Darden Restaurants Inc (DRI): Jeff Smith Exits Successful Activist Campaign; Starboard Trims Stake

According to a newly-amended 13D filing, Jeff Smith‘s Starboard Value has trimmed its exposure to Darden Restaurants, Inc. (NYSE:DRI) to 6.62 million shares, which account for 5.2% of the company’s stock, from 6.68 million shares reported in an earlier filing. In addition, the investor announced Jeff Smith’s resignation from the position of Chairman and board member, in order to respond to other duties. Jeff Smith was the company’s Chairman more than a year and he is going to be replaced by ndependent director Charles M. Sonsteby, who was voted as the new Chairman of the board.

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Around a year and a half ago, after a long proxy fight, Starboard managed to oust the entire board of directors of Darden Restaurants, Inc. (NYSE:DRI) after having criticized the company for the sale of the Red Lobster chain and other actions. The fund managed to come up with new plans for the company, including the spin-off of its real estate assets. It was one of Starboard’s most widely-discussed activist campaigns and one of the most successful, which led to a 25% growth of Darden’s stock.

Recently, Smith and Starboard embarked on a campaign against the board of directors of Yahoo! as well against CEO Marissa Mayer, who didn’t succeed in turning around the company’s struggling core business.

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
STARBOARD VALUE 6,615,000 6,615,000 6,615,000 6,615,000 6,615,000 5.2%
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD 1,441,694 6,615,000 1,441,694 6,615,000 1,441,694 1.1%
STARBOARD VALUE AND OPPORTUNITY S 329,794 6,615,000 329,794 6,615,000 329,794 Less than 1%
STARBOARD VALUE AND OPPORTUNITY C 180,772 180,772 180,772 Less than 1%
STARBOARD VALUE R 180,772 180,772 180,772 Less than 1%
STARBOARD VALUE R GP 180,772 180,772 180,772 Less than 1%
STARBOARD LEADERS DELTA 1,965,468 1,965,468 1,965,468 1.5%
STARBOARD LEADERS FUND 1,965,468 1,965,468 1,965,468 1.5%
STARBOARD VALUE A 1,965,468 1,965,468 1,965,468 1.5%
STARBOARD VALUE A GP 1,965,468 1,965,468 1,965,468 1.5%
STARBOARD VALUE GP 6,615,000 6,615,000 6,615,000 5.2%
STARBOARD PRINCIPAL CO 6,615,000 6,615,000 6,615,000 5.2%
STARBOARD PRINCIPAL CO GP 6,615,000 6,615,000 6,615,000 5.2%
JEFFREY C. SMITH 9,475 9,475 6,624,475 5.2%
MARK R. MITCHELL 6,320 6,320 6,615,000 5.2%
PETER A. FELD 6,621,320 5.2%

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Page 1 of 26 – SEC Filing

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. 20)1
Darden Restaurants, Inc.
(Name of Issuer)
Common Stock, no par value per share
(Title of Class of Securities)
237194105
(CUSIP Number)
JEFFREY C. SMITH
STARBOARD VALUE LP
777 Third Avenue, 18th Floor
New York, New York 10017
(212) 845-7977
 
STEVE WOLOSKY, ESQ.
OLSHÂN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
April 5, 2016
(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).

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Page 2 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
6,615,000
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
6,615,000
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
6,615,000
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
5.2%
14
TYPE OF REPORTING PERSON
 
PN

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Page 3 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
1,441,694
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
1,441,694
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,441,694
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
1.1%
14
TYPE OF REPORTING PERSON
 
CO

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Page 4 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE AND OPPORTUNITY S LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
329,794
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
329,794
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
329,794
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
OO

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Page 5 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE AND OPPORTUNITY C LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
180,772
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
180,772
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
180,772
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
PN

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Page 6 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE R LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
180,772
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
180,772
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
180,772
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
PN

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Page 7 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE R GP LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
180,772
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
180,772
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
180,772
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
14
TYPE OF REPORTING PERSON
 
OO

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Page 8 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD LEADERS DELTA LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
1,965,468
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
1,965,468
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,965,468
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
1.5%
14
TYPE OF REPORTING PERSON
 
OO

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Page 9 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD LEADERS FUND LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
1,965,468
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
1,965,468
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,965,468
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
1.5%
14
TYPE OF REPORTING PERSON
 
PN

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Page 10 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE A LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
1,965,468
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
1,965,468
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,965,468
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
1.5%
14
TYPE OF REPORTING PERSON
 
PN

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Page 11 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE A GP LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
1,965,468
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
1,965,468
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,965,468
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
1.5%
14
TYPE OF REPORTING PERSON
 
OO

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Page 12 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD VALUE GP LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
6,615,000
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
6,615,000
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
6,615,000
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
5.2%
14
TYPE OF REPORTING PERSON
 
OO

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Page 13 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD PRINCIPAL CO LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
6,615,000
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
6,615,000
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
6,615,000
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
5.2%
14
TYPE OF REPORTING PERSON
 
PN

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Page 14 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
STARBOARD PRINCIPAL CO GP LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
6,615,000
8
SHARED VOTING POWER
– 0 –
9
SOLE DISPOSITIVE POWER
6,615,000
10
SHARED DISPOSITIVE POWER
– 0 –
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
6,615,000
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
5.2%
14
TYPE OF REPORTING PERSON
 
OO

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Page 15 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
JEFFREY C. SMITH
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
9,475
8
SHARED VOTING POWER
6,615,000
9
SOLE DISPOSITIVE POWER
9,475
10
SHARED DISPOSITIVE POWER
6,615,000
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
6,624,475
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
5.2%
14
TYPE OF REPORTING PERSON
 
IN

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Page 16 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
MARK R. MITCHELL
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
– 0 –
8
SHARED VOTING POWER
6,615,000
9
SOLE DISPOSITIVE POWER
– 0 –
10
SHARED DISPOSITIVE POWER
6,615,000
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
6,615,000
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
5.2%
14
TYPE OF REPORTING PERSON
 
IN

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Page 17 of 26 – SEC Filing

1
NAME OF REPORTING PERSON
PETER A. FELD
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) o
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 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
6,320
8
SHARED VOTING POWER
6,615,000
9
SOLE DISPOSITIVE POWER
6,320
10
SHARED DISPOSITIVE POWER
6,615,000
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
6,621,320
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
5.2%
14
TYPE OF REPORTING PERSON
 
IN

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Page 18 of 26 – SEC Filing

The following constitutes Amendment No. 20 to the Schedule 13D filed by the undersigned (“Amendment No. 20”).  This Amendment No. 20 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 and Starboard Delta LLC and held in the Starboard Value LP Accounts 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 1,441,694 Shares beneficially owned by Starboard V&O Fund is approximately $60,640,183, excluding brokerage commissions. The aggregate purchase price of the 329,794 Shares beneficially owned by Starboard S LLC is approximately $14,042,150, excluding brokerage commissions.  The aggregate purchase price of the 180,772 Shares beneficially owned by Starboard C LP is approximately $ 7,630,898, excluding brokerage commissions. The aggregate purchase price of the 1,965,468 Shares beneficially owned by Starboard Delta LLC is approximately $81,762,215, excluding brokerage commissions.  The aggregate purchase price of the 2,697,272 Shares held in the Starboard Value LP Accounts is approximately $122,256,992, excluding brokerage commissions. The 9,475 Shares beneficially owned by Mr. Smith were granted to Mr. Smith by the Issuer in his capacity as a director of the Issuer.  The 6,320 Shares beneficially owned by Mr. Feld were granted to Mr. Feld by the Issuer in his capacity as a director of the Issuer.
Item 4.
Purpose of Transaction.
Item 4 is hereby amended to add the following:
On April 4, 2016, Jeffrey C. Smith resigned from his position as Chairman and a member of the Board of Directors of the Issuer. A copy of the Issuer’s press release, dated April 5, 2016, announcing Mr. Smith’s resignation is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 5.
Interest in Securities of the Issuer.
Items 5(a) – 5(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 128,236,458 Shares outstanding, as of December 15, 2015, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on January 6, 2016.
A.
Starboard V&O Fund
 
(a)
As of the close of business on April 6, 2016, Starboard V&O Fund beneficially owned 1,441,694 Shares.
Percentage: Approximately 1.1%

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Page 19 of 26 – SEC Filing

 
(b)
1. Sole power to vote or direct vote: 1,441,694
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 1,441,694
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
The transactions in the Shares by Starboard V&O Fund since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
B.
Starboard S LLC
 
(a)
As of the close of business on April 6, 2016, Starboard S LLC beneficially owned 329,794 Shares.
Percentage: Less than 1%
 
(b)
1. Sole power to vote or direct vote: 329,794
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 329,794
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
The transactions in the Shares by Starboard S LLC since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
C.
Starboard C LP
 
(a)
As of the close of business on April 6, 2016, Starboard C LP beneficially owned 180,772 Shares.
Percentage: Less than 1%
 
(b)
1. Sole power to vote or direct vote: 180,772
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 180,772
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
The transactions in the Shares by Starboard C LP since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
D.
Starboard R LP
 
(a)
Starboard R LP, as the general partner of Starboard C LP, may be deemed the beneficial owner of the 180,772 shares owned by Starboard C LP.
Percentage: Less than 1%
 
(b)
1. Sole power to vote or direct vote: 180,772
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 180,772
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard R LP has not entered into any transactions in the Shares since the filing of Amendment No. 19 to the Schedule 13D.  The transactions in the Shares on behalf of Starboard C LP since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

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E.
Starboard R GP
 
(a)
Starboard R GP, as the general partner of Starboard R LP, may be deemed the beneficial owner of the 180,772 shares owned by Starboard C LP.
Percentage: Less than 1%
 
(b)
1. Sole power to vote or direct vote: 180,772
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 180,772
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard R GP has not entered into any transactions in the Shares since the filing of Amendment No. 19 to the Schedule 13D.  The transactions in the Shares on behalf of Starboard C LP since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
F.
Starboard Delta LLC
 
(a)
As of the close of business on April 6, 2016, Starboard Delta LLC beneficially owned 1,965,468 Shares.
Percentage: Approximately 1.5%
 
(b)
1. Sole power to vote or direct vote: 1,965,468
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 1,965,468
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
The transactions in the Shares by Starboard Delta LLC since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
G.
Starboard Leaders Fund
 
(a)
Starboard Leaders Fund, as a member of Starboard Delta LLC, may be deemed the beneficial owner of the 1,965,468 shares owned by Starboard Delta LLC.
Percentage: Approximately 1.5%
 
(b)
1. Sole power to vote or direct vote: 1,965,468
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 1,965,468
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard Leaders Fund has not entered into any transactions in the Shares since the filing of Amendment No. 19 to the Schedule 13D.  The transactions in the Shares on behalf of Starboard Delta LLC since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

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Page 21 of 26 – SEC Filing

H.
Starboard A LP
 
(a)
Starboard A LP, as the general partner of Starboard Leaders Fund and the managing member of Starboard Delta LLC, may be deemed the beneficial owner of the 1,965,468 shares owned by Starboard Delta LLC.
Percentage: Approximately 1.5%
 
(b)
1. Sole power to vote or direct vote: 1,965,468
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 1,965,468
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard A LP has not entered into any transactions in the Shares since the filing of Amendment No. 19 to the Schedule 13D.  The transactions in the Shares on behalf of Starboard Delta LLC since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
I.
Starboard A GP
 
(a)
Starboard A GP, as the general partner of Starboard A LP, may be deemed the beneficial owner of the 1,965,468 shares owned by Starboard Delta LLC.
Percentage: Approximately 1.5%
 
(b)
1. Sole power to vote or direct vote: 1,965,468
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 1,965,468
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard A GP has not entered into any transactions in the Shares since the filing of Amendment No. 19 to the Schedule 13D.  The transactions in the Shares on behalf of Starboard Delta LLC since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
J.
Starboard Value LP
 
