sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. )(1)
A. Schulman, Inc.
-----------------
(Name of Issuer)
Common Stock, par value $1.00 per share
(Title of Class of Securities)
808194104
---------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 30, 2007
--------------
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box /_/.
NOTE. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. SEE Rule 13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 21 Pages)
--------
(1) 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 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 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).
---------------------- ----------------------
CUSIP No. 808194104 13D Page 2 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PARCHE, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 126,375
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
126,375
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
126,375
--------------------------------------------------------------------------------
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 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 808194104 13D Page 3 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STARBOARD VALUE & OPPORTUNITY FUND, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 663,498
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
663,498
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
663,498
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 808194104 13D Page 4 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ADMIRAL ADVISORS, 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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 789,873
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
789,873
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
789,873
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 808194104 13D Page 5 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RAMIUS CAPITAL GROUP, L.L.C.
--------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 789,873
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
789,873
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
789,873
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 808194104 13D Page 6 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
C4S & CO., L.L.C.
--------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 789,873
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
789,873
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
789,873
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 808194104 13D Page 7 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PETER A. 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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 789,873
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
789,873
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
789,873
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 808194104 13D Page 8 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MORGAN B. STARK
--------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 789,873
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
789,873
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
789,873
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 808194104 13D Page 9 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JEFFREY M. SOLOMON
--------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 789,873
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
789,873
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
789,873
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 808194104 13D Page 10 of 21 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THOMAS W. STRAUSS
--------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 789,873
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
789,873
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
789,873
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 808194104 13D Page 11 of 21 Pages
---------------------- ----------------------
The following constitutes the Schedule 13D filed by the undersigned
(the "Schedule 13D"). The undersigned were previously part of a Section 13(d)
reporting group that included Barington Investments, L.P., RJG Capital Partners,
L.P., D.B. Zwirn Special Opportunities Fund, L.P. and certain of their
respective affiliates (the "Barington Group"). The undersigned ceased to be
members of the Barington Group on March 30, 2007. For ownership and other
information relating to the undersigned prior to the filing of this Schedule
13D, please make reference to Schedule 13D filed by Barington Companies Equity
Partners, L.P. with the Securities and Exchange Commission (the "SEC") on June
6, 2005, as amended by that certain Amendment No. 1 filed on July 1, 2005, that
certain Amendment No. 2 filed on August 3, 2005, that certain Amendment No. 3
filed on August 25, 2005, that certain Amendment No. 4 filed on September 8,
2005, that certain Amendment No. 5 filed on September 13, 2005, that certain
Amendment No. 6 filed on September 28, 2005, that certain Amendment No. 7 filed
on October 11, 2005, that certain Amendment No. 8 filed on October 25, 2006,
that certain Amendment No. 9 filed on May 30, 2006, that certain Amendment No.
10 filed on June 1, 2006, that certain Amendment No. 11 filed on September 28,
2006, that certain Amendment No. 12 filed on October 10, 2006, that certain
Amendment No. 13 filed on October 12, 2006, that certain Amendment No. 14 filed
on October 26, 2006 and that certain Amendment No. 15 filed on November 6, 2006.
Item 1. SECURITY AND ISSUER.
This statement relates to shares of the Common Stock, par value
$1.00 per share (the "Shares"), of A. Schulman, Inc. (the "Issuer"). The
address of the principal executive offices of the Issuer is 3550 West Market
Street, Akron, Ohio 44333.
Item 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by:
(i) Parche, LLC, a Delaware limited liability company ("Parche"),
with respect to the Shares directly and beneficially owned by
it;
(ii) Starboard Value & Opportunity Fund, LLC, a Delaware limited
liability company ("Starboard"), with respect to the Shares
directly and beneficially owned by it;
(iii) Admiral Advisors, LLC, a Delaware limited liability company
("Admiral Advisors"), who serves as the managing manager of
Starboard and of Parche;
(iv) Ramius Capital Group, LLC, a Delaware limited liability
company ("Ramius Capital"), who serves as the sole member of
Admiral Advisors;
(v) C4S & Co., L.L.C., a Delaware limited liability company
("C4S"), who serves as managing member of Ramius Capital;
(vi) Peter A. Cohen ("Mr. Cohen"), who serves as one of the
managing members of C4S;
---------------------- ----------------------
CUSIP No. 808194104 13D Page 12 of 21 Pages
---------------------- ----------------------
(vii) Morgan B. Stark ("Mr. Stark"), who serves as one of the
managing members of C4S;
(viii) Thomas W. Strauss ("Mr. Strauss"), who serves as one of the
managing members of C4S; and
(ix) Jeffrey M. Solomon ("Mr. Solomon"), who serves as one of the
managing members of C4S;
Each of the foregoing is referred to as a "Reporting Person" and
collectively as the "Reporting Persons." Each of the Reporting Persons is party
to that certain Joint Filing Agreement, as further described in Item 6.
Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
(b) The address of the principal office of each of Parche,
Starboard, Admiral Advisors, Ramius Capital, C4S, Mr. Cohen, Mr. Stark, Mr.
Strauss and Mr. Solomon is 666 Third Avenue, 26th Floor, New York, New York
10017.
(c) The principal business of each of Starboard and Parche is
serving as a private investment fund. Each of Starboard and Parche has been
formed for the purpose of making equity investments and, on occasion, taking an
active role in the management of portfolio companies in order to enhance
shareholder value. The principal business of Admiral Advisors is acting as the
managing member of both Starboard and Parche. Ramius Capital is engaged in money
management and investment advisory services for third parties and proprietary
accounts. C4S serves as managing member of Ramius Capital. Mr. Cohen, Mr.
Strauss, Mr. Stark and Mr. Solomon serve as co-managing members of C4S.
(d) No Reporting Person has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) No Reporting Person has, during the last five years, been 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.
(f) Messrs. Cohen, Stark, Strauss, and Solomon are citizens of the
United States of America.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The Shares purchased by Starboard and Parche were purchased with
the working capital of such entities (which may, at any given time, include
margin loans made by brokerage firms in the ordinary course of business) in
open market purchases. The aggregate purchase cost of the 789,873 Shares
---------------------- ----------------------
CUSIP No. 808194104 13D Page 13 of 21 Pages
---------------------- ----------------------
beneficially owned in the aggregate by the Reporting Persons is approximately
$13,692,828, including brokerage commissions.
Item 4. PURPOSE OF TRANSACTION.
The Reporting Persons originally purchased the Shares based on the
Reporting Persons' belief that the Shares, when purchased, were undervalued and
represented an attractive investment opportunity. Depending upon overall market
conditions, other investment opportunities available to the Reporting Persons,
and the availability of Shares at prices that would make the purchase or sale of
Shares desirable, the Reporting Persons may endeavor to increase or decrease
their position in the Issuer through, among other things, the purchase or sale
of Shares on the open market or in private transactions or otherwise, on such
terms and at such times as the Reporting Persons may deem advisable.
No Reporting Person has any present plan or proposal which would
relate to or result in any of the matters set forth in subparagraphs (a) - (j)
of Item 4 of Schedule 13D except as set forth herein or such as would occur upon
completion of any of the actions discussed above.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
The aggregate percentage of Shares reported owned by each person
named herein is based upon 26,946,582 Shares outstanding, as of December 31,
2006, which is the total number of Shares outstanding as reported in the
Issuer's Quarterly Report on Form 10-Q, filed with the Securities and Exchange
Commission on January 5, 2007.
A. Parche
(a) As of the date of this filing, Parche beneficially owns 126,375
Shares.
Percentage: Less than 1% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 126,375 2. Shared power to
vote or direct vote: 0 3. Sole power to dispose or direct the
disposition: 126,375 4. Shared power to dispose or direct the
disposition: 0
(c) The transactions in the Shares by Parche in the past 60 days are set
forth in Schedule A and are incorporated by reference.
B. Starboard
(a) As of the date of this filing, Starboard beneficially owns 663,498
Shares.
Percentage: 2.5% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 663,498
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 663,498
4. Shared power to dispose or direct the disposition: 0
---------------------- ----------------------
CUSIP No. 808194104 13D Page 14 of 21 Pages
---------------------- ----------------------
(c) The transactions in the Shares by Starboard in the past 60 days are
set forth in Schedule A and are incorporated by reference.
C. Admiral Advisors
(a) As of the date of this filing, as the managing member of both
Starboard and Parche, Admiral Advisors may be deemed the beneficial
owner of (i) 663,498 Shares owned by Starboard and (ii) 126,375
Shares owned by Parche.
Percentage: 2.9% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 789,873
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 789,873
4. Shared power to dispose or direct the disposition: 0
(c) Admiral Advisors did not enter into any transactions in the Shares
in the past 60 days. The transactions in the Shares in the past 60
days on behalf of Starbaord and Parche, which were all in the open
market, are set forth in Schedule A and are incorporated by
reference.
D. Ramius Capital
(a) As of the date of this filing, as the sole member of Admiral
Advisors, Ramius Capital may be deemed the beneficial owner of (i)
663,498 shares owned by Starboard and (ii) 126,375 Shares owned by
Parche.
Percentage: 2.9% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 789,873
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 789,873
4. Shared power to dispose or direct the disposition: 0
(c) Ramius Capital did not enter into any transactions in the Shares in
the past 60 days. The transactions in the Shares in the past 60 days
on behalf of Starbaord and Parche, which were all in the open
market, are set forth in Schedule A and are incorporated by
reference.
E. C4S
(a) As of the date of this filing, as the managing member of Ramius
Capital, C4S may be deemed the beneficial owner of (i) 663,498
shares owned by Starboard and (ii) 126,375 Shares owned by Parche.
Percentage: 2.9% as of the date hereof.
---------------------- ----------------------
CUSIP No. 808194104 13D Page 15 of 21 Pages
---------------------- ----------------------
(b) 1. Sole power to vote or direct vote: 789,873
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 789,873
4. Shared power to dispose or direct the disposition: 0
(c) C4S did not enter into any transactions in the Shares in the past 60
days. The transactions in the Shares in the past 60 days on behalf
of Starbaord and Parche, which were all in the open market, are set
forth in Schedule A and are incorporated by reference.
F. Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon
(a) As of the date of this filing, as the managing members of C4S, each
of Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. may be deemed the
beneficial owner of (i) 663,498 shares owned by Starboard and (ii)
126,375 Shares owned by Parche.
Percentage: 2.9% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 789,873
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 789,873
(c) None of Mr. Cohen, Mr. Stark, Mr. Strauss or Mr. Solomon has entered
into any transactions in the Shares in the past 60 days.The
transactions in the Shares in the past 60 days on behalf of
Starbaord and Parche, which were all in the open market, are set
forth in Schedule A and are incorporated by reference.
(d) No person other than the Reporting Persons is known to have the
right to receive, or the power to direct the receipt of dividends
from, or proceeds from the sale of, such shares of the Common Stock.
(e) As of March 30, 2007, the Reporting Persons ceased to be the
collective beneficial owners of more than 5% of the Issuer's Shares.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
On April 2, 2007, Starboard, Parche, Admiral Advisors, Ramius
Capital, C4S, Mr. Cohen, Mr. Solomon, Mr. Stark and Mr. Strauss (collectively,
the "Group") entered into a Joint Filing Agreement (the "Joint Filing
Agreement") in which the parties agreed to the joint filing on behalf of each of
them of statements on Schedule 13D with respect to the securities of the Issuer
to the extent required by applicable law. The Joint Filing Agreement is attached
as Exhibit 1 hereto and is incorporated herein by reference.
On March 30, 2007, Ramius Capital and Barington Investments, L.P.
decided that they will no longer be working together as a group with respect to
the Shares of the Issuer.
---------------------- ----------------------
CUSIP No. 808194104 13D Page 16 of 21 Pages
---------------------- ----------------------
Other than as described herein, there are no contracts,
arrangements, understandings or relationships among the Reporting Persons, or
between the Reporting Persons and any other person, with respect to the
securities of the Issuer.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Joint Filing Agreement by and among Starboard, Parche, Admiral
Advisors, Ramius Capital, C4S, Mr. Cohen, Mr. Solomon, Mr. Stark
and Mr. Strauss, dated April 2, 2007.
2. Power of Attorney for Peter A. Cohen, Morgan B. Stark, Thomas W.
Strauss and Jeffrey M. Solomon, dated March 11, 2005.
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CUSIP No. 808194104 13D Page 17 of 21 Pages
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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 2, 2007
STARBOARD VALUE & ADMIRAL ADVISORS, LLC
OPPORTUNITY FUND, LLC
By: Ramius Capital Group, L.L.C., its
PARCHE, LLC sole member
By: Admiral Advisors, LLC, their
managing member
RAMIUS CAPITAL GROUP, L.L.C.
By: C4S & Co., L.L.C.,
as managing member
C4S & CO., L.L.C.
By: /s/ Jeffrey M. Solomon
----------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
/s/ Jeffrey M. Solomon
------------------------------
JEFFREY M. SOLOMON
Individually and as attorney-in-fact
for Peter A. Cohen, Morgan B. Stark
and Thomas W. Strauss
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CUSIP No. 808194104 13D Page 18 of 21 Pages
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SCHEDULE A
TRANSACTIONS IN THE SHARES DURING THE PAST 60 DAYS
Shares of Common Stock Price Per Date of
Purchased / (Sold) Share($) Purchase / Sale
------------------ -------- ---------------
PARCHE, LLC
-----------
(1,760) 21.0730 02/01/07
(304) 21.0000 02/02/07
(5,136) 21.0115 02/13/07
STARBOARD VALUE & OPPORTUNITY FUND, LLC
---------------------------------------
(9,240) 21.0730 02/01/07
(1,596) 21.0000 02/02/07
(26,964) 21.0115 02/13/07
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CUSIP No. 808194104 13D Page 19 of 21 Pages
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EXHIBIT INDEX
Exhibit Page
------- ----
1. Joint Filing Agreement by and among Starboard, 20
Parche, Admiral Advisors, Ramius Capital, C4S, Mr.
Cohen, Mr. Solomon, Mr. Stark and Mr. Strauss, dated
April 2, 2007.
2. Power of Attorney for Peter A. Cohen, Morgan B. 21
Stark, Thomas W. Strauss and Jeffrey M. Solomon,
dated March 11, 2005
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CUSIP No. 808194104 13D Page 20 of 21 Pages
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JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1)(iii) under the Securities
Exchange Act of 1934, as amended, the persons named below agree to the joint
filing on behalf of each of them of a Statement on Schedule 13D dated April 2,
2007 (including amendments thereto) with respect to the Common Stock of A.
Schulman, Inc. This Joint Filing Agreement shall be filed as an Exhibit to such
Statement.
Dated: April 2, 2007
STARBOARD VALUE & ADMIRAL ADVISORS, LLC
OPPORTUNITY FUND, LLC
By: Ramius Capital Group, L.L.C., its
PARCHE, LLC sole member
By: Admiral Advisors, LLC, their
managing member
RAMIUS CAPITAL GROUP, L.L.C.
By: C4S & Co., L.L.C.,
as managing member
C4S & CO., L.L.C.
By: /s/ Jeffrey M. Solomon
----------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
/s/ Jeffrey M. Solomon
------------------------------
JEFFREY M. SOLOMON
Individually and as attorney-in-fact
for Peter A. Cohen, Morgan B. Stark
and Thomas W. Strauss
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CUSIP No. 808194104 13D Page 21 of 21 Pages
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POWER OF ATTORNEY
The undersigned hereby appoints Peter A. Cohen, Morgan B. Stark, Thomas W.
Strauss and Jeffrey M. Solomon, or any of them, his true and lawful attorney-in
fact and agent to execute and file with the Securities and Exchange Commission
any Schedule 13D, Schedule 13G, any amendments thereto and any related
documentation which may be required to be filed in his individual capacity as a
result of the undersigned's beneficial ownership of, or participation in a group
with respect to, securities directly or indirectly beneficially owned by Ramius
Capital Group, LLC or any of its affiliates, and granting unto said
attorney-in-fact and agent full power and authority to do and perform each and
every act and thing which he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent may lawfully do or cause to
be done by virtue hereof. The authority of Peter A. Cohen, Morgan B. Stark,
Thomas W. Strauss and Jeffrey M. Solomon, or any of them, under this Power of
Attorney shall continue with respect to the undersigned until the undersigned is
no longer required to file Schedule 13Ds or Schedule 13Gs unless revoked earlier
in writing.
Date: March 11, 2005
/s/ Peter A. Cohen
-----------------------------------------
Peter A. Cohen
/s/ Morgan B. Stark
-----------------------------------------
Morgan B. Stark
/s/ Jeffrey M. Solomon
-----------------------------------------
Jeffrey M. Solomon
/s/ Thomas W. Strauss
-----------------------------------------
Thomas W. Strauss