Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Visteon Corp (VC): Iridian Asset Management Reports 10.2% Stake

Page 1 of 2

David Cohen and Harold Levy‘s Iridian Asset Management has slightly increased its stake in  Visteon Corp (NYSE:VC), and now owns 3.42 million common shares, which represent 10.2% of the company’s outstanding stock, as reported in a recent 13G filing with the US SEC. At the end of December,  Iridian Asset Management held 2.81 million shares or 6.9% of the total amount of shares, as disclosed in a previous 13G filing.

Follow Visteon Corp (NYSE:VC)
Trade (NYSE:VC) Now!

Visteon Corporation is an automotive company that produces a variety of products and equipment for vehicles belonging to famous world brands such as Ford, Honda, BMW, Nissan, Mazda, General Motors and Renault, including vehicle cockpit electronics products and audio systems. Over the past 12 months, the company’s shares have dropped by 29.49%.Visteon Corporation (NYSE:VC) has recently reported revenue of $251 million for the last quarter, up by 30% from the same quarter of the prior year, and a loss per share of $0.01, versus $0.25 posted a year earlier.

According to Insider Monkey’s database, the number of funds long Visteon Corporation (NYSE:VC)  stood at 46 at the end of 2015, compared to 56 funds in the previous quarter. Iridian Asset Management disclosed the biggest position, valued at $246.7 million, and the second largest stake was held by Christopher Pucillo’s Solus Alternative Asset Management, worth $145.5 million. Other investors long the stock were Phill Gross and Robert Atchinson’s Adage Capital Management, Thomas Ellis and Todd Hammer’s North Run Capital, and Israel Englander’s Millennium Management.

Among the investors that dropped their entire stakes in Visteon Corp (NYSE:VC) during the fourth quarter, were Manish Chopra’s Tiger Veda, which dumped $35.3 million in stock, followed by Howard Guberman’s Gruss Asset Management, which said goodbye to its stock, worth around $31.9 million.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Iridian Asset Management 0 3,423,714 0 3,423,714 3,423,714 10.2%
David L. Cohen 0 3,423,714 0 3,423,714 3,423,714 10.2%
Harold J. Levy 0 3,423,714 0 3,423,714 3,423,714 10.2%

David Cohen And Harold Levy
David Cohen And Harold Levy
Iridian Asset Management

Page 1 of 2 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
Visteon Corporation
(Name of Issuer)
 
Common Stock
(Title of Class of Securities)
92839U206
(CUSIP Number)
April 30, 2016
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
 
[
X
]  Rule 13d-1(b)
[
 
]  Rule 13d-1(c)
[
 
]  Rule 13d-1(d)
 
* 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 the disclosures provided in a prior cover page.
 
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 
SCHEDULE 13G
CUSIP No. 92839U206
 
 
1.
Names of Reporting Persons.
Iridian Asset Management LLC
I.R.S. Identification Nos. of above persons (entities only).
 
 
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
(a)  [X ]       (b)  [   ]
 
 
3.
SEC USE ONLY
 
 
4.
Citizenship or Place of Organization
Delaware
 
Number of
Shares
Beneficially
Owned by
Each Reporting
Person With:
5.
Sole Voting Power
0
 
6.
Shared Voting Power
3,423,714
 
7.
Sole Dispositive Power
0
 
8.
Shared Dispositive Power
3,423,714
 
 
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
3,423,714
 
 
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  [    ]
 
 
11.
Percent of Class Represented by Amount in Row (9)
10.2%
 
 
12.
Type of Reporting Person
IA
 
2
SCHEDULE 13G
CUSIP No. 92839U206
 
 
1.
Names of Reporting Persons.
David L. Cohen
I.R.S. Identification Nos. of above persons (entities only).
 
 
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
(a)  [ X  ]       (b)  [   ]
 
 
3.
SEC USE ONLY
 
 
4.
Citizenship or Place of Organization
United States
 
Number of
Shares
Beneficially
Owned by
Each Reporting
Person With:
5.
Sole Voting Power
0
 
6.
Shared Voting Power
3,423,714
 
7.
Sole Dispositive Power
0
 
8.
Shared Dispositive Power
3,423,714
 
 
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
3,423,714
 
 
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  [    ]
 
 
11.
Percent of Class Represented by Amount in Row (9)
10.2%
 
 
12.
Type of Reporting Person
IN
 
3
SCHEDULE 13G
CUSIP No. 92839U206
 
 
1.
Names of Reporting Persons.
Harold J. Levy
I.R.S. Identification Nos. of above persons (entities only).
 
 
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
(a)  [X]       (b)  [   ]
 
