UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. )*
InfoSpace, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
45678T201
--------------------------------------------------------------------------------
(CUSIP Number)
Sandell Asset Management Corp.
40 West 57th Street
26th Floor
New York, NY 10019
Attention: Richard Gashler, General Counsel
212-603-5700
With a Copy to:
Marc Weingarten, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10019
212-756-2000
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
March 1, 2007
------------------
(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 Rule 13d-1(e), 13d-1(f) or 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 Rule 13d-7 for other parties
to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 13 Pages)
--------------------
* 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. 45678T201 SCHEDULE 13D Page 2 of 13 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Castlerigg Master Investments Ltd.
------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
WC
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 1,523,443
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
1,523,443
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,523,443
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.8%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 45678T201 SCHEDULE 13D Page 3 of 13 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Sandell Asset Management Corp.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
AF
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 2,771,204
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
2,771,204
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,771,204
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
8.8%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 45678T201 SCHEDULE 13D Page 4 of 13 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Castlerigg International Limited
------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
AF
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 1,523,443
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
1,523,443
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,523,443
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.8%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 45678T201 SCHEDULE 13D Page 5 of 13 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Castlerigg International Holdings Limited
------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
AF
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 1,523,443
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
1,523,443
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,523,443
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.8%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 45678T201 SCHEDULE 13D Page 6 of 13 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Castlerigg Global Select Fund, Limited
------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
AF
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 1,247,761
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
1,247,761
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,247,761
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.0%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 45678T201 SCHEDULE 13D Page 7 of 13 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
CGS, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
WC
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 1,247,761
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
1,247,761
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,247,761
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.0%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 45678T201 SCHEDULE 13D Page 8 of 13 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Castlerigg GS Holdings, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
AF
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 1,247,761
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
1,247,761
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,247,761
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.0%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 45678T201 SCHEDULE 13D Page 9 of 13 Pages
---------------------------- ----------------------------
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1 NAME OF REPORTING PERSON
Thomas E. Sandell
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Sweden
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 2,771,204
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
2,771,204
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,771,204
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
8.8%
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
------------- -----------------------------------------------------------------
---------------------------- ----------------------------
CUSIP No. 45678T201 SCHEDULE 13D Page 10 of 13 Pages
---------------------------- ----------------------------
ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D relates to the common stock, par value
$0.0001 per share (the "Common Stock"), of InfoSpace, Inc., a Delaware
corporation (the "Issuer"). The principal executive offices of the Issuer are
located at: 601 108th Avenue NE, Suite 1200, Bellevue, Washington 98004.
ITEM 2. IDENTITY AND BACKGROUND
(a) The names of the persons filing this statement on Schedule 13D are
Castlerigg Master Investments Ltd., a British Virgin Islands company
("Castlerigg Master Investments"); Sandell Asset Management Corp., a Cayman
Islands exempted company ("SAMC"); Castlerigg International Limited, a British
Virgin Islands company ("Castlerigg International"); Castlerigg International
Holdings Limited, a British Virgin Islands company ("Castlerigg Holdings");
Castlerigg Global Select Fund, Limited, a Cayman Islands exempted company
("Castlerigg Global Select"); CGS, Ltd., a Cayman Islands exempted company
("CGS"); Castlerigg GS Holdings, Ltd., a Cayman Islands exempted company
("CGSH"); and Thomas E. Sandell ("Sandell"). Castlerigg Master Investments,
SAMC, Castlerigg International, Castlerigg Holdings, Castlerigg Global Select,
CGS, CGSH and Sandell are collectively referred to herein as the "Reporting
Persons". The filing of this statement on Schedule 13D and any future amendments
hereto, and the inclusion of information herein and therein, shall not be
construed as an admission that any of the Reporting Persons, for the purpose of
Section 13(d) of the Act or otherwise, is the beneficial owner of any shares of
Common Stock in which such person does not have a pecuniary interest.
(b) The principal business address for each of Castlerigg Master
Investments, Castlerigg International and Castlerigg Holdings is c/o Citco Fund
Services (Curacao) N.V., Kaya Flamboyan 9, P.O. Box 812, Curacao, Netherlands
Antilles. The principal business address for Castlerigg Global Select, CGS and
CGSH is Walker House, P.O. Box 265GT, Mary Street, George Town, Grand Cayman,
Cayman Islands. The principal business address for each of SAMC and Sandell is
c/o Sandell Asset Management Corp., 40 West 57th Street, 26th Floor, New York,
New York 10019.
