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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
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)
April 13, 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 14
CUSIP NO. 05367P100 SCHEDULE 13D Page 2 of 14
- ------------------------------------------------------------------------------
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 2,700,000**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,700,000**
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,700,000**
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.4%**
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN, IA
- ------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 3 of 14
- ------------------------------------------------------------------------------
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 2,700,000**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,700,000**
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,700,000**
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.4%**
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
- ------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 4 of 14
- -----------------------------------------------------------------------------
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 2,700,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,700,000**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,700,000**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.4%**
- -----------------------------------------------------------------------------
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 14
- -----------------------------------------------------------------------------
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 2,700,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,700,000**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,700,000**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.4%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- -----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 6 of 14
- -----------------------------------------------------------------------------
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 2,700,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,700,000**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,700,000**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.4%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
- -----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 7 of 14
Item 1. Security and Issuer
- ----------------------------
This Schedule 13D 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.
Item 2. Identity and Background
- --------------------------------
This Schedule 13D is being filed by Blum Capital Partners, L.P., a
California limited partnership, ("Blum L.P."); 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"); and Saddlepoint
Partners GP, L.L.C., a Delaware limited liability company ("Saddlepoint GP")
(collectively, the "Reporting Persons").
Blum L.P. is a California limited partnership whose principal business is
acting as general partner for investment partnerships and providing investment
advisory services. Blum L.P. is an investment advisor registered with the
Securities and Exchange Commission. The sole general partner of Blum L.P. is
RCBA Inc.
The principal business office address of Blum L.P. and RCBA Inc. is 909
Montgomery Street, Suite 400, San Francisco, California 94133. The names of
the executive officers and directors of RCBA Inc., their addresses, citizenship
and principal occupations are as follows:
Name and Business Citizenship Principal Occupation
Office Held Address or Employment
- -------------------- ----------------------- --------- --------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
President, Suite 400 Blum L.P.
Chairman & Director San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. Norway Managing Partner,
Managing Partner Suite 400 Blum L.P.
& Director San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Jeffrey A. Cozad 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Jose S. Medeiros 909 Montgomery St. Brazil Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
CUSIP NO. 05367P100 SCHEDULE 13D Page 8 of 14
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
- -------------------- ----------------------- --------- -------------------
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Partner, Chief Suite 400 Financial Officer,
Financial Officer, San Francisco, CA 94133 Blum L.P.
Assistant Secretary
& Director
Gregory D. Hitchan 909 Montgomery St. USA Partner, General
Partner, General Suite 400 Counsel & Secretary,
Counsel & Secretary San Francisco, CA 94133 Blum L.P.
Blum GP III is a Delaware limited liability company whose principal business is
acting as the general partner of Blum GP III LP, a Delaware limited partnership,
whose principal business is acting as the general partner of Blum Strategic
Partners III, L.P., a Delaware limited partnership ("Blum Strategic III") whose
principal office is 909 Montgomery Street, Suite 400, San Francisco, California
94133.
The principal business office address of Blum GP III and Blum GP III LP is 909
Montgomery Street, Suite 400, San Francisco, California 94133. The names of
the managing members and members of Blum GP III, their addresses, citizenship
and principal occupations are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
- -------------------- ----------------------- --------- -------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. Norway Managing Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Jeffrey A. Cozad 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Jose S. Medeiros 909 Montgomery St. Brazil Partner,
Member Suite 400 Blum L.P.
San Francisco, CA 94133
CUSIP NO. 05367P100 SCHEDULE 13D Page 9 of 14
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
- -------------------- ----------------------- --------- -------------------
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Member Suite 400 Financial Officer,
San Francisco, CA 94133 Blum L.P.
Gregory D. Hitchan 909 Montgomery St. USA Partner, General
Member & Suite 400 Counsel & Secretary,
General Counsel San Francisco, CA 94133 Blum L.P.
Saddlepoint GP is a Delaware limited liability company whose principal
business is acting as the general partner of Saddlepoint Partners, L.P.,
a Delaware limited partnership ("Saddlepoint LP"), and Saddlepoint Partners
(Cayman), L.P., a Cayman Islands exempted limited partnership ("Saddlepoint
(Cayman) LP"). The principal business office address of Saddlepoint GP,
Saddlepoint LP and Saddlepoint (Cayman) LP is 909 Montgomery Street, Suite
400, San Francisco, California 94133. Blum L.P. is the managing member of
Saddlepoint GP. RCBA Inc. is the sole general partner of Blum L.P. The
principal business office for Blum L.P. and RCBA Inc. and the names of the
executive officers and directors of RCBA Inc. and their addresses, citizenship
and principal occupations are disclosed above.
To the best knowledge of the Reporting Persons, none of the entities or
persons identified in this Item 2 has, during the past five years, been
convicted of any criminal proceeding (excluding traffic violations or
similar misdemeanors), nor been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to
such laws.
