0000921895-20-001638.txt : 20200529 0000921895-20-001638.hdr.sgml : 20200529 20200529161042 ACCESSION NUMBER: 0000921895-20-001638 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200529 DATE AS OF CHANGE: 20200529 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BOX INC CENTRAL INDEX KEY: 0001372612 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 202714444 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-88540 FILM NUMBER: 20927806 BUSINESS ADDRESS: STREET 1: 900 JEFFERSON AVE CITY: REDWOOD CITY STATE: CA ZIP: 94063 BUSINESS PHONE: 877-729-4269 MAIL ADDRESS: STREET 1: 900 JEFFERSON AVE CITY: REDWOOD CITY STATE: CA ZIP: 94063 FORMER COMPANY: FORMER CONFORMED NAME: BOX.NET INC DATE OF NAME CHANGE: 20060814 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Starboard Value LP CENTRAL INDEX KEY: 0001517137 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 777 THIRD AVENUE, 18TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: (212) 845-7977 MAIL ADDRESS: STREET 1: 777 THIRD AVENUE, 18TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D/A 1 sc13da206297267_05292020.htm AMENDMENT NO. 2 TO THE SCHEDULE 13D

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. 2)1

Box, Inc.

(Name of Issuer)

Class A Common Stock, $0.0001 par value

(Title of Class of Securities)

10316T104

(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)

 

May 27, 2020

(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).

 

CUSIP No. 10316T104

  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         9,194,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          9,194,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        9,194,000  
  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  
         
        PN  

  

2

CUSIP No. 10316T104

  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         5,661,924  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          5,661,924  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        5,661,924  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        3.7%  
  14   TYPE OF REPORTING PERSON  
         
        CO  

  

3

CUSIP No. 10316T104

 

  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         916,052  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          916,052  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        916,052  
  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

CUSIP No. 10316T104

 

  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         528,060  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          528,060  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        528,060  
  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

CUSIP No. 10316T104

 

  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         528,060  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          528,060  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        528,060  
  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

CUSIP No. 10316T104

 

  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         1,028,754  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          1,028,754  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,028,754  
  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

CUSIP No. 10316T104

 

  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         500,694  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          500,694  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        500,694  
  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

CUSIP No. 10316T104

 

  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         500,694  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          500,694  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        500,694  
  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

CUSIP No. 10316T104

 

  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         9,194,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          9,194,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        9,194,000  
  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  

  

10

CUSIP No. 10316T104

 

  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         9,194,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          9,194,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        9,194,000  
  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  
         
        PN  

  

11

CUSIP No. 10316T104

 

  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         9,194,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          9,194,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        9,194,000  
  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  

  

12

CUSIP No. 10316T104

 

  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         9,194,000  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          9,194,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        9,194,000  
  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  
         
        IN  

  

13

CUSIP No. 10316T104

 

  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         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         9,194,000  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          9,194,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        9,194,000  
  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  
         
        IN  

  

14

CUSIP No. 10316T104

The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned (“Amendment No. 2”). This Amendment No. 2 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 and held in the Starboard Value LP Account 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 5,661,924 Shares beneficially owned by Starboard V&O Fund is approximately $88,072,224, excluding brokerage commissions. The aggregate purchase price of the 916,052 Shares beneficially owned by Starboard S LLC is approximately $14,071,090, excluding brokerage commissions. The aggregate purchase price of the 528,060 Shares beneficially owned by Starboard C LP is approximately $8,109,067, excluding brokerage commissions. The aggregate purchase price of the 500,694 Shares beneficially owned by Starboard L Master is approximately $7,707,737, excluding brokerage commissions. The aggregate purchase price of the 1,587,270 Shares held in the Starboard Value LP Account is approximately $25,616,637, excluding brokerage commissions.

Item 4.Purpose of Transaction.

Item 4 is hereby amended to add the following:

Starboard Value LP (together with its affiliates, “Starboard”) has undertaken the transactions reported in this Amendment No. 2 to the Schedule 13D in light of the recent appreciation in the Issuer’s stock price. Starboard intends to remain a stockholder of the Issuer, and there has not been any change in Starboard’s thesis on value creation opportunities.

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 153,449,784 Shares outstanding, as of May 20, 2020, which is the total number of Shares outstanding as reported in the Issuer’s Definitive Proxy Statement on Form DEF 14A filed with the Securities and Exchange Commission on May 28, 2020.

