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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 2)
Baker Hughes Incorporated
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
057224107
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(CUSIP Number)
Allison Bennington, Esq.
ValueAct Capital
One Letterman Drive, Building D, Fourth Floor
San Francisco, CA 94129
(415) 362-3700
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(Name, address and telephone number of Person
Authorized to Receive Notices and Communications)
Allison Bennington, Esq.
ValueAct Capital
One Letterman Drive, Building D, Fourth Floor
San Francisco, CA 94129
(415) 362-3700
December 16, 2015
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition 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 Rule 240.13d-7 for other
parties to whom copies are to be sent.
*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.
This 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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SCHEDULE 13D
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CUSIP NO. 057224107 Page 2 of 18
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Master Fund, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (See Instructions)*
WC*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 21,950,000**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
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10. SHARED DISPOSITIVE POWER
21,950,000**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
21,950,000**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 057224107 Page 3 of 18
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Co-Invest Master Fund, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (See Instructions)*
WC*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 1,296,700**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
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10. SHARED DISPOSITIVE POWER
1,296,700**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,296,700**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 057224107 Page 4 of 18
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
VA Partners I, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 23,246,700**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
23,246,700**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
23,246,700**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
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14. TYPE OF REPORTING PERSON
00 (LLC)
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 057224107 Page 5 of 18
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Management, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 23,246,700**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
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10. SHARED DISPOSITIVE POWER
23,246,700**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
23,246,700**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 057224107 Page 6 of 18
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Management, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 23,246,700**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
23,246,700**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
23,246,700**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
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14. TYPE OF REPORTING PERSON
00 (LLC)
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 057224107 Page 7 of 18
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Holdings, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 23,246,700**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
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10. SHARED DISPOSITIVE POWER
23,246,700**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
23,246,700**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Items 2 and 5
SCHEDULE 13D
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CUSIP NO. 057224107 Page 8 of 18
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Holdings GP, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 23,246,700**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
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10. SHARED DISPOSITIVE POWER
23,246,700**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
23,246,700**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
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14. TYPE OF REPORTING PERSON
00 (LLC)
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*See Item 3
**See Items 2 and 5
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CUSIP NO. 057224107 Page 9 of 18
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THE PURPOSE OF THIS AMENDMENT NO. 2 TO SCHEDULE 13D IS TO AMEND THE
OWNERSHIP REPORTS OF THE REPORTING PERSONS AND TO AMEND ITEM 3 (SOURCE AND
AMOUNT OF FUNDS OR OTHER CONSIDERATIONS), ITEM 4 (PURPOSE OF TRANSACTION),
ITEM 5 (INTEREST IN SECURITIES OF THE ISSUER), AND ITEM 6 (CONTRACTS,
ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF
THE ISSUER). THE INFORMATION BELOW SUPPLEMENTS THE INFORMATION PREVIOUSLY
PROVIDED.
Item 1. Security and Issuer
This Schedule 13D relates to the Common Stock, $1 par value per share,
(the "Common Stock") of Baker Hughes Incorporated, a Delaware Corporation
(the "Issuer"). The address of the principal executive offices of the Issuer
is 2929 Allen Parkway, Suite 2100, Houston, Texas.
Item 2. Identity and Background
This statement is filed jointly by (a) ValueAct Capital Master Fund,
L.P. ("ValueAct Master Fund"), (b) ValueAct Co-Invest Master Fund, L.P.
("ValueAct Co-Invest"), (c) VA Partners I, LLC ("VA Partners I"), (d)
ValueAct Capital Management, L.P. ("ValueAct Management L.P."), (e) ValueAct
Capital Management, LLC ("ValueAct Management LLC"), (f) ValueAct Holdings,
L.P. ("ValueAct Holdings") and (g) ValueAct Holdings GP, LLC ("ValueAct
Holdings GP") (collectively, the "Reporting Persons").
ValueAct Master Fund is a limited partnership organized under the laws
of the British Virgin Islands. It has a principal business address of One
Letterman Drive, Building D, Fourth Floor, San Francisco, CA 94129.
ValueAct Co-Invest is a limited partnership organized under the laws
of the British Virgin Islands. It has a principal business address of One
Letterman Drive, Building D, Fourth Floor, San Francisco, CA 94129.
VA Partners I is a Delaware limited liability company, the principal
business of which is to serve as the General Partner to ValueAct Master Fund
and ValueAct Co-Invest. It has a principal business address of One Letterman
Drive, Building D, Fourth Floor, San Francisco, CA 94129.