(c) Castlerigg International is a private investment fund that is primarily
engaged in the business of investing in securities and other investment
opportunities. Castlerigg International invests substantially all of its assets
indirectly in Castlerigg Master Investments, a master trading vehicle that is
primarily engaged in the business of investing in securities and other
investment opportunities. Castlerigg Holdings is the controlling shareholder of
Castlerigg Master Investments and Castlerigg International is the controlling
shareholder of Castlerigg Holdings. Castlerigg Global Select is a private
investment fund that is primarily engaged in the business of investing in
securities and other investment opportunities. Castlerigg Global Select invests
substantially all of its assets indirectly in CGS, a master trading vehicle that
is primarily engaged in the business of investing in securities and other
investment opportunities. CGSH is the controlling shareholder of CGS and
Castlerigg Global Select is the controlling shareholder of CGSH. SAMC is the
discretionary investment manager of Castlerigg International, Castlerigg
Holdings, Castlerigg Master Investments, Castlerigg Global Select, CGS and CGSH.
Sandell is the controlling shareholder, Chief Executive Officer and Portfolio
Manager of SAMC. Information regarding the directors, executive officers and/or
control persons of Castlerigg Master Investments, SAMC, Castlerigg
International, Castlerigg Holdings, Castlerigg Global Select, CGS and CGSH
(collectively, the "Instruction C Persons") is set forth in Appendix III
attached hereto.
(d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction
---------------------------- ----------------------------
CUSIP No. 45678T201 SCHEDULE 13D Page 11 of 13 Pages
---------------------------- ----------------------------
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.
(f) Castlerigg Master Investments, Castlerigg International and Castlerigg
Holdings are British Virgin Islands companies. SAMC, Castlerigg Global Select,
CGS and CGSH are Cayman Islands exempted companies. Sandell is a citizen of
Sweden.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Funds for the purchase of the shares of Common Stock reported herein to be
held by Castlerigg Master Investments and CGS were derived from their respective
general working capital and margin account borrowings made in the ordinary
course of business. A total of approximately $64.50 million was paid to acquire
the shares of Common Stock reported herein.
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons acquired the shares of Common Stock for investment
purposes in the ordinary course of business because they believed the shares to
be undervalued in the market.
On March 12, 2007, SAMC sent a letter to the board of directors (the
"Board") of the Issuer (the "March 12 Letter") thanking the Board for meeting
with representatives of SAMC and expressing concern over (i) the lack of
definitive plans for return of capital to shareholders from the Issuer's
outsized cash balance and (ii) the Issuer's apparent complacency on cost
controls. In order to maximize shareholder value SAMC recommended in the March
12 Letter that the Issuer (i) commit to at least $15 million of expense
reduction by the end of 2007 and (ii) expeditiously return at least $300 million
of the current cash balance to its shareholders, in the form of a $200 million
Dutch tender offer at a premium to the current share price and a $100 million
special dividend. SAMC suggested that, if the market fails to adequately value
the Issuer or management is unable to take the steps necessary to close the
value gap, the Board should immediately engage a financial advisor to sell the
Issuer in whole or in part. SAMC further stated that it was currently
considering its options with respect to nominating an alternative slate of
directors at the Issuer's upcoming annual meeting. A copy of the March 12 Letter
is attached hereto as Exhibit A and incorporated herein by reference.
Except as described herein, none of the Reporting Persons has any plans or
proposals which relate to, or could result in, any of the matters referred to in
paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule
13D. The Reporting Persons may, at any time and from time to time, review or
reconsider their position and/or change their purpose and/or formulate plans or
proposals with respect thereto. Depending on the Issuer's response to the March
12 Letter, among other things, the Reporting Persons may consider proposing a
slate of nominees for election as directors at the Issuer's next annual meeting.
Representatives of SAMC have engaged and may in the future engage in discussions
with members of the Board and management as well as with other shareholders of
the Issuer and other interested parties regarding the suggestions contained in
the March 12 Letter and other matters of interest to the Issuer's shareholders.
