Sec Form 13D Filing - Starboard Value LP filing for FORTREA HLDGS INC (FTRE) - 2024-05-28

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 2)1

Fortrea Holdings Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

34965K107

(CUSIP Number)

 

JEFFREY C. SMITH

STARBOARD VALUE LP

777 Third Avenue, 18th Floor

New York, New York 10017

(212) 845-7977

 

ANDREW FREEDMAN, ESQ.

MEAGAN REDA, ESQ.

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

May 23, 2024

(Date of Event Which Requires Filing of This Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP No. 34965K107

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         7,595,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          7,595,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        7,595,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        8.5%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

2

CUSIP No. 34965K107

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         4,316,311  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          4,316,311  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        4,316,311  
  12   CHECK BOX 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  

  

3

CUSIP No. 34965K107

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY S LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         538,187  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          538,187  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        538,187  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

4

CUSIP No. 34965K107

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY C LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         416,567  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          416,567  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        416,567  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

5

CUSIP No. 34965K107

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE R LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         416,567  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          416,567  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        416,567  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

6

CUSIP No. 34965K107

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         229,372  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          229,372  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        229,372  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

7

CUSIP No. 34965K107

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE L LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         229,372  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          229,372  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        229,372  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

8

CUSIP No. 34965K107

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE R GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         645,939  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          645,939  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        645,939  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

9

CUSIP No. 34965K107

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD X MASTER FUND LTD  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         1,305,862  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          1,305,862  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,305,862  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.5%  
  14   TYPE OF REPORTING PERSON  
         
        CO  

  

10

CUSIP No. 34965K107

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         7,595,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          7,595,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        7,595,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        8.5%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

11

CUSIP No. 34965K107

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD PRINCIPAL CO LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         7,595,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          7,595,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        7,595,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        8.5%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

12

CUSIP No. 34965K107

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD PRINCIPAL CO GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         7,595,000  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          7,595,000  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        7,595,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        8.5%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

13

CUSIP No. 34965K107

 

  1   NAME OF REPORTING PERSON  
         
        JEFFREY C. SMITH  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         7,595,000  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          7,595,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        7,595,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        8.5%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

14

CUSIP No. 34965K107

 

  1   NAME OF REPORTING PERSON  
         
        PETER A. FELD  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         7,595,000  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          7,595,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        7,595,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        8.5%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

15

CUSIP No. 34965K107

 

The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned (“Amendment No. 2”). This Amendment No. 2 amends the Schedule 13D as specifically set forth herein.

Item 3.Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and restated to read as follows:

The securities purchased by each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master, Starboard X Master and held in the Starboard Value LP Account were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein. The aggregate purchase price of the 4,316,311 Shares beneficially owned by Starboard V&O Fund is approximately $120,894,403, excluding brokerage commissions. The aggregate purchase price of the 538,187 Shares beneficially owned by Starboard S LLC is approximately $15,008,422, excluding brokerage commissions. The aggregate purchase price of the 416,567 Shares beneficially owned by Starboard C LP is approximately $11,617,362, excluding brokerage commissions. The aggregate purchase price of the 229,372 Shares beneficially owned by Starboard L Master is approximately $6,410,819, excluding brokerage commissions. The aggregate purchase price of the 1,305,862 Shares beneficially owned by Starboard X Master is approximately $36,713,747, excluding brokerage commissions. The aggregate purchase price of the 788,701 Shares held in the Starboard Value LP Account is approximately $22,390,912, excluding brokerage commissions.

Item 5.Interest in Securities of the Issuer.

Items 5(a) – (c) are hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 89,400,000 Shares outstanding, as of May 20, 2024, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 24, 2024.

A.Starboard V&O Fund
(a)As of the close of business on May 28, 2024, Starboard V&O Fund beneficially owned 4,316,311 Shares.

Percentage: Approximately 4.8%

(b)1. Sole power to vote or direct vote: 4,316,311
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 4,316,311
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in securities of the Issuer by Starboard V&O Fund during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
B.Starboard S LLC
(a)As of the close of business on May 28, 2024, Starboard S LLC beneficially owned 538,187 Shares.

