--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
UNITED STATE
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.__)*
Tiffany & Co.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.01 par value per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
886547108
--------------------------------------------------------------------------------
(CUSIP Number)
Stuart I. Rosen, Esq.
General Counsel
Trian Fund Management, L.P.
280 Park Avenue, 41st Floor
New York, New York 10017
(212) 451-3000
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 21, 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.
*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 ("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).
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 20-3454182
Trian Fund Management, L.P.
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
AF
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 7,500,000
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 7,500,000
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
7,500,000
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 5.54%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 20-3454187
Trian Fund Management GP, LLC
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
AF
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 7,500,000
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 7,500,000
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
7,500,000
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 5.54%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
OO
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 20-3453775
Trian Partners GP, L.P.
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
AF
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 6,856,455
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 6,856,455
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
6,856,455
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 5.07%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 20-3453595
Trian Partners General Partner, LLC
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
AF
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 6,856,455
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 6,856,455
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
6,856,455
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 5.07%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
OO
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 20-3453988
Trian Partners, L.P.
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
WC
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 1,589,246
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 1,589,246
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,589,246
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 1.17%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 98-0468601
Trian Partners Master Fund, L.P.
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
WC
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Cayman Islands
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 5,267,209
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 5,267,209
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,267,209
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 3.89%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 20-3694154
Trian Partners Parallel Fund I, L.P.
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
WC
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 209,023
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 209,023
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
209,023
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 0.15%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 20-3694293
Trian Partners Parallel Fund I General Partner, LLC
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
AF
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 209,023
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 209,023
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
209,023
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 0.15%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
OO
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 87-0763105
Trian Partners Parallel Fund II, L.P.
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
WC
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 47,372
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 47,372
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
47,372
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 0.04%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 80-0763102
Trian Partners Parallet Fund II GP, L.P.
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
AF
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 47,372
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 47,372
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
47,372
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 0.04%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 80-0763099
Trian Partners Parallel Fund II General Partner, LLC
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
AF
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 47,372
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 47,372
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
47,372
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 0.04%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
OO
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Nelson Peltz
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
AF
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 USA
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 7,500,000
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 7,500,000
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
7,500,000
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 5.54%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter W. May
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
AF
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 USA
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 7,500,000
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 7,500,000
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
7,500,000
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 5.54%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
--------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edward P. Garden
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
SEC USE ONLY
3
--------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
AF
--------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 USA
--------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 7,500,000
OWNED BY
--------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON --------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 7,500,000
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
7,500,000
--------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[X]
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 5.54%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
Item 1. Security and Issuer
This Schedule 13D relates to the Common Stock, $.01 par value per share (the
"Shares"), of Tiffany & Co., a Delaware corporation (the "Issuer"). The address
of the principal executive offices of the Issuer is 727 Fifth Avenue, New York,
New York 10022.
Item 2. Identity and Background
The persons filing this statement are Trian Partners GP, L.P., a Delaware
limited partnership ("Trian GP"), Trian Partners General Partner, LLC, a
Delaware limited liability company ("Trian GP LLC"), Trian Partners, L.P., a
Delaware limited partnership ("Trian Onshore"), Trian Partners Master Fund,
L.P., a Cayman Islands limited partnership ("Trian Offshore"), Trian Partners
Parallel Fund I, L.P., a Delaware limited partnership ("Parallel Fund I"), Trian
Partners Parallel Fund I General Partner, LLC, a Delaware limited liability
company ("Parallel Fund I GP LLC"), Trian Partners Parallel Fund II, L.P., a
Delaware limited partnership ("Parallel Fund II"), Trian Partners Parallel Fund
II GP, L.P., a Delaware limited partnership ("Parallel Fund II GP"), Trian
Partners Parallel Fund II General Partner, LLC, a Delaware limited liability
company ("Parallel Fund II GP LLC"), Trian Fund Management, L.P., a Delaware
limited partnership ("Trian Management"), Trian Fund Management GP, LLC, a
Delaware limited liability company ("Trian Management GP", and together with the
foregoing, the "Trian Entities"), Nelson Peltz, a citizen of the United States
of America, Peter W. May, a citizen of the United States of America, and Edward
P. Garden, a citizen of the United States of America (the Trian Entities and
Messrs. Peltz, May and Garden are sometimes hereinafter referred to collectively
as the "Filing Persons"). The principal business address and the address of the
principal office of each of the Filing Persons is 280 Park Avenue, 41st Floor,
New York, New York 10017, except that the principal business address of Trian
Offshore is c/o Goldman Sachs (Cayman) Trust, Limited, P.O. Box 896, Harbour
Centre, 2nd Floor, North Church Street, George Town, Grand Cayman, Cayman
Islands, KY1-1103. The Filing Persons have entered into a Joint Filing Agreement
dated as of February 26, 2007, a copy of which is attached hereto as Exhibit 1.
