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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 5)
Under the Securities Exchange Act of 1934
AVID TECHNOLOGY, INC.
-----------------
(Name of Issuer)
Common Stock, Par Value $.01 Per Share
-----------------------------
(Title of Class of Securities)
05367P100
---------
(CUSIP Number)
Gregory D. Hitchan
Blum Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 21, 2006
--------------
(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 which is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d-1(b)(3) or (4), check
the following box [ ].
*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).
Page 1 of 10
CUSIP NO. 05367P100 SCHEDULE 13D Page 2 of 10
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3205364
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
- ------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,090,998**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,090,998**
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,090,998**
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.4%**
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN, IA
- ------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 3 of 10
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-2967812
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
- ------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,090,998**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,090,998**
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,090,998**
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.4%**
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
- ------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 4 of 10
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 04-3809436
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,090,998**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,090,998**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,090,998**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.4%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
- -----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 5 of 10
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 02-0742606
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,090,998**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,090,998**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,090,998**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.4%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- -----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 6 of 10
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC PARTNERS III, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 04-3809438
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,090,998**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,090,998**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,090,998**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.4%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- -----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 7 of 10
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON SADDLEPOINT PARTNERS GP, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 83-0424234
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,090,998**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,090,998**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,090,998**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.4%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
- -----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 8 of 10
Item 1. Security and Issuer
- ----------------------------
This Amendment No. 5 amends the Statement on Schedule 13D (the "Schedule 13D")
filed with the Securities and Exchange Commission (the "Commission") on July
11, 2006 by Blum Capital Partners, L.P., a California limited partnership,
("Blum LP"); Richard C. Blum & Associates, Inc., a California corporation
("RCBA Inc."); Blum Strategic GP III, L.L.C., a Delaware limited liability
company ("Blum GP III"); Blum Strategic GP III, L.P., a Delaware limited
partnership ("Blum GP III LP"); Blum Strategic Partners III, L.P., a
Delaware limited partnership ("Blum Strategic III")and Saddlepoint Partners
GP, L.L.C., a Delaware limited liability company ("Saddlepoint GP")
(collectively, the "Reporting Persons"). This amendment relates to shares
of common stock, $.01 par value per share (the "Common Stock") of Avid
Technology, Inc., a Delaware corporation (the "Issuer"). The principal
executive office and mailing address of the Issuer is One Park West,
Tewksbury, MA 01876. The following amendments to the Schedule 13D are hereby
made. Unless otherwise defined herein, all capitalized terms shall have the
meanings ascribed to them in the Schedule 13D.
Item 5. Interest in Securities of the Issuer
- ---------------------------------------------
(a), (b) According to the Issuer's Form 10-Q filed with the Commission on
May 10, 2006, there were 42,239,625 shares of Common Stock issued and
outstanding as of April 24, 2006. Based on such information, after taking
into account the transactions described in Item 5(c) below, the Reporting
Persons report beneficial ownership of the following shares of Common
Stock: (i) 2,027,129 shares of Common Stock held by Blum LP and RCBA Inc.
on behalf of the limited partnerships for which Blum LP serves as the
general partner, or on behalf of an entity for which Blum LP serves as
investment advisor, which represents 4.8% of the outstanding shares of
the Common Stock; (ii) 3,714,519 shares of the Common Stock held by Blum
GP III which serves as general partner of Blum GP III LP which, in turn,
serves as the general partner of Blum Strategic III, which represents
8.8% of the outstanding shares of the Common Stock; (iii) 213,350 shares
of the Common Stock held by Saddlepoint GP on behalf of a partnership
for which it serves as the general partner, which represents 0.5% of
the outstanding shares of the Common Stock; and (iv) 68,000 shares of
the Common Stock that are legally owned by The Nuclear Decommissioning
Trust of Dominion Nuclear Connecticut, Inc. ("Dominion Connecticut"),
which represents 0.2% of the outstanding shares of the Common Stock and
68,000 shares of the Common Stock that are legally owned by Virginia
Electric and Power Company Qualified Nuclear Decommissioning Trust
("Virginia Electric"), which represents 0.2% of the outstanding shares
of the Common Stock (collectively, the "Investment Advisory Clients"),
with respect to which Blum LP has voting and investment power. Each
Investment Advisory Client has entered into an investment management
agreement with Blum LP, but neither Investment Advisory Client has any
contract, arrangement or understanding with the other Investment
Advisory Client, or any other Reporting Person, with respect to the
acquisition, ownership, disposition or voting of any shares of the
Common Stock. Each Investment Advisory Client disclaims membership
in a group with any Reporting Person or with the other Investment
Advisory Client, and each disclaims beneficial ownership of any shares
beneficially owned by the Reporting Persons other than for their own
account.
