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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. __)
Agere Systems Inc.
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(Name of Issuer)
Common Stock, $0.01 par value
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(Title of class of securities)
00845V308
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(CUSIP number)
CLIFTON S. ROBBINS
BLUE HARBOUR GROUP, LP
240 GREENWICH AVENUE, 3RD FLOOR
GREENWICH, CONNECTICUT 06830
(203) 422-6540
AND
LEON G. COOPERMAN
88 PINE STREET
WALL STREET PLAZA - 31ST FLOOR
NEW YORK, NY 10005
(212) 495-5210
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(Name, address and telephone number of person authorized to receive
notices and communications)
April 21, 2006
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(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ].
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CUSIP No. 755267101 13D Page 2
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1
NAME OF REPORTING PERSON: Blue Harbour Strategic Value Partners
Master Fund, LP
98-0450159
IRS IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
----------------------- ------------------------------------------------------------------------------------------------------------
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
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3
SEC USE ONLY
----------------------- ------------------------------------------------------------------------------------------------------------
4
SOURCE OF FUNDS: WC
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5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e): [ ]
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6
CITIZENSHIP OR PLACE OF ORGANIZATION: Cayman Islands, British West Indies
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7
NUMBER OF SHARES SOLE VOTING POWER: 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------- ---------------------------------------------------------------------------------------------
8
SHARED VOTING POWER: 4,889,000
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9
SOLE DISPOSITIVE POWER: 0
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10
SHARED DISPOSITIVE POWER: 4,889,000
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11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 4,889,000
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12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES:
----------------------- ------------------------------------------------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.7%
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14
TYPE OF REPORTING PERSON: PN
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2
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CUSIP No. 755267101 13D Page 3
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1
NAME OF REPORTING PERSON: Blue Harbour GP, LLC
IRS IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): 20-1590782
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2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
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3
SEC USE ONLY
----------------------- ------------------------------------------------------------------------------------------------------------
4
SOURCE OF FUNDS N/A
----------------------- ------------------------------------------------------------------------------------------------------------
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6
CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
----------------------- ------------------------------------------------------------------------------------------------------------
7
NUMBER OF SHARES SOLE VOTING POWER: 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------- ---------------------------------------------------------------------------------------------
8
SHARED VOTING POWER: 4,889,000
-------------- ---------------------------------------------------------------------------------------------
9
SOLE DISPOSITIVE POWER: 0
-------------- ---------------------------------------------------------------------------------------------
10
SHARED DISPOSITIVE POWER: 4,889,000
----------------------- ------------------------------------------------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 4,889,000
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12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES:
----------------------- ------------------------------------------------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.7%
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14
TYPE OF REPORTING PERSON: OO
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3
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CUSIP No. 755267101 13D Page 4
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1
NAME OF REPORTING PERSON: Blue Harbour Group, LP
IRS IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): 56-2457376
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2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
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3
SEC USE ONLY
----------------------- ------------------------------------------------------------------------------------------------------------
4
SOURCE OF FUNDS N/A
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5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e): [ ]
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6
CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
----------------------- ------------------------------------------------------------------------------------------------------------
7
NUMBER OF SHARES SOLE VOTING POWER: 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------- ---------------------------------------------------------------------------------------------
8
SHARED VOTING POWER: 4,889,000
-------------- ---------------------------------------------------------------------------------------------
9
SOLE DISPOSITIVE POWER: 0
-------------- ---------------------------------------------------------------------------------------------
10
SHARED DISPOSITIVE POWER: 4,889,000
----------------------- ------------------------------------------------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 4,889,000
----------------------- ------------------------------------------------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES:
----------------------- ------------------------------------------------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.7%
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14
TYPE OF REPORTING PERSON: PN
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4
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CUSIP No. 755267101 13D Page 5