(a)
As of the close of business on April 6, 2016, 2,697,272 Shares were held in the Starboard Value LP Accounts.  Starboard Value LP, as the investment manager of Starboard V&O Fund, Starboard C LP, Starboard Delta LLC and the Starboard Value LP Accounts and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 1,441,694 Shares owned by Starboard V&O Fund, (ii) 329,794 Shares owned by Starboard S LLC, (iii) 180,772 Shares owned by Starboard C LP, (iv) 1,965,468 Shares owned by Starboard Delta LLC and (v) 2,697,272 Shares held in the Starboard Value LP Accounts.
Percentage: Approximately 5.2%
 
(b)
1. Sole power to vote or direct vote: 6,615,000
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 6,615,000
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard Value LP has not entered into any transactions in the Shares since the filing of Amendment No. 19 to the Schedule 13D.  The transactions in the Shares by Starboard Value LP through the Starboard Value LP Accounts and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and Starboard Delta LLC since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

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Page 22 of 26 – SEC Filing

K.
Starboard Value GP
 
(a)
Starboard Value GP, as the general partner of Starboard Value LP, may be deemed the beneficial owner of the (i) 1,441,694 Shares owned by Starboard V&O Fund, (ii) 329,794 Shares owned by Starboard S LLC, (iii) 180,772 Shares owned by Starboard C LP, (iv) 1,965,468 Shares owned by Starboard Delta LLC and (v) 2,697,272 Shares held in the Starboard Value LP Accounts.
Percentage: Approximately 5.2%
 
(b)
1. Sole power to vote or direct vote: 6,615,000
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 6,615,000
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Starboard Value GP has not entered into any transactions in the Shares since the filing of Amendment No. 19 to the Schedule 13D.  The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and Starboard Delta LLC and through the Starboard Value LP Accounts since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
L.
Principal Co
 
(a)
Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 1,441,694 Shares owned by Starboard V&O Fund, (ii) 329,794 Shares owned by Starboard S LLC, (iii) 180,772 Shares owned by Starboard C LP, (iv) 1,965,468 Shares owned by Starboard Delta LLC and (v) 2,697,272 Shares held in the Starboard Value LP Accounts.
Percentage: Approximately 5.2%
 
(b)
1. Sole power to vote or direct vote: 6,615,000
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 6,615,000
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Principal Co has not entered into any transactions in the Shares since the filing of Amendment No. 19 to the Schedule 13D.  The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and Starboard Delta LLC and through the Starboard Value LP Accounts since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
M.
Principal GP
 
(a)
Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 1,441,694 Shares owned by Starboard V&O Fund, (ii) 329,794 Shares owned by Starboard S LLC, (iii) 180,772 Shares owned by Starboard C LP, (iv) 1,965,468 Shares owned by Starboard Delta LLC and (v) 2,697,272 Shares held in the Starboard Value LP Accounts.
Percentage: Approximately 5.2%
 
(b)
1. Sole power to vote or direct vote: 6,615,000
 
2. Shared power to vote or direct vote: 0
 
3. Sole power to dispose or direct the disposition: 6,615,000
 
4. Shared power to dispose or direct the disposition: 0
 
(c)
Principal GP has not entered into any transactions in the Shares since the filing of Amendment No. 19 to the Schedule 13D.  The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and Starboard Delta LLC and through the Starboard Value LP Accounts since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

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Page 23 of 26 – SEC Filing

N.
Mr. Smith
 
(a)
As of the close of business on April 6, 2016, Mr. Smith beneficially owned 9,475 Shares. Mr. Smith, 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) 1,441,694 Shares owned by Starboard V&O Fund, (ii) 329,794 Shares owned by Starboard S LLC, (iii) 180,772 Shares owned by Starboard C LP, (iv) 1,965,468 Shares owned by Starboard Delta LLC and (v) 2,697,272 Shares held in the Starboard Value LP Accounts.
Percentage: Approximately 5.2%
 