Voting and investment power concerning the above shares are held
solely by Blum LP, Blum GP III and Saddlepoint GP. The Reporting
Persons therefore may be deemed to be members in a group, in which
case the group would be deemed to have beneficial ownership of an
aggregate of 6,090,998 shares of the Common Stock, which is 14.4%
of the outstanding Common Stock. As the sole general partner of
Blum LP, RCBA Inc. is deemed the beneficial owner of the securities
over which Blum LP has voting and investment power. The filing of
CUSIP NO. 05367P100 SCHEDULE 13D Page 9 of 10
this Schedule shall not be construed as an admission that any of the
shareholders, directors or executive officers of RCBA Inc. or the
managing members and members of Blum GP III, Blum GP III LP and
Saddlepoint GP, is, for any purpose, the beneficial owner of any
of the securities that are beneficially owned by RCBA Inc., Blum
GP III LP, Blum GP III or Saddlepoint GP.
c) Since the most recent filing of Schedule 13D, the Reporting
Persons purchased the following number of shares of Common Stock
in the open market:
Entity Trade Date Shares Price/Share
- ------ ---------- -------- -----------
Investment partnerships for 07-11-06 2,800 33.2681
which Blum LP serves as the 07-12-06 11,500 33.7524
general partner and on behalf 07-14-06 48,700 32.7224
of an entity for which Blum LP 07-17-06 5,900 32.7264
serves as investment advisor. 07-18-06 23,200 32.4074
07-18-06 33,000 32.5250
07-21-06 10,600 32.5724
07-21-06 16,600 32.6330
07-24-06 1,000 32.7300
07-25-06 4,300 32.9327
Entity Trade Date Shares Price/Share
- ------ ---------- -------- ----------
For Blum Strategic III for 07-11-06 33,300 33.2681
which Blum GP III LP 07-21-06 87,900 32.5724
serves as the general partner 07-21-06 75,900 32.6330
and for Blum GP III which 07-24-06 8,900 32.7300
serves as the general 07-25-06 36,315 32.9327
partner for Blum GP III LP.
Entity Trade Date Shares Price/Share
- ------ ---------- ------- ----------
The partnership for which 07-11-06 200 33.2681
Saddlepoint GP serves as 07-12-06 1,000 33.7524
general partner. 07-14-06 7,700 32.7224
07-17-06 3,900 32.7264
07-18-06 18,700 32.4074
07-18-06 7,000 32.5250
07-21-06 700 32.5724
07-21-06 5,300 32.6330
07-24-06 100 32.7300
07-25-06 700 32.9327
Entity Trade Date Shares Price/Share
- ------ ---------- ------ ------------
The Investment Advisory 07-11-06 200 33.2681
Clients for which Blum LP 07-12-06 1,000 33.7524
serves as investment advisor. 07-14-06 8,600 32.7224
07-21-06 800 32.5724
07-21-06 2,200 32.6330
07-25-06 200 32.9327
(d) and (e) Not applicable.
Item 7. Material to be Filed as Exhibits
- -----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 05367P100 SCHEDULE 13D Page 10 of 10
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement
is true, complete and correct.
Dated: July 26, 2006
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Partner, General Counsel and Partner, General Counsel and
Secretary Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Member and General Counsel Member and General Counsel
BLUM STRATEGIC PARTNERS III, L.P. SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Strategic GP III, L.P., By: Blum Capital Partners, L.P.
Its General Partner Its Managing Member
By: Blum Strategic GP III, L.L.C. By: Richard C. Blum & Associates, Inc.
Its General Partner Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
---------------------------- ------------------------------
Gregory D. Hitchan, Gregory D. Hitchan
Member and General Counsel Partner, General Counsel and
Secretary
CUSIP NO. 05367P100 SCHEDULE 13D Page 1 of 1
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to this Schedule 13D to evidence the agreement
of the below-named parties, in accordance with the rules promulgated
pursuant to the Securities Exchange Act of 1934, to file this Schedule
jointly on behalf of each such party.
Dated: July 26, 2006
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Partner, General Counsel and Partner, General Counsel and
Secretary Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Member and General Counsel Member and General Counsel
BLUM STRATEGIC PARTNERS III, L.P. SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Strategic GP III, L.P., By: Blum Capital Partners, L.P.
Its General Partner Its Managing Member
By: Blum Strategic GP III, L.L.C. By: Richard C. Blum & Associates, Inc.
Its General Partner Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
---------------------------- ------------------------------
Gregory D. Hitchan, Gregory D. Hitchan
Member and General Counsel Partner, General Counsel and
Secretary