UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ___)*
Coherent, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.01 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
192479103
--------------------------------------------------------------------------------
(CUSIP Number)
WITH A COPY TO:
Augustus K. Oliver Allen B. Levithan, Esq.
Oliver Press Partners, LLC Lowenstein Sandler PC
152 West 57th Street 65 Livingston Avenue
New York, New York 10019 Roseland, New Jersey 07068
(212) 277-5654 (973) 597-2406
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 16, 2007
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule l3G 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.
*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. 192479103
--------------------------------------------------------------------------------
1. Name of Reporting Person: Oliver Press Partners, LLC
I.R.S. Identification No. of above person (entities only): 20-2688930
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a)
(b) X
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions): OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e):
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization: Delaware
--------------------------------------------------------------------------------
Number of 7. Sole Voting Power: 0
Shares Beneficially 8. Shared Voting Power: 1,872,865*
Owned by
Each Reporting 9. Sole Dispositive Power: 0
Person With 10. Shared Dispositive Power: 1,872,865*
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each
Reporting Person: 1,872,865*
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions):
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11): 6.0%*
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions): IA
--------------------------------------------------------------------------------
* This is a joint filing by Oliver Press Partners, LLC, Oliver Press Investors,
LLC, Augustus K. Oliver and Clifford Press, who share the power to vote and the
power to direct the disposition of the 244,118 shares of common stock, par value
$0.01 per share (the "SHARES"), of Coherent, Inc., a Delaware corporation,
owned, as of August 27, 2007, by Davenport Partners, L.P., a Delaware limited
partnership, and the 1,628,747 Shares owned by JE Partners, a Bermuda
partnership. See Items 2 and 5 of this Schedule 13D for additional information.
-2-
Cusip No. 192479103
--------------------------------------------------------------------------------
1. Name of Reporting Person: Oliver Press Investors, LLC
I.R.S. Identification No. of above person (entities only): 20-2688868
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a)
(b) X
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions): OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e):
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization: Delaware
--------------------------------------------------------------------------------
Number of 7. Sole Voting Power: 0
Shares Beneficially 8. Shared Voting Power: 1,872,865*
Owned by
Each Reporting 9. Sole Dispositive Power: 0
Person With 10. Shared Dispositive Power: 1,872,865*
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each
Reporting Person: 1,872,865*
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions):
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11): 6.0%*
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions): PN
--------------------------------------------------------------------------------
* This is a joint filing by Oliver Press Partners, LLC, Oliver Press Investors,
LLC, Augustus K. Oliver and Clifford Press, who share the power to vote and the
power to direct the disposition of the 244,118 shares of common stock, par value
$0.01 per share (the "SHARES"), of Coherent, Inc., a Delaware corporation,
owned, as of August 27, 2007, by Davenport Partners, L.P., a Delaware limited
partnership, and the 1,628,747 Shares owned by JE Partners, a Bermuda
partnership. See Items 2 and 5 of this Schedule 13D for additional information.
-3-
Cusip No. 192479103
--------------------------------------------------------------------------------
1. Name of Reporting Person: Augustus K. Oliver
I.R.S. Identification No. of above person (entities only):
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a)
(b) X
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions): OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e):
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization: United States
--------------------------------------------------------------------------------
Number of 7. Sole Voting Power: 0
Shares Beneficially 8. Shared Voting Power: 1,872,865*
Owned by
Each Reporting 9. Sole Dispositive Power: 0
Person With 10. Shared Dispositive Power: 1,872,865*
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each
Reporting Person: 1,872,865*
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions):
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11): 6.0%*
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions): IN
--------------------------------------------------------------------------------
* This is a joint filing by Oliver Press Partners, LLC, Oliver Press Investors,
LLC, Augustus K. Oliver and Clifford Press, who share the power to vote and the
power to direct the disposition of the 244,118 shares of common stock, par value
$0.01 per share (the "SHARES"), of Coherent, Inc., a Delaware corporation,
owned, as of August 27, 2007, by Davenport Partners, L.P., a Delaware limited
partnership, and the 1,628,747 Shares owned by JE Partners, a Bermuda
partnership. See Items 2 and 5 of this Schedule 13D for additional information.