Item 3. Source and Amount of Funds or Other Considerations
- -----------------------------------------------------------
The source of funds for the purchases of securities was the working capital
of Blum L.P.'s limited partnerships and investment advisory clients, the
partnership for which Blum GP III LP serves as the sole general partner and
the partnerships for which Saddlepoint GP serves as the general partner.
Item 4. Purpose of Transaction
- -------------------------------
The purpose of the acquisition of the Common Stock is for investment, and
the acquisitions of the Common Stock were made in the ordinary course of
business and were not made for the purpose of acquiring control of the Issuer.
Although no Reporting Person has any specific plan or proposal to acquire or
dispose of the Common Stock, consistent with its investment purpose, each
Reporting Person at any time and from time to time may acquire additional
Common Stock or dispose of any or all of its Common Stock depending upon
an ongoing evaluation of the investment in the Common Stock, prevailing
market conditions, other investment opportunities, liquidity requirements
of the Reporting Persons and/or other investment considerations.
CUSIP NO. 05367P100 SCHEDULE 13D Page 10 of 14
Also, consistent with the investment purpose, the Reporting Persons may
engage in communications with one or more shareholders of the Issuer, one
or more officers of the Issuer and/or one or more members of the board of
directors of the Issuer and/or one or more representatives of the Issuer
regarding the Issuer, including but not limited to its operations. The
Reporting Persons may discuss ideas that, if effected may result in any
of the following: the acquisition by persons of additional Common Stock
of the Issuer, an extraordinary corporate transaction involving the Issuer,
and/or changes in the board of directors or management of the Issuer.
Except to the extent the foregoing may be deemed a plan or proposal,
none of the Reporting Persons has any plans or proposals which relate to,
or could result in, any of the matters referred to in paragraphs (a) through
(j), inclusive, of the instructions to Item 4 of Schedule 13D. The Reporting
Persons may, at any time and from time to time, review or reconsider their
position and/or change their purpose and/or formulate plans or proposals
with respect thereto.
Item 5. Interest in Securities of the Issuer
- ---------------------------------------------
(a), (b) According to the Issuer's Form 10-K filed with the Securities and
Exchange Commission on March 7, 2006, there were 42,126,287 shares of Common
Stock issued and outstanding as of February 14, 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) 1,117,626 shares of Common Stock held by Blum L.P.
and RCBA Inc. on behalf of the limited partnerships for which Blum L.P. serves
as the general partner, or on behalf of an entity for which Blum L.P. serves
as investment advisor, which represents 2.7% of the outstanding shares of the
Common Stock; (ii) 1,416,574 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 3.4% of the
outstanding shares of the Common Stock; (iii) 95,600 shares of the Common
Stock held by Saddlepoint GP on behalf of a partnership for which it serves
as the general partner, which represents 0.2% of the outstanding shares of
the Common Stock; and (iv) 35,100 shares of the Common Stock that are legally
owned by The Nuclear Decommissioning Trust of Dominion Nuclear Connecticut,
Inc. ("Dominion Connecticut"), which represents 0.1% of the outstanding shares
of the Common Stock and 35,100 shares of the Common Stock that are legally
owned by Virginia Electric and Power Company Qualified Nuclear Decommissioning
Trust ("Virginia Electric"), which represents 0.1% of the outstanding shares
of the Common Stock (collectively, the "Investment Advisory Clients"), with
respect to which Blum L.P. has voting and investment power. Each Investment
Advisory Client has entered into an investment management agreement with Blum
L.P., 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.
CUSIP NO. 05367P100 SCHEDULE 13D Page 11 of 14
Voting and investment power concerning the above shares are held solely by Blum
L.P., 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 2,700,000 shares of the Common Stock,
which is 6.4% of the outstanding Common Stock. As the sole general partner of
Blum L.P., RCBA Inc. is deemed the beneficial owner of the securities over which
Blum L.P. has voting and investment power. The filing of 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) During the last 60 days, the Reporting Persons purchased the following shares
of Common Stock in the open market:
Entity Trade Date Shares Price/Share
- ------ ---------- -------- -----------
Investment partnerships for 03-24-06 1,400 44.0246
which Blum L.P. serves as the 03-24-06 3,800 44.0774
general partner and on behalf 03-27-06 14,400 44.0127
of an entity for which Blum L.P. 03-27-06 4,000 44.0359
serves as investment advisor. 03-27-06 7,500 44.0857