ValueAct Management L.P. is a Delaware limited partnership which
renders management services to ValueAct Master Fund and ValueAct Co-Invest.
ValueAct Management LLC is a Delaware limited liability company, the
principal business of which is to serve as the General Partner to ValueAct
Management L.P. Each has a principal business address of One Letterman
Drive, Building D, Fourth Floor, San Francisco, CA 94129.
ValueAct Holdings is a Delaware limited partnership and is the sole owner
of the limited partnership interests of ValueAct Management L.P. and the
membership interests of ValueAct Management LLC and is the majority owner of
the membership interests of VA Partners I. ValueAct Holdings GP is a
Delaware limited liability company, the principal business of which is to
serve as the General Partner to ValueAct Holdings. Each has a principal
business address of One Letterman Drive, Building D, Fourth Floor, San
Francisco, CA 94129.
(d) and (e). None of the entities or persons identified in this Item 2
has during the past five years been convicted of any criminal proceeding
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CUSIP NO. 057224107 Page 10 of 18
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(excluding traffic violations or similar misdemeanors), nor been a party to a
civil proceeding of a judicial or administrative body of competent 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.
Item 3. Source and Amount of Funds or Other Consideration
The source of funds used for the purchase of the Number of Forward
Shares was the working capital of ValueAct Master Fund. The aggregate funds
used by these Reporting Persons to make such purchases were $494,686,100.00.
Item 4. Purpose of Transaction
The Reporting Persons purchased the securities of the Issuer reported
herein based on their belief that the securities were undervalued and
represented an attractive investment opportunity.
The Reporting Persons intend to have conversations with members of the
Issuer's management and board of directors to discuss ways to enhance
shareholder value. The topics of these conversations will cover a range of
issues, including those relating to the business of the Issuer, management,
board composition (which may include whether it makes sense for a ValueAct
Capital employee to be on the Issuer's board of directors), operations,
capital allocation, asset allocation, capitalization, dividend policy,
financial condition, mergers and acquisitions strategy, overall business
strategy, executive compensation, and corporate governance. The Reporting
Persons may also have similar conversations with other stockholders of the
Issuer and other interested parties, such as industry analysts, existing or
potential strategic partners or competitors, investment professionals, and
other investors. The Reporting Persons may at any time reconsider and change
their intentions relating to the foregoing.
The Reporting Persons may also take one or more of the actions
described in subsections (a) through (j) of Item 4 of Schedule 13D and may
discuss such actions with the Issuer's management and the board of directors,
other stockholders of the Issuer, and other interested parties, such as those
set out above.
The Reporting Persons intend to review their investments in the Issuer
on a continuing basis. Depending on various factors, including, without
limitation, the Issuer's financial position and strategic direction, the
outcome of the discussions and actions referenced above, actions taken by the
Issuer's board of directors, price levels of the Common Stock, other
investment opportunities available to the Reporting Persons, conditions in
the securities market and general economic and industry conditions, the
Reporting Persons may in the future take actions with respect to its
investment position in the Issuer as it deems appropriate, including, without
limitation, purchasing additional Common Stock or selling some of all of its
Common Stock, and/or engaging in hedging or similar transactions with respect
to the Common Stock.
Item 5. Interest in Securities of the Issuer
((a) and (b). Set forth below is the beneficial ownership of shares of
Common Stock of the Issuer for each person named in Item 2. Shares reported
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CUSIP NO. 057224107 Page 11 of 18
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as beneficially owned by ValueAct Master Fund or ValueAct Co-Invest are also
reported as beneficially owned by (i) ValueAct Management L.P. as the manager
of each such investment partnership, (ii) ValueAct Management LLC, as General
Partner of ValueAct Management L.P., (iii) ValueAct Holdings, as the sole
owner of the limited partnership interests of ValueAct Management L.P. and
the membership interests of ValueAct Management LLC and as the majority owner
of the membership interests of VA Partners I and (iv) ValueAct Holdings GP,
as General Partner of ValueAct Holdings. Shares reported as beneficially
owned by ValueAct Master Fund or ValueAct Co-Invest are also reported as
beneficially owned by VA Partners I, as General Partner of ValueAct Master
Fund and ValueAct Co-Invest. VA Partners I, ValueAct Management L.P.,
ValueAct Management LLC, ValueAct Holdings and ValueAct Holdings GP also,
directly or indirectly, may own interests in one or more than one of the
partnerships from time to time. Unless otherwise indicated below, by reason
of such relationships ValueAct Master Fund and ValueAct Co-Invest are
reported as having shared power to vote or to direct the vote, and shared
power to dispose or direct the disposition of, such shares of Common Stock,
with VA Partners I (only with respect to ValueAct Master Fund and ValueAct
Co-Invest), ValueAct Management L.P., ValueAct Management LLC, ValueAct
Holdings and ValueAct Holdings GP.
