UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
ICN Pharmaceuticals, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
common stock, par value $.01 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
448924100
--------------------------------------------------------------------------------
(CUSIP Number)
Dermot Mullen
Compliance Manager
Bank of Ireland, Head Office
Lower Baggot Street
Dublin 2, Ireland
011-353-1-6615933
Jeffrey M. Elliott
Executive Vice President
Iridian Asset Management LLC
276 Post Road West
Westport, CT 06880-4704
203-341-9009
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 17, 2003
--------------------------------------------------------------------------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement of Schedule 13G to
report the acquisition which is the subject of the Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), 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 the
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 18 Pages
CUSIP No. 448924100 Schedule 13D Page 2 of 18 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Governor and Company of the Bank of Ireland
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 7,547,732
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,547,732
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,547,732
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 448924100 Schedule 13D Page 3 of 18 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
IBI Interfunding
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 7,547,732
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,547,732
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,547,732
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 448924100 Schedule 13D Page 4 of 18 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BancIreland/First Financial, Inc.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New Hampshire
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 7,547,732
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,547,732
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,547,732
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 448924100 Schedule 13D Page 5 of 18 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BIAM (US) Inc.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 7,547,732
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,547,732
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,547,732
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 448924100 Schedule 13D Page 6 of 18 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Iridian Asset Management LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 7,547,732
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,547,732
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,547,732
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 448924100 Schedule 13D Page 7 of 18 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
COLE Partners LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 274,000
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
274,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
274,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 448924100 Schedule 13D Page 8 of 18 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Iridian Private Business Value Equity Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 201,300
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
201,300
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
201,300
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 448924100 Schedule 13D Page 9 of 18 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Iridian Partners Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 39,400
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
39,400
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
39,400
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
less than 0.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 448924100 Schedule 13D Page 10 of 18 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Iridian Investors, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 33,300
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
33,300
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
33,300
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
less than 0.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 448924100 Schedule 13D Page 11 of 18 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David L. Cohen
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 7,547,732
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,547,732
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,547,732
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 448924100 Schedule 13D Page 12 of 18 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harold J. Levy
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 7,547,732
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,547,732
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,547,732
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 448924100 Schedule 13D Page 13 of 18 Pages
This Amendment No. 2 amends and supplements the Schedule 13D filed on September
6, 2002 and Schedule 13D - Amendment No. 1 filed on May 29, 2003, with the
Securities and Exchange Commission, and relates to the common stock, par value
$.01 per share (the "Common Stock"), of ICN Pharmaceuticals, Inc., a Delaware
corporation (the "Issuer"). Unless otherwise indicated, each capitalized term
used but not defined in this Amendment shall have the meaning assigned to them
in the initial filing.
The information presented on the cover sheets for each filing person is based
upon ownership as of June 20, 2003. The percent of class is based upon
83,895,945 shares of comon stock issued and outstanding as of May 12, 2003 as
reported by the Issuer on its Form 10-Q for the quarter ended March 31, 2003.
Item 2. Identity and Background.
Item 2 of Schedule 13D is amended to read in its entirety as follows:
This statement is filed by The Governor and Company of the Bank of Ireland (the
"Bank of Ireland"), IBI Interfunding ("IBI"), BancIreland/First Financial, Inc.
("BancIreland"), BIAM (US) Inc., Iridian Asset Management LLC ("Iridian"), COLE
Partners LLC ("COLE"), Iridian Private Business Value Equity Fund, L.P.
("Iridian Private Business"), Iridian Partners Fund, L.P. ("Iridian Partners"),
Iridian Investors, L.P. ("Iridian Investors"), David L. Cohen ("Cohen") and
Harold J. Levy ("Levy") (collectively, the "Reporting Persons").
The principal business address of Bank of Ireland and IBI is c/o Bank of
Ireland, Head Office, Lower Baggot Street, Dublin 2, Ireland.
The principal business address of BancIreland is Junction Marketplace #27, 1011
N. Main Street, White River Junction, VT 05501.
The principal business address of BIAM (US) Inc. is Liberty Park #15, 282 Route
101, Amherst, NH 03110.
The principal business address of Iridian, COLE, Iridian Private Business,
Iridian Partners, Iridian Investors, Mr. Cohen and Mr. Levy is c/o Iridian Asset
Management LLC, 276 Post Road West, Westport, CT 06880-4704.