Although none of the Reporting Persons has any specific plan or proposal to
acquire or dispose of the shares of Common Stock, each Reporting Person at any
time and from time to time may (i) acquire additional shares or securities of
the Issuer, (ii) dispose of any or all of its securities of the Issuer or (iii)
enter into privately negotiated derivative transactions with institutional
counterparties to hedge the market risk of some or all of its positions in the
securities of the Issuer, depending upon an ongoing evaluation of the investment
in such securities, prevailing market conditions, other investment
opportunities, liquidity requirements of the Reporting Persons, and/or other
investment considerations.
---------------------------- ----------------------------
CUSIP No. 45678T201 SCHEDULE 13D Page 12 of 13 Pages
---------------------------- ----------------------------
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) Each of Castlerigg Master Investments, SAMC, Castlerigg International,
Castlerigg Holdings and Sandell may be deemed to beneficially own the 1,523,443
shares of Common Stock held by Castlerigg Master Investments, representing
approximately 4.8% of the outstanding shares of Common Stock. Each of CGS, CGSH,
Castlerigg Global Select, SAMC and Sandell may be deemed to beneficially own the
1,247,761 shares of Common Stock held by CGS, representing approximately 4.0% of
the outstanding shares of Common Stock. The Reporting Persons may be deemed to
be a "group" by virtue of the matters discussed in Item 4, which "group" may be
deemed to beneficially own an aggregate of 2,771,204 shares of Common Stock,
representing approximately 8.8% of the outstanding shares of Common Stock. The
percentages used herein are based upon the 31,469,062 shares of Common Stock
reported to be outstanding as of February 16, 2007 by the Issuer in its Annual
Report on Form 10-K for the period ended December 31, 2006, filed with the
Securities and Exchange Commission on February 16, 2007.
(b) None of the Reporting Persons has sole power to vote or direct the vote
or sole power to dispose or direct the disposition of shares of Common Stock.
Each of Castlerigg Master Investments, SAMC, Castlerigg International,
Castlerigg Holdings and Sandell has shared power to vote or direct the vote and
shared power to dispose or direct the disposition of the 1,523,443 shares of
Common Stock held by Castlerigg Master Investments. Each of CGS, CGSH,
Castlerigg Global Select, SAMC and Sandell has shared power to vote or direct
the vote and shared power to dispose or direct the disposition of the 1,247,761
shares of Common Stock held by CGS.
(c) Information concerning transactions in the shares of Common Stock
effected by the Reporting Persons during the past sixty days is set forth in
Appendix I hereto.
(d) No person other than Castlerigg Master Investments, SAMC, Castlerigg
International, Castlerigg Holdings and Sandell is known to have the right to
receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, the shares of Common Stock held by Castlerigg Master
Investments. No person other than CGS, CGSH, Castlerigg Global Select, SAMC and
Sandell is known to have the right to receive or the power to direct the receipt
of dividends from, or the proceeds from the sale of, the shares of Common Stock
held by CGS.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
Except as otherwise set forth herein, the Reporting Persons do not have any
contract, arrangement, understanding or relationship with any person with
respect to the securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following documents are filed as appendices and exhibits:
Appendix I: Transactions Effected During the Past Sixty Days
Appendix II: Joint Filing Agreement
Appendix III: Information Regarding the Instruction C Persons
Appendix IV: Powers of Attorney
Exhibit A: Letter to Issuer's Board of Directors dated March 12, 2007
---------------------------- ----------------------------
CUSIP No. 45678T201 SCHEDULE 13D Page 13 of 13 Pages
---------------------------- ----------------------------
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: March 12, 2007
CASTLERIGG MASTER INVESTMENTS LTD.
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Director
SANDELL ASSET MANAGEMENT CORP.
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Chief Executive Officer
CASTLERIGG INTERNATIONAL LIMITED
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Director
CASTLERIGG INTERNATIONAL HOLDINGS LIMITED
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Director
CASTLERIGG GLOBAL SELECT FUND LIMITED
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Director
CGS, LTD.
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Director
CASTLERIGG GS HOLDINGS, LTD.