15

CUSIP No. 10316T104

A.Starboard V&O Fund
(a)As of the close of business on May 28, 2020, Starboard V&O Fund beneficially owned 5,661,924 Shares.

Percentage: Approximately 3.7%

(b)1. Sole power to vote or direct vote: 5,661,924
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 5,661,924
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.
B.Starboard S LLC
(a)As of the close of business on May 28, 2020, Starboard S LLC beneficially owned 916,052 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 916,052
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 916,052
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 May 28, 2020, Starboard C LP beneficially owned 528,060 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 528,060
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 528,060
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.
16

CUSIP No. 10316T104

D.Starboard R LP
(a)Starboard R LP, as the general partner of Starboard C LP, may be deemed the beneficial owner of the 528,060 shares owned by Starboard C LP.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 528,060
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 528,060
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) 528,060 shares owned by Starboard C LP and (ii) 500,694 Shares owned by Starboard L Master.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 1,028,754
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,028,754
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 each 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 May 28, 2020, Starboard L Master beneficially owned 500,694 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 500,694
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 500,694
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.
17

CUSIP No. 10316T104

G.Starboard L GP
(a)Starboard L GP, as the general partner of Starboard L Master, may be deemed the beneficial owner of the 500,694 Shares owned by Starboard L Master.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 500,694
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 500,694
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 Value LP
(a)As of the close of business on May 28, 2020, 1,587,270 Shares were held in the Starboard Value LP Account. Starboard Value LP, as the investment manager of Starboard V&O Fund, Starboard C LP, Starboard L Master, and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 5,661,924 Shares owned by Starboard V&O Fund, (ii) 916,052 Shares owned by Starboard S LLC, (iii) 528,060 Shares owned by Starboard C LP, (iv) 500,694 Shares owned by Starboard L Master, and (v) 1,587,270 Shares held in the Starboard Value LP Account.

Percentage: Approximately 6.0%

(b)1. Sole power to vote or direct vote: 9,194,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 9,194,000
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 Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
I.Starboard Value GP
(a)Starboard Value GP, as the general partner of Starboard Value LP, may be deemed the beneficial owner of the (i) 5,661,924 Shares owned by Starboard V&O Fund, (ii) 916,052 Shares owned by Starboard S LLC, (iii) 528,060 Shares owned by Starboard C LP, (iv) 500,694 Shares owned by Starboard L Master and (v) 1,587,270 Shares held in the Starboard Value LP Account.

Percentage: Approximately 6.0%

(b)1. Sole power to vote or direct vote: 9,194,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 9,194,000
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 and through the Starboard Value LP Account during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
18

CUSIP No. 10316T104

J.Principal Co
(a)Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 5,661,924 Shares owned by Starboard V&O Fund, (ii) 916,052 Shares owned by Starboard S LLC, (iii) 528,060 Shares owned by Starboard C LP, (iv) 500,694 Shares owned by Starboard L Master and (v) 1,587,270 Shares held in the Starboard Value LP Account.

Percentage: Approximately 6.0%

(b)1. Sole power to vote or direct vote: 9,194,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 9,194,000
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 and through the Starboard Value LP Account during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
K.Principal GP
(a)Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 5,661,924 Shares owned by Starboard V&O Fund, (ii) 916,052 Shares owned by Starboard S LLC, (iii) 528,060 Shares owned by Starboard C LP, (iv) 500,694 Shares owned by Starboard L Master and (v) 1,587,270 Shares held in the Starboard Value LP Account.

Percentage: Approximately 6.0%

(b)1. Sole power to vote or direct vote: 9,194,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 9,194,000
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 and through the Starboard Value LP Account during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
L.Messrs. Smith and Feld
(a)Each of Messrs. Smith and 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) 5,661,924 Shares owned by Starboard V&O Fund, (ii) 916,052 Shares owned by Starboard S LLC, (iii) 528,060 Shares owned by Starboard C LP, (iv) 500,694 Shares owned by Starboard L Master and (v) 1,587,270 Shares held in the Starboard Value LP Account.

Percentage: Approximately 6.0%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 9,194,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 9,194,000
19

CUSIP No. 10316T104

(c)None of Messrs. Smith or Feld has 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 and through the Starboard Value LP Account 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.

