UNITED STATES

 

 

SECURITIES AND EXCHANGE
COMMISSION

 

 

Washington, D.C. 20549

 

 

 

 

 

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934
(Amendment No.     )*

WENDY’S INTERNATIONAL, INC.

(Name of Issuer)

 

Common Shares, $0.10 stated value

(Title of Class of Securities)

 

950590109

(CUSIP Number)

 

William A. Ackman

Pershing Square Capital Management, L.P.

110 East 42nd Street, 18th Floor

New York, NY 10017

(212) 813-3700

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

COPY TO:

Stephen Fraidin

Kirkland & Ellis LLP

153 East 53rd Street

New York, New York 10022

(212) 446-4800

April 18, 2005

(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. o

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.   950590109

 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
William A. Ackman

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 ý

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
United States

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power

 

8.

Shared Voting Power 
10,563,500 (See Item 5)

 

9.

Sole Dispositive Power 

 

10.

Shared Dispositive Power 
10,563,500 (See Item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
10,563,500 (See Item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
9.3%

 

 

14.

Type of Reporting Person (See Instructions)
IN

 

2



 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Pershing Square GP, LLC

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 ý

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power

 

8.

Shared Voting Power 
4,167,804 (See Item 5)

 

9.

Sole Dispositive Power 

 

10.

Shared Dispositive Power 
4,167,804 (See Item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
4,167,804 (See Item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
3.7%

 

 

14.

Type of Reporting Person (See Instructions)
OO

 

3



 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Pershing Square, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 ý

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power

 

8.

Shared Voting Power 
4,029,798 (See Item 5)

 

9.

Sole Dispositive Power 

 

10.

Shared Dispositive Power 
4,029,798 (See Item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
4,029,798 (See Item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   ý

 

 

13.

Percent of Class Represented by Amount in Row (11) 
3.6%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

4



 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Pershing Square II, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 ý

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power

 

8.

Shared Voting Power 
138,006 (See Item 5)

 

9.

Sole Dispositive Power 

 

10.

Shared Dispositive Power 
138,006 (See Item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
138,006 (See Item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
0.1%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

5



 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Pershing Square Investment II GP, LLC

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 ý

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power

 

8.

Shared Voting Power 
3,862,315 (See Item 5)

 

9.

Sole Dispositive Power 

 

10.

Shared Dispositive Power 
3,862,315 (See Item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
3,862,315 (See Item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
3.4%

 

 

14.

Type of Reporting Person (See Instructions)
OO

 

6



 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Pershing Square Investment II, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 ý

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power

 

8.

Shared Voting Power 
3,862,315 (See Item 5)

 

9.

Sole Dispositive Power 

 

10.

Shared Dispositive Power 
3,862,315 (See Item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
3,862,315 (See Item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
3.4%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

7



 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
PS Management GP, LLC

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 ý

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power

 

8.

Shared Voting Power 
2,533,381 (See Item 5)

 

9.

Sole Dispositive Power 

 

10.

Shared Dispositive Power 
2,533,381 (See Item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
2,533,381 (See Item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
2.2%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

8



 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Pershing Square Capital Management, L.P.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 ý

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power

 

8.

Shared Voting Power 
2,533,381 (See Item 5)

 

9.

Sole Dispositive Power 

 

10.

Shared Dispositive Power 
2,533,381 (See Item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
2,533,381 (See Item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
2.2%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

9



 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Pershing Square International, Ltd.

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 ý

 

 

(b)

 o

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Cayman Islands

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power

 

8.

Shared Voting Power 
2,533,381 (See Item 5)

 

9.

Sole Dispositive Power 

 

10.

Shared Dispositive Power 
2,533,381 (See Item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
2,533,381 (See Item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
2.2%

 

 

14.

Type of Reporting Person (See Instructions)
PN

 

10



 

Item 1.

Security and Issuer

The class of equity security to which this statement relates is the Common Shares, $0.10 stated value per share (the “Common Stock”), of Wendy’s International, Inc. , an Ohio corporation (referred to herein as the “Issuer”).  The name and address of the principal executive offices of the Issuer are P.O. Box 256, 4288 West Dublin-Granville Road, Dublin, Ohio.

 

Item 2.

Identity and Background

This report on Schedule 13D (this “Report”) is being filed jointly by each of the following persons pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission (the “Commission”) pursuant to Section 13 of the Securities Exchange Act of 1934 as amended (the “Exchange Act”) (collectively, the “Reporting Persons”): (1) Pershing Square GP, LLC, a Delaware limited liability company (“Pershing GP”), (2) Pershing Square, L.P., a Delaware limited partnership (“Pershing I”), (3) Pershing Square II, L.P., a Delaware limited partnership (“Pershing II”), (4) Pershing Square Investment II, L.P., a Delaware limited partnership (“Investment Fund”) (3) Pershing Square Investment II GP, LLC, a Delaware limited liability company (“Investment Fund GP”), (4) Pershing Square Capital Management, L.P., a Delaware limited partnership (“International Manager”), (5) PS Management GP, LLC, a Delaware limited liability company (“International GP”), (6) Pershing Square International, Ltd., a limited partnership organized under the laws of the Cayman Islands (“International”), and (7) William A. Ackman, an individual.  The address of each of the Reporting Persons is: c/o Pershing Square Capital Management, L.P., 110 East 42nd Street, 18th Floor, New York, NY 10017.