16

CUSIP No. 34965K107

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 538,187
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 538,187
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in securities of the Issuer by Starboard S LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
C.Starboard C LP
(a)As of the close of business on May 28, 2024, Starboard C LP beneficially owned 416,567 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 416,567
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 416,567
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in securities of the Issuer by Starboard C LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
D.Starboard R LP
(a)Starboard R LP, as the general partner of Starboard C LP, may be deemed the beneficial owner of the 416,567 Shares owned by Starboard C LP.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 416,567
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 416,567
4. Shared power to dispose or direct the disposition: 0

 

(c)Starboard R LP has not entered into any transactions in securities of the Issuer during the past sixty days. The transactions in securities of the Issuer on behalf of Starboard C LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
E.Starboard L Master
(a)As of the close of business on May 28, 2024, Starboard L Master beneficially owned 229,372 Shares.

Percentage: Less than 1%

17

CUSIP No. 34965K107

(b)1. Sole power to vote or direct vote: 229,372
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 229,372
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in securities of the Issuer by Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
F.Starboard L GP
(a)Starboard L GP, as the general partner of Starboard L Master, may be deemed the beneficial owner of the 229,372 Shares owned by Starboard L Master.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 229,372
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 229,372
4. Shared power to dispose or direct the disposition: 0

 

(c)Starboard L GP has not entered into any transactions in securities of the Issuer during the past sixty days. The transactions in securities of the Issuer on behalf of Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
G.Starboard R GP
(a)Starboard R GP, as the general partner of Starboard R LP and Starboard L GP, may be deemed the beneficial owner of the (i) 416,567 Shares owned by Starboard C LP and (ii) 229,372 Shares owned by Starboard L Master.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 645,939
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 645,939
4. Shared power to dispose or direct the disposition: 0

 

(c)Starboard R GP has not entered into any transactions in securities of the Issuer during the past sixty days. The transactions in securities of the Issuer on behalf of each of Starboard C LP and Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
H.Starboard X Master
(a)As of the close of business on May 28, 2024, Starboard X Master beneficially owned 1,305,862 Shares.

Percentage: Approximately 1.5%

18

CUSIP No. 34965K107

(b)1. Sole power to vote or direct vote: 1,305,862
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,305,862
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in securities of the Issuer by Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
I.Starboard Value LP
(a)As of the close of business on May 28, 2024, 788,701 Shares were held in the Starboard Value LP Account. Starboard Value LP, as the investment manager of Starboard V&O Fund, Starboard C LP, Starboard L Master, Starboard X Master, and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 4,316,311 Shares owned by Starboard V&O Fund, (ii) 538,187 Shares owned by Starboard S LLC, (iii) 416,567 Shares owned by Starboard C LP, (iv) 229,372 Shares owned by Starboard L Master, (v) 1,305,862 Shares owned by Starboard X Master and (vi) 788,701 Shares held in the Starboard Value LP Account.

Percentage: Approximately 8.5%

(b)1. Sole power to vote or direct vote: 7,595,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 7,595,000
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in securities of the Issuer by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
J.Starboard Value GP
(a)Starboard Value GP, as the general partner of Starboard Value LP, may be deemed the beneficial owner of the (i) 4,316,311 Shares owned by Starboard V&O Fund, (ii) 538,187 Shares owned by Starboard S LLC, (iii) 416,567 Shares owned by Starboard C LP, (iv) 229,372 Shares owned by Starboard L Master, (v) 1,305,862 Shares owned by Starboard X Master and (vi) 788,701 Shares held in the Starboard Value LP Account.

Percentage: Approximately 8.5%

(b)1. Sole power to vote or direct vote: 7,595,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 7,595,000
4. Shared power to dispose or direct the disposition: 0

 

(c)Starboard Value GP has not entered into any transactions in securities of the Issuer during the past sixty days. The transactions in securities of the Issuer by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
19

CUSIP No. 34965K107

K.Principal Co
(a)Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 4,316,311 Shares owned by Starboard V&O Fund, (ii) 538,187 Shares owned by Starboard S LLC, (iii) 416,567 Shares owned by Starboard C LP, (iv) 229,372 Shares owned by Starboard L Master, (v) 1,305,862 Shares owned by Starboard X Master and (vi) 788,701 Shares held in the Starboard Value LP Account.