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1
NAME OF REPORTING PERSON: Blue Harbour Holdings, LLC
IRS IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY): 20-1590711
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2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
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3
SEC USE ONLY
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4
SOURCE OF FUNDS N/A
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5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6
CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
----------------------- ------------------------------------------------------------------------------------------------------------
7
NUMBER OF SHARES SOLE VOTING POWER: 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------- ---------------------------------------------------------------------------------------------
8
SHARED VOTING POWER: 4,889,000
-------------- ---------------------------------------------------------------------------------------------
9
SOLE DISPOSITIVE POWER: 0
-------------- ---------------------------------------------------------------------------------------------
10
SHARED DISPOSITIVE POWER: 4,889,000
----------------------- ------------------------------------------------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 4,889,000
----------------------- ------------------------------------------------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES:
----------------------- ------------------------------------------------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.7%
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14
TYPE OF REPORTING PERSON: OO
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5
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CUSIP No. 755267101 13D Page 6
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1
NAME OF REPORTING PERSON: Clifton S. Robbins
IRS IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
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3
SEC USE ONLY
----------------------- ------------------------------------------------------------------------------------------------------------
4
SOURCE OF FUNDS N/A
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5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6
CITIZENSHIP OR PLACE OF ORGANIZATION: United States of America
----------------------- ------------------------------------------------------------------------------------------------------------
7
NUMBER OF SHARES SOLE VOTING POWER: 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
-------------- ---------------------------------------------------------------------------------------------
8
SHARED VOTING POWER: 4,889,000
-------------- ---------------------------------------------------------------------------------------------
9
SOLE DISPOSITIVE POWER: 0
-------------- ---------------------------------------------------------------------------------------------
10
SHARED DISPOSITIVE POWER: 4,889,000
----------------------- ------------------------------------------------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 4,889,000
----------------------- ------------------------------------------------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES:
----------------------- ------------------------------------------------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.7%
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14
TYPE OF REPORTING PERSON: IN
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6
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CUSIP No. 755267101 13D Page 7
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1
NAME OF REPORTING PERSON: Leon G. Cooperman
IRS IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
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3
SEC USE ONLY
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4
SOURCE OF FUNDS WC
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5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6
CITIZENSHIP OR PLACE OF ORGANIZATION: United States of America
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7
NUMBER OF SHARES SOLE VOTING POWER: 2,929,400
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
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8
SHARED VOTING POWER: 1,935,400
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9
SOLE DISPOSITIVE POWER: 2,929,400
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10
SHARED DISPOSITIVE POWER: 1,935,400
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11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 4,864,800
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12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES:
----------------------- ------------------------------------------------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.7%
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14
TYPE OF REPORTING PERSON: IN
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7
ITEM 1. SECURITY AND ISSUER
The title and class of equity security to which this Statement on
Schedule 13D relates is the common stock, par value $0.01 per share (the "Common
Stock"), of Agere Systems Inc., a Delaware corporation (the "Company"). The
address of the Company's principal executive offices is 1110 American Parkway,
N.E., Allentown, Pennsylvania 18109.
ITEM 2. IDENTITY AND BACKGROUND.
This Statement is filed by the Blue Harbour Reporting Persons and Mr.
Cooperman (each as defined below and collectively, the "Reporting Persons").
On May 1 , 2006, certain of the Reporting Persons sent a joint letter
to Richard L. Clemmer, the Company's Chief Executive Officer, regarding the
Company's current and long-term prospects (the "May 1 Letter"). See Item 4
below.
The Blue Harbour Reporting Persons and Mr. Cooperman do not have any
agreements or understandings between them relating to the acquisition,
disposition, holding or voting of the Common Stock held by them and each
expressly disclaims beneficial ownership for all purposes of the Common Stock
held by the others. The Blue Harbour Reporting Persons and Mr. Cooperman have,
on occasion, coordinated their market purchases of the Common Stock and call
options to purchase Common Stock in the past, and may decide to coordinate
purchases and sales in the future. The Reporting Persons have filed this
statement solely because they may be deemed to be a "group" for purposes of
Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Act"), as
a result of their agreement to submit the May 1 Letter to the Company's Chief
Executive Officer. However, the Blue Harbour Reporting Persons and Mr. Cooperman
each disclaim membership in a "group" with the other Reporting Person.
(1) The Blue Harbour Reporting Persons.
