13D Monitor Search

Company Search

Ticker:

Company Description

Selected Company:
Convergys Corp. (CVG) - Industry: Business Support Services

Status: Active
Quote Last:	12.67	Day's Range:	12.63 - 12.75	Business Description: Convergys Corporation. The Group's principal activity is to provide solutions that drive more value from the relationships clients have with their customers and employees. It turns the everyday interactions into a source of profit and advantage for their clients. Its combination of domain expertise, operational excellence and innovative technologies has delivered process improvement and actionable business insight to clients that span more than 70 countries and 35 languages. It operates through three segments: Customer Management: Provides outsourced customer care solutions as well as professional and consulting services to in-house customer care operations. Information Management provides convergent rating, charging and billing solutions for the global communications industry. HR Management provides human resource business process outsourcing solutions and learning solutions. Its facilities are located in the United States, Canada, Latin America, Europe, the Middle East and Asia.
Change:	-0.14( -1.09%)	52wk Range:	5.94- 13.09
Open:	12.75	Volume:	433,140
Bid:	6.41	Alpha:	-0.13
Ask:	6.43	Beta:	1.37
Market Cap:	$1,607,368,644	Div & Yield:	0.00

Activist Engagements
Select an activist

	Activist	13D Date	Avg Cost	% of TSO	Status
Select	JANA Partners, LLC	7/25/2008	$15.17	6.60 %	Live	Activist Profile

Selected Activist:
JANA Partners, LLC

Type of Activism

Level of Activism

Corporate Governace

Change in Board Composition

Settle with Company

Director of Company

Investment Thesis

The Company has three business lines. First and primarily, they have a leading call center business that is one of the biggest in the world in terms of scale. This business has historically underperformed its peers in terms of margins and is part of a highly fragmented industry that has shown significant synergies through consolidation. Second, they have a telecom billing business that has been shrinking because of legacy contracts that are expiring, but there are many nascent international clients that should lead to growth in this business. Third, the Company has an HR outsourcing business that has been a huge drain on cash flow over the past seveal years. The investment thesis is (i) that the Company will be able to increase its margins in the call center business and grow through acquisitions while also cutting corporate overhead, (ii) that the telecom business will stop declining and start growing from the international business and (iii) the HR business will shrink or be sold with no additional capital being devoted to it. Additionally, the Company has a joint venture with AT&T in Ohio that contributes $40 million in anual cash flow that is not included in its EBITDA. JANA initially filed a 13G and invested as a passive investor. They converted to a 13D because of discussions they had with the Company but has never been confrontaitional. They ultimately were given two Board seats by the Company and they signed a standstill agreement, further indicating that they are working with a management they like.

13D Monitor Reports

Filing Type	Date Filing Info
13D	Market Cap.	Shares Purchased	Total Holdings	Total Holdings (%)	Avg. Price	Stock Price	Dividends
Filing Date	1,470,393,738	5,244,181	12,221,975	9.90 %	15.98	11.90	0.00
7/25/2008	Returns since Filing Date
Amend. Nº	Filing Return	S&P	NASDAQ
00	7.06 %	-8.92 %	2.10 %
	Item4
	JANA initially reported its investment on a Schedule 13G filed on April 10, 2008. JANA initially acquired the shares for investment in the ordinary course of business because it believed the shares were undervalued and represented an attractive investment opportunity. Based on its evaluation of the Company's July 23, 2008 second quarter earnings announcement, which included a reduction in guidance for 2008 and which was followed by a significant decrease in the Company's closing share price, JANA determined to file this Schedule 13D to reserve its right to take steps to bring about changes to increase shareholder value which may include changes in the board composition, strategy and future plans of the Company. JANA has engaged in constructive dialogues with the members of the Company's Board and management and hopes to engage in future constructive dialogues including regarding such potential changes to increase shareholder value.

Filing Type	Date Filing Info
13D/A	Market Cap.	Shares Purchased	Total Holdings	Total Holdings (%)	Avg. Price	Stock Price	Dividends
Filing Date	1,773,757,440	605,000	13,786,675	11.30 %	15.75	14.56	0.00
8/27/2008	Returns since Filing Date
Amend. Nº	Filing Return	S&P	NASDAQ
01	-12.50 %	-10.62 %	-0.99 %
	Item4
	N/A

Filing Type	Date Filing Info
13D/A	Market Cap.	Shares Purchased	Total Holdings	Total Holdings (%)	Avg. Price	Stock Price	Dividends
Filing Date	1,828,578,240	1,491,605	15,278,280	12.50 %	15.72	15.01	0.00
9/17/2008	Returns since Filing Date
Amend. Nº	Filing Return	S&P	NASDAQ
02	-15.12 %	-5.60 %	6.84 %
	Item4
	N/A