Pershing I, Pershing II, Investment Fund and International are principally engaged in making investments in publicly held companies. 

Pershing GP is principally engaged in the business of serving as the general partner of Pershing I and Pershing II.  Investment Fund GP is principally engaged in the business of serving as the general partner of the Investment Fund.  International GP is principally engaged in the business of serving as the general partner of International Manager.  International Manager is principally engaged in the business of acting as the investment manager of International.

William A. Ackman is the managing member of Pershing GP, Investment Fund GP, and International GP.

None of the Reporting Persons, nor any of their officers or managing directors, have been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) during the past five years.

None of the Reporting Persons, nor any of their officers or managing directors, have been party to a civil proceeding of a judicial or administrative body of competent jurisdiction during the past five years which has resulted in subjection 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

Pershing I, Pershing II, International and Investment Fund (referred to herein collectively as “Pershing”) obtained funds to make the purchases described below from capital contributions from

 

11



 

their partners and working capital in the ordinary course of business.  No funds were borrowed by Pershing in order to complete the transactions described herein.  

The information set forth in Item 4 of this Schedule 13D is hereby incorporated herein by reference.

Item 4.

Purpose of Transaction

The Reporting Persons acquired the Common Stock and options for the purposes described in this Item 4.   The Reporting Persons may cause the Pershing funds to make further acquisitions or dispositions of securities of the Issuer including Common Stock or derivative securities at any time.  The Reporting Persons acquired a 9.3% stake in the Issuer because of their belief that the market price of the Common Stock is substantially less than the intrinsic value of the Issuer on a per share basis.  Representatives of the Reporting Persons intend to meet with management and other representatives of the Issuer and may make one or more proposals with respect to potential changes in the operations, capital structure, or business strategy of the Issuer in an effort to enhance shareholder value.  These proposals may include, but would not be limited to, a proposal that the Issuer spin off one or more divisions of the Issuer, commence certain asset sales and refranchisings, initiate a restructuring which may include a conversion to a real estate investment trust, and/or a recapitalization of the Issuer.  The Reporting Persons may engage investment bankers, consultants, accountants, attorneys, or other advisors to assist it, and may contact other shareholders of the Issuer to discuss any and all of the above.  The Reporting Persons have no current intention of acquiring control of the Issuer.

The information set forth in Item 3 of this Schedule 13D is hereby incorporated herein by reference.

Item 5.

Interest in Securities of the Issuer

 

Percentages in section (a) below calculate, as of the date of this Report, the direct beneficial ownership for the Pershing I and Pershing II, Investment Fund, and International based on the holdings of each entity separately.  Aggregated information for direct and indirect beneficial ownership for Pershing I, Pershing II, Investment Fund and International is provided in paragraph (a)(ix) below.

 

(a)                                  (i) Pershing I directly beneficially owns (a) 3,848,791 American-style call options to purchase Common Stock, all of which are immediately exercisable and (b) 181,007 shares of Common Stock, collectively representing 3.6% of the outstanding Common Stock of the Issuer.

 

(ii)Pershing II directly beneficially owns (a) 135,736 American-style call options to purchase Common Stock, all of which are immediately exercisable and (a) 2,270 shares of Common Stock, collectively representing 0.1% of the outstanding Common Stock of the Issuer.

 

(iii) International directly beneficially owns (a) 2,396,158 American-style call options to purchase Common Stock, all of which are immediately exercisable and (b) 137,223  shares of Common Stock, collectively representing 2.2% of the outstanding Common Stock of the Issuer.

 

(iv) Investment Fund directly beneficially owns (a) 3,862,315 American-style call options to purchase Common Stock, all of which are immediately exercisable and (b) no shares of Common Stock, collectively representing 3.4% of the outstanding Common Stock of the Issuer.

 

12



 

(v) Pershing GP is the general partner of Pershing I and Pershing II, and accordingly may be deemed to indirectly beneficially all of the shares set forth in paragraphs (a)(i) and (ii) above owned by Pershing I and Pershing II.

 

(vi) International Manager is the investment manager of International, and International GP is the general partner of International Manager, and accordingly International Manager and International GP may be deemed to indirectly beneficially own all of the shares set forth in paragraph (a)(iii) above.

 

(vii) Investment Fund GP is the general partner of Investment Fund, and accordingly may be deemed to indirectly beneficially all of the shares set forth in paragraphs (a)(iv) above owned by Investment Fund.