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Director
/s/ Thomas E. Sandell
---------------------
Thomas E. Sandell
APPENDIX I
TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS
(All transactions were regular market transactions effected on The NASDAQ Global
Select Market)
------------- --------------- ----------- -----------
Date of Person Amount of Price per
transaction effecting securities share
transaction Bought/(Sold) or unit
------------- --------------- ----------- -----------
01/03/07 CGS 30,875 20.26
01/03/07 Castlerigg Master Investments 16,625 20.26
01/05/07 CGS 1,517 20.25
01/05/07 Castlerigg Master Investments 818 20.25
01/08/07 CGS 16,250 20.52
01/08/07 Castlerigg Master Investments 8,750 20.52
01/19/07 CGS 585 21.55
01/19/07 CGS (584) 21.74
01/19/07 Castlerigg Master Investments (316) 21.74
01/19/07 Castlerigg Master Investments 315 21.55
02/02/07 CGS 184,830 21.45
02/02/07 CGS 117,000 22.15
02/02/07 Castlerigg Master Investments 99,524 21.45
02/02/07 Castlerigg Master Investments 63,000 22.14
02/06/07 CGS 16,250 22.44
02/06/07 Castlerigg Master Investments 8,750 22.44
02/12/07 CGS 55,250 22.66
02/12/07 Castlerigg Master Investments 29,750 22.66
02/13/07 CGS 42,250 23.06
02/13/07 Castlerigg Master Investments 22,750 23.06
02/15/07 CGS 23,660 23.10
02/15/07 CGS 20,280 23.03
02/15/07 Castlerigg Master Investments 10,920 23.03
02/15/07 Castlerigg Master Investments 12,740 23.10
02/16/07 CGS 53,625 23.16
02/16/07 Castlerigg Master Investments 28,875 23.16
02/20/07 CGS 21,840 23.14
02/20/07 Castlerigg Master Investments 11,760 23.14
02/21/07 CGS 97,500 23.15
02/21/07 Castlerigg Master Investments 52,500 23.15
02/22/07 CGS 75,476 22.97
02/22/07 Castlerigg Master Investments 40,641 22.97
02/23/07 CGS 6,500 23.15
02/23/07 Castlerigg Master Investments 3,500 23.15
02/26/07 CGS 59,439 23.18
02/26/07 Castlerigg Master Investments 32,006 23.18
02/27/07 CGS 171,520 23.06
02/27/07 Castlerigg Master Investments 92,357 23.06
02/28/07 CGS 8,226 22.91
02/28/07 Castlerigg Master Investments 4,430 22.91
03/01/07 CGS 171,072 23.13
03/01/07 Castlerigg Master Investments 92,117 23.13
03/02/07 CGS 172,082 23.27
03/02/07 Castlerigg Master Investments 92,660 23.27
03/05/07 CGS 92,547 23.46
03/05/07 Castlerigg Master Investments 49,833 23.46
03/06/07 Castlerigg Master Investments 14,268 23.92
03/06/07 CGS 7,683 23.92
03/08/07 Castlerigg Master Investments 520 24.79
03/08/07 Castlerigg Master Investments 20,150 24.91
03/08/07 CGS 10,850 24.91
03/08/07 CGS 280 24.79
03/09/07 Castlerigg Master Investments 30,000 25.10
03/09/07 Castlerigg Master Investments 2,500 25.19
03/09/07 Castlerigg Master Investments 2,100 25.10
03/09/07 CGS 270,000 25.10
03/09/07 CGS 22,500 25.19
03/09/07 CGS 18,900 25.10
03/12/07 Castlerigg Master Investments 15,915 25.47
03/12/07 CGS 143,243 25.47
APPENDIX II
JOINT FILING AGREEMENT
The undersigned acknowledge and agree that the foregoing statement on Schedule
13D is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13D may be filed on behalf of each of
the undersigned without the necessity of filing additional joint filing
agreements. The undersigned acknowledge that each shall be responsible for the
timely filing of such amendments, and for the completeness and accuracy of the
information concerning him or it contained herein and therein, but shall not be
responsible for the completeness and accuracy of the information concerning the
others, except to the extent that he or it knows or has reason to believe that
such information is inaccurate.
Dated: March 12, 2007
CASTLERIGG MASTER INVESTMENTS LTD.
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Director
SANDELL ASSET MANAGEMENT CORP.
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Chief Executive Officer
CASTLERIGG INTERNATIONAL LIMITED
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Director
CASTLERIGG INTERNATIONAL HOLDINGS LIMITED
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Director
CASTLERIGG GLOBAL SELECT FUND LIMITED
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Director
CGS, LTD.