 
3.
SEC USE ONLY
 
 
4.
Citizenship or Place of Organization
United States
 
Number of
Shares
Beneficially
Owned by
Each Reporting
Person With:
5.
Sole Voting Power
0
 
6.
Shared Voting Power
3,423,714
 
7.
Sole Dispositive Power
0
 
8.
Shared Dispositive Power
3,423,714
 
 
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
3,423,714
 
 
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  [    ]
 
 
11.
Percent of Class Represented by Amount in Row (9)
10.2%
 
 
12.
Type of Reporting Person
IN
 
4
This Amendment amends in its entirety the Schedule 13G filed for the month ended December 31, 2015.
Item 1.
 
(a)
Name of Issuer
Visteon Corporation
 
(b)
Address of Issuer’s Principal Executive Offices
One Village Center Drive, Van Buren Township, Michigan 48111
 
Item 2.
 
(a)
Name of Person Filing
This  Statement is being filed by and on behalf of Iridian Asset  Management LLC (“Iridian”), David L. Cohen (“Cohen”) and Harold J. Levy (“Levy”) (collectively, the “Reporting Persons”).
Iridian is majority owned by Arovid Associates LLC, a Delaware limited liability company owned and controlled by the following: 12.5% by Cohen, 12.5% by Levy, 37.5% by LLMD LLC, a Delaware limited liability company, and 37.5% by ALHERO LLC, a Delaware limited liability company. LLMD LLC is owned 1% by Cohen, and 99% by a family trust controlled by Cohen. ALHERO LLC is owned 1% by Levy and 99% by a family trust controlled by Levy.
 
(b)
Address of Principal Business Office or, if none, Residence
The principal business address of the Reporting Persons is 276 Post Road West, Westport, CT 06880-4704.
 
(c)
Citizenship or Place of Organization
Iridian is a Delaware limited liability company. Cohen and Levy are US citizens.
 
(d)
Title of Class of Securities
Common Stock
 
(e)
CUSIP Number
92839U206
 
Item 3.
If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
 
(a)
[   ]
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
 
(b)
[   ]
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
 
(c)
[   ]
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
 
(d)
[   ]
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).
 
(e)
[  ]
An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
 
(f)
[   ]
An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
 
(g)
[   ]
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
 
(h)
[   ]
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
 
(i)
[   ]
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
 
(j)
[ x]
Group, in accordance with §240.13d-1(b)(1)(ii)(J).
 
Item 4.
Ownership.
 
(a) and (b)
Amount beneficially owned and Percent of Class:
As of the date of this Statement, the Reporting Persons beneficially owned in the aggregate 3,423,714shares of Common Stock which equates to approximately 10.2% of the outstanding shares (the percentage of shares of Common Stock owned being based upon 34,009,529 shares of Common Stock outstanding at April 21, 2016 as set forth in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016).
Iridian has direct beneficial ownership of the shares of Common Stock in the accounts for which it serves as the investment adviser under its investment management agreements.
Messrs.  Cohen and Levy may be deemed to  possess  beneficial  ownership  of the shares of Common Stock beneficially owned by Iridian by virtue of their indirect controlling  ownership  of Iridian,  and having the power to vote and direct the disposition  of shares of Common  Stock as joint  Chief  Investment  Officers of Iridian. Messrs. Cohen and Levy disclaim beneficial ownership of such shares.
As used herein, “beneficial ownership” has the meaning set forth in Rule 13d-3 under the Securities Exchange Act of 1934, as amended.
     
 
(c)
Power to vote or dispose.
Iridian has the direct power to vote or direct the vote, and the direct power to dispose or direct the disposition, of 3,423,714shares of Common Stock. Cohen and Levy may be deemed to share with Iridian the power to vote or direct the vote and to dispose or direct the disposition of such shares.
 
Item 5.
Ownership of Five Percent or Less of a Class
          If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [    ].
Not Applicable.
 
Item 6.
Ownership of More than Five Percent on Behalf of Another Person
                  
Not Applicable
 
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company
Not Applicable.
 
Item 8.
Identification and Classification of Members of the Group
Iridian is an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, and its principal business is managing a number of accounts containing securities over which Iridian has voting and dispositive power.
Each of Messrs. Cohen and Levy has a controlling interest in Iridian, and serves as Co-Chief Executive Officer and Co-Chief Investment Officer of Iridian.
 
Item 9.
Notice of Dissolution of Group
Not Applicable
 

 

Follow Visteon Corp (NYSE:VC)
Trade (NYSE:VC) Now!
Page 1 of 2
Loading Comments...