 

(viii) William A. Ackman is the managing member of Pershing GP, Investment Fund GP, and International GP, and accordingly, may be deemed to indirectly beneficially own all of the shares set forth in paragraphs (a)(i), (ii), (iii) and (iv) above.

 

(ix) Collectively, each of the Reporting Persons may be deemed to (a) directly or indirectly beneficially own 10,243,000 American-style call options to purchase Common Stock, all of which are immediately exercisable and (b) 320,500 shares of Common Stock, collectively representing 9.3% of the outstanding Common Stock of the Issuer.

 

(b)                                 Each of the Reporting Persons may be deemed to be a member of a “group” for purposes of Rule 13d-5, and as a result each of the Reporting Persons may be deemed to have shared voting and dispositive power over the shares owned by Pershing.

 

(c)                                  The following transactions in the Issuer’s Common Stock were executed by each of the respective Reporting Persons identified in the tables below, in the 60 days prior to the date of this Report, as of the date and at the prices set forth below.  Each of the purchases of Common Stock set forth in the tables below were made in the open market.  Each of the sales of Common Stock set forth below were made to broker-dealers solely for the purpose of effectuating purchases by the Reporting Persons of over-the-counter American-style call options from these broker-dealers.  Strike prices and expiration dates are not applicable with respect to purchases and sales of Common Stock.

 

13



 

Pershing Square, L.P. (Pershing I)

From 02-18-05 To 04-18-05

 

Trade
Date

 

Security

 

Quantity

 

Strike
Price

 

Expiration
Date

 

Unit
Price

 

Amount

 

Transaction
Type*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2/18/2005

 

Common Stock

 

1,247

 

 

 

 

 

37.89

 

$

47,250

 

Purchase

 

2/18/2005

 

Common Stock

 

62,350

 

 

 

 

 

38.15

 

$

2,378,441

 

Purchase

 

2/18/2005

 

Common Stock

 

62,350

 

 

 

 

 

38.03

 

$

2,371,152

 

Purchase

 

2/22/2005

 

American-style Call Option to Purchase Common Stock

 

312,162

 

$

30.19

 

2/22/07

 

10.67

 

$

3,329,894

 

Purchase

 

2/22/2005

 

Common Stock

 

187,049

 

 

 

 

 

37.92

 

$

7,092,935

 

Purchase

 

2/22/2005

 

Common Stock

 

(113,552

)

 

 

 

 

37.74

 

$

4,285,311

 

Sale

 

2/22/2005

 

Common Stock

 

(62,350

)

 

 

 

 

37.74

 

$

2,353,012

 

Sale

 

2/22/2005

 

Common Stock

 

(14,671

)

 

 

 

 

37.74

 

$

553,665

 

Sale

 

2/22/2005

 

Common Stock

 

(56,035

)

 

 

 

 

37.74

 

$

2,114,691

 

Sale

 

2/23/2005

 

Common Stock

 

62,350

 

 

 

 

 

37.43

 

$

2,333,754

 

Purchase

 

2/24/2005

 

Common Stock

 

18,705

 

 

 

 

 

36.96

 

$

691,369

 

Purchase

 

3/1/2005

 

Common Stock

 

29,454

 

 

 

 

 

38.26

 

$

1,126,913

 

Purchase

 

3/2/2005

 

American-style Call Option to Purchase Common Stock

 

150,972

 

$

31.00

 

2/20/07

 

10.29

 

$

1,554,015

 

Purchase

 

3/2/2005

 

Common Stock

 

96,622

 

 

 

 

 

38.13

 

$

3,684,593

 

Purchase

 

3/2/2005

 

Common Stock

 

(29,454

)

 

 

 

 

38.18

 

$

1,124,517

 

Sale

 

3/2/2005

 

Common Stock

 

(94,343

)

 

 

 

 

38.18

 

$

3,601,897

 

Sale

 

3/3/2005

 

American-style Call Option to Purchase Common Stock

 

301,943

 

$

30.45

 

3/02/07

 

10.77

 

$

3,251,232

 

Purchase

 

3/3/2005

 

Common Stock

 

(2,279

)

 

 

 

 

38.07

 

$

86,759

 

Sale

 

3/3/2005

 

Common Stock

 

(6,315

)

 

 

 

 

38.07

 

$

240,404

 

Sale

 

3/3/2005

 

Common Stock

 

(31,175

)

 

 

 

 

38.07

 

$

1,186,793

 

Sale

 

3/3/2005

 

Common Stock

 

(169,147

)

 

 

 

 

38.07

 

$

6,439,214

 

Sale

 

3/3/2005

 

Common Stock

 

(21,736

)

 

 

 

 

38.07

 

$

827,462

 

Sale

 

3/3/2005

 

Common Stock

 

(13,922

)

 

 

 

 

38.07

 

$

529,993

 

Sale

 

3/11/2005

 

American-style Call Option to Purchase Common Stock

 

284,606

 

$

30.944

 

3/12/07

 

11.06

 

$

3,148,454

 

Purchase

 

3/11/2005

 