(a) - (c) and (f) The Blue Harbour Reporting Persons are Blue Harbour
Strategic Value Partners Master Fund, LP, a Cayman Islands exempted limited
partnership (the "Fund"), Blue Harbour GP, LLC, a Delaware limited liability
company ("Fund GP"), Blue Harbour Group, LP, a Delaware limited partnership
("Manager"), Blue Harbour Holdings, LLC, a Delaware limited liability company
("Manager GP"), and Clifton S. Robbins ("Mr. Robbins"), a citizen of the United
States of America.
The address of the principal office of each of the Fund, Manager,
Manager GP and Fund GP is 240 Greenwich Avenue, 3rd Floor, Greenwich,
Connecticut 06830, and Mr. Robbins' business address is c/o Manager at the
foregoing address. Mr. Robbins is the Chief Executive Officer of Manager.
The Fund is principally involved in the business of investing in
securities. Fund GP is principally involved in the business of serving as the
general partner of the Fund. Manager is principally involved in the business of
providing investment advisory and investment management services to the Fund and
its affiliates and, among other things, exercises all voting and other powers
and privileges attributable to any securities held for the Fund's account.
Manager GP is principally involved in the business of serving as the general
partner of Manager.
(d) - (e) During the last five years, none of the Blue Harbour
Reporting Persons nor, to the best of their knowledge, any of their officers and
directors, has (i) been convicted in a criminal proceeding (excluding traffic
8
violations or similar misdemeanors) or (ii) been 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
(2) Leon G. Cooperman.
(a) - (c) and (f) Leon G. Cooperman ("Mr. Cooperman") is a citizen of
the United States of America.
Mr. Cooperman is the Managing Member of Omega Associates, L.L.C., a
Delaware limited liability company ("Associates"). Associates is a private
investment firm formed to invest in and act as general partner of investment
partnerships or similar investment vehicles. Associates is the general partner
of limited partnerships organized under the laws of Delaware known as Omega
Capital Partners, L.P. ("Capital LP"), Omega Capital Investors, L.P.("Investors
LP"), and Omega Equity Investors, L.P. ("Equity LP"). These entities are private
investment firms engaged in the purchase and sale of securities for investment
for their own accounts.
Mr. Cooperman is also the President and majority stockholder of Omega
Advisors, Inc. ("Advisors"), a Delaware corporation engaged in providing
investment management services, and Mr. Cooperman is deemed to control said
entity. Advisors serves as the investment manager to Omega Overseas Partners,
Ltd. ("Overseas"), a Cayman Island exempted company, with a business address at
British American Tower, Third Floor, Jennrett Street, Georgetown, Grand Cayman
Island, British West Indies. Mr. Cooperman has investment discretion over
portfolio investments of Overseas and is deemed to control such investments.
Advisors also serves as a discretionary investment advisor to a limited
number of institutional clients (the "Managed Accounts"). As to the shares of
Common Stock owned by the Managed Accounts, there would be shared power to
dispose or to direct the disposition of such shares because the owners of the
Managed Accounts may be deemed beneficial owners of such shares pursuant to Rule
13d-3 under the Securities Exchange Act of 1934, as amended, as a result of
their right to terminate the discretionary account within a period of 60 days.
Mr. Cooperman is the ultimate controlling person of Associates, Capital
LP, Investors LP, Equity LP, and Advisors.
The address of the principal office of each of Mr. Cooperman,
Associates, Capital LP, Investors LP, Equity LP, Overseas and Advisors is 88
Pine Street, Wall Street Plaza - 31st Floor, New York, NY 10005.
(d) - (e) During the last five years, none of Mr. Cooperman or the
foregoing entities controlled by him, nor to the best of their knowledge, any of
their officers and directors, has (i) been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or (ii) been 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.
9
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
(1) The Blue Harbour Reporting Persons.
The 4,889,000 shares of Common Stock reported herein by the Blue
Harbour Reporting Persons were acquired in open market transactions. The shares
of Common Stock reported herein by the Blue Harbour Reporting Persons were
acquired with the Fund's working capital, which may at any given time include
funds borrowed on margin in the ordinary course and on customary terms and
conditions. The amount of funds expended by the Fund for such purchases will be
$55,582,771, including the cost of the purchase of shares of Common Stock upon
the exercise of options held by the Blue Harbour Reporting Persons (see the
attached Schedule I), commissions and other execution related costs.
