415

 

12/10/2013

 

$

22.07

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

67

 

12/10/2013

 

$

22.17

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

13,677

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

5,862

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

4,977

 

12/10/2013

 

$

22.07

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

821

 

12/10/2013

 

$

22.17

 

Open Market

 

Relational Investors LLC

 

Purchase

 

19,992

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Investors LLC

 

Purchase

 

5,093

 

12/10/2013

 

$

22.07

 

Open Market

 

Relational Investors LLC

 

Purchase

 

840

 

12/10/2013

 

$

22.17

 

Open Market

 

Relational Investors LLC

 

Purchase

 

84,769

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Investors LLC

 

Purchase

 

21,595

 

12/10/2013

 

$

22.07

 

Open Market

 

Relational Investors LLC

 

Purchase

 

3,562

 

12/10/2013

 

$

22.17

 

Open Market

 

Relational Investors LLC

 

Purchase

 

46,468

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Investors LLC

 

Purchase

 

11,837

 

12/10/2013

 

$

22.07

 

Open Market

 

Relational Investors LLC

 

Purchase

 

1,952

 

12/10/2013

 

$

22.17

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

125,775

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

32,046

 

12/10/2013

 

$

22.07

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

5,293

 

12/10/2013

 

$

22.17

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

17,685

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

4,505

 

12/10/2013

 

$

22.07

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

743

 

12/10/2013

 

$

22.17

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

15,003

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

3,822

 

12/10/2013

 

$

22.07

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

630

 

12/10/2013

 

$

22.17

 

Open Market

 

 



 

Relational Investors XVI, L.P.

 

Purchase

 

8,467

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

2,157

 

12/10/2013

 

$

22.07

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

355

 

12/10/2013

 

$

22.17

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

13,834

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

3,524

 

12/10/2013

 

$

22.07

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

581

 

12/10/2013

 

$

22.17

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

19,606

 

12/10/2013

 

$

22.14

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

4,994

 

12/10/2013

 

$

22.07

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

823

 

12/10/2013

 

$

22.17

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

12,788

 

12/10/2013

 

$

22.14

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

3,257

 

12/10/2013

 

$

22.07

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

537

 

12/10/2013

 

$

22.17

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

9,024

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

7,219

 

12/11/2013

 

$

21.83

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

1,474

 

12/11/2013

 

$

21.77

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

1,021

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

817

 

12/11/2013

 

$

21.83

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

165

 

12/11/2013

 

$

21.77

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

8,548

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

3,664

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

6,838

 

12/11/2013

 

$

21.83

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

2,931

 

12/11/2013

 

$

21.83

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

1,995

 

12/11/2013

 

$

21.77

 

Open Market

 

Relational Investors LLC

 

Purchase

 

12,495

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Investors LLC

 

Purchase

 

9,996

 

12/11/2013

 

$

21.83

 

Open Market

 

Relational Investors LLC

 

Purchase

 

2,042

 

12/11/2013

 

$

21.77

 

Open Market

 

Relational Investors LLC

 

Purchase

 

52,981

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Investors LLC

 

Purchase

 

42,384

 

12/11/2013

 

$

21.83

 

Open Market

 

Relational Investors LLC

 

Purchase

 

8,658

 

12/11/2013

 

$

21.77

 

Open Market

 

Relational Investors LLC

 

Purchase

 

29,042

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Investors LLC

 

Purchase

 

23,234

 

12/11/2013

 

$

21.83

 

Open Market

 

Relational Investors LLC

 

Purchase

 

4,746

 

12/11/2013

 

$

21.77

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

78,612

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

62,890

 

12/11/2013

 

$

21.83

 

Open Market

 

 



 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

12,854

 

12/11/2013

 

$

21.77

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

11,053

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

8,842

 

12/11/2013

 

$

21.83

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

1,806

 

12/11/2013

 

$

21.77

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

9,377

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

7,502

 

12/11/2013

 

$

21.83

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

1,532

 

12/11/2013

 

$

21.77

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

5,292

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

4,233

 

12/11/2013

 

$

21.83

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

864

 

12/11/2013

 

$

21.77

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

8,646

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

6,917

 

12/11/2013

 

$

21.83

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

1,413

 

12/11/2013

 

$

21.77

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

12,253

 

12/11/2013

 

$

21.80

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

9,803

 

12/11/2013

 

$

21.83

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

2,002

 

12/11/2013

 

$

21.77

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

7,992

 

12/11/2013

 

$

21.80

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

6,394

 

12/11/2013

 

$

21.83

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

1,306

 

12/11/2013

 

$

21.77

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

9,069

 

12/12/2013

 

$

21.69

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

11,778

 

12/12/2013

 

$

21.70

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

7,219

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

1,026

 

12/12/2013

 

$

21.69

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

1,333

 

