From:                              Kenneth Squire

Sent:                               Thursday, May 07, 2009 12:13 AM

To:                                   13D Monitor

Subject:                          13D Position Decrease (Convergys Corp. (CVG), Sector: Industrials, MC: $1.24B; JANA Partners, LLC (9.80%))

Attachments:                 Convergys 13D.pdf

 

JANA Partners, LLC filed a 13D amendment today reporting that it decreased its holdings in Convergys Corp. (CVG) from 17,035,512 shares (14.00%) to 12,035,512 shares (9.80%). JANA reported selling 5,000,000 shares on May 4, 2009 for $9.25 per share. JANA’s aggregate average cost per share was $15.17. JANA states that they decreased their position in the course of managing their overall portfolio of equity holdings. They continues to have confidence in the Board's commitment to creating maximum value for shareholders, and note that the Company’s share price has appreciated by approximately 50% this year. JANA will also continue to work constructively with the Board to assist in this effort.
 
JANA initially filed its 13D on July 25, 2008 after converting from a 13G, and 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) 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, JANA would agree not to take certain actions, including the solicitation of proxies, attempt to effect the acquisition of the Company or its assets, or increase its ownership above 19.99%; 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.

 

A copy of the 13D report previously distributed is attached hereto.

 

View activist histories at www.13DMonitor.com



http://www.activistdatabase.com/images/new_logo.png

________________________________________________________________________________

Kenneth B. Squire
Investor Communications Network, LLC
(www.13DMonitor.com)
(www.activistdatabase.com)
200 East 61 Street
Suite 17C
New York, NY 10065
Telephone: (212) 223-2282
Facsimile: (646) 349-5633
ksquire@icomm-net.com


This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission.