Exide Technologies fka EXTC

[BaGr]

Exide Technologies Mackay Shields Llc Bought New Stake

05/12/2015 BY OCTASTAFF IN SEC 13G & 13D FILINGS
Mackay Shields Llc New Position in Exide Technologies

Mackay Shields Llc has filled a SC 13D form regarding Exide Technologies . Per Mackay Shields Llc’s filing, the filler now owns 75.28% of the company, holding 16,656,655 shares.

Exide Technologies is a newly disclosed equity position for this institutional investor and the filing was required due to activity on April 30, 2015. This most probably shows Mackay Shields Llc’s confidence and optimism in the future of the company. As a institutional investor with $81.03 billion AUM and 151+ professional employees, we have no reason to doubt they didn’t do their homework before buying such a stake.

Why Mackay Shields Llc Bought Exide Technologies

Item 4. Purpose of Transaction

MainStay Fund and VP Fund acquired the MainStay Shares and VP Shares, respectively, (as described above in Item 3) for investment purposes in the ordinary course of business. MacKay Shields acquired the Subject Shares (as described above in Item 3) as investment advisor on behalf of certain of its clients for investment purposes in the ordinary course of business. Currently, MainStay Fund and VP Fund, as well as other clients of MacKay Shields, are party to the Stockholders Agreement (as defined in Item 6, below). Accordingly, each of MainStay Fund, VP Fund and, as a result of the investment discretion that MacKay Shields has with respect to the Subject Shares, MacKay Shields, may be deemed to beneficially own the securities of other parties to the Stockholders Agreement.

The Reporting Persons intend to regularly review their, or in the case of MacKay Shields, its clients’, investment in the Issuer. Based on such review, as well as other factors (including, among other things, their evaluation of the Issuer’s business, prospects and financial condition, the market price for the Issuer’s securities, other opportunities available to them and general market, industry and economic conditions), the Reporting Persons, and/or other persons affiliated with them, may, and reserve the right to, engage in discussions with management and the board of directors of the Issuer (the “

Board of Directors

”) and other holders of the Shares, concerning the business (including, without limitation, the Issuer’s assets and capital structure) and the future plans of the Issuer, and with regard to strategies and potential transactions to maximize shareholder value, change their intentions, acquire additional securities of the Issuer, or sell some or all of their Subject Shares, on the open market, in privately negotiated transactions or otherwise.

MacKay Shields, as a beneficial owner of an aggregate ownership of Shares representing at least 15% of the issued and outstanding Shares (disregarding (i) dilution from any issuances of Shares or similar equity securities of the Issuer (including, for the avoidance of doubt, pursuant to the exercise, conversion or exchange of any securities convertible into or exchangeable or exercisable for Shares) and (ii) accretion from the purchase of Shares by the Issuer pursuant to the ROFR (as defined below)), currently has a right pursuant to the Stockholders Agreement to designate an observer to the Board of Directors, which it has exercised.

The Reporting Persons may formulate plans or proposals for, and may from time to time explore, or make proposals relating to, transactions or actions which relate to or would result in any of the matters specified in clauses (a) through (j) of Item 4 of Schedule 13D, and the exercise of the Reporting Persons’ rights under the Stockholders Agreement may result in (a) the acquisition or disposition of securities of the Issuer as a result of customary tag-along and drag-along provisions (as described in Item 6, below), (d) a change in the present Board of Directors pursuant to provisions relating to the designation of members of the Board of Directors (as described in Item 6, below) and (g) actions that impede the acquisition of control of the Issuer by any person due to the various limitations on actions by the parties to the Stockholder Agreement with respect to their Shares.

On May 1, 2015, the Issuer filed a Form 15 for the de-registration of the Shares under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such deregistration will take effect on July 30, 2015.

Company Profile

Exide Technologies is engaged in stored electrical energy solutions, and is a manufacturer and supplier of lead-acid batteries for transportation and industrial applications across the world. Exide operates in four business segments: Transportation Americas, Transportation Europe and ROW, Industrial Energy Americas, and Industrial Energy Europe and ROW. The Company’s transportation batteries include starting lighting and ignition (SLI) batteries for cars, trucks, off-road vehicles, agricultural and construction vehicles, motorcycles, recreational vehicles, marine and other applications including Micro-hybrids. The Company’s Industrial Energy segments supply both motive power and network power applications. Motive power batteries are used in the material handling industry for electric forklift trucks, and in other industries, including floor cleaning machinery, powered wheelchairs, railroad locomotives, mining, and the electric road vehicles market.

Form 13D is SEC filing that must be submitted within 10 days, by anyone who acquires beneficial ownership of more than 5% of any publicly traded securities. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing. These filings may be a precursor to hostile takeovers, company breakups, and other “change of control” events.

Tagged: Exide Technologies


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