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Convergys Corp. (CVG)

Information Technology

Current status: Inactive

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.

Activist Engagements

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JANA Partners, LLC See activist profile 98
Selected Activist 13D Filing Date 7/25/2008 Average Cost $15.17 Total Holdings 0.00% Status Exited See activist profile
Selected Activist

JANA Partners, LLC
Proxy Result Type
  • Settlement
 Proxy Result Level
  • Director - Independent
  • Director - Insider
 Level n/a Category
  • Corporate Governance
    • Change in Board Composition
Commentary

JANA has a value-oriented and research-intensive approach to special situation public securities, capitalizing on the transactional legal and finance backgrounds of its principals. JANA has extensive activist experience but does not use activism as the primary strategy in its portfolio. However, when they do use activism, they are very effective. They are experienced in using letters, proxy fights, shareholder communications and lawsuits to achieve their activist goals. They do not use activism to agitate boards and management, but to implement sound, well-conceived business strategies that they strongly believe in. In the 13 historical 13D filings that they have exited, they have averaged a 49.0% rate of return (versus an average of 15.9% for the S&P 500 during the same time periods). Moreover, eight of those 13 filings were exited when the company ultimately merged with, or was acquired by, another company or private equity firm.

13D Monitor Reports (JANA Partners, LLC)


7/25/2008 - 13D
Investor Market Cap Shares Purchased Total Holdings Total Holdings (%) Stock Price Average Price
JANA Partners, LLC $1,470,393,738 5,244,181 12,221,975 9.90% $11.90 $15.98

Item 4

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.

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8/27/2008 - 13D/A(1)
Investor Market Cap Shares Purchased Total Holdings Total Holdings (%) Stock Price Average Price
JANA Partners, LLC $1,773,757,440 605,000 13,786,675 11.30% $14.75 $15.75

Item 4

none

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9/17/2008 - 13D/A(2)
Investor Market Cap Shares Purchased Total Holdings Total Holdings (%) Stock Price Average Price
JANA Partners, LLC $1,828,578,240 1,491,605 15,278,280 12.50% $15.01 $15.72

Item 4

none

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10/20/2008 - 13D/A(3)
Investor Market Cap Shares Purchased Total Holdings Total Holdings (%) Stock Price Average Price
JANA Partners, LLC $1,433,868,480 1,190,119 16,468,399 13.52% $11.77 $15.48

Item 4

none

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2/5/2009 - 13D/A(4)
Investor Market Cap Shares Purchased Total Holdings Total Holdings (%) Stock Price Average Price
JANA Partners, LLC $1,002,161,860 n/a 17,035,512 14.00% $8.20 $15.17

Item 4

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.

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5/6/2009 - 13D/A(5)
Investor Market Cap Shares Purchased Total Holdings Total Holdings (%) Stock Price Average Price
JANA Partners, LLC $1,239,027,600 -5,000,000 12,035,512 9.80% $10.10 $15.17

Item 4

none

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6/3/2009 - 13D/A(6)
Investor Market Cap Shares Purchased Total Holdings Total Holdings (%) Stock Price Average Price
JANA Partners, LLC $1,150,700,880 -1,457,737 10,577,775 8.60% $9.38 $15.17

Item 4

none

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8/6/2009 - 13D/A(7)
Investor Market Cap Shares Purchased Total Holdings Total Holdings (%) Stock Price Average Price
JANA Partners, LLC $1,291,153,500 -2,459,357 8,118,418 6.60% $10.51 $15.17

Item 4

none

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12/28/2009 - 13D/A(8)
Investor Market Cap Shares Purchased Total Holdings Total Holdings (%) Stock Price Average Price
JANA Partners, LLC $1,383,412,500 n/a 8,118,418 6.60% $11.25 $15.17

Item 4

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.

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Exit Info (JANA Partners, LLC)

Investor Exit Type Exit Date Exit Total Holdings Exit Total Holdings (%) Exit Price
JANA Partners, LLC 13G 8/12/2011 0 0.00% $10.09

Letters & Agreements (JANA Partners, LLC)

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