American-style Call Option to Purchase Common Stock

 

142,303

 

$

30.976

 

3/12/07

 

11.05

 

$

1,573,103

 

Purchase

 

3/11/2005

 

Common Stock

 

(173,127

)

 

 

 

 

38.68

 

$

6,696,332

 

Sale

 

3/11/2005

 

Common Stock

 

(46,100

)

 

 

 

 

38.68

 

$

1,783,089

 

Sale

 

3/11/2005

 

Common Stock

 

(1,247

)

 

 

 

 

38.68

 

$

48,232

 

Sale

 

3/11/2005

 

Common Stock

 

(10,057

)

 

 

 

 

38.68

 

$

388,992

 

Sale

 

3/11/2005

 

Common Stock

 

(5,592

)

 

 

 

 

38.72

 

$

216,515

 

Sale

 

3/11/2005

 

Common Stock

 

(8,803

)

 

 

 

 

38.72

 

$

340,841

 

Sale

 

3/11/2005

 

Common Stock

 

(62,350

)

 

 

 

 

38.72

 

$

2,414,113

 

Sale

 

3/11/2005

 

Common Stock

 

(30,565

)

 

 

 

 

38.72

 

$

1,183,438

 

Sale

 

3/11/2005

 

Common Stock

 

(7,955

)

 

 

 

 

38.72

 

$

308,007

 

Sale

 

3/14/2005

 

Common Stock

 

30,194

 

 

 

 

 

39.24

 

$

1,184,707

 

Purchase

 

3/15/2005

 

Common Stock

 

36,233

 

 

 

 

 

39.37

 

$

1,426,540

 

Purchase

 

3/15/2005

 

Common Stock

 

23,914

 

 

 

 

 

39.33

 

$

940,626

 

Purchase

 

3/16/2005

 

Common Stock

 

40,279

 

 

 

 

 

39.08

 

$

1,574,115

 

Purchase

 

 

14



 

3/17/2005

 

Common Stock

 

12,078

 

 

 

 

 

38.86

 

$

469,347

 

Purchase

 

3/18/2005

 

Common Stock

 

48,311

 

 

 

 

 

38.99

 

$

1,883,578

 

Purchase

 

3/21/2005

 

Common Stock

 

3,804

 

 

 

 

 

39.38

 

$

149,787

 

Purchase

 

3/21/2005

 

Common Stock

 

198,377

 

 

 

 

 

39.40

 

$

7,816,014

 

Purchase

 

3/22/2005

 

American-style Call Option to Purchase Common Stock

 

904,362

 

$

45.00

 

3/23/06

 

2.40

 

$

2,174,991

 

Purchase

 

3/22/2005

 

Common Stock

 

332,729

 

 

 

 

 

39.99

 

$

13,304,169

 

Purchase

 

3/22/2005

 

Common Stock

 

(332,729

)

 

 

 

 

39.90

 

$

13,275,450

 

Sale

 

3/22/2005

 

Common Stock

 

(29,016

)

 

 

 

 

39.90

 

$

1,157,700

 

Sale

 

3/28/2005

 

American-style Call Option to Purchase Common Stock

 

449,314

 

$

31.20

 

9/27/06

 

10.60

 

$

4,761,066

 

Purchase

 

3/28/2005

 

Common Stock

 

(169,361

)

 

 

 

 

39.00

 

$

6,604,862

 

Sale

 

3/28/2005

 

Common Stock

 

(3,804

)

 

 

 

 

39.00

 

$

148,351

 

Sale

 

3/28/2005

 

Common Stock

 

(36,233

)

 

 

 

 

39.00

 

$

1,413,041

 

Sale

 

3/28/2005

 

Common Stock

 

(23,914

)

 

 

 

 

39.00

 

$

932,615

 

Sale

 

3/28/2005

 

Common Stock

 

(30,194

)

 

 

 

 

39.00

 

$

1,177,527

 

Sale

 

3/28/2005

 

Common Stock

 

(40,279

)

 

 

 

 

39.00

 

$

1,570,829

 

Sale

 

3/28/2005

 

Common Stock

 

(48,311

)

 

 

 

 

39.00

 

$

1,884,067

 

Sale

 

3/28/2005

 

Common Stock

 

(12,078

)

 

 

 

 

39.00

 

$

471,026

 

Sale

 

3/28/2005

 

Common Stock

 

(10,750

)

 

 

 

 

39.00

 

$

419,236

 

Sale

 

4/6/2005

 

Common Stock

 

36,264

 

 

 

 

 

39.24

 

$

1,422,822

 

Purchase

 

4/7/2005

 

Common Stock

 

4,911

 

 

 

 

 

39.11

 

$

192,064

 

Purchase

 

4/14/2005

 

Common Stock

 

139,832

 

 

 

 

 

39.01

 

$

5,454,734

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

135,761

 

$

27.37

 

1/19/07

 

14.31

 

$

1,942,360

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

135,761

 

$

33.23

 

11/17/06

 

10.06

 

$

1,365,335

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

135,761

 

$

29.32

 

3/16/07

 

13.19

 

$

1,790,009

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

135,761

 

$

29.32

 

7/21/06

 

12.10

 

$

1,642,966

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

135,761

 

$

31.28

 

9/15/06

 

11.00

 

$

1,493,262

 

Purchase

 

 


*                                         Each of the sales of Common Stock set forth above were made solely for the purpose of effectuating purchases by the Reporting Persons of over-the-counter American-style call options.

