Hestia Capital Amends Pitney Bowes Stake Filing
Ticker: PBI-PB · Form: SC 13D/A · Filed: Apr 8, 2024 · CIK: 78814
| Field | Detail |
|---|---|
| Company | Pitney Bowes Inc /De/ (PBI-PB) |
| Form Type | SC 13D/A |
| Filed Date | Apr 8, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $1.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: activist-investor, filing-amendment, ownership-change
Related Tickers: PBI
TL;DR
Hestia Capital just updated their Pitney Bowes filing (amendment 7).
AI Summary
Hestia Capital Partners LP, through Hestia Capital Management, LLC, filed an amendment (No. 7) to its Schedule 13D on April 8, 2024, regarding its holdings in Pitney Bowes Inc. The filing indicates a change in the reporting person's beneficial ownership of the issuer's common stock.
Why It Matters
This amendment signals ongoing activity or changes in strategy by Hestia Capital Partners LP concerning their investment in Pitney Bowes Inc., which could influence the company's future direction.
Risk Assessment
Risk Level: medium — Changes in Schedule 13D filings can indicate shifts in activist investor strategies or significant stake adjustments, potentially impacting stock price and corporate governance.
Key Players & Entities
- Hestia Capital Partners LP (company) — Reporting Person
- Hestia Capital Management, LLC (company) — Investment Manager
- Pitney Bowes Inc. (company) — Issuer
- Kurtis J. Wolf (person) — Representative of Hestia Capital Management
- Andrew Freedman (person) — Legal Counsel
FAQ
What specific changes were made in Amendment No. 7 to the Schedule 13D?
The filing states it is an Amendment No. 7 to the Schedule 13D, indicating changes to previously reported information, but the specific details of the changes are not provided in the header information.
Who is the primary filer for this Schedule 13D/A?
The primary filer is Hestia Capital Partners LP, with Hestia Capital Management, LLC acting as the investment manager.
What is the CUSIP number for Pitney Bowes Inc. common stock mentioned in the filing?
The CUSIP number for Pitney Bowes Inc. common stock is 724479100.
When was this amendment filed with the SEC?
This amendment was filed on April 8, 2024.
What is the business address of Hestia Capital Management, LLC?
The business address for Hestia Capital Management, LLC is 175 Brickyard Road, Suite 200, Adams Township, Pennsylvania 16046.
Filing Stats: 1,499 words · 6 min read · ~5 pages · Grade level 11.6 · Accepted 2024-04-08 17:22:53
Key Financial Figures
- $1.00 — Inc. (Name of Issuer) Common Stock, $1.00 par value per share (Title of Class o
Filing Documents
- sc13da712166003_04082024.htm (SC 13D/A) — 150KB
- 0000921895-24-000815.txt ( ) — 151KB
Purpose of Transaction
Item 4. Purpose of Transaction.
is hereby amended
Item 4 is hereby amended to add the following: On April 4, 2024, the Issuer announced that the Board has appointed Lance E. Rosenzweig as an independent director, effective immediately, to fill the vacancy created by William S. Simon’s resignation from the Board, effective March 31, 2024. Mr. Rosenzweig’s appointment was made in accordance with the Issuer’s Amended and Restated By-Laws and pursuant to Section 1(c) of the Cooperation Agreement by and among the Issuer and the Reporting Persons, dated January 31, 2024 (the “Cooperation Agreement”). Mr. Rosenzweig will be deemed to replace Mr. Simon as a Replacement Director (as defined in the Cooperation Agreement) under the Cooperation Agreement and will assume Mr. Simon’s roles on the standing committees of the Board. Mr. Rosenzweig will initially serve as a director until the Issuer’s 2024 Annual Meeting of Shareholders (the “2024 Annual Meeting”), and the Issuer plans to nominate Mr. Rosenzweig for election to the Board at the 2024 Annual Meeting. 7 CUSIP No. 724479100
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: April 8, 2024 Hestia Capital Partners, LP By: Hestia Capital Management, LLC, its Investment Manager By: /s/ Kurtis J. Wolf Name: Kurtis J. Wolf Title: Managing Member Helios I, LP By: Hestia Capital Management, LLC, its Investment Manager By: /s/ Kurtis J. Wolf Name: Kurtis J. Wolf Title: Managing Member Hestia Capital Partners GP, LLC By: /s/ Kurtis J. Wolf Name: Kurtis J. Wolf Title: Managing Member Hestia Capital Management, LLC By: /s/ Kurtis J. Wolf Name: Kurtis J. Wolf Title: Managing Member /s/ Kurtis J. Wolf Kurtis J. Wolf 8