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Director
CASTLERIGG GS HOLDINGS, LTD.
By: /s/ Thomas E. Sandell
---------------------
Thomas E. Sandell, Director
/s/ Thomas E. Sandell
---------------------
Thomas E. Sandell
Appendix III
Information Regarding the Instruction C Persons
Castlerigg Master Investments, SAMC, Castlerigg International, Castlerigg
Holdings, CGS, CGSH and Castlerigg Global Select have no executive officers or
directors other than as follows:
Sandell serves as a director of Castlerigg Master Investments, SAMC, Castlerigg
International, Castlerigg Holdings, CGS, CGSH and Castlerigg Global Select and
as an executive officer of Castlerigg International and SAMC.
Daniel Mignon serves as a director of Castlerigg Master Investments, Castlerigg
International, Castlerigg Holdings, CGS, CGSH and Castlerigg Global Select.
InterCaribbean Services Ltd. serves as a director of Castlerigg Master
Investments, Castlerigg International and Castlerigg Holdings.
Timothy O'Brien and Richard Gashler serve as executive officers of SAMC.
Hilmi Unver serves as a director of CGS, CGSH and Castlerigg Global Select.
To the best of the Reporting Persons' knowledge, none of the Instruction C
Persons during the last five years has been convicted in a criminal proceeding
(excluding traffic violations or other similar misdemeanors) or 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. To the best of the Reporting Persons'
knowledge, except as set forth in this statement on Schedule 13D, none of the
Instruction C Persons owns any shares of Common Stock.
----------------- -------------------- ---------------------- --------------------
Name Principal Address Citizenship /
Occupation Place of Organization
----------------- -------------------- ---------------------- --------------------
Sandell See Item 2 See Item 2 See Item 2
----------------- -------------------- ---------------------- --------------------
Mignon Executive of an Le Prince de Galles Belgium
investment manager 10 Avenue de Grande-
Bretagne
MC-98000 Monte-Carlo
MONACO
----------------- -------------------- ---------------------- --------------------
InterCaribbean Fund Administrator c/o Citco BVI Limited Curacao,
Services Ltd. Citco Building Netherlands
Wickhams Cay Antilles
PO Box 662
Road Town, Tortola
British Virgin Islands
----------------- -------------------- ---------------------- --------------------
O'Brien Chief Financial 40 West 57th Street, United States
Officer of 26th Floor
SAMC New York, New York
10019
----------------- -------------------- ---------------------- --------------------
Gashler General Counsel 40 West 57th Street, United States
of SAMC 26th Floor
New York, New York
10019
----------------- -------------------- ---------------------- --------------------
Unver Portfolio Manager 98 rue de Saint-Jean Switzerland
case postale 5240
CH-1211 Geneve 11
Switzerland
Appendix IV
POWERS OF ATTORNEY
POWER OF ATTORNEY
-----------------
KNOW ALL MEN BY THESE PRESENTS, that Castlerigg Master Investments Ltd., whose
signature appears below, constitutes and appoints each of Timothy O'Brien,
Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the
undersigned solely for the purpose of executing reports required under Sections
13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the
same, with exhibits and appendices thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, thereby ratifying and
confirming all that each said attorney-in-fact may do or cause to be done by
virtue hereof.
Dated: March 12, 2007 CASTLERIGG MASTER INVESTMENTS LTD.
By: Sandell Asset Management Corp.
its Investment Manager
By: /s/ Thomas E. Sandell
------------------------------
Thomas E. Sandell
Chief Executive Officer
POWER OF ATTORNEY
-----------------
KNOW ALL MEN BY THESE PRESENTS, that Sandell Asset Management Corp., whose
signature appears below, constitutes and appoints each of Timothy O'Brien,
Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the
undersigned solely for the purpose of executing reports required under Sections
13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the
same, with exhibits and appendices thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, thereby ratifying and
confirming all that each said attorney-in-fact may do or cause to be done by
virtue hereof.
Dated: March 12, 2007 SANDELL ASSET MANAGEMENT CORP.
By: /s/ Thomas E. Sandell
------------------------------
Thomas E. Sandell
Chief Executive Officer
POWER OF ATTORNEY
-----------------
KNOW ALL MEN BY THESE PRESENTS, that Castlerigg International Limited, whose
signature appears below, constitutes and appoints each of Timothy O'Brien,
Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the
undersigned solely for the purpose of executing reports required under Sections
13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the
same, with exhibits and appendices thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, thereby ratifying and
confirming all that each said attorney-in-fact may do or cause to be done by
virtue hereof.