As of the date hereof, the Reporting Persons beneficially own
23,246,700 shares of Common Stock, representing approximately 5.3% of the
Issuer's outstanding Common Stock.
All percentages set forth in this Schedule 13D are based upon the
Issuer's reported 436,086,675 outstanding shares of Common Stock as
reported on the Issuer's Current Report on Form 10-Q for the quarterly period
ended September 30, 2015.
(c) In the previous sixty days, ValueAct Master Fund, one of the
Reporting Persons, entered into a Master Confirmation in respect of Equity
Forward Transactions (the "Master Confirmation") with Societe Generale (the
"Counterparty") relating to shares of the Common Stock of the Issuer and
entered into forward transactions thereunder (the "Forward Transactions") on
the dates and in the notional share amounts (the "Number of Forward Shares")
as set forth on Annex 1 hereto, all as more fully described in Item 6 below.
The Master Confirmation is subject to the terms of an ISDA Master Agreement,
Schedule and Credit Support Annex already in place between ValueAct Master
Fund and the Counterparty.
(d) and (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
ValueAct Master Fund entered into the Master Confirmation and the
Forward Transactions in accordance with the trade details set forth on
Annex?1 hereto. The first date on which the Number of Forward Shares equaled
or exceeded one-percent (1%) of the total outstanding shares of Common Stock
was December 16, 2015.
Pursuant to each Forward Transaction, ValueAct Master Fund will be
obligated either to (i) purchase from the Counterparty, on the Settlement
Date of July 6, 2016 (or earlier if such Forward Transaction is terminated
early in accordance with its terms), the Number of Forward Shares with
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CUSIP NO. 057224107 Page 12 of 18
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respect to such Forward Transaction (or the applicable portion thereof to
which any such early termination applies) at a price equal to the Forward
Price, as set forth on Annex 1 hereto ("Physical Settlement"), or (ii) pay to
the Counterparty the product of (x) the Number of Forward Shares multiplied
by (y) the Forward Price minus the arithmetic mean of the volume-weighted
average price per share for each trading day during a period (the length of
which period shall be the number of trading days over which one-fifth of the
average daily trading volume for the 30 consecutive calendar days immediately
preceding the Valuation Date would aggregate to the Number of Forward Shares)
following the Valuation Date of June 30, 2016 (or earlier if such Forward
Transaction is terminated early in accordance with its terms), if such amount
is positive, or receive from the Counterparty the absolute value of such
amount if such amount is negative ("Cash Settlement").
A financing charge based on a spread over LIBOR will be added to the
amount, if any, owing by ValueAct Master Fund to the Counterparty pursuant to
Cash Settlement or Physical Settlement or subtracted from the amount, if any,
owing by the Counterparty to ValueAct Master Fund pursuant to Cash
Settlement, and an amount equal to the value of any dividends paid in respect
of the Number of Forward Shares for which the record date occurs during the
term of the applicable Forward Transaction will be subtracted from the
amount, if any, owing by ValueAct Master Fund to the Counterparty pursuant to
Cash Settlement or Physical Settlement or added to the amount, if any, owing
by the Counterparty to ValueAct Master Fund pursuant to Cash Settlement.
In addition, in respect of each Forward Transaction, ValueAct Master
Fund has paid or will pay to the Counterparty, on the third business day
following the trade date, the product of (i) the difference of the Initial
Price with respect to such Forward Transaction, as set forth on Annex 1
hereto, minus the Forward Price, multiplied by (ii) the Number of Forward
Shares with respect to such Forward Transaction if such amount is positive,
or has received or will receive, on the third business day following the
trade date, from the Counterparty the absolute value of such amount if such
amount is negative.
Under the terms of the Master Confirmation, ValueAct Master Fund shall
have the option to elect Physical Settlement or Cash Settlement for the
Forward Transactions, but Physical Settlement, which is the default
settlement method, shall only be available if the receipt of such shares by
ValueAct Master Fund would not violate the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended (the "HSR Condition"). If, on the
Settlement Date, the HSR Condition is not satisfied and ValueAct Master Fund
has not elected Cash Settlement, the Settlement Date automatically will be
postponed until the HSR Condition is satisfied.