(2) Leon G. Cooperman.
The 4,864,800 shares of Common Stock reported herein by Mr. Cooperman
were acquired in open market transactions. All such purchases of Common Stock
were funded by working capital, which may, at any given time, include margin
loans made by brokerage firms in the ordinary course of business. The amount of
funds expended for such purchases will be $54,252,680, including the cost of the
purchase of shares of Common Stock upon the exercise of options held by Leon G.
Cooperman (see the attached Schedule II), commissions and other execution
related costs.
ITEM 4. PURPOSE OF TRANSACTION.
On May 1, 2006, Mr. Cooperman and Manager sent the May 1 Letter to the
Company's Chief Executive Officer, a copy of which is attached hereto as Exhibit
1 and incorporated herein by reference in its entirety. In the May 1 Letter, Mr.
Cooperman and Manager outlined their shared view of the Company's current and
long-term prospects.
Depending upon changes in facts and circumstances, however, the views
of the Blue Harbour Reporting Persons and Mr. Cooperman may diverge as to the
matters discussed in the May 1 Letter, and the Blue Harbour Reporting Persons
and Mr. Cooperman, respectively, are under no obligation to each other in
respect of the matters discussed in the May 1 Letter.
Each of the Reporting Persons have acquired the Company's Common Stock
for investment purposes, and such purchases have been made in the Reporting
Persons' ordinary course of business.
In pursuing such investment purposes, the Reporting Persons may further
purchase, hold, vote, trade, dispose or otherwise deal in the securities of the
Company at times, and in such manner, as they deem advisable to benefit from
changes in market prices of such securities, changes in the Company's
operations, business strategy or prospects, or from a sale or merger of the
Company. To evaluate such alternatives, the Reporting Persons will routinely
monitor the Company's operations, prospects, business development, management,
competitive and strategic matters, capital structure, and prevailing market
conditions, as well as alternative investment opportunities, liquidity
requirements of the Reporting Persons and other investment considerations.
10
Consistent with their investment research processes, the Reporting
Persons may engage in communications regarding such matters with management or
Directors of the Company, other current or prospective shareholders, industry
analysts, existing or potential strategic partners or competitors, investment
and financing professionals, sources of credit and other investors. Such factors
and discussions may materially affect, and result in, the Reporting Persons'
modifying their ownership of securities of the Company, exchanging information
with the Company pursuant to appropriate confidentiality or similar agreements,
proposing changes in the Company's operations, governance or capitalization, or
in proposing one or more of the other actions described in subsections (a)
through (j) of Item 4 of Schedule 13D.
The Reporting Persons reserve the right to formulate other plans and/or
make other proposals, and take such actions with respect to their investment in
the Company, including any or all of the actions set forth in paragraphs (a)
through (j) of Item 4 of Schedule 13D, or acquire additional securities of the
Company or dispose of all the securities of the Company beneficially owned by
them, in public market or privately negotiated transactions. The Reporting
Persons may at any time reconsider and change their plans or proposals relating
to the foregoing.
The Reporting Persons do not have any arrangements, understandings or
agreements with or obligations to each other with respect to the foregoing, and
may act together or independently in the future.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The Reporting Persons may be deemed to beneficially own collectively an
aggregate of 9,753,800 shares of Common Stock, representing approximately 5.5%
of the shares of Common Stock presently outstanding, such percentage being based
on the number of shares of Common Stock outstanding as of January 31, 2006 (the
"Issued and Outstanding Shares") as set forth in the Company's Report on Form
10-Q for the period ended December 31, 2005. The Blue Harbour Reporting Persons
and Mr. Cooperman each expressly disclaims beneficial ownership for all purposes
of the Common Stock held by the other Reporting Person.
(1) The Blue Harbour Reporting Persons.
(a) The responses of the Blue Harbour Reporting Persons to Rows (11)
through (13) of the cover pages of this Schedule 13D are incorporated herein by
reference.