Filing Type	Date Filing Info
13D/A	Market Cap.	Shares Purchased	Total Holdings	Total Holdings (%)	Avg. Price	Stock Price	Dividends
Filing Date	1,433,868,480	1,190,119	16,468,399	13.52 %	15.48	11.77	0.00
10/20/2008	Returns since Filing Date
Amend. Nº	Filing Return	S&P	NASDAQ
03	8.24 %	16.26 %	33.27 %
	Item4
	N/A

Filing Type	Date Filing Info
13D/A	Market Cap.	Shares Purchased	Total Holdings	Total Holdings (%)	Avg. Price	Stock Price	Dividends
Filing Date	1,002,161,860	N/A	17,035,512	14.00 %	15.17	8.21	0.00
2/5/2009	Returns since Filing Date
Amend. Nº	Filing Return	S&P	NASDAQ
04	55.18 %	35.44 %	52.56 %
	Item4
	On February 5, 2009, JANA and the Company signed a Settlement Agreement providing that: (i) JANA Managing Partner Barry Rosenstein, Technology Value Investors CEO and former Alltel COO, Jeffrey H. Fox, and one independent director to be mutually agreed upon would be appointed to the Board; (ii) JANA would agree not to take certain actions from the date of the Settlement Agreement until the earliest of: (a) six months after the Company's 2010 annual meeting of shareholders, (b) December 31, 2010 and (c) thirty calendar days prior to the shareholder notice deadline for nominating a director for election at the Company's 2011 annual meeting of shareholders; and (iii) if requested by JANA, one additional director designated by JANA and one independent director to be mutually agreed upon would be appointed to the Board at the Company's 2010 annual meeting of shareholders.

Filing Type	Date Filing Info
13D/A	Market Cap.	Shares Purchased	Total Holdings	Total Holdings (%)	Avg. Price	Stock Price	Dividends
Filing Date	1,239,027,600	-5,000,000	12,035,512	9.80 %	15.17	10.10	0.00
5/6/2009	Returns since Filing Date
Amend. Nº	Filing Return	S&P	NASDAQ
05	26.14 %	24.59 %	34.10 %
	Item4
	N/A

Filing Type	Date Filing Info
13D/A	Market Cap.	Shares Purchased	Total Holdings	Total Holdings (%)	Avg. Price	Stock Price	Dividends
Filing Date	1,150,700,880	-1,457,737	10,577,775	8.60 %	15.17	9.38	0.00
6/3/2009	Returns since Filing Date
Amend. Nº	Filing Return	S&P	NASDAQ
06	35.82 %	22.95 %	29.19 %
	Item4
	N/A

Filing Type	Date Filing Info
13D/A	Market Cap.	Shares Purchased	Total Holdings	Total Holdings (%)	Avg. Price	Stock Price	Dividends
Filing Date	1,291,153,500	-2,459,357	8,118,418	6.60 %	15.17	10.51	0.00
8/6/2009	Returns since Filing Date
Amend. Nº	Filing Return	S&P	NASDAQ
07	21.22 %	14.90 %	19.55 %
	Item4
	N/A

Filing Type	Date Filing Info
13D/A	Market Cap.	Shares Purchased	Total Holdings	Total Holdings (%)	Avg. Price	Stock Price	Dividends
Filing Date	1,383,412,500	N/A	8,118,418	6.60 %	15.17	0.00	0.00
12/28/2009	Returns since Filing Date
Amend. Nº	Filing Return	S&P	NASDAQ
08	-16.04 %	1.58 %	2.96 %
	Item4
	On December 23, 2009, the Company and Jana amended the Settlement Agreement dated February 4, 2009 by and among Jana and the Company. The Amendment extends the date from January 1, 2010 until February 1, 2010 for Jana to request that 2 additional directors be appointed to the Board not later than 30 days prior to the Company's 2010 annual meeting.

Exited Informartion


Exit Type	Exit Date	Exit Total Holdings	Exit Total Holdings (%)	Exit Avg Price
LIVE	LIVE	LIVE	LIVE	12.74

Item 4 Actions Chart Move mouse cursor on star(s) to get details.

Tooltip:

Move mouse cursor on star(s) to get details.

Letters and Agreements

Date	Type
2/5/2009	Settlement Agreement	View
12/29/2009	Settlement Agreement	View

200 East 61st Street - Suite 17C, New York, NY 10065
Phone: +1 (212) 223-2282 Facsimile: +1 (646) 349-5633
E-mail: http://www.13dmonitor.com/Support.aspx
Copyright © 2008 Investor Communications Network, LLC.

Subscribe | Support | [+] Feedback