-4-
Cusip No. 192479103
--------------------------------------------------------------------------------
1. Name of Reporting Person: Clifford Press
I.R.S. Identification No. of above person (entities only):
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a)
(b) X
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions): OO
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e):
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization: United States
--------------------------------------------------------------------------------
Number of 7. Sole Voting Power: 0
Shares Beneficially 8. Shared Voting Power: 1,872,865*
Owned by
Each Reporting 9. Sole Dispositive Power: 0
Person With 10. Shared Dispositive Power: 1,872,865*
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each
Reporting Person: 1,872,865*
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions):
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11): 6.0%*
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions): IN
--------------------------------------------------------------------------------
* This is a joint filing by Oliver Press Partners, LLC, Oliver Press Investors,
LLC, Augustus K. Oliver and Clifford Press, who share the power to vote and the
power to direct the disposition of the 244,118 shares of common stock, par value
$0.01 per share (the "SHARES"), of Coherent, Inc., a Delaware corporation,
owned, as of August 27, 2007, by Davenport Partners, L.P., a Delaware limited
partnership, and the 1,628,747 Shares owned by JE Partners, a Bermuda
partnership. See Items 2 and 5 of this Schedule 13D for additional information.
-5-
Item 1. Security and Issuer.
-------------------
This Schedule 13D relates to shares of the common stock, par value $0.01
per share (the "SHARES"), of Coherent, Inc., a Delaware corporation (the
"COMPANY"), whose principal executive offices are at 5100 Patrick Henry Drive,
Santa Clara, California 95054.
Item 2. Identity and Background.
-----------------------
This Schedule 13D is being filed by i) Oliver Press Investors, LLC, a
Delaware limited liability company ("OPI"), and the general partner of each of
Davenport Partners, L.P., a Delaware limited partnership ("DAVENPORT"), and JE
Partners, a Bermuda partnership ("JE" and, together with Davenport, the
"PARTNERSHIPS"), ii) Oliver Press Partners, LLC, a Delaware limited liability
company ("OPP"), the investment adviser to each of Davenport and JE, iii)
Augustus K. Oliver ("OLIVER") and iv) Clifford Press ("Press" and, collectively
with OPI, OPP and Oliver, the "FILING PARTIES"). Oliver and Press are United
States citizens and the Managing Members of each of OPI and OPP. The business
address of the Filing Parties is 152 West 57th Street, 46th Floor, New York, New
York 10019.
None of the Filing Parties have been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors), nor has any Filing Party
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.
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
The amount required by Davenport to purchase the 244,118 Shares owned by
it was $7,205,165.19, including commissions. The amount required by JE to
purchase the 1,628,747 Shares owned by it was $47,425,263.64, including
commissions. All Shares owned by Davenport and JE were purchased in open market
transactions with cash from their respective partnership assets.
Item 4. Purpose of Transaction.
----------------------
The Partnerships purchased the Shares because OPP, as their investment
adviser, believed the Shares to be undervalued. OPP believes that the Company
has underperformed and has not provided sufficient value to its shareholders.
OPP intends to take over time any and all actions considered appropriate to
realize the value it believes is inherent in the Shares. OPP intends to exchange
views with the Company's management and Board of Directors, and possibly other
shareholders, concerning the strategic direction of the Company. In addition,
OPP may pursue representation of OPP's principals on the Company's Board of
Directors.
Depending upon OPP's view of the Company's business and financial
prospects and general market conditions, the Partnerships may purchase
additional Shares or dispose of Shares at any time or from time to time.
-6-
Item 5. Interest in Securities of the Issuer.
------------------------------------
As of August 27, 2007, Davenport owned 244,118 Shares and JE owned
1,628,747 Shares, constituting 0.78% and 5.19%, respectively, and 6.0% in the
aggregate, of the 31,411,080 Shares reported by the Company to be outstanding as
of September 29, 2006 on the Amendment No. 1 to Form S-3 filed by the Company
with the Securities and Exchange Commission on October 4, 2006. OPP as the
investment adviser to the Partnerships, has the power to vote and the power to
direct the disposition of such Shares. OPI, as the general partner of the
Partnerships, and Messrs. Oliver and Press, as the Managing Members of OPP and
OPI, share the power to vote and to the power to direct the disposition of such
Shares.