20

CUSIP No. 10316T104

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: May 29, 2020

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 R LP

By: Starboard Value R GP LLC,

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 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 R 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

 

21

CUSIP No. 10316T104

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

Sale of Class A Common Stock (15,393) 13.4091 03/30/2020
Sale of Class A Common Stock (61,573) 14.0326 03/31/2020
Sale of Class A Common Stock (31,123) 16.3802 04/28/2020
Sale of Class A Common Stock (123,146) 16.5066 04/29/2020
Purchase of Class A Common Stock 316 15.2245 05/01/2020
Purchase of Class A Common Stock 315 15.2245 05/01/2020
Purchase of Class A Common Stock 23,347 15.3588 05/01/2020
Purchase of Class A Common Stock 23,347 15.3588 05/01/2020
Sale of Class A Common Stock (138,561) 16.6269 05/07/2020
Sale of Class A Common Stock (123,166) 17.0222 05/08/2020
Sale of Class A Common Stock (138,561) 17.2091 05/11/2020
Sale of Class A Common Stock (9,935) 17.3395 05/12/2020
Sale of Class A Common Stock (123,166) 17.3884 05/12/2020
Sale of Class A Common Stock (97,835) 16.8201 05/13/2020
Sale of Class A Common Stock (17,800) 17.0301 05/15/2020
Sale of Class A Common Stock (1,321) 17.0301 05/15/2020
Sale of Class A Common Stock (1,678) 17.3386 05/18/2020
Sale of Class A Common Stock (21,613) 17.3386 05/18/2020
Sale of Class A Common Stock (7,500) 17.3386 05/18/2020
Sale of Class A Common Stock (3,322) 17.6397 05/20/2020
Sale of Class A Common Stock (57,614) 17.6397 05/20/2020
Sale of Class A Common Stock (2,726) 20.1061 05/27/2020
Sale of Class A Common Stock (245,425) 19.8366 05/27/2020
Sale of Class A Common Stock (307,913) 19.8022 05/27/2020
Sale of Class A Common Stock (18,231) 20.4718 05/27/2020
Sale of Class A Common Stock (30,791) 19.9971 05/28/2020
Sale of Class A Common Stock (72,324) 20.6285 05/28/2020

 

 

CUSIP No. 10316T104

STARBOARD VALUE AND OPPORTUNITY S LLC

Sale of Class A Common Stock (2,491) 13.4091 03/30/2020
Sale of Class A Common Stock (9,964) 14.0326 03/31/2020
Sale of Class A Common Stock (5,036) 16.3802 04/28/2020
Sale of Class A Common Stock (19,928) 16.5066 04/29/2020
Purchase of Class A Common Stock 99 15.2245 05/01/2020
Purchase of Class A Common Stock 7,326 15.3588 05/01/2020
Sale of Class A Common Stock (22,418) 16.6269 05/07/2020
Sale of Class A Common Stock (19,927) 17.0222 05/08/2020
Sale of Class A Common Stock (22,418) 17.2091 05/11/2020
Sale of Class A Common Stock (1,607) 17.3395 05/12/2020
Sale of Class A Common Stock (19,927) 17.3884 05/12/2020
Sale of Class A Common Stock (15,829) 16.8201 05/13/2020
Sale of Class A Common Stock (3,094) 17.0301 05/15/2020
Sale of Class A Common Stock (4,982) 17.3386 05/18/2020
Sale of Class A Common Stock (9,859) 17.6397 05/20/2020
Sale of Class A Common Stock (441) 20.1061 05/27/2020
Sale of Class A Common Stock (39,708) 19.8366 05/27/2020
Sale of Class A Common Stock (49,818) 19.8022 05/27/2020
Sale of Class A Common Stock (2,950) 20.4718 05/27/2020
Sale of Class A Common Stock (4,982) 19.9971 05/28/2020
Sale of Class A Common Stock (11,701) 20.6285 05/28/2020

 

 