Bank of Ireland and IBI are Ireland corporations. BancIreland is a New Hampshire
corporation. BIAM (US) Inc. is a Delaware corporation. Iridian and COLE are
Delaware limited liability companies. Iridian Private Business is a Delaware
limited partnership. Mr. Cohen and Mr. Levy are citizens of the United States.
The principal business of Bank of Ireland is the provision of financial
services. Bank of Ireland is the sole shareholder of IBI. The principal business
of IBI is to serve as a holding company. IBI is the sole shareholder of
BancIreland. The principal business of BancIreland is to serve as a holding
company. BancIreland is the sole shareholder of BIAM (US) Inc. The principal
business of BIAM (US) Inc. is to serve as a holding company. BIAM (US) Inc.
holds 61% of the equity interests of Iridian.
Iridian is an investment adviser registered under Section 203 of the Investment
Advisers Act of 1940, and its principal business is managing a number of
accounts containing securities over which Iridian has voting and dispositive
power. Iridian is also the sole member of COLE.
The principal business of COLE is serving as the general partner of Iridian
Private Business, Iridian Investors and Iridian Partners. The principal business
of Iridian Private Business, Iridian Investors and Iridian Partners is investing
in securities. Iridian serves as the investment adviser to Iridian Private
Business, Iridian Investors and Iridian Partners. COLE, as the general partner
of Iridian Private Business, Iridian Investors and Iridian Partners, and
Iridian, as the sole member of COLE and investment adviser to Iridian Private
Business, Iridian Investors and Iridian Partners, share voting and dispositive
power over the investments of Iridian Private Business, Iridian Investors and
Iridian Partners. Each of Messrs. Cohen and Levy indirectly owns a minority
equity interest in Iridian and, as his principal occupation, serves as a
director, executive officer and chief investment officer of Iridian.
CUSIP No. 448924100 Schedule 13D Page 14 of 18 Pages
The directors of Bank of Ireland are Michael Soden, Denis O'Brien, Laurence
Crowley, Richard Burrows, Caroline Marland, Raymond MacSharry, Mary Redmond, Roy
Bailie, Maurice Keane, Brian Goggin, Donal Greaney, John O'Donovan and Thomas
Moran. The executive officers of Bank of Ireland are Michael Soden, John
Collins, Des Crowley, Cyril Dunne, Brian Goggin, Roy Keenan, John O'Donovan and
Jeff Warren. The principal occupation of each such person is to serve as an
officer or director of Bank of Ireland, and the principal business address of
each such person, other than Mr. Goggin, is c/o Bank of Ireland, Head Office,
Lower Baggot Street, Dublin 2, Ireland. The principal business address of Mr.
Goggin is c/o Bank of Ireland Asset Management, 26 Fitzwilliam Place, Dublin 2,
Ireland.
The directors and executive officers of IBI are Peter Nugent, John Clifford,
Giles Kerr and Sheila Neary. The principal occupation of each such person is to
serve as an officer or director of Bank of Ireland, and the principal business
address of each such person is c/o Bank of Ireland, Head Office, Lower Baggot
Street, Dublin 2, Ireland.
The sole director and executive officer of BancIreland is Diane Morrison, whose
principal occupation is to serve as an employee of BancIreland and its
subsidiaries, and the principal business address of each such person is c/o BIAM
(US) Inc., Liberty Park #15, 282 Route 101, Amherst, NH 03110.
The directors and executive officers of BIAM (US) Inc. are Denis Curran, Diane
Morrison and Sean O'Dwyer. The principal occupations of Messrs. Curran and
O'Dwyer is to serve as an officer or director of Bank of Ireland Asset
Management. The principal business address of Mr. Curran is c/o Bank of Ireland
Asset Management (U.S.) Limited, 75 Holly Lane, Greenwich, CT 06830. The
principal business address of Mr. O'Dwyer is c/o Bank of Ireland Asset
Management, 26 Fitzwilliam Place, Dublin 2, Ireland.
The directors of Iridian are William Cotter, Brian Goggin, Denis Curran, Sean
O'Dwyer, Lelia Long, Stephen Holland, Rosemary Mahon, Jeffrey M. Elliott, Alice
Hicks, Mr. Cohen and Mr. Levy. The executive officers of Iridian are Messrs.