Attached hereto as Schedule I is a list of all transactions in Shares
effected by the Partnerships in the sixty (60) days on or prior to August 16,
2007, and from August 16, 2007 through and including August 27, 2007. No other
Filing Party had any transactions in Shares.
Item 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
-------------------------------------------------------------
None.
Item 7. Exhibits.
--------
EXHIBIT A - Joint filing agreement, dated as of August 27, 2007, by and
among Oliver Press Investors, LLC, Oliver Press Partners, LLC, Augustus K.
Oliver and Clifford Press.
-7-
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.
August 27, 2007
OLIVER PRESS INVESTORS, LLC
By: /s/ Augustus K. Oliver
--------------------------------
Augustus K. Oliver
Managing Member
OLIVER PRESS PARTNERS, LLC
By: /s/ Clifford Press
--------------------------------
Clifford Press
Managing Member
/s/ Augustus K. Oliver
------------------------------------
Augustus K. Oliver
/s/ Clifford Press
------------------------------------
Clifford Press
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
-8-
SCHEDULE I
Purchases by JE Partners, LP
Date No. of Shares Total Cost* Price Per Share*
---- ------------- ----------- ----------------
10-Jul-07 25,400 $ 771,852.66 30.3879
11-Jul-07 16,940 $ 513,954.52 30.3397
20-Jul-07 24,600 $ 751,746.48 30.5588
24-Jul-07 54,700 $ 1,674,170.08 30.6064
25-Jul-07 30,300 $ 925,107.48 30.5316
26-Jul-07 58,200 $ 1,751,342.76 30.0918
27-Jul-07 115,527 $ 3,389,527.52 29.3397
30-Jul-07 77,900 $ 2,258,539.12 28.9928
31-Jul-07 88,400 $ 2,557,933.56 28.9359
1-Aug-07 106,100 $ 3,070,183.87 28.9367
2-Aug-07 73,000 $ 2,131,497.80 29.1986
3-Aug-07 142,500 $ 4,112,008.50 28.8562
6-Aug-07 237,500 $ 6,808,341.25 28.6667
7-Aug-07 95,000 $ 2,747,894.00 28.9252
16-Aug-07 20,300 $ 568,397.97 27.9999
17-Aug-07 264,000 $ 7,508,160.00 28.4400
24-Aug-07 18,800 $ 568,327.76 30.2302
* Including Commissions
Purchases by Davenport Partners, LP
Date No. of Shares Total Cost* Price Per Share*
---- ------------- ----------- ----------------
10-Jul-07 7,600 $ 230,948.04 30.3879
11-Jul-07 5,060 $ 153,518.88 30.3397
20-Jul-07 7,400 $ 226,135.12 30.5588
24-Jul-07 16,300 $ 498,884.32 30.6064
25-Jul-07 6,700 $ 204,561.72 30.5316
26-Jul-07 12,800 $ 385,175.04 30.0918
27-Jul-07 25,400 $ 745,228.38 29.3397
30-Jul-07 17,089 $ 495,457.96 28.9928
31-Jul-07 7,700 $ 222,806.43 28.9359
1-Aug-07 9,214 $ 266,622.75 28.9367
2-Aug-07 3,800 $ 110,954.68 29.1986
3-Aug-07 7,500 $ 216,421.50 28.8562
6-Aug-07 12,500 $ 358,333.75 28.6667
7-Aug-07 5,000 $ 144,626.00 28.9252
16-Aug-07 1,020 $ 28,559.90 27.9999
17-Aug-07 13,915 $ 395,742.60 28.4400
24-Aug-07 1,200 $ 36,276.24 30.2302
* Including Commissions
EXHIBIT A
JOINT FILING AGREEMENT
----------------------
The undersigned agree that this Schedule 13D relating to the shares of
common stock of Coherent, Inc. is filed jointly on behalf of each of the
undersigned pursuant to Rule 13d-1(k).
August 27, 2007
OLIVER PRESS INVESTORS, LLC
By: /s/ Augustus K. Oliver
--------------------------------
Augustus K. Oliver
Managing Member
OLIVER PRESS PARTNERS, LLC
By: /s/ Clifford Press
--------------------------------
Clifford Press
Managing Member
/s/ Augustus K. Oliver
------------------------------------
Augustus K. Oliver
/s/ Clifford Press
------------------------------------
Clifford Press