As of the close of business on the date hereof, the Fund beneficially
owns an aggregate of 4,889,000 shares of Common Stock, representing
approximately 2.7% of the shares of Common Stock based upon the Issued and
Outstanding Shares. The Fund is the direct owner of the shares of Common Stock
reported by the Blue Harbour Reporting Persons on this Statement on Schedule
13D. For purposes of disclosing the number of shares beneficially owned by each
of the Blue Harbour Reporting Persons, Fund GP, as general partner of the Fund,
Manager, as the investment manager of the Fund, Manager GP as the general
partner of Manager, and Mr. Robbins, as controlling owner of Fund GP and Manager
GP (in addition to serving as Chief Executive Officer of Manager) may be deemed
to own beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) all shares of the Common Stock that are owned beneficially
and directly by the Fund. Fund GP, Manager, Manager GP and Mr. Robbins disclaims
beneficial ownership of such shares for all other purposes.
11
(b) The responses of the Blue Harbour Reporting Persons to (i) Rows (7)
through (10) of the cover pages of this statement on Schedule 13D and (ii) Item
5(a) hereof are incorporated herein by reference.
(c) Except as set forth above or in the attached Schedule I (with
respect to the Blue Harbour Reporting Persons), no Blue Harbour Reporting Person
has effected any transaction in shares of Common Stock during the 60 days
preceding the date hereof.
(d) No other person is known by the Blue Harbour Reporting Persons 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 of Common Stock reported in this
Statement on Schedule 13D, except (i) (in the case of Common Stock reported by
the Blue Harbour Reporting Persons) the dividends from, or proceeds from the
sale of shares of Common Stock in the Fund for which Manager acts as an
investment advisor, which may be distributed to the applicable limited partner
entitled thereto in accordance with their respective limited partnership
interests in the Fund, and (ii) the Blue Harbour Reporting Persons do not have
the right to receive dividends from shares of Common Stock for which they hold
options, and the holder of such Common Stock has the right to receive such
dividends until the options are exercised. Other than as described in Item 5
hereof, no investment partnership or limited partner thereof has an interest in
shares of Common Stock reported in this Schedule 13D representing more than five
percent of the Common Stock outstanding.
(2) Leon G. Cooperman.
(a) As of the close of business on the date hereof, Mr. Cooperman may
be deemed the beneficial owner of 4,864,800 shares of Common Stock representing
approximately 2.7% of the shares of Common Stock based upon the Issued and
Outstanding Shares.
This consists of 1,446,300 shares of Common Stock owned by Capital LP;
454,800 shares of Common Stock owned by Equity LP; 115,900 shares of Common
Stock owned by Investors LP; 912,400 shares of Common Stock owned by Overseas;
and 1,935,400 shares of Common Stock owned by the Managed Accounts.
(b) The responses of Mr. Cooperman to (i) Rows (7) through (10) of the
cover pages of this statement on Schedule 13D and (ii) Item 5(a) hereof are
incorporated herein by reference.
(c) Except as set forth above or in the attached Schedule II (with
respect to the Mr. Cooperman and the foregoing entities controlled by him), none
of Mr. Cooperman or the foregoing entities controlled by him has effected any
transaction in shares of Common Stock during the 60 days preceding the date
hereof.
(d) No other person is known by Mr. Cooperman or the foregoing entities
controlled by him 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 of
Common Stock reported in this Statement on Schedule 13D, except (i) the
dividends from Common Stock or proceeds from the sale of shares of Common Stock
reported by the Managed Accounts may be distributed to the applicable investors
therein, and (ii) Mr. Cooperman and the foregoing entities controlled by him do
not have the right to receive dividends from shares of Common Stock for which
they hold options, and the holder of such Common Stock has the right to receive
12
such dividends until the options are exercised. Other than as described in Item
5 hereof, no investment partnership or limited partner thereof has an interest
in shares of Common Stock reported in this Schedule 13D representing more than
five percent of the Common Stock outstanding.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Pursuant to Rule 13d-1(k) promulgated under the Act, the Reporting
Persons have entered into an agreement with respect to the joint filing of this
statement, and any amendment or amendments thereto, a copy of which is attached
hereto as Exhibit 2 and incorporated herein by reference in its entirety.
