SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No.
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EXIDE TECHNOLOGIES
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
302051206
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(CUSIP Number)
Mellon HBV Alternative Investment Strategies LLC
200 Park Avenue, Suite 3300
New York, NY 10166-3399
(212) 808-3950
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
June 1, 2005
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(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 which 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(b) 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).
Page 1 of 7
Page 2 of 7
CUSIP No. 302051206
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
Mellon HBV Alternative Strategies LLC
I.R.S. No.: 13-4050836
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) (b)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7 SOLE VOTING POWER
2,458,077
(includes a convertible bond position convertible into
417,386 shares of Common Stock
within sixty (60) days from the date hereof)
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8 SHARED VOTING POWER
0
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9 SOLE DISPOSITIVE POWER
2,458,077
(includes a convertible bond position convertible into
417,386 shares of Common Stock
within sixty (60) days from the date hereof)
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
2,458,077
(includes a convertible bond position convertible into
417,386 shares of Common Stock
within sixty (60) days from the date hereof)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (see Instructions)
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
(includes a convertible bond position convertible into
417,386 shares of Common Stock
within sixty (60) days from the date hereof)
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14 TYPE OF REPORTING PERSON (see Instructions)
IA
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Page 3 of 7
Introduction: As further described in this Schedule 13D, Mellon HBV Alternative
Investment Strategies LLC (the "Reporting Person") beneficially owns 9.9% of the
Common Stock of Exide Technologies (the "Company").
Concerned by the Company's present operating results and financial position, the
Reporting Person is filing this Schedule 13D to amend its prior reporting on
Schedule 13G, to reflect that the Reporting Person intends to become involved in
efforts to influence the direction of the Company. The Reporting Person
expressed and outlined its concerns to the management of the Company in a letter
to the Company dated June 1, 2005. The letter is attached hereto as Exhibit A.
Item 1. Security and Issuer.
Security: Common Stock ("Common Stock").
Issuer's Name and Address. Exide Technologies, Crossroads, Corporate
Center, 3150 Brunswick Pike, Suite 230, Lawrenceville, NJ 08648.
Item 2. Identity and Background.
(a) Mellon HBV Alternative Investment Strategies LLC.
(b) The Reporting Person is a Delaware limited liability company with its
principal executive offices located at 200 Park Avenue, Suite 3300,
New York, NY 10166-3399.
(c) The Reporting Person is a registered investment adviser under the
Investment Adviser Act of 1940.
(d, e) During the last five years neither the Reporting Person, nor, to
the best of its knowledge, any of its directors or executive officers,
has been (i) convicted of any criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) a party to a civil
proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to federal or state
securities laws or finding any violation with respect to such laws.
(f) The Reporting Person is organized under the laws of Delaware.
Information with respect to the executive officers and directors of
the Reporting Person is attached as Exhibit B to the Schedule 13D.
Page 4 of 7
Item 3. Source and Amount of Funds or Other Consideration.
The Reporting Person used funds from the working capital for purposes of
effecting investment transactions. The Reporting Person borrowed no funds to
purchase any of the Shares.
Item 4. Purpose of Transaction.
The Reporting Person acquired Common Stock and convertible debt of the
Company for investment purposes.
Concerned by the Company's present operating results and financial
position, the Reporting Person is filing this Schedule 13D to amend its prior
reporting on Schedule 13G, to reflect that the Reporting Person intends to
become involved in efforts to influence the direction of the Company. The
Reporting Person outlined its intentions with respect to the Company in a letter
dated June 1, 2005 to the Company's management. That letter is attached hereto
as Exhibit A. To further the goals of improving the performance of the Company
and to enhance the value of its investment, the Reporting Person anticipates
exploring alternatives that may include a going-private transaction or a
potential financing to de-leverage the Company's balance sheet. In addition, the
Reporting Person has been in discussions with third parties that have an
interest in pursuing a potential going private transaction. The Reporting Person
is also prepared to raise additional equity by back-stopping a rights offering
to existing shareholders, provided any such equity raise is done in conjunction
with the Company hiring a professional turnaround expert. The Reporting Person
has been in touch with a turnaround firm that would provide much needed
assistance to the Company's management team.
Item 5. Interest in Securities of the Issuer.
(a) As of June 2, 2005, the Reporting Person beneficially owned in the
aggregate 2,458,077 shares of the Company's Common Stock (the
"Shares") (includes a convertible bond position convertible into
417,386 shares of Common Stock within sixty (60) days from the date
hereof), representing approximately 9.9% of the outstanding Common
Stock (based on 24,407,068 shares outstanding as reported by the
Company on its Form 10-Q filed for the quarter ended December 31, 2004
filed on February 14, 2005).
(b) The Reporting Person has the sole power to vote or to direct the vote
and the sole power to dispose and to direct the disposition of the
Shares.
(c) Information for the past 60 days relating to the transactions effected
by the Reporting Person with respect to the Company's Common Stock and
convertible bonds convertible into shares of Common Stock (within the
next sixty (60) days) is set forth in Exhibit C attached hereto.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
None, but see Introduction and Exhibit A to this Schedule 13D.
Item 7. Material to be Filed as Exhibits.
Exhibit A: Letter to Exide Technologies dated June 1, 2005 from Mellon
HBV Alternatives Investment Strategies LLC.
Exhibit B: Executive officers and directors of Mellon HBV Alternatives
Investment Strategies LLC.