 

Pershing Square International, Ltd. (International)

From 02-18-05 To 04-18-05

 

Trade
Date

 

Security

 

Quantity

 

Strike
Price

 

Expiration
Date

 

Unit
Price

 

Amount

 

Transaction
Type*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2/18/2005

 

Common Stock

 

709

 

 

 

 

 

37.89

 

$

26,865

 

Purchase

 

2/18/2005

 

Common Stock

 

35,451

 

 

 

 

 

38.15

 

$

1,352,335

 

Purchase

 

2/18/2005

 

Common Stock

 

35,451

 

 

 

 

 

38.03

 

$

1,348,191

 

Purchase

 

2/22/2005

 

Common Stock

 

(11,126

)

 

 

 

 

37.74

 

$

419,881

 

Sale

 

2/22/2005

 

Common Stock

 

(69,107

)

 

 

 

 

37.74

 

$

2,608,012

 

Sale

 

2/22/2005

 

Common Stock

 

(35,451

)

 

 

 

 

37.74

 

$

1,337,877

 

Sale

 

2/22/2005

 

Common Stock

 

(8,880

)

 

 

 

 

37.74

 

$

335,120

 

Sale

 

2/22/2005

 

Common Stock

 

(15,082

)

 

 

 

 

37.74

 

$

569,176

 

Sale

 

2/22/2005

 

American-style Call Option to Purchase Common Stock

 

176,766

 

$

30.19

 

2/22/07

 

10.67

 

$

1,885,598

 

Purchase

 

2/22/2005

 

Common Stock

 

106,354

 

 

 

 

 

37.92

 

$

4,032,965

 

Purchase

 

 

15



 

2/23/2005

 

Common Stock

 

35,451

 

 

 

 

 

37.43

 

$

1,326,927

 

Purchase

 

2/24/2005

 

Common Stock

 

10,635

 

 

 

 

 

36.96

 

$

393,088

 

Purchase

 

3/1/2005

 

Common Stock

 

85,791

 

 

 

 

 

38.26

 

$

3,282,372

 

Purchase

 

3/2/2005

 

Common Stock

 

(76,762

)

 

 

 

 

38.18

 

$

2,930,677

 

Sale

 

3/2/2005

 

American-style Call Option to Purchase Common Stock

 

93,612

 

$

31.00

 

2/20/07

 

10.29

 

$

963,586

 

Purchase

 

3/2/2005

 

Common Stock

 

59,912

 

 

 

 

 

38.13

 

$

2,284,690

 

Purchase

 

3/3/2005

 

Common Stock

 

(9,029

)

 

 

 

 

38.07

 

$

343,723

 

Sale

 

3/3/2005

 

Common Stock

 

(59,912

)

 

 

 

 

38.07

 

$

2,280,775

 

Sale

 

3/3/2005

 

Common Stock

 

(20,369

)

 

 

 

 

38.07

 

$

775,422

 

Sale

 

3/3/2005

 

Common Stock

 

(17,726

)

 

 

 

 

38.07

 

$

674,807

 

Sale

 

3/3/2005

 

Common Stock

 

(44,616

)

 

 

 

 

38.07

 

$

1,698,475

 

Sale

 

3/3/2005

 

American-style Call Option to Purchase Common Stock

 

187,225

 

$

30.45

 

3/02/07

 

10.77

 

$

2,015,983

 

Purchase

 

3/11/2005

 

Common Stock

 

(57,768

)

 

 

 

 

38.68

 

$

2,234,393

 

Sale

 

3/11/2005

 

Common Stock

 

(13,160

)

 

 

 

 

38.68

 

$

509,012

 

Sale

 

3/11/2005

 

Common Stock

 

(95,484

)

 

 

 

 

38.68

 

$

3,693,200

 

Sale

 

3/11/2005

 

Common Stock

 

(10,870

)

 

 

 

 

38.72

 

$

420,873

 

Sale

 

3/11/2005

 

Common Stock

 

(709

)

 

 

 

 

38.72

 

$

27,452

 

Sale

 

3/11/2005

 

Common Stock

 

(9,472

)

 

 

 

 

38.72

 

$

366,744

 

Sale

 

3/11/2005

 

Common Stock

 

(5,328

)

 

 

 

 

38.72

 

$

206,293

 

Sale

 

3/11/2005

 

Common Stock

 

(35,451

)

 

 

 

 

38.72

 

$

1,372,618

 

Sale

 

3/11/2005

 

Common Stock

 