Fund, Fund GP, Manager, Manager GP, Mr. Robbins and Mr. Cooperman are
parties to a letter agreement with respect to the coordination of information
required for filing this statement and any amendment or amendments thereto, and
the sharing of expenses incurred in respect thereof, a copy of which is attached
hereto as Exhibit 3 and incorporated herein by reference in its entirety.
Other than as described in this statement, there are no contracts,
arrangements, understandings or relationships (legal or otherwise) among the
persons named in Item 2 or between such persons and any other person with
respect to any securities of the Company.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT 1 Letter, dated May 1, 2006, from Leon G. Cooperman and Manager
to the Company.
EXHIBIT 2 Agreement as to Joint Filing of Schedule 13D, dated May 1,
2006, by and among the Fund, Fund GP, Manager, Manager GP,
Clifton S. Robbins and Leon G. Cooperman.
EXHIBIT 3 Letter Agreement, dated May 1, 2006, by and among the Fund,
Fund GP, Manager, Manager GP, Clifton S. Robbins, Associates,
Capital LP, Investors LP, Equity LP, Advisors, Overseas and
Leon G. Cooperman.
13
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: May 1, 2006
BLUE HARBOUR STRATEGIC VALUE PARTNERS MASTER FUND, LP
By: Blue Harbour GP, LLC, its general partner
By: /s/ Clifton S. Robbins
------------------------------------------
Name: Clifton S. Robbins
Title: Managing Member
BLUE HARBOUR GP, LLC
By: /s/ Clifton S. Robbins
----------------------------------------------
Name: Clifton S. Robbins
Title: Managing Member
BLUE HARBOUR GROUP, LP
By: Blue Harbour Holdings, LLC,
its general partner
By: /s/ Clifton S. Robbins
------------------------------------------
Name: Clifton S. Robbins
Title: Managing Member
BLUE HARBOUR HOLDINGS, LLC
By: /s/ Clifton S. Robbins
----------------------------------------------
Name: Clifton S. Robbins
Title: Managing Member
/s/ Clifton S. Robbins
-----------------------------------------------------
Name: Clifton S. Robbins
14
LEON G. COOPERMAN, individually, as Managing Member of
Omega Associates, L.L.C. on behalf of Omega Capital
Partners, L.P., Omega Capital Investors, L.P., Omega
Equity Investors, L.P., and as President of Omega
Advisors, Inc.
By: /s/ Alan M. Stark
-----------------------------------------------
Name: Alan M. Stark
Title: Attorney-in-Fact
Power of Attorney on File
15
Schedule I
Transactions in Shares of Common Stock by Blue Harbour Reporting Persons
------------------------------- ------------------------ --------------------- ------------------------ -----------------------
NUMBER OF SHARES OF
REPORTING PERSON DATE TRANSACTION COMMON STOCK PRICE PER SHARE
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Fund 04/24/06 Purchase* 539,000 $8.665
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* Purchase of call option to acquire shares of Common Stock. The call option
expires on June 5, 2006 and has a strike price of $5.00 per share.
Schedule II
Transactions in Shares of Common Stock by Leon G. Cooperman
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NUMBER OF SHARES OF
REPORTING PERSON DATE TRANSACTION COMMON STOCK PRICE PER SHARE
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Managed Accounts 03/24/06 Sale 24,100 $14.25
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Managed Accounts 04/20/06 Sale 15,300 $13.87
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Managed Accounts 04/20/06 Purchase 15,300 $13.87
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Capital LP 04/24/06 Purchase* 175,100 $8.665
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Equity LP 04/24/06 Purchase* 34,800 $8.665
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Investors LP 04/24/06 Purchase* 14,200 $8.665
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Overseas 04/24/06 Purchase* 109,300 $8.665
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Managed Accounts 04/24/06 Purchase* 205,500 $8.665
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* Purchase of call option to acquire shares of Common Stock. The call option
expires on June 5, 2006 and has a strike price of $5.00 per share.