Trian GP LLC is the general partner of Trian GP, which is the general partner of
Trian Onshore and Trian Offshore. Parallel Fund I GP LLC is the general partner
of Parallel Fund I. Parallel Fund II GP LLC is the general partner of Parallel
Fund II GP, which is the general partner of Parallel Fund II. Trian Management
GP is the general partner of Trian Management, which serves as (i) the
management company for Trian Onshore, Trian Offshore, Parallel Fund I and
Parallel Fund II and (ii) the investment manager for a separate account owned by
TCMG-MA, LLC (the "Separate Account"), an indirect subsidiary of Triarc
Companies, Inc. ("Triarc"). Trian Management has full discretion and authority
to make all investment and voting decisions in respect of the Separate Account.
Each of Trian GP LLC, Parallel Fund I GP LLC, Parallel Fund II GP LLC and Trian
Management GP are owned and controlled by Nelson Peltz, Peter W. May and Edward
P. Garden, who therefore are in a position to determine the investment and
voting decisions made by the Trian Entities.
Each of Trian Onshore, Trian Offshore, Parallel Fund I and Parallel Fund II is
primarily engaged in the business of investing in securities. Trian GP is
primarily engaged in the business of serving as the general partner of Trian
Onshore and Trian Offshore. Trian GP LLC is primarily engaged in the business of
serving as the general partner of Trian GP. Parallel Fund I GP LLC is primarily
engaged in the business of serving as the general partner of Parallel Fund I.
Parallel Fund II GP LLC is primarily engaged in the business of serving as the
general partner of Parallel Fund II GP, which is primarily engaged in the
business of serving as the general partner of Parallel Fund II. Trian Management
is primarily engaged in the business of serving as a management company for
certain of the Trian Entities and as investment manager for the Separate
Account. Trian Management GP is primarily engaged in the business of serving as
the general partner of Trian Management. Nelson Peltz's present principal
occupation or employment is (i) serving as Chief Executive Officer and a
founding partner of Trian Management and, as such, managing the investments of
Trian Onshore, Trian Offshore, Parallel Fund I, Parallel Fund II and the
Separate Account and (ii) serving as Chairman and Chief Executive Officer and a
director of Triarc. Peter W. May's present
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
principal occupation or employment is (i) serving as President and a founding
partner of Trian Management and, as such, managing the investments of Trian
Onshore, Trian Offshore, Parallel Fund I, Parallel Fund II and the Separate
Account and (ii) serving as President and Chief Operating Officer and a director
of Triarc. Edward P. Garden's present principal occupation or employment is (i)
serving as Portfolio Manager and a founding partner of Trian Management and, as
such, managing the investments of Trian Onshore, Trian Offshore, Parallel Fund
I, Parallel Fund II and the Separate Account and (ii) serving as Vice Chairman
and a director of Triarc.
None of the Filing Persons, nor any director, executive officer, general partner
or controlling person of any of the Filing Persons, has, during the past five
years, (a) been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors), or (b) 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 a finding of any violation with respect to
such laws.
Each of the Filing Persons is responsible for the completeness and accuracy of
the information concerning him or it contained herein, but is not responsible
for the completeness and accuracy of the information concerning the others,
except to the extent that he or it knows or has reason to believe that such
information is inaccurate.
Item 3. Source and Amount of Funds or Other Consideration
As of 4:00 pm, New York City time, on February 23, 2007, the aggregate purchase
price of the 1,350,000 Shares purchased by Trian Onshore, Trian Offshore,
Parallel Fund I, Parallel Fund II and the Separate Account, collectively, was
$57,189,065 (including commissions). In addition, as of such time and date, such
Filing Persons and the Separate Account collectively owned an economic interest
in an additional 6,150,000 Shares, which was acquired through a series of
privately negotiated back-to-back call and put transactions with a financial
institution (the "Options") and as a result of which such Filing Persons and the
Separate Account are subject to the same economic gain or loss as if they had
purchased the underlying Shares. Such Filing Persons and the Separate Account
currently intend to exercise these call options using general working capital
currently available. As of February 23, 2007, these call options have an
aggregate strike price of $246,953,902.43. (See Schedule A hereto for additional
detail on the Options). As set forth in Item 5, none of the other Filing Persons
directly own any Shares or options. The source of funding for the purchase of
the Shares was, and the source of funding for the purchase of any additional
Shares is currently expected to be, the respective general working capital of
the purchasers.
Item 4. Purpose of Transaction
The Filing Persons acquired the Shares and Options (collectively, "Issuer
Securities") because they believe that the Shares are currently undervalued in
the market place as a result of the Issuer's underperformance compared to
certain of its peers and various market indices and represent an attractive
investment opportunity. After several meetings and other discussions with
certain members of senior management and the Board of Directors of the Issuer,
and in light of management's and the Board's commitment to engage in a dialogue
with the Filing Persons regarding the Filing Persons' ideas and strategies to
improve the Issuer's financial performance and to further grow and broaden the
Tiffany brand, the Filing Persons have decided not to seek board representation
at the Issuer's 2007 annual meeting of stockholders. The Filing Persons will
seek to help the Issuer improve its margins and its earnings per share growth
and address various other operational and strategic issues, including optimizing
global expansion opportunities and evaluating non-core businesses.
The Filing Persons intend to review their investment in the Issuer on a
continuing basis. Depending on various factors including, without limitation,
the Issuer's financial position and strategic direction, price levels of the
Shares, conditions in the securities market and general economic and industry
conditions, the Filing Persons may in the future take such actions with respect
to their investment in the Issuer as they
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
deem appropriate including, but not limited to, communicating with management,
the Board and other stockholders, purchasing additional Issuer Securities or
selling some or all of the Issuer Securities, hedging their position in the
Issuer Securities, conducting a proxy solicitation to elect directors at an
annual meeting of stockholders of the Issuer, and/or otherwise changing their
intention with respect to any and all matters referred to in Item 4 of Schedule
13D.
The Filing Persons do not have any present plan or proposal that 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 herein.
Item 5. Interest in Securities of the Issuer
(a) As of 4:00 pm, New York City time, on February 23, 2007, the Filing Persons
beneficially owned, in the aggregate, 7,500,000 Shares (including Shares
underlying the Options), representing approximately 5.54% of the Issuer's
outstanding Shares (based upon the 135,347,259 Shares stated by the Issuer to be
outstanding as of November 30, 2006 in the Issuer's Quarterly Report on Form
10-Q for the quarterly period ended October 31, 2006).
(b) Each of Trian Onshore, Trian Offshore, Parallel Fund I and Parallel Fund II
beneficially and directly owns and has sole voting power and sole dispositive
power with regard to 1,589,246, 5,267,209, 209,023 and 47,372 Shares (including
a portion of the Shares underlying the Options), respectively, except to the
extent that other Filing Persons as described below may be deemed to have shared
voting power and shared dispositive power with regard to such Shares. Beneficial
ownership of 387,150 Shares (including a portion of the Shares underlying the
Options) that are directly held in the Separate Account is further described
below.
Each of Trian GP, Trian GP LLC, Trian Management, Trian Management GP, Nelson
Peltz, Peter W. May and Edward P. Garden, by virtue of their relationships to
Trian Onshore and Trian Offshore (discussed in Item 2), may be deemed to have
shared voting power and shared dispositive power with regard to, and therefore
may be deemed to beneficially own (as that term is defined in Rule 13d-3 under
the Act), the Shares (including Shares underlying the Options) that Trian
Onshore and Trian Offshore directly and beneficially own. Each of Trian GP,
Trian GP LLC, Trian Management, Trian Management GP, Nelson Peltz, Peter W. May
and Edward P. Garden disclaims beneficial ownership of such Shares for all other
purposes. Each of Parallel Fund I GP LLC, Trian Management, Trian Management GP,
Nelson Peltz, Peter W. May and Edward P. Garden, by virtue of their
relationships to Parallel Fund I (discussed in Item 2), may be deemed to have
shared voting power and shared dispositive power with regard to, and therefore
may be deemed to beneficially own (as that term is defined in Rule 13d-3 under
the Act), the Shares (including Shares underlying the Options) that Parallel
Fund I directly and beneficially owns. Each of Parallel Fund I GP LLC, Trian
Management, Trian Management GP, Nelson Peltz, Peter W. May and Edward P. Garden
disclaims beneficial ownership of such Shares for all other purposes. Each of
Parallel Fund II GP LLC, Parallel Fund II GP, Trian Management, Trian Management
GP, Nelson Peltz, Peter W. May and Edward P. Garden, by virtue of their
relationships to Parallel Fund II (discussed in Item 2), may be deemed to have
shared voting power and shared dispositive power with regard to, and therefore
may be deemed to beneficially own (as that term is defined in Rule 13d-3 under
the Act), the Shares (including Shares underlying the Options) that Parallel
Fund II directly and beneficially owns. Each of Parallel Fund II GP LLC,
Parallel Fund II GP, Trian Management, Trian Management GP, Nelson Peltz, Peter
W. May and Edward P. Garden disclaims beneficial ownership of such Shares for
all other purposes. Each of Trian Management, Trian Management GP, Nelson Peltz,
Peter W. May and Edward P. Garden, by virtue of their relationships to the
Separate Account (discussed in Item 2), may be deemed to have shared voting
power and shared dispositive power with regard to, and therefore may be deemed
to beneficially own (as that term is defined in Rule 13d-3 under the Act), the
Shares (including Shares underlying the Options) that the Separate Account
directly owns. Each of Trian Management, Trian Management GP, Nelson Peltz,
Peter W. May and Edward P. Garden disclaims beneficial ownership of such Shares
for all other purposes.
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
(c) Schedule A hereto sets forth all transactions with respect to the Shares
effected during the past sixty (60) days by any of the Filing Persons, inclusive
of the transactions effected through 4:00 pm, New York City time, on February
23, 2007.
(d) Except for the Filing Persons, and Triarc with respect to the Separate
Account, no person is known by the Filing Persons to have the right to receive
or the power to direct the receipt of dividends from, or the proceeds from the
sale of, the Shares beneficially owned by the Filing Persons.
Item 6. Contracts, Arrangements, Understandings or Relationship with Respect to
Securities of the Issuer
Except as described herein, none of the Filing Persons has any contracts,
arrangements, understandings or relationships (legal or otherwise) with any
person with respect to any securities of the Issuer, including but not limited
to the transfer or voting of any of the securities, finder's fees, joint
ventures, loan or option arrangements, puts or calls, guarantees of profits,
division of profits or losses, or the giving or withholding of proxies.
Item 7. Material to be Filed as Exhibits
1. Joint Filing Agreement of the Filing Persons.
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
SIGNATURE
After reasonable inquiry and to the best of each of the undersigned knowledge
and belief, each of the undersigned certifies that the information set forth in
this statement is true, complete and correct.
Dated: February 26, 2007
TRIAN PARTNERS GP, L.P.
By: Trian Partners General Partner, LLC, its
general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS GENERAL PARTNER, LLC
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS, L.P.
By: Trian Partners GP, L.P., its general
partner
By: Trian Partners General Partner, LLC, its
general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS MASTER FUND, L.P.
By: Trian Partners GP, L.P., its general
partner
By: Trian Partners General Partner, LLC, its
general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
[Signature Page of Schedule 13D - Tiffany & Co.]
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
TRIAN PARTNERS PARALLEL FUND I, L.P.
By: Trian Partners Parallel Fund I General
Partner, LLC, its general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS PARALLEL FUND I GENERAL
PARTNER, LLC
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS PARALLEL FUND II, L.P.
By: Trian Partners Parallel Fund II GP, L.P.
its general partner
By: Trian Partners Parallel Fund II General
Partner, LLC, its general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS PARALLEL FUND II GP, L.P.
By: Trian Partners Parallel Fund II General
Partner, LLC, its general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
[Signature Page of Schedule 13D - Tiffany & Co.]
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
TRIAN PARTNERS PARALLEL FUND II GENERAL
PARTNER, LLC
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN FUND MANAGEMENT, L.P.
By: Trian Fund Management GP, LLC, its
general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN FUND MANAGEMENT GP, LLC
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
/s/ Nelson Peltz
----------------------------------------------
NELSON PELTZ
/s/ Peter W. May
----------------------------------------------
PETER W. MAY
/s/ Edward P. Garden
----------------------------------------------
EDWARD P. GARDEN
[Signature Page of Schedule 13D - Tiffany & Co.]
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
Exhibit I
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) 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 (including amendments thereto) with respect
to the Common Stock of Tiffany & Co. and further agree that this Joint Filing
Agreement be included as an Exhibit to such joint filings. In evidence thereof,
the undersigned, being duly authorized, have executed this Joint Filing
Agreement this 26th day of February 2007.
TRIAN PARTNERS GP, L.P.
By: Trian Partners General Partner, LLC, its
general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS GENERAL PARTNER, LLC
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS. L.P.
By: Trian Partners GP, L.P., its general
partner
By: Trian Partners General Partner, LLC, its
general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS MASTER FUND, L.P.
By: Trian Partners GP, L.P., its general
partner
By: Trian Partners General Partner, LLC, its
general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
[Signature Page of Joint Filing Agreement to Schedule 13D - Tiffany & Co.]
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
TRIAN PARTNERS PARALLEL FUND I, L.P.
By: Trian Partners Parallel Fund I General
Partner, LLC, its general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS PARALLEL FUND I GENERAL
PARTNER, LLC
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS PARALLEL FUND II, L.P.
By: Trian Partners Parallel Fund II GP, L.P.,
its general partner
By: Trian Partners Parallel Fund II General
Partner, LLC, its general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS PARALLEL FUND II GP, L.P.
By: Trian Partners Parallel Fund II General
Partner, LLC, its general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN PARTNERS PARALLEL FUND II GENERAL
PARTNER, LLC
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
[Signature Page of Joint Filing Agreement to Schedule 13D - Tiffany & Co.]
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
TRIAN FUND MANAGEMENT, L.P.
By: Trian Fund Management GP, LLC, its
general partner
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
TRIAN FUND MANAGEMENT GP, LLC
By: /s/ Peter W. May
-----------------------------------------
Name: Peter W. May
Title: Member
/s/ Nelson Peltz
----------------------------------------------
NELSON PELTZ
/s/ Peter W. May
----------------------------------------------
PETER W. MAY
/s/ Edward P. Garden
----------------------------------------------
EDWARD P. GARDEN
[Signature Page of Joint Filing Agreement to Schedule 13D - Tiffany & Co.]
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
Schedule A
----------
The following table sets forth all transactions with respect to the Shares
effected during the past 60 days by any of the Filing Persons, inclusive of any
transactions effected through 4:00 p.m., New York City time, on February 23,
2007. Except as otherwise noted, all such transactions were effected in the open
market, and the table includes commissions paid in per share prices.
Price
No. of Per Transaction
Name Date Shares Share ($) Type
-------------- --------- --------- ---------- -----------
Trian Onshore 1/18/2007 59,905 40.20 Purchase
Trian Onshore 1/19/2007 59,905 40.10 Purchase
Trian Onshore 1/22/2007 59,905 39.89 Purchase
Trian Onshore 1/23/2007 69,890 39.60 Purchase
Trian Onshore 1/24/2007 39,937 39.77 Purchase
Trian Onshore 1/25/2007 99,843 38.90 Purchase
Trian Onshore 1/25/2007 (389,385) 38.76 Sale *
Trian Onshore 1/25/2007 389,385 38.76 Purchase **
Trian Onshore 1/26/2007 109,827 38.53 Purchase
Trian Onshore 1/29/2007 39,937 38.81 Purchase
Trian Onshore 1/30/2007 29,952 38.84 Purchase
Trian Onshore 1/31/2007 20,967 39.13 Purchase
Trian Onshore 2/5/2007 184,424 39.60 Purchase
Trian Onshore 2/5/2007 (385,107) 39.57 Sale *
Trian Onshore 2/5/2007 385,107 39.57 Purchase **
Trian Onshore 2/6/2007 58,272 39.84 Purchase
Trian Onshore 2/7/2007 98,745 40.42 Purchase
Trian Onshore 2/7/2007 (157,017) 40.38 Sale *
Trian Onshore 2/7/2007 157,017 40.38 Purchase **
Trian Onshore 2/8/2007 85,607 41.34 Purchase
Trian Onshore 2/9/2007 127,140 41.46 Purchase
Trian Onshore 2/12/2007 158,925 41.35 Purchase
Trian Onshore 2/13/2007 (371,672) 41.75 Sale *
Trian Onshore 2/13/2007 371,672 41.75 Purchase **
Trian Onshore 2/13/2007 105,950 41.82 Purchase
Trian Onshore 2/21/2007 42,380 42.58 Purchase
Trian Onshore 2/22/2007 74,165 42.66 Purchase
Trian Onshore 2/23/2007 63,570 42.77 Purchase
Trian Offshore 1/18/2007 212,591 40.20 Purchase
Trian Offshore 1/19/2007 212,591 40.10 Purchase
Trian Offshore 1/22/2007 212,591 39.89 Purchase
Trian Offshore 1/23/2007 248,023 39.60 Purchase
Trian Offshore 1/24/2007 141,727 39.77 Purchase
Trian Offshore 1/25/2007 354,317 38.90 Purchase
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
Price
No. of Per Transaction
Name Date Shares Share ($) Type
-------------- --------- --------- ---------- -----------
Trian Offshore 1/25/2007 (1,381,840) 38.76 Sale *
Trian Offshore 1/25/2007 1,381,840 38.76 Purchase **
Trian Offshore 1/26/2007 389,749 38.53 Purchase
Trian Offshore 1/29/2007 141,727 38.81 Purchase
Trian Offshore 1/30/2007 106,297 38.84 Purchase
Trian Offshore 1/31/2007 74,409 39.13 Purchase
Trian Offshore 2/5/2007 472,861 39.60 Purchase
Trian Offshore 2/5/2007 (1,185,043) 39.57 Sale *
Trian Offshore 2/5/2007 1,185,043 39.57 Purchase **
Trian Offshore 2/6/2007 193,132 39.84 Purchase
Trian Offshore 2/7/2007 327,271 40.42 Purchase
Trian Offshore 2/7/2007 (520,403) 40.38 Sale *
Trian Offshore 2/7/2007 520,403 40.38 Purchase **
Trian Offshore 2/8/2007 283,728 41.34 Purchase
Trian Offshore 2/9/2007 421,376 41.46 Purchase
Trian Offshore 2/12/2007 526,721 41.35 Purchase
Trian Offshore 2/13/2007 (1,231,825) 41.75 Sale *
Trian Offshore 2/13/2007 1,231,825 41.75 Purchase **
Trian Offshore 2/13/2007 351,147 41.82 Purchase
Trian Offshore 2/21/2007 140,459 42.58 Purchase
Trian Offshore 2/22/2007 245,804 42.66 Purchase
Trian Offshore 2/23/2007 210,688 42.77 Purchase
Parallel Fund I 1/18/2007 8,934 40.20 Purchase
Parallel Fund I 1/19/2007 8,934 40.10 Purchase
Parallel Fund I 1/22/2007 8,934 39.89 Purchase
Parallel Fund I 1/23/2007 10,423 39.60 Purchase
Parallel Fund I 1/24/2007 5,956 39.77 Purchase
Parallel Fund I 1/25/2007 14,890 38.90 Purchase
Parallel Fund I 1/25/2007 (58,071) 38.76 Sale *
Parallel Fund I 1/25/2007 58,071 38.76 Purchase **
Parallel Fund I 1/26/2007 16,379 38.53 Purchase
Parallel Fund I 1/29/2007 5,956 38.81 Purchase
Parallel Fund I 1/30/2007 4,467 38.84 Purchase
Parallel Fund I 1/31/2007 3,126 39.13 Purchase
Parallel Fund I 2/5/2007 13,866 39.60 Purchase
Parallel Fund I 2/5/2007 (43,794) 39.57 Sale *
Parallel Fund I 2/5/2007 43,794 39.57 Purchase **
Parallel Fund I 2/6/2007 7,664 39.84 Purchase
Parallel Fund I 2/7/2007 12,987 40.42 Purchase
Parallel Fund I 2/7/2007 (20,651) 40.38 Sale *
Parallel Fund I 2/7/2007 20,651 40.38 Purchase **
Parallel Fund I 2/8/2007 11,259 41.34 Purchase
Parallel Fund I 2/9/2007 16,722 41.46 Purchase
Parallel Fund I 2/12/2007 20,902 41.35 Purchase
Parallel Fund I 2/13/2007 (48,883) 41.75 Sale *
Parallel Fund I 2/13/2007 48,883 41.75 Purchase **
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
Price
No. of Per Transaction
Name Date Shares Share ($) Type
-------------- --------- --------- ---------- -----------
Parallel Fund I 2/13/2007 13,935 41.82 Purchase
Parallel Fund I 2/21/2007 5,574 42.58 Purchase
Parallel Fund I 2/22/2007 9,754 42.66 Purchase
Parallel Fund I 2/23/2007 8,361 42.77 Purchase
Parallel Fund II 1/18/2007 2,025 40.20 Purchase
Parallel Fund II 1/19/2007 2,025 40.10 Purchase
Parallel Fund II 1/22/2007 2,025 39.89 Purchase
Parallel Fund II 1/23/2007 2,362 39.60 Purchase
Parallel Fund II 1/24/2007 1,350 39.77 Purchase
Parallel Fund II 1/25/2007 3,375 38.90 Purchase
Parallel Fund II 1/25/2007 (13,162) 38.76 Sale *
Parallel Fund II 1/25/2007 13,162 38.76 Purchase **
Parallel Fund II 1/26/2007 3,712 38.53 Purchase
Parallel Fund II 1/29/2007 1,350 38.81 Purchase
Parallel Fund II 1/30/2007 1,012 38.84 Purchase
Parallel Fund II 1/31/2007 708 39.13 Purchase
Parallel Fund II 2/5/2007 3,143 39.60 Purchase
Parallel Fund II 2/5/2007 (9,925) 39.57 Sale *
Parallel Fund II 2/5/2007 9,925 39.57 Purchase **
Parallel Fund II 2/6/2007 1,737 39.84 Purchase
Parallel Fund II 2/7/2007 2,943 40.42 Purchase
Parallel Fund II 2/7/2007 (4,680) 40.38 Sale *
Parallel Fund II 2/7/2007 4,680 40.38 Purchase **
Parallel Fund II 2/8/2007 2,552 41.34 Purchase
Parallel Fund II 2/9/2007 3,790 41.46 Purchase
Parallel Fund II 2/12/2007 4,737 41.35 Purchase
Parallel Fund II 2/13/2007 (11,079) 41.75 Sale *
Parallel Fund II 2/13/2007 11,079 41.75 Purchase **
Parallel Fund II 2/13/2007 3,158 41.82 Purchase
Parallel Fund II 2/21/2007 1,263 42.58 Purchase
Parallel Fund II 2/22/2007 2,210 42.66 Purchase
Parallel Fund II 2/23/2007 1,895 42.77 Purchase
Separate Account 1/18/2007 16,545 40.20 Purchase
Separate Account 1/19/2007 16,545 40.10 Purchase
Separate Account 1/22/2007 16,545 39.89 Purchase
Separate Account 1/23/2007 19,302 39.60 Purchase
Separate Account 1/24/2007 11,030 39.77 Purchase
Separate Account 1/25/2007 27,575 38.90 Purchase
Separate Account 1/25/2007 (107,542) 38.76 Sale *
Separate Account 1/25/2007 107,542 38.76 Purchase **
Separate Account 1/26/2007 30,333 38.53 Purchase
Separate Account 1/29/2007 11,030 38.81 Purchase
Separate Account 1/30/2007 8,272 38.84 Purchase
Separate Account 1/31/2007 5,790 39.13 Purchase
Separate Account 2/5/2007 25,706 39.60 Purchase
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 886547108
Price
No. of Per Transaction
Name Date Shares Share ($) Type
-------------- --------- --------- ---------- -----------
Separate Account 2/5/2007 (81,131) 39.57 Sale *
Separate Account 2/5/2007 81,131 39.57 Purchase **
Separate Account 2/6/2007 14,195 39.84 Purchase
Separate Account 2/7/2007 24,054 40.42 Purchase
Separate Account 2/7/2007 (38,249) 40.38 Sale *
Separate Account 2/7/2007 38,249 40.38 Purchase **
Separate Account 2/8/2007 20,854 41.34 Purchase
Separate Account 2/9/2007 30,972 41.46 Purchase
Separate Account 2/12/2007 38,715 41.35 Purchase
Separate Account 2/13/2007 (90,541) 41.75 Sale *
Separate Account 2/13/2007 90,541 41.75 Purchase **
Separate Account 2/13/2007 25,810 41.82 Purchase
Separate Account 2/21/2007 10,324 42.58 Purchase
Separate Account 2/22/2007 18,067 42.66 Purchase
Separate Account 2/23/2007 15,486 42.77 Purchase
*Each of the sales of set forth above were made solely for the purpose of
entering into a series of privately negotiated back-to-back call and put
transactions, as further described below.
**On the various dates set forth above, and as more fully described below, the
named persons entered into a series of privately negotiated back-to-back call
and put transactions (the "Options") with Morgan Stanley & Co. International
Limited (the "Counterparty") through which they acquired an economic interest in
an aggregate of 6,150,000 Shares and as a result of which such named persons are
subject to the same economic gain or loss as if they had purchased the
underlying Shares. Such persons currently intend to exercise these call options
using general working capital currently available. More specifically, these
transactions represent call options pursuant to which, on or prior to March 1,
2010 (the "Exercise Date"), the named person may acquire the number of Shares
set forth above at the Price Per Share set forth above (the "Exercise Price").
These call options may be exercised at any time, in whole or in part, on or
prior to the Exercise Date. Simultaneously with the purchase of each call
option, the named person also sold a put option to the Counterparty for the same
number of Shares pursuant to which, if on the Exercise Date the Exercise Price
is greater than the closing price of the Shares on the Exercise Date (the
"Closing Price"), the Counterparty may require the named person to, at such
person's election, either (i) pay the Counterparty an amount in cash equal to
the product of (a) the excess of the Exercise Price over the Closing Price and
(b) the number of Shares set forth above or (ii) acquire from the Counterparty
the number of Shares set forth above at the Exercise Price. As part of these
transactions, the named persons pay the Counterparty a financing fee based on
the number of days that the Options are outstanding, which fee is calculated
using an annual rate of the Federal Funds Rate plus 0.30%.
End of Filing
--------------------------------------------------------------------------------