(18,501

)

 

 

 

 

38.72

 

$

716,335

 

Sale

 

3/11/2005

 

Common Stock

 

(2,875

)

 

 

 

 

38.72

 

$

111,316

 

Sale

 

3/11/2005

 

American-style Call Option to Purchase Common Stock

 

205,447

 

$

30.944

 

3/12/07

 

11.06

 

$

2,272,757

 

Purchase

 

3/11/2005

 

American-style Call Option to Purchase Common Stock

 

102,723

 

$

30.976

 

3/12/07

 

11.05

 

$

1,135,562

 

Purchase

 

3/14/2005

 

Common Stock

 

18,722

 

 

 

 

 

39.24

 

$

734,586

 

Purchase

 

3/15/2005

 

Common Stock

 

22,467

 

 

 

 

 

39.37

 

$

884,555

 

Purchase

 

3/15/2005

 

Common Stock

 

14,828

 

 

 

 

 

39.33

 

$

583,240

 

Purchase

 

3/16/2005

 

Common Stock

 

24,976

 

 

 

 

 

39.08

 

$

976,070

 

Purchase

 

3/17/2005

 

Common Stock

 

7,489

 

 

 

 

 

38.86

 

$

291,020

 

Purchase

 

3/18/2005

 

Common Stock

 

29,956

 

 

 

 

 

38.99

 

$

1,167,942

 

Purchase

 

3/21/2005

 

Common Stock

 

2,359

 

 

 

 

 

39.38

 

$

92,889

 

Purchase

 

3/21/2005

 

Common Stock

 

123,007

 

 

 

 

 

39.40

 

$

4,846,451

 

Purchase

 

3/22/2005

 

Common Stock

 

(205,180

)

 

 

 

 

39.90

 

$

8,186,413

 

Sale

 

3/22/2005

 

Common Stock

 

(20,106

)

 

 

 

 

39.90

 

$

802,203

 

Sale

 

3/22/2005

 

American-style Call Option to Purchase Common Stock

 

563,215

 

$

45.00

 

3/23/06

 

2.40

 

$

1,354,532

 

Purchase

 

3/22/2005

 

Common Stock

 

205,180

 

 

 

 

 

39.98

 

$

8,204,122

 

Purchase

 

3/28/2005

 

Common Stock

 

(102,901

)

 

 

 

 

39.00

 

$

4,013,007

 

Sale

 

3/28/2005

 

Common Stock

 

(2,359

)

 

 

 

 

39.00

 

$

91,998

 

Sale

 

3/28/2005

 

Common Stock

 

(22,467

)

 

 

 

 

39.00

 

$

876,184

 

Sale

 

3/28/2005

 

Common Stock

 

(14,828

)

 

 

 

 

39.00

 

$

578,273

 

Sale

 

3/28/2005

 

Common Stock

 

(18,722

)

 

 

 

 

39.00

 

$

730,134

 

Sale

 

3/28/2005

 

Common Stock

 

(24,976

)

 

 

 

 

39.00

 

$

974,032

 

Sale

 

3/28/2005

 

Common Stock

 

(29,956

)

 

 

 

 

39.00

 

$

1,168,246

 

Sale

 

3/28/2005

 

Common Stock

 

(7,489

)

 

 

 

 

39.00

 

$

292,061

 

Sale

 

3/28/2005

 

Common Stock

 

(7,760

)

 

 

 

 

39.00

 

$

302,630

 

Sale

 

 

16



 

3/28/2005

 

American-style Call Option to Purchase Common Stock

 

277,383

 

$

31.20

 

9/27/06

 

10.60

 

$

2,939,233

 

Purchase

 

4/6/2005

 

Common Stock

 

46,236

 

 

 

 

 

39.24

 

$

1,814,074

 

Purchase

 

4/7/2005

 

Common Stock

 

3,089

 

 

 

 

 

39.11

 

$

120,808

 

Purchase

 

4/14/2005

 

Common Stock

 

87,898

 

 

 

 

 

39.01

 

$

3,428,831

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

87,251

 

$

27.37

 

1/19/07

 

14.31

 

$

1,248,318

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

87,251

 

$

33.23

 

11/17/06

 

10.06

 

$

877,475

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

87,251

 

$

29.32

 

3/16/07

 

13.19

 

$

1,150,404

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

87,251

 

$

29.32

 

7/21/06

 

12.10

 

$

1,055,903

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

87,251

 

$

31.28

 

9/15/06

 

11.00

 

$

959,691

 

Purchase

 

 


*                                         Each of the sales of Common Stock set forth above were made solely for the purpose of effectuating purchases by the Reporting Persons of over-the-counter American-style call options.