03-28-06 18,400 43.8444
03-28-06 2,800 43.8492
03-28-06 1,900 43.9878
03-28-06 4,000 44.0000
03-29-06 5,700 43.3337
03-29-06 13,800 43.3985
03-30-06 3,300 42.9647
03-30-06 2,300 43.3900
03-31-06 2,100 43.2899
04-06-06 5,900 43.5013
04-07-06 68,900 43.2786
04-07-06 13,800 43.2995
04-10-06 23,600 43.3954
04-10-06 51,526 43.4798
04-11-06 32,600 43.4342
04-11-06 9,500 43.4994
04-12-06 110,200 37.0315
04-12-06 83,000 37.0456
04-12-06 99,400 37.0664
04-13-06 93,600 36.9876
04-13-06 103,700 36.9945
04-13-06 186,400 37.0198
04-17-06 40,000 36.6487
04-17-06 43,800 36.9457
04-17-06 66,300 36.9999
Entity Trade Date Shares Price/Share
- ------ ---------- -------- ----------
For Blum Strategic III for 03-24-06 10,400 44.0246
which Blum GP III LP 03-24-06 27,300 44.0774
serves as the general partner 03-27-06 107,100 44.0127
and for Blum GP III which 03-27-06 29,100 44.0359
serves as the general 03-27-06 56,700 44.0857
partner for Blum GP III LP. 03-28-06 140,100 43.8444
03-28-06 21,500 43.8492
CUSIP NO. 05367P100 SCHEDULE 13D Page 12 of 14
Entity Trade Date Shares Price/Share
- ------ ---------- -------- ----------
For Blum Strategic III for 03-28-06 13,600 43.9878
which Blum GP III LP 03-28-06 30,100 44.0000
serves as the general partner 03-29-06 42,900 43.3337
and for Blum GP III which 03-29-06 105,000 43.3985
serves as the general 03-30-06 25,500 42.9647
partner for Blum GP III LP. 03-30-06 17,000 43.3900
03-31-06 16,652 43.2899
04-06-06 41,870 43.5013
04-07-06 60,400 43.2995
04-12-06 19,500 37.0315
04-12-06 493,452 37.0456
04-13-06 158,400 37.0198
Entity Trade Date Shares Price/Share
- ------ ---------- ------- ----------
The partnership for which 03-24-06 200 44.0246
Saddlepoint GP serves as 03-24-06 700 44.0774
general partner. 03-27-06 2,500 44.0127
03-27-06 700 44.0359
03-27-06 1,400 44.0857
03-28-06 3,300 43.8444
03-28-06 500 43.8492
03-28-06 300 43.9878
03-28-06 700 44.0000
03-29-06 1,000 43.3337
03-29-06 2,500 43.3985
03-30-06 600 42.9647
03-30-06 400 43.3900
03-31-06 400 43.2899
04-06-06 1,200 43.5013
04-07-06 13,600 43.2786
04-07-06 2,700 43.2995
04-10-06 5,300 43.4798
04-12-06 500 37.0315
04-12-06 13,100 37.0456
04-13-06 36,000 37.0198
04-17-06 8,000 36.6487
Entity Trade Date Shares Price/Share
- ------ ---------- ------ ------------
The Investment Advisory 03-24-06 200 44.0774
Clients for which Blum L.P. 03-27-06 1,000 44.0127
serves as investment advisor. 03-27-06 200 44.0359
03-27-06 400 44.0857
03-28-06 1,200 43.8444
03-28-06 200 43.8492
03-28-06 200 43.9878
03-28-06 200 44.0000
03-29-06 400 43.3337
03-29-06 800 43.3985
03-30-06 200 42.9647
03-30-06 200 43.3900
03-31-06 200 43.2899
04-06-06 400 43.5013
04-07-06 4,000 43.2786
04-07-06 800 43.2995
04-10-06 1,400 43.3954
CUSIP NO. 05367P100 SCHEDULE 13D Page 13 of 14
Entity Trade Date Shares Price/Share
- ------ ---------- ------ ------------
The Investment Advisory 04-10-06 3,200 43.4798
Clients for which Blum L.P. 04-11-06 2,400 43.4342
serves as investment advisor. 04-11-06 600 43.4994
04-12-06 3,600 37.0315
04-12-06 4,000 37.0456
04-12-06 7,600 37.0664
04-13-06 6,400 36.9876
04-13-06 7,800 36.9945
04-13-06 11,000 37.0198
04-17-06 2,000 36.6487
04-17-06 6,200 36.9457
04-17-06 3,400 36.9999
(d) and (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
- -----------------------------------------------------------------------------
None of the Reporting Persons or, to the best knowledge of the Reporting
Persons, the other persons named in Item 2, is a party to any contract,
arrangement, understanding or relationship with respect to any securities of
the Issuer, including but not limited to the transfer or voting of any
securities of the Issuer, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, division of profits or loss,
or the giving or withholding of proxies, except as noted above, Blum L.P. has
voting and investment power of the shares held by it for the benefit of The
Investment Advisory Clients.
Item 7. Material to be Filed as Exhibits
- -----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 05367P100 SCHEDULE 13D Page 14 of 14
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: April 24, 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
SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Capital Partners, L.P.
Its Managing Member
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan
-------------------------------
Gregory D. Hitchan
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: April 24, 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
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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
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Gregory D. Hitchan Gregory D. Hitchan
Member and General Counsel Member and General Counsel
SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Capital Partners, L.P.
Its Managing Member
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan
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Gregory D. Hitchan
Partner, General Counsel and Secretary