Dated: March 12, 2007 CASTLERIGG INTERNATIONAL LIMITED
By: Sandell Asset Management Corp.
its Investment Manager
By: /s/ Thomas E. Sandell
------------------------------
Thomas E. Sandell
Chief Executive Officer
POWER OF ATTORNEY
-----------------
KNOW ALL MEN BY THESE PRESENTS, that Castlerigg International Holdings Limited,
whose signature appears below, constitutes and appoints each of Timothy O'Brien,
Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the
undersigned solely for the purpose of executing reports required under Sections
13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the
same, with exhibits and appendices thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, thereby ratifying and
confirming all that each said attorney-in-fact may do or cause to be done by
virtue hereof.
Dated: March 12, 2007 CASTLERIGG INTERNATIONAL HOLDINGS LIMITED
By: Sandell Asset Management Corp.
its Investment Manager
By: /s/ Thomas E. Sandell
------------------------------
Thomas E. Sandell
Chief Executive Officer
POWER OF ATTORNEY
-----------------
KNOW ALL MEN BY THESE PRESENTS, that Castlerigg Global Select Fund, Limited,
whose signature appears below, constitutes and appoints each of Timothy O'Brien,
Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the
undersigned solely for the purpose of executing reports required under Sections
13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the
same, with exhibits and appendices thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, thereby ratifying and
confirming all that each said attorney-in-fact may do or cause to be done by
virtue hereof.
Dated: March 12, 2007 CASTLERIGG GLOBAL SELECT FUND, LIMITED
By: Sandell Asset Management Corp.
its Investment Manager
By: /s/ Thomas E. Sandell
------------------------------
Thomas E. Sandell
Chief Executive Officer
POWER OF ATTORNEY
-----------------
KNOW ALL MEN BY THESE PRESENTS, that CGS, Ltd., whose signature appears below,
constitutes and appoints each of Timothy O'Brien, Richard A. Gashler and Jamil
French as its attorney-in-fact and agent for the undersigned solely for the
purpose of executing reports required under Sections 13(d) and 16 of the
Securities Exchange Act
of 1934, as amended, and filing the same, with exhibits and appendices thereto,
and other documents in connection therewith, with the Securities and Exchange
Commission, thereby ratifying and confirming all that each said attorney-in-fact
may do or cause to be done by virtue hereof.
Dated: March 12, 2007 CGS, LTD.
By: Sandell Asset Management Corp.
its Investment Manager
By: /s/ Thomas E. Sandell
------------------------------
Thomas E. Sandell
Chief Executive Officer
POWER OF ATTORNEY
-----------------
KNOW ALL MEN BY THESE PRESENTS, that Castlerigg GS Holdings, Ltd., whose
signature appears below, constitutes and appoints each of Timothy O'Brien,
Richard A. Gashler and Jamil French as its attorney-in-fact and agent for the
undersigned solely for the purpose of executing reports required under Sections
13(d) and 16 of the Securities Exchange Act of 1934, as amended, and filing the
same, with exhibits and appendices thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, thereby ratifying and
confirming all that each said attorney-in-fact may do or cause to be done by
virtue hereof.
Dated: March 12, 2007 CASTLERIGG GS HOLDINGS, LTD.
By: Sandell Asset Management Corp.
its Investment Manager
By: /s/ Thomas E. Sandell
------------------------------
Thomas E. Sandell
Chief Executive Officer
POWER OF ATTORNEY
-----------------
KNOW ALL MEN BY THESE PRESENTS, that Thomas E. Sandell, whose signature appears
below, constitutes and appoints each of Timothy O'Brien, Richard A. Gashler and
Jamil French as his attorney-in-fact and agent for the undersigned solely for
the purpose of executing reports required under Sections 13(d) and 16 of the
Securities Exchange Act of 1934, as amended, and filing the same, with exhibits
and appendices thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, thereby ratifying and confirming all that
each said attorney-in-fact may do or cause to be done by virtue hereof.
Dated: March 12, 2007
/s/ Thomas E. Sandell
------------------------------
Thomas E. Sandell