 

Pershing Square II, L.P. (Pershing II)
From 02-18-05 To 04-18-05

 

Trade
Date

 

Security

 

Quantity

 

Strike
Price

 

Expiration
Date

 

Unit
Price

 

Amount

 

Transaction
Type*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2/18/2005

 

Common Stock

 

44

 

 

 

 

 

37.89

 

$

1,667

 

Purchase

 

2/18/2005

 

Common Stock

 

2,199

 

 

 

 

 

38.15

 

$

83,884

 

Purchase

 

2/18/2005

 

Common Stock

 

2,199

 

 

 

 

 

38.03

 

$

83,627

 

Purchase

 

2/22/2005

 

Common Stock

 

(802

)

 

 

 

 

37.74

 

$

30,266

 

Sale

 

2/22/2005

 

Common Stock

 

(467

)

 

 

 

 

37.74

 

$

17,624

 

Sale

 

2/22/2005

 

Common Stock

 

(337

)

 

 

 

 

37.74

 

$

12,718

 

Sale

 

2/22/2005

 

Common Stock

 

(1,651

)

 

 

 

 

37.74

 

$

62,307

 

Sale

 

2/22/2005

 

Common Stock

 

(3,744

)

 

 

 

 

37.74

 

$

141,294

 

Sale

 

2/22/2005

 

Common Stock

 

(1,745

)

 

 

 

 

37.74

 

$

65,854

 

Sale

 

2/22/2005

 

American-style Call Option to Purchase Common Stock

 

11,072

 

$

30.19

 

2/22/07

 

10.67

 

$

118,107

 

Purchase

 

2/22/2005

 

Common Stock

 

6,597

 

 

 

 

 

37.92

 

$

250,160

 

Purchase

 

2/23/2005

 

Common Stock

 

2,199

 

 

 

 

 

37.43

 

$

82,308

 

Purchase

 

2/24/2005

 

Common Stock

 

660

 

 

 

 

 

36.96

 

$

24,395

 

Purchase

 

3/1/2005

 

Common Stock

 

1,055

 

 

 

 

 

38.26

 

$

40,364

 

Purchase

 

3/2/2005

 

Common Stock

 

(1,055

)

 

 

 

 

38.18

 

$

40,279

 

Sale

 

3/2/2005

 

Common Stock

 

(454

)

 

 

 

 

38.18

 

$

17,333

 

Sale

 

3/2/2005

 

Common Stock

 

(2,932

)

 

 

 

 

38.18

 

$

111,940

 

Sale

 

3/2/2005

 

American-style Call Option to Purchase Common Stock

 

5,416

 

$

31.00

 

2/20/07

 

10.29

 

$

55,749

 

Purchase

 

3/2/2005

 

Common Stock

 

3,466

 

 

 

 

 

38.13

 

$

132,173

 

Purchase

 

3/3/2005

 

Common Stock

 

(534

)

 

 

 

 

38.07

 

$

20,329

 

Sale

 

3/3/2005

 

Common Stock

 

(449

)

 

 

 

 

38.07

 

$

17,093

 

Sale

 

3/3/2005

 

Common Stock

 

(2,199

)

 

 

 

 

38.07

 

$

83,713

 

Sale

 

3/3/2005

 

Common Stock

 

(1,099

)

 

 

 

 

38.07

 

$

41,838

 

Sale

 

3/3/2005

 

Common Stock

 

(4,493

)

 

 

 

 

38.07

 

$

171,043

 

Sale

 

3/3/2005

 

American-style Call Option to Purchase Common Stock

 

10,832

 

$

30.45

 

3/02/07

 

10.77

 

$

116,636

 

Purchase

 

3/11/2005

 

Common Stock

 

(676

)

 

 

 

 

38.68

 

$

26,147

 

Sale

 

3/11/2005

 

Common Stock

 

(604

)

 

 

 

 

38.68

 

$

23,362

 

Sale

 

 

17



 

3/11/2005

 

Common Stock

 

(6,597

)

 

 

 

 

38.68

 

$

255,164

 

Sale

 

3/11/2005

 

Common Stock

 

(44

)

 

 

 

 

38.68

 

$

1,702

 

Sale

 

3/11/2005

 

Common Stock

 

(136

)

 

 

 

 

38.68

 

$

5,260

 

Sale

 

3/11/2005

 

Common Stock

 

(343

)

 

 

 

 

38.72

 

$

13,281

 

Sale

 

3/11/2005

 

Common Stock

 

(269

)

 

 

 

 

38.72

 

$

10,415

 

Sale

 

3/11/2005

 

Common Stock

 

(2,199

)

 

 

 

 

38.72

 

$

85,142

 

Sale

 

3/11/2005

 

Common Stock

 

(934

)

 

 

 

 

38.72

 

$

36,163

 

Sale

 

3/11/2005

 

Common Stock

 

(284

)

 

 

 

 

38.72

 

$

10,996

 

Sale

 

3/11/2005

 

American-style Call Option to Purchase Common Stock

 

9,947

 

$

30.944

 

3/12/07

 

11.06

 

$

110,039

 

Purchase

 

3/11/2005

 

American-style Call Option to Purchase Common Stock

 

4,974

 

$

30.976

 

3/12/07

 

11.05

 