Exhibit C: Table containing information with respect to open-market
transactions in the Common Stock of the Company effected by Reporting
Person during the past sixty (60) days.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: June 1, 2005
Mellon HBV Alternative Strategies LLC,
a Delaware Limited Liability Company
By: /s/ William F. Harley
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William F. Harley III
Chief Investment Officer
Page 5 of 7
Exhibit A
June 1, 2005
Board of Directors
c/o Mr. Gordon A. Ulsh
President and & Chief Executive Officer
Exide Technologies
Lawrenceville, NJ 08648
Gentlemen:
Mellon HBV Alternative Investment Strategies, LLC ("MHBV"), through funds
for which it serves as investment advisor, is the beneficial owner of 9.9% of
the outstanding common stock of Exide Technologies ("Exide" or the "Company").
We are writing to you as a significant shareholder to express our grave concern
about the Company's present operating results and financial position. MHBV is
therefore filing a Schedule 13D, which amends its prior reporting on Schedule
13G, to reflect that MHBV intends to become involved in efforts that influence
the direction of the Company.
MHBV commends the recent additions to the Exide Board of Directors. We hope
that the Board will continue to elect additional members that ensure the
concerns of the current shareholder base are well represented as well as execute
on efforts that maximize shareholder value.
To further the goals of improving the performance of the Company and to
enhance the value of its investment, MHBV anticipates exploring alternatives
that may include a going-private transaction or a potential financing to
de-leverage the balance sheet. MHBV has been in discussions with third parties
that have an interest in pursuing a going private transaction. MHBV is also
prepared to raise additional equity by back-stopping a rights offering to
existing shareholders as long as it is done in conjunction with the Company
hiring a professional turnaround expert. MHBV has been in touch with a
turnaround firm that would provide much needed assistance to the Company's
management team.
Based upon the foregoing, we are dedicated to becoming a more involved
shareholder. We are willing to work with the board of directors and the Company
in order to preserve the interests of all stakeholders of the Company and
maximize shareholder value.
Sincerely yours,
MELLON HBV ALTERNATIVE
INVESTMENT STRATEGIES LLC
By: /s/ WILLIAM F. HARLEY III
Name: William F. Harley III
Title: Chief Investment Officer
Page 6 of 7
Exhibit B
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Title With Each
Name and Business Address Mellon HBV Entity
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William F. Harley, III Manager/Director/President
c/o Mellon HBV Alternative Strategies LLC
200 Park Avenue, Suite 3300
New York, NY 10166-3399
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Edward A. Schinik Manager/Director/Secretary/Treasurer
c/o Mellon HBV Alternative Strategies LLC
200 Park Avenue, Suite 3300
New York, NY 10166-3399
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John H. Nagorniak Managing Director
c/o Mellon HBV Alternative Strategies LLC
200 Park Avenue, Suite 3300
New York, NY 10166-3399
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Patrick Sheppard Managing Director
c/o Mellon HBV Alternative Strategies LLC
200 Park Avenue, Suite 3300
New York, NY 10166-3399
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Francis D. Antin Managing Director
c/o Mellon HBV Alternative Strategies LLC
200 Park Avenue, Suite 3300
New York, NY 10166-3399
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Page 7 of 7
Exhibit C
Information with respect to open-market transactions in the
Common Stock of the Company effected by the Reporting Person during the past
sixty (60) days.
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ransactionNo of
Trade Date T Type Shares Price
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04/01/05 Buy 5726 $12.77938
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04/01/05 Buy 2500 $12.79960
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4/4/2005 Buy 4100 $12.76610
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04/04/05 Buy 1000 $12.80000
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04/04/05 Buy 5000 $12.77076
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4/5/2005 Buy 2000 $12.71500
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4/5/2005 Buy 1000 $12.74610
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4/8/2005 Buy 4000 $12.91250
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4/12/2005 Buy 10000 $12.61000
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4/12/2005 Buy 14727 $12.66132
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4/12/2005 Buy 1000 $12.55000
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04/12/05 Sell 3672 $12.61046
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4/13/2005 Sell 4000 $12.95250
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4/13/2005 Sell 20600 $12.94626
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4/19/2005 Buy 3500 $12.00514
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04/19/05 Buy 5000 $11.97000
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04/20/05 Buy 4000 $12.01161
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04/21/05 Buy 3500 $12.11143
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04/27/05 Buy 225000 $10.88841
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04/27/05 Buy 15000 $12.11440
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4/28/2005 Buy 25000 $10.88910
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04/28/05 Buy 5000 $10.88910
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4/29/2005 Buy 10000 $10.40000
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4/29/2005 Buy 45000 $10.32384
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05/04/05 Sell 10000 $11.13000
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05/05/05 Buy 5000 $10.50000
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5/9/2005 Sell 17354 $11.19921
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05/13/05 Buy 5000 $10.58060
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05/13/05 Buy 12000 $10.60000
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05/13/05 Sell 2600 $11.00577
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05/16/05 Sell 7000 $11.13643
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5/17/2005 Sell 30000 $6.66036
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05/17/05 Sell 5000 $8.50000
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05/17/05 Buy 5000 $5.81620
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05/17/05 Buy 48500 $5.74670
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05/17/05 Buy 111500 $5.90213
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05/17/05 Sell 8500 $7.00000
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05/17/05 Sell 151500 $7.07551
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5/18/2005 Sell 117392 $5.46124
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5/18/2005 Sell 581800 $5.88844
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5/19/2005 Buy 50000 $5.31970
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5/19/2005 Buy 100000 $5.30120
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5/19/2005 Buy 373926 $5.37979
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5/19/2005 Buy 56100 $5.36738
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5/19/2005 Buy 75000 $5.31330
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5/20/2005 Buy 175000 $5.24391
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5/23/2005 