Cohen, Levy and Elliott and Ms. Hicks. The principal occupation of each of
Messrs. Cohen, Levy, Elliott and Ms. Hicks is to serve as an officer and
director of Iridian, and the principal business address of each such person is
c/o Iridian, 276 Post Road West, Westport, CT 06880-4704. The principal
occupation of Mr. Cotter is to serve as Chairman of Iridian, and his principal
business address is c/o Bank of Ireland Asset Management, 26 Fitzwilliam Place,
Dublin 2, Ireland. The principal occupations of Ms. Long, Mr. Holland and Ms.
Mahon are to serve as employees of Bank of Ireland Asset Management (U.S.)
Limited, and their principal business address is c/o Bank of Ireland Asset
Management (U.S.) Limited, 75 Holly Lane, Greenwich, CT 06830.
None of the Reporting Persons nor any of the directors or executive directors of
any of the Reporting Persons has, during the last five years, been convicted in
a criminal proceeding (excluding traffic violations or similar misdemeanors) or
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 Consideration.
Item 3 of Schedule 13D is amended to read in its entirety as follows:
Item 3. Source and Amount of Funds or Other Consideration.
The securities reported in Item 5 as beneficially owned by the Reporting Persons
were acquired as follows: Accounts managed by Iridian (excluding Iridian Private
Business, Iridian Investors and Iridian Partners) purchased an aggregate of
7,273,732 shares of Common Stock for total consideration (including brokerage
commissions) of approximately $167.5 million derived from the capital of the
managed accounts.
Iridian Private Business, Iridian Investors and Iridian Partners purchased an
aggregate of 274,000 shares of Common Stock for a total consideration (including
brokerage commissions) of approximately $5.5 million derived from the capital of
Iridian Private Business, Iridian Investors and Iridian Partners.
CUSIP No. 448924100 Schedule 13D Page 15 of 18 Pages
Item 5. Interest in Securities of the Issuer..
Item 5 of Schedule 13D is amended to read in its entirety as follows:
Item 5. Interest in Securities of the Issuer.
(a), (b) As of June 20, 2003, the Reporting Persons may be deemed to
beneficially own in the aggregate 7,547,732 shares of Common Stock, representing
9.0% of the outstanding Common Stock (the percentage of shares of Common Stock
owned being based upon 83,895,945 shares of Common Stock outstanding at May 12,
2003 as set forth in the Issuer's Quarterly Report on Form 10-Q for the
quarterly period ended March 31, 2003).
The Reporting Persons may be deemed to have direct beneficial ownership of
shares of Common Stock as follows:
Name Number of Shares Percentage
Iridian (1) 7.273,732 8.7%
Iridian Private Business 201,300 0.2%
Iridian Partners 39,400 less than 0.1%
Iridian Investors 33,300 less than 1.0%
(1) The shares of Common Stock set forth above for Iridian do not include the
shares of Common Stock held by Iridian Private Business, Iridian Investors and
Iridian Partners.
Iridian has direct beneficial ownership of the shares of Common Stock in the
accounts which it manages. In addition, Iridian is the investment adviser for
Iridian Private Business, Iridian Investors and Iridian Partners. In such
capacity, Iridian has the right to vote and direct the disposition of shares of
Common Stock held by such entities and, consequently, has beneficial ownership
of such shares.
BIAM (US) Inc., as the controlling member of Iridian, may be deemed to possess
beneficial ownership of the shares of Common Stock beneficially owned by
Iridian. BancIreland, as the sole shareholder of BIAM (US) Inc., may be deemed
to possess beneficial ownership of the shares of Common Stock beneficially owned
by BIAM (US) Inc. IBI, as the sole shareholder of BancIreland, may be deemed to
possess beneficial ownership of the shares of Common Stock beneficially owned by
BancIreland. Bank of Ireland, as the sole shareholder of IBI, may be deemed to
possess beneficial ownership of the shares of Common Stock beneficially owned by
IBI. Messrs. Cohen and Levy may be deemed to possess beneficial ownership of the
shares of Common Stock beneficially owned by Iridian by virtue of having the
power to vote and direct the disposition of shares of Common Stock as joint
Chief Investment Officers of Iridian. Messrs. Cohen and Levy disclaim beneficial
ownership of such shares.