12/12/2013

 

$

21.70

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

817

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

8,591

 

12/12/2013

 

$

21.69

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

3,682

 

12/12/2013

 

$

21.69

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

15,939

 

12/12/2013

 

$

21.70

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

6,838

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

2,931

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Investors LLC

 

Purchase

 

12,557

 

12/12/2013

 

$

21.69

 

Open Market

 

Relational Investors LLC

 

Purchase

 

16,308

 

12/12/2013

 

$

21.70

 

Open Market

 

Relational Investors LLC

 

Purchase

 

9,996

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Investors LLC

 

Purchase

 

53,245

 

12/12/2013

 

$

21.69

 

Open Market

 

 



 

Relational Investors LLC

 

Purchase

 

69,151

 

12/12/2013

 

$

21.70

 

Open Market

 

Relational Investors LLC

 

Purchase

 

42,384

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Investors LLC

 

Purchase

 

29,187

 

12/12/2013

 

$

21.69

 

Open Market

 

Relational Investors LLC

 

Purchase

 

37,907

 

12/12/2013

 

$

21.70

 

Open Market

 

Relational Investors LLC

 

Purchase

 

23,234

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

79,004

 

12/12/2013

 

$

21.69

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

102,605

 

12/12/2013

 

$

21.70

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

62,890

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

11,108

 

12/12/2013

 

$

21.69

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

14,427

 

12/12/2013

 

$

21.70

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

8,842

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

9,424

 

12/12/2013

 

$

21.69

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

12,239

 

12/12/2013

 

$

21.70

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

7,502

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

5,318

 

12/12/2013

 

$

21.69

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

6,907

 

12/12/2013

 

$

21.70

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

4,233

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

8,689

 

12/12/2013

 

$

21.69

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

11,285

 

12/12/2013

 

$

21.70

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

6,917

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

12,315

 

12/12/2013

 

$

21.69

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

15,994

 

12/12/2013

 

$

21.70

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

9,803

 

12/12/2013

 

$

21.74

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

8,032

 

12/12/2013

 

$

21.69

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

10,432

 

12/12/2013

 

$

21.70

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

6,394

 

12/12/2013

 

$

21.74

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

12,747

 

12/13/2013

 

$

21.95

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

2,447

 

12/13/2013

 

$

21.88

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

5,414

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

1,444

 

12/13/2013

 

$

21.95

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

276

 

12/13/2013

 

$

21.88

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

612

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

12,075

 

12/13/2013

 

$

21.95

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

5,175

 

12/13/2013

 

$

21.95

 

Open Market

 

 



 

Relational Investors IX, L.P.

 

Purchase

 

3,312

 

12/13/2013

 

$

21.88

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

5,129

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

2,198

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Investors LLC

 

Purchase

 

17,650

 

12/13/2013

 

$

21.95

 

Open Market

 

Relational Investors LLC

 

Purchase

 

3,389

 

12/13/2013

 

$

21.88

 

Open Market

 

Relational Investors LLC

 

Purchase

 

7,497

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Investors LLC

 

Purchase

 

74,838

 

12/13/2013

 

$

21.95

 

Open Market

 

Relational Investors LLC

 

Purchase

 

14,369

 

12/13/2013

 

$

21.88

 

Open Market

 

Relational Investors LLC

 

Purchase

 

31,788

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Investors LLC

 

Purchase

 

41,024

 

12/13/2013

 

$

21.95

 

Open Market

 

Relational Investors LLC

 

Purchase

 

7,877

 

12/13/2013

 

$

21.88

 

Open Market

 

Relational Investors LLC

 

Purchase

 

17,425

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

111,038

 

12/13/2013

 

$

21.95

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

21,327

 

12/13/2013

 

$

21.88

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

47,170

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

15,613

 

12/13/2013

 

$

21.95

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

2,997

 

12/13/2013

 

$

21.88

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

6,632

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

13,246

 

12/13/2013

 

$

21.95

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

2,543

 

12/13/2013

 

$

21.88

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

5,626

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

7,475

 

12/13/2013

 

$

21.95

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

1,435

 

12/13/2013

 

$

21.88

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

3,175

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

12,213

 

12/13/2013

 

$

21.95

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

2,345

 

12/13/2013

 

$

21.88

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

5,187

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

17,309

 

12/13/2013

 

$

21.95

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

3,323

 

12/13/2013

 

$

21.88

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

7,352

 

12/13/2013

 

$

22.02

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

11,290

 

12/13/2013

 

$

21.95

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

2,167

 

12/13/2013

 

$

21.88

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

4,795

 

12/13/2013

 

$

22.02

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

16,243

 

12/16/2013

 

$

22.21

 

Open Market

 

 



 

Relational Coast Partners, L.P.

 

Purchase

 

3,595

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

3,609

 

12/16/2013

 

$

22.22

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

1,840

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

406

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

408

 

12/16/2013

 

$

22.22

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

15,387

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

6,595

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

4,865

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

4,884

 

12/16/2013

 

$

22.22

 

Open Market

 

Relational Investors LLC

 

Purchase

 

22,491

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors LLC

 

Purchase

 

4,978

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors LLC

 

Purchase

 

4,998

 

12/16/2013

 

$

22.22

 

Open Market

 

Relational Investors LLC

 

Purchase

 

95,366

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors LLC

 

Purchase

 

21,107

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors LLC

 

Purchase

 

21,192

 

12/16/2013

 

$

22.22

 

Open Market

 

Relational Investors LLC

 

Purchase

 

52,277

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors LLC

 

Purchase

 

11,570

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors LLC

 

Purchase

 

11,617

 

12/16/2013

 

$

22.22

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

141,493

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

31,322

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

31,447

 

12/16/2013

 

$

22.22

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

19,896

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

4,403

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

4,421

 

12/16/2013

 

$

22.22

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

16,879

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

3,736

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

3,751

 

12/16/2013

 

$

22.22

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

9,526

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

2,108

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

2,117

 

12/16/2013

 

$

22.22

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

15,563

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

3,444

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

3,458

 

12/16/2013

 

$

22.22

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

22,057

 

12/16/2013

 

$

22.21

 

Open Market

 

 



 

Relational Investors XXIII, L.P.

 

Purchase

 

4,882

 

12/16/2013

 

$

22.21

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

4,901

 

12/16/2013

 

$

22.22

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

14,387

 

12/16/2013

 

$

22.21

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

3,184

 

12/16/2013

 

$

22.21

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

3,197

 

12/16/2013

 

$

22.22

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

7,807

 

12/17/2013

 

$

22.01

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

7,182

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Coast Partners, L.P.

 

Purchase

 

7,219

 

12/17/2013

 

$

22.31

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

884

 

12/17/2013

 

$

22.01

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

813

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Fund Partners, L.P.

 

Purchase

 

817

 

12/17/2013

 

$

22.31

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

10,566

 

12/17/2013

 

$

22.01

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

6,804

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

2,916

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Investors IX, L.P.

 

Purchase

 

9,769

 

12/17/2013

 

$

22.31

 

Open Market

 

Relational Investors LLC

 

Purchase

 

10,810

 

12/17/2013

 

$

22.01

 

Open Market

 

Relational Investors LLC

 

Purchase

 

9,945

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Investors LLC

 

Purchase

 

9,996

 

12/17/2013

 

$

22.31

 

Open Market

 

Relational Investors LLC

 

Purchase

 

45,839

 

12/17/2013

 

$

22.01

 

Open Market

 

Relational Investors LLC

 

Purchase

 

42,170

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Investors LLC

 

Purchase

 

42,385

 

12/17/2013

 

$

22.31

 

Open Market

 

Relational Investors LLC

 

Purchase

 

25,128

 

12/17/2013

 

$

22.01

 

Open Market

 

Relational Investors LLC

 

Purchase

 

23,117

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Investors LLC

 

Purchase

 

23,234

 

12/17/2013

 

$

22.31

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

68,013

 

12/17/2013

 

$

22.01

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

62,571

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Investors Mid-Cap Fund I, L.P.

 

Purchase

 

62,888

 

12/17/2013

 

$

22.31

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

9,563

 

12/17/2013

 

$

22.01

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

8,798

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Investors Mid-Cap Fund II, L.P.

 

Purchase

 

8,842

 

12/17/2013

 

$

22.31

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

8,113

 

12/17/2013

 

$

22.01

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

7,464

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Investors XV, L.P.

 

Purchase

 

7,502

 

12/17/2013

 

$

22.31

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

4,579

 

12/17/2013

 

$

22.01

 

Open Market

 

 



 

Relational Investors XVI, L.P.

 

Purchase

 

4,212

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Investors XVI, L.P.

 

Purchase

 

4,234

 

12/17/2013

 

$

22.31

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

7,481

 

12/17/2013

 

$

22.01

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

6,882

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Investors XX, L.P.

 

Purchase

 

6,917

 

12/17/2013

 

$

22.31

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

10,602

 

12/17/2013

 

$

22.01

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

9,753

 

12/17/2013

 

$

22.16

 

Open Market

 

Relational Investors XXIII, L.P.

 

Purchase

 

9,803

 

12/17/2013

 

$

22.31

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

6,915

 

12/17/2013

 

$

22.01

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

6,362

 

12/17/2013

 

$

22.16

 

Open Market

 

RH Fund 1, L.P.

 

Purchase

 

6,394

 

12/17/2013

 

$

22.31

 

Open Market