(b)
1. Sole power to vote or direct vote: 9,475
 
2. Shared power to vote or direct vote: 6,615,000
 
3. Sole power to dispose or direct the disposition: 9,475
 
4. Shared power to dispose or direct the disposition: 6,615,000
 
(c)
Mr. Smith has not entered into any transactions in the Shares since the filing of Amendment No. 19 to the Schedule 13D.  The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and Starboard Delta LLC and through the Starboard Value LP Accounts since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
O.
Mr. Feld
 
(a)
As of the close of business on April 6, 2016, Mr. Feld beneficially owned 6,320 Shares. Mr. 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) 1,441,694 Shares owned by Starboard V&O Fund, (ii) 329,794 Shares owned by Starboard S LLC, (iii) 180,772 Shares owned by Starboard C LP, (iv) 1,965,468 Shares owned by Starboard Delta LLC and (v) 2,697,272 Shares held in the Starboard Value LP Accounts.
Percentage: Approximately 5.2%
 
(b)
1. Sole power to vote or direct vote: 6,320
 
2. Shared power to vote or direct vote: 6,615,000
 
3. Sole power to dispose or direct the disposition: 6,320
 
4. Shared power to dispose or direct the disposition: 6,615,000
 
(c)
Mr. Feld has not entered into any transactions in the Shares since the filing of Amendment No. 19 to the Schedule 13D.  The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and Starboard Delta LLC and through the Starboard Value LP Accounts since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
P.
Mr. Mitchell
 
(a)
Mr. Mitchell, 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) 1,441,694 Shares owned by Starboard V&O Fund, (ii) 329,794 Shares owned by Starboard S LLC, (iii) 180,772 Shares owned by Starboard C LP, (iv) 1,965,468 Shares owned by Starboard Delta LLC and (v) 2,697,272 Shares held in the Starboard Value LP Accounts.
Percentage: Approximately 5.2%
 
(b)
1. Sole power to vote or direct vote: 0
 
2. Shared power to vote or direct vote: 6,615,000
 
3. Sole power to dispose or direct the disposition: 0
 
4. Shared power to dispose or direct the disposition: 6,615,000
 
(c)
Mr. Mitchell has not entered into any transactions in the Shares since the filing of Amendment No. 19 to the Schedule 13D.  The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and Starboard Delta LLC and through the Starboard Value LP Accounts since the filing of Amendment No. 19 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

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Page 24 of 26 – SEC Filing

 
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, her or its pecuniary interest therein.
Item 7.
Material to be Filed as Exhibits.
Item 7 is hereby amended to add the following exhibit:
 
99.1
Press Release, dated April 5, 2016.

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Page 25 of 26 – SEC Filing

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:  April 6, 2016
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 LEADERS DELTA LLC
By: Starboard Value A LP,
      its managing member
STARBOARD  LEADERS FUND LP
By: Starboard Value A LP
       its general partner
 
STARBOARD VALUE A LP
By: Starboard Value A 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 A 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 Mark R. Mitchell and Peter A. Feld

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Page 26 of 26 – SEC Filing

SCHEDULE A
Transactions in the Shares Since the Filing of Amendment No. 19 to the Schedule 13D
Shares of Common Stock
Purchased/(Sold)
Price Per
Share($)
Date of
Purchase / Sale
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD
(44)
67.9500
03/16/2016
(8,486)
67.9551
03/17/2016
(5,388)
67.9508
03/18/2016
STARBOARD VALUE AND OPPORTUNITY S LLC
(10)
67.9500
03/16/2016
(1,941)
67.9551
03/17/2016
(1,232)
67.9508
03/18/2016
STARBOARD VALUE AND OPPORTUNITY C LP
(5)
67.9500
03/16/2016
(1,064)
67.9551
03/17/2016
(675)
67.9508
03/18/2016
STARBOARD LEADERS DELTA LLC
(60)
67.9500
03/16/2016
(11,570)
67.9551
03/17/2016
(7,345)
67.9508
03/18/2016
STARBOARD VALUE LP
(Through the Starboard Value LP Accounts)
(82)
67.9500
03/16/2016
(15,877)
67.9551
03/17/2016
(10,080)
67.9508
03/18/2016

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