COLE, as the sole general partner of Iridian Private Business, Iridian Investors
and Iridian Partners may be deemed to own beneficially shares of Common Stock of
which Iridian Private Business, Iridian Investors and Iridian Partners may be
deemed to possess direct beneficial ownership. Iridian, as the sole member of
COLE, may be deemed to possess beneficial ownership of the shares of Common
Stock that are beneficially owned by COLE.
Iridian has the direct power to vote or direct the vote, and the direct power to
dispose or direct the disposition, of 7,273,732 shares of Common Stock. Messrs.
Cohen and Levy may be deemed to share with Iridian the power to vote or direct
the vote and to dispose or direct the disposition of such shares. Messrs. Cohen
and Levy disclaim beneficial ownership of such shares.
Iridian has the direct power to vote or direct the vote, and the direct power to
dispose or direct the disposition, of the 274,000 shares of Common Stock held by
Iridian Private Business, Iridian Investors and Iridian Partners. COLE (in
addition to Messrs. Cohen and Levy) may be deemed to share with Iridian the
power to vote or direct the vote and to dispose or direct the disposition of
such shares.
(c) Other than the transactions described in Schedule I of this statement, no
Reporting Person nor any director or executive officer of any Reporting Person
has effected any transactions in the Common Stock during the past 60 days.
(d) No person other than the Reporting Persons has any right to receive or the
power to direct the receipt of dividends from, or the proceeds of the sale of,
any of the Common Stock beneficially owned by the Reporting Persons, except that
the dividends from, or proceeds from the sale of, shares of Common Stock in each
respective account managed by Iridian (or, in the case of First Eagle, managed
by Messrs. Cohen and Levy) will be delivered into each such respective account.
(e) Not applicable.
CUSIP No. 448924100 Schedule 13D Page 16 of 18 Pages
SIGNATURE.
After reasonable inquiry and to the best of its or his knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Date: June 23, 2003
THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND
By: /s/ John Clifford
----------------------------------
John Clifford
Group Secretary
IBI INTERFUNDING
By: /s/ Peter Nugent
----------------------------------
Peter Nugent
Secretary
BANCIRELAND/FIRST FINANCIAL, INC.
By: /s/ Diane Morrison
----------------------------------
Diane Morrison
BIAM (US) INC.
By: /s/ Diane Morrison
----------------------------------
Diane Morrison
Director
CUSIP No. 448924100 Schedule 13D Page 17 of 18 Pages
IRIDIAN ASSET MANAGEMENT LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
IRIDIAN PRIVATE BUSINESS VALUE EQUITY FUND, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
IRIDIAN PARTNERS FUND, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
IRIDIAN INVESTORS, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
By: /s/ David L. Cohen
----------------------------------
David L. Cohen, individually
By: /s/ Harold J. Levy
----------------------------------
Harold J. Levy, individually
CUSIP No. 448924100 Schedule 13D Page 18 of 18 Pages
SCHEDULE I
REPORTING PERSONS TRANSACTIONS IN COMMON STOCK
Unless otherwise indicated, each of the transactions described below was a
purcuase of Common Stock by Iridian for cash on the New York Stock Exchange.
Date Numbere of Shares Price Per Share (1)
05/14/03 Buy 111,000 $10.3000
05/15/03 Buy 84,300 $10.4854
05/16/03 Buy 20,000 $10.5000
05/19/03 Buy 80,000 $10.3490
05/20/03 Buy 252,800 $10.3955
05/21/03 Buy 5,800 $10.4100
05/22/03 Buy 249,800 $11.7286
05/23/03 Buy 226,200 $12.9999
05/30/03 Buy 395,400 $14.9500
06/02/03 Buy 193,000 $14.6000
06/04/03 Buy 1,100 $14.8900
06/13/03 Buy 99,700 $15.7000
06/17/03 Buy 195,900 $16.1073
06/20/03 Buy 138,000 $17.1084
04/23/03 Sell 19,000 $8.3151
04/24/03 Sell 200 $8.4400
04/28/03 Sell 2,800 $8.6521
05/02/03 Sell 1,600 $8.7900
06/17/03 Deliver Out 13,500 $16.1000
04/22/03 Deliver Out 54,000 $8.1900
(1) Price includes commission.