CUSIP No. 10316T104

STARBOARD VALUE AND OPPORTUNITY C LP

Sale of Class A Common Stock (1,436) 13.4091 03/30/2020
Sale of Class A Common Stock (5,743) 14.0326 03/31/2020
Sale of Class A Common Stock (2,903) 16.3802 04/28/2020
Sale of Class A Common Stock (11,485) 16.5066 04/29/2020
Purchase of Class A Common Stock 59 15.2245 05/01/2020
Purchase of Class A Common Stock 4,366 15.3588 05/01/2020
Sale of Class A Common Stock (12,923) 16.6269 05/07/2020
Sale of Class A Common Stock (11,487) 17.0222 05/08/2020
Sale of Class A Common Stock (12,923) 17.2091 05/11/2020
Sale of Class A Common Stock (926) 17.3395 05/12/2020
Sale of Class A Common Stock (11,487) 17.3884 05/12/2020
Sale of Class A Common Stock (9,125) 16.8201 05/13/2020
Sale of Class A Common Stock (1,784) 17.0301 05/15/2020
Sale of Class A Common Stock (2,872) 17.3386 05/18/2020
Sale of Class A Common Stock (5,683) 17.6397 05/20/2020
Sale of Class A Common Stock (254) 20.1061 05/27/2020
Sale of Class A Common Stock (22,889) 19.8366 05/27/2020
Sale of Class A Common Stock (28,718) 19.8022 05/27/2020
Sale of Class A Common Stock (1,700) 20.4718 05/27/2020
Sale of Class A Common Stock (2,872) 19.9971 05/28/2020
Sale of Class A Common Stock (6,745) 20.6285 05/28/2020

 

 

CUSIP No. 10316T104

STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP

Sale of Class A Common Stock (1,363) 13.4091 03/30/2020
Sale of Class A Common Stock (5,452) 14.0326 03/31/2020
Sale of Class A Common Stock (2,756) 16.3802 04/28/2020
Sale of Class A Common Stock (10,905) 16.5066 04/29/2020
Purchase of Class A Common Stock 44 15.2245 05/01/2020
Purchase of Class A Common Stock 3,256 15.3588 05/01/2020
Sale of Class A Common Stock (12,254) 16.6269 05/07/2020
Sale of Class A Common Stock (10,892) 17.0222 05/08/2020
Sale of Class A Common Stock (12,253) 17.2091 05/11/2020
Sale of Class A Common Stock (879) 17.3395 05/12/2020
Sale of Class A Common Stock (10,892) 17.3884 05/12/2020
Sale of Class A Common Stock (8,652) 16.8201 05/13/2020
Sale of Class A Common Stock (1,691) 17.0301 05/15/2020
Sale of Class A Common Stock (2,183) 17.3386 05/18/2020
Sale of Class A Common Stock (540) 17.3386 05/18/2020
Sale of Class A Common Stock (5,389) 17.6397 05/20/2020
Sale of Class A Common Stock (241) 20.1061 05/27/2020
Sale of Class A Common Stock (21,703) 19.8366 05/27/2020
Sale of Class A Common Stock (27,230) 19.8022 05/27/2020
Sale of Class A Common Stock (1,612) 20.4718 05/27/2020
Sale of Class A Common Stock (2,723) 19.9971 05/28/2020
Sale of Class A Common Stock (6,396) 20.6285 05/28/2020

 

 

CUSIP No. 10316T104

STARBOARD VALUE LP
(Through the Starboard Value LP Account)

Sale of Class A Common Stock (4,317) 13.4091 03/30/2020
Sale of Class A Common Stock (17,268) 14.0326 03/31/2020
Sale of Class A Common Stock (8,728) 16.3802 04/28/2020
Sale of Class A Common Stock (34,536) 16.5066 04/29/2020
Purchase of Class A Common Stock 167 15.2245 05/01/2020
Purchase of Class A Common Stock 12,358 15.3588 05/01/2020
Sale of Class A Common Stock (38,844) 16.6269 05/07/2020
Sale of Class A Common Stock (34,528) 17.0222 05/08/2020
Sale of Class A Common Stock (38,845) 17.2091 05/11/2020
Sale of Class A Common Stock (2,785) 17.3395 05/12/2020
Sale of Class A Common Stock (34,528) 17.3884 05/12/2020
Sale of Class A Common Stock (27,427) 16.8201 05/13/2020
Sale of Class A Common Stock (5,360) 17.0301 05/15/2020
Sale of Class A Common Stock (8,632) 17.3386 05/18/2020
Sale of Class A Common Stock (17,083) 17.6397 05/20/2020
Sale of Class A Common Stock (764) 20.1061 05/27/2020
Sale of Class A Common Stock (68,803) 19.8366 05/27/2020
Sale of Class A Common Stock (86,321) 19.8022 05/27/2020
Sale of Class A Common Stock (5,111) 20.4718 05/27/2020
Sale of Class A Common Stock (8,632) 19.9971 05/28/2020
Sale of Class A Common Stock (20,276) 20.6285 05/28/2020