$

54,986

 

Purchase

 

3/14/2005

 

Common Stock

 

1,084

 

 

 

 

 

39.24

 

$

42,532

 

Purchase

 

3/15/2005

 

Common Stock

 

1,300

 

 

 

 

 

39.37

 

$

51,183

 

Purchase

 

3/15/2005

 

Common Stock

 

858

 

 

 

 

 

39.33

 

$

33,748

 

Purchase

 

3/16/2005

 

Common Stock

 

1,445

 

 

 

 

 

39.08

 

$

56,471

 

Purchase

 

3/17/2005

 

Common Stock

 

433

 

 

 

 

 

38.86

 

$

16,826

 

Purchase

 

3/18/2005

 

Common Stock

 

1,733

 

 

 

 

 

38.99

 

$

67,567

 

Purchase

 

3/21/2005

 

Common Stock

 

137

 

 

 

 

 

39.38

 

$

5,395

 

Purchase

 

3/21/2005

 

Common Stock

 

7,116

 

 

 

 

 

39.40

 

$

280,369

 

Purchase

 

3/22/2005

 

Common Stock

 

(12,091

)

 

 

 

 

39.90

 

$

482,415

 

Sale

 

3/22/2005

 

Common Stock

 

(878

)

 

 

 

 

39.90

 

$

35,031

 

Sale

 

3/22/2005

 

American-style Call Option to Purchase Common Stock

 

32,423

 

$

45.00

 

3/23/06

 

2.40

 

$

77,977

 

Purchase

 

3/22/2005

 

Common Stock

 

12,091

 

 

 

 

 

39.99

 

$

483,459

 

Purchase

 

3/28/2005

 

Common Stock

 

(6,238

)

 

 

 

 

39.00

 

$

243,274

 

Sale

 

3/28/2005

 

Common Stock

 

(137

)

 

 

 

 

39.00

 

$

5,343

 

Sale

 

3/28/2005

 

Common Stock

 

(1,300

)

 

 

 

 

39.00

 

$

50,698

 

Sale

 

3/28/2005

 

Common Stock

 

(858

)

 

 

 

 

39.00

 

$

33,461

 

Sale

 

3/28/2005

 

Common Stock

 

(1,084

)

 

 

 

 

39.00

 

$

42,275

 

Sale

 

3/28/2005

 

Common Stock

 

(1,445

)

 

 

 

 

39.00

 

$

56,353

 

Sale

 

3/28/2005

 

Common Stock

 

(1,733

)

 

 

 

 

39.00

 

$

67,585

 

Sale

 

3/28/2005

 

Common Stock

 

(433

)

 

 

 

 

39.00

 

$

16,886

 

Sale

 

3/28/2005

 

Common Stock

 

(376

)

 

 

 

 

39.00

 

$

14,664

 

Sale

 

3/28/2005

 

American-style Call Option to Purchase Common Stock

 

16,303

 

$

31.20

 

9/27/06

 

10.60

 

$

172,751

 

Purchase

 

4/14/2005

 

Common Stock

 

2,270

 

 

 

 

 

39.01

 

$

88,551

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

4,525

 

$

27.37

 

1/19/07

 

14.31

 

$

64,740

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

4,525

 

$

33.23

 

11/17/06

 

10.06

 

$

45,507

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

4,525

 

$

29.32

 

3/16/07

 

13.19

 

$

59,662

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

4,525

 

$

29.32

 

7/21/06

 

12.10

 

$

54,761

 

Purchase

 

4/18/2005

 

American-style Call Option to Purchase Common Stock

 

4,525

 

$

31.28

 

9/15/06

 

11.00

 

$

49,771

 

Purchase

 

 


*                                         Each of the sales of Common Stock set forth above were made solely for the purpose of effectuating purchases by the Reporting Persons of over-the-counter American-style call options.

 

18



 

Pershing Square Investment II, L.P.
From 02-18-05 To 04-18-05

 

Trade
Date

 

Security

 

Quantity

 

Strike
Price

 

Expiration
Date

 

Unit
Price

 

Amount

 

Transaction
Type*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3/29/2005

 

Common Stock

 

58,000

 

 

 

 

 

38.88

 

$

2,255,104

 

Purchase

 

3/29/2005

 

Common Stock

 

201,800

 

 

 

 

 

39.09

 

$

7,889,129

 

Purchase

 

3/31/2005

 

Common Stock

 

138,200

 

 

 

 

 

39.08

 

$

5,400,552

 

Purchase

 

4/1/2005

 

Common Stock

 

(201,800

)

 

 

 

 

39.15

 

$

7,900,140

 

Sale

 

4/1/2005

 

Common Stock

 

(138,200

)

 

 

 

 

39.15

 

$

5,410,304

 

Sale

 

4/1/2005

 

Common Stock

 

(58,000

)

 

 

 

 

39.15

 

$

2,270,605

 

Sale

 

4/18/2005

 

American-style Call Option to Purchase Common Sto