ValueAct Master Fund has the right to elect early termination of the
Forward Transactions, in whole or in part, at any time, and the Counterparty
has the right to elect early termination of the Forward Transactions, in
whole or in part, upon 90 calendar days' prior written notice to ValueAct
Master Fund.
The Forward Transactions do not give the Reporting Persons direct or
indirect voting, investment or dispositive control over any securities of the
Issuer and do not require the Counterparty to acquire, hold, vote or dispose
of any securities of the Issuer. Accordingly, the Reporting Persons disclaim
any beneficial ownership of any shares of Common Stock that may be referenced
-------------------------- -------------------------
CUSIP NO. 057224107 Page 13 of 18
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in such contracts and of any shares of Common Stock or other securities or
financial instruments that may be held from time to time by the Counterparty.
The Reporting Persons may, from time to time, enter into and dispose
of swaps, options or other derivative transactions with one or more
counterparties that are based upon the value of shares of the Common Stock,
which transactions may be significant in amount. The profit, loss and/or
return on such contracts may be wholly or partially dependent on the market
value of the shares of the Common Stock.
Other than as described in this Report and as previously
reported, the Reporting Persons have no understandings, arrangements,
relationships or contracts relating to the Issuer's Common Stock which are
required to be described hereunder.
Item 7. Material to Be Filed as Exhibits
(1) Joint Filing Agreement.
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CUSIP NO. 057224107 Page 14 of 18
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ANNEX 1
Forward Transactions
Number of
Forward Initial Forward
Trade Date Shares Price Price
12/02/2015 450,000 $54.05 $53.00
12/03/2015 500,000 $52.85 $53.00
12/04/2015 550,000 $52.16 $53.00
12/07/2015 1,200,000 $49.96 $53.00
12/08/2015 450,000 $50.21 $53.00
12/10/2015 550,000 $52.23 $53.00
12/11/2015 200,000 $49.18 $53.00
12/16/2015 2,025,000 $45.15 $53.00
12/17/2015 2,075,000 $44.92 $53.00
12/18/2015 1,500,000 $43.72 $53.00
12/21/2015 1,000,000 $43.49 $53.00
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CUSIP NO. 057224107 Page 15 of 18
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SIGNATURE
After reasonable inquiry and to the best of his knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears
below on this Schedule 13D hereby constitutes and appoints Jeffrey W. Ubben,
Bradley E. Singer, G. Mason Morfit and Allison Bennington, and each of
them, with full power to act without the other, his or its true and lawful
attorney-in-fact and agent, with full power of substitution and
resubstitution, for him or it and in his or its name, place and stead, in any
and all capacities (until revoked in writing) to sign any and all amendments
to this Schedule 13D, and to file the same, with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing
requisite and necessary fully to all intents and purposes as he or it might
or could do in person, thereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
ValueAct Capital Master Fund L.P., by
VA Partners I, LLC, its General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Co-Invest Master Fund L.P., by
VA Partners I, LLC, its General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
VA Partners I, LLC
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Capital Management, L.P., by
ValueAct Capital Management, LLC its
General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
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CUSIP NO. 057224107 Page 16 of 18
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ValueAct Capital Management, LLC
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Holdings, L.P., by
ValueAct Holdings GP, LLC, its
General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Holdings GP, LLC
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
-------------------------- -------------------------
CUSIP NO. 057224107 Page 17 of 18
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Exhibit 1
JOINT FILING UNDERTAKING
The undersigned parties hereby agree that the Schedule 13D filed herewith
(and any amendments thereto) relating to the Common Stock of Agrium Inc., is
being filed jointly on behalf of each of them with the Securities and
Exchange Commission pursuant to Section 13(d) of the Securities Exchange Act
of 1934, as amended.
ValueAct Capital Master Fund L.P., by
VA Partners I, LLC, its General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Co-Invest Master Fund L.P., by
VA Partners I, LLC, its General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
VA Partners I, LLC
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Capital Management, L.P., by
ValueAct Capital Management, LLC its
General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Capital Management, LLC
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
ValueAct Holdings, L.P., by
ValueAct Holdings GP, LLC, its
General Partner
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer
-------------------------- -------------------------
CUSIP NO. 057224107 Page 18 of 18
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ValueAct Holdings GP, LLC
By: /s/ Bradley E. Singer
--------------------------------------
Dated: December 21, 2015 Bradley E. Singer, Chief Operating Officer