Percentage: Approximately 8.5%

(b)1. Sole power to vote or direct vote: 7,595,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 7,595,000
4. Shared power to dispose or direct the disposition: 0

 

(c)Principal Co has not entered into any transactions in securities of the Issuer during the past sixty days. The transactions in securities of the Issuer by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference
L.Principal GP
(a)Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of (i) 4,316,311 Shares owned by Starboard V&O Fund, (ii) 538,187 Shares owned by Starboard S LLC, (iii) 416,567 Shares owned by Starboard C LP, (iv) 229,372 Shares owned by Starboard L Master, (v) 1,305,862 Shares owned by Starboard X Master and (vi) 788,701 Shares held in the Starboard Value LP Account.

Percentage: Approximately 8.5%

(b)1. Sole power to vote or direct vote: 7,595,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 7,595,000
4. Shared power to dispose or direct the disposition: 0

 

(c)Principal GP has not entered into any transactions in securities of the Issuer during the past sixty days. The transactions in securities of the Issuer by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference
M.Messrs. Smith and Feld
(a)Each of Messrs. Smith and Feld, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 4,316,311 Shares owned by Starboard V&O Fund, (ii) 538,187 Shares owned by Starboard S LLC, (iii) 416,567 Shares owned by Starboard C LP, (iv) 229,372 Shares owned by Starboard L Master, (v) 1,305,862 Shares owned by Starboard X Master and (vi) 788,701 Shares held in the Starboard Value LP Account.

Percentage: Approximately 8.5%

20

CUSIP No. 34965K107

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 7,595,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 7,595,000

 

(c)None of Messrs. Smith or Feld has entered into any transactions in securities of the Issuer during the past sixty days. The transactions in securities of the Issuer by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master, and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

21

CUSIP No. 34965K107

 

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: May 28, 2024

STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD

By: Starboard Value LP,

its investment manager

 

STARBOARD VALUE AND OPPORTUNITY S LLC

By: Starboard Value LP,

its manager

 

STARBOARD VALUE AND OPPORTUNITY C LP

By: Starboard Value R LP,

its general partner

 

STARBOARD VALUE R LP

By: Starboard Value R GP LLC,

its general partner

 

STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP

By: Starboard Value L LP,

its general partner

 

 

 

 

 

STARBOARD VALUE L LP

By: Starboard Value R GP LLC,

its general partner

 

STARBOARD X MASTER FUND LTD

By: Starboard Value LP,

its investment manager

 

STARBOARD VALUE LP

By: Starboard Value GP LLC,

its general partner

 

STARBOARD VALUE GP LLC

By: Starboard Principal Co LP,

its member

 

STARBOARD PRINCIPAL CO LP

By: Starboard Principal Co GP LLC,

its general partner

 

STARBOARD PRINCIPAL CO GP LLC

 

STARBOARD VALUE R GP LLC

 

 

 
 
By:

/s/ Jeffrey C. Smith

  Name: Jeffrey C. Smith
  Title: Authorized Signatory

 

 
 

/s/ Jeffrey C. Smith

JEFFREY C. SMITH
Individually and as attorney-in-fact for Peter A. Feld

 

22

CUSIP No. 34965K107

 

SCHEDULE A

Transactions in Securities of the Issuer During the Past Sixty Days

Nature of the Transaction

Amount of Securities

Purchased

Price ($)

Date of

Purchase

 

STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD

 

Purchase of Common Stock 4,424 36.2747 05/06/2024
Purchase of Common Stock 4,424 36.2747 05/06/2024
Purchase of Common Stock 9,401 35.4965 05/08/2024
Purchase of Common Stock 9,401 35.4965 05/08/2024
Purchase of Common Stock 101,626 27.9021 05/13/2024
Purchase of Common Stock 101,626 27.9021 05/13/2024
Purchase of Common Stock 92,201 28.2048 05/13/2024
Purchase of Common Stock 92,201 28.2048 05/13/2024
Purchase of Common Stock 83 27.9583 05/14/2024
Purchase of Common Stock 83 27.9583 05/14/2024
Purchase of Common Stock 9,318 28.6043 05/14/2024
Purchase of Common Stock 9,318 28.6043 05/14/2024
Purchase of Common Stock 6,936 29.0347 05/15/2024
Purchase of Common Stock 6,936 29.0347 05/15/2024
Purchase of Common Stock 4,401 28.7519 05/15/2024
Purchase of Common Stock 4,401 28.7519 05/15/2024
Purchase of Common Stock 61,936 28.9097 05/15/2024
Purchase of Common Stock 61,935 28.9097 05/15/2024
Purchase of Common Stock 27,650 27.9928 05/16/2024
Purchase of Common Stock 27,650 27.9928 05/16/2024
Purchase of Common Stock 41,475 27.8771 05/16/2024
Purchase of Common Stock 41,475 27.8771 05/16/2024
Purchase of Common Stock 13,825 27.6896 05/17/2024
Purchase of Common Stock 13,825 27.6896 05/17/2024
Purchase of Common Stock 69,125 27.5901 05/17/2024
Purchase of Common Stock 69,125 27.5901 05/17/2024
Purchase of Common Stock 27,650 27.4243 05/20/2024
Purchase of Common Stock 27,650 27.4243 05/20/2024
Purchase of Common Stock 11,060 26.1838 05/21/2024
Purchase of Common Stock 11,060 26.1838 05/21/2024
Purchase of Common Stock 68,239 25.5734 05/23/2024
Purchase of Common Stock 68,239 25.5734 05/23/2024
Purchase of Common Stock 38,710 25.5904 05/23/2024
Purchase of Common Stock 38,710 25.5904 05/23/2024
Purchase of Common Stock 17,973 25.2950 05/24/2024
Purchase of Common Stock 17,972 25.2950 05/24/2024
Purchase of Common Stock 333 25.4668 05/24/2024
Purchase of Common Stock 333 25.4668 05/24/2024
Purchase of Common Stock 27,650 25.3760 05/28/2024
Purchase of Common Stock 27,650 25.3760 05/28/2024

CUSIP No. 34965K107

 

STARBOARD VALUE AND OPPORTUNITY S LLC

 

Purchase of Common Stock 1,152 36.2747 05/06/2024
Purchase of Common Stock 2,448 35.4965 05/08/2024
Purchase of Common Stock 26,463 27.9021 05/13/2024
Purchase of Common Stock 24,009 28.2048 05/13/2024
Purchase of Common Stock 22 27.9583 05/14/2024
Purchase of Common Stock 2,426 28.6043 05/14/2024
Purchase of Common Stock 1,806 29.0347 05/15/2024
Purchase of Common Stock 1,146 28.7519 05/15/2024
Purchase of Common Stock 16,128 28.9097 05/15/2024
Purchase of Common Stock 7,200 27.9928 05/16/2024
Purchase of Common Stock 10,800 27.8771 05/16/2024
Purchase of Common Stock 3,600 27.6896 05/17/2024
Purchase of Common Stock 18,000 27.5901 05/17/2024
Purchase of Common Stock 7,200 27.4243 05/20/2024
Purchase of Common Stock 2,880 26.1838 05/21/2024
Purchase of Common Stock 17,769 25.5734 05/23/2024
Purchase of Common Stock 10,080 25.5904 05/23/2024
Purchase of Common Stock 4,680 25.2950 05/24/2024
Purchase of Common Stock 87 25.4668 05/24/2024
Purchase of Common Stock 7,200 25.3760 05/28/2024

 

STARBOARD VALUE AND OPPORTUNITY C LP

 

Purchase of Common Stock 896 36.2747 05/06/2024
Purchase of Common Stock 1,904 35.4965 05/08/2024
Purchase of Common Stock 20,582 27.9021 05/13/2024
Purchase of Common Stock 18,673 28.2048 05/13/2024
Purchase of Common Stock 17 27.9583 05/14/2024
Purchase of Common Stock 1,887 28.6043 05/14/2024
Purchase of Common Stock 1,405 29.0347 05/15/2024
Purchase of Common Stock 891 28.7519 05/15/2024
Purchase of Common Stock 12,544 28.9097 05/15/2024
Purchase of Common Stock 5,600 27.9928 05/16/2024
Purchase of Common Stock 8,400 27.8771 05/16/2024
Purchase of Common Stock 2,800 27.6896 05/17/2024
Purchase of Common Stock 14,000 27.5901 05/17/2024
Purchase of Common Stock 5,600 27.4243 05/20/2024
Purchase of Common Stock 2,240 26.1838 05/21/2024
Purchase of Common Stock 13,821 25.5734 05/23/2024
Purchase of Common Stock 7,840 25.5904 05/23/2024
Purchase of Common Stock 3,640 25.2950 05/24/2024
Purchase of Common Stock 67 25.4668 05/24/2024
Purchase of Common Stock 5,600 25.3760 05/28/2024

CUSIP No. 34965K107

 

STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP

 

Purchase of Common Stock 496 36.2747 05/06/2024
Purchase of Common Stock 1,054 35.4965 05/08/2024
Purchase of Common Stock 11,394 27.9021 05/13/2024
Purchase of Common Stock 10,337 28.2048 05/13/2024
Purchase of Common Stock 9 27.9583 05/14/2024
Purchase of Common Stock 1,045 28.6043 05/14/2024
Purchase of Common Stock 777 29.0347 05/15/2024
Purchase of Common Stock 493 28.7519 05/15/2024
Purchase of Common Stock 6,945 28.9097 05/15/2024
Purchase of Common Stock 3,100 27.9928 05/16/2024
Purchase of Common Stock 4,650 27.8771 05/16/2024
Purchase of Common Stock 1,550 27.6896 05/17/2024
Purchase of Common Stock 7,750 27.5901 05/17/2024
Purchase of Common Stock 3,100 27.4243 05/20/2024
Purchase of Common Stock 1,240 26.1838 05/21/2024
Purchase of Common Stock 7,651 25.5734 05/23/2024
Purchase of Common Stock 4,340 25.5904 05/23/2024
Purchase of Common Stock 2,015 25.2950 05/24/2024
Purchase of Common Stock 37 25.4668 05/24/2024
Purchase of Common Stock 3,100 25.3760 05/28/2024

 

STARBOARD X MASTER FUND LTD

 

Purchase of Common Stock 2,896 36.2747 05/06/2024
Purchase of Common Stock 6,154 35.4965 05/08/2024
Purchase of Common Stock 66,526 27.9021 05/13/2024
Purchase of Common Stock 60,355 28.2048 05/13/2024
Purchase of Common Stock 54 27.9583 05/14/2024
Purchase of Common Stock 6,100 28.6043 05/14/2024
Purchase of Common Stock 4,540 29.0347 05/15/2024
Purchase of Common Stock 2,881 28.7519 05/15/2024
Purchase of Common Stock 40,544 28.9097 05/15/2024
Purchase of Common Stock 18,100 27.9928 05/16/2024
Purchase of Common Stock 27,150 27.8771 05/16/2024
Purchase of Common Stock 9,050 27.6896 05/17/2024
Purchase of Common Stock 45,250 27.5901 05/17/2024
Purchase of Common Stock 18,100 27.4243 05/20/2024
Purchase of Common Stock 7,240 26.1838 05/21/2024
Purchase of Common Stock 44,670 25.5734 05/23/2024
Purchase of Common Stock 25,340 25.5904 05/23/2024
Purchase of Common Stock 11,765 25.2950 05/24/2024
Purchase of Common Stock 218 25.4668 05/24/2024
Purchase of Common Stock 18,100 25.3760 05/28/2024

CUSIP No. 34965K107

 

STARBOARD VALUE LP

(Through the Starboard Value LP Account)

 

Purchase of Common Stock 1,712 36.2747 05/06/2024
Purchase of Common Stock 3,638 35.4965 05/08/2024
Purchase of Common Stock 39,327 27.9021 05/13/2024
Purchase of Common Stock 35,680 28.2048 05/13/2024
Purchase of Common Stock 32 27.9583 05/14/2024
Purchase of Common Stock 3,606 28.6043 05/14/2024
Purchase of Common Stock 2,684 29.0347 05/15/2024
Purchase of Common Stock 1,703 28.7519 05/15/2024
Purchase of Common Stock 23,968 28.9097 05/15/2024
Purchase of Common Stock 10,700 27.9928 05/16/2024
Purchase of Common Stock 16,050 27.8771 05/16/2024
Purchase of Common Stock 5,350 27.6896 05/17/2024
Purchase of Common Stock 26,750 27.5901 05/17/2024
Purchase of Common Stock 10,700 27.4243 05/20/2024
Purchase of Common Stock 4,280 26.1838 05/21/2024
Purchase of Common Stock 26,407 25.5734 05/23/2024
Purchase of Common Stock 14,980 25.5904 05/23/2024
Purchase of Common Stock 6,955 25.2950 05/24/2024
Purchase of Common Stock 129 25.4668 05/24/2024
Purchase of Common Stock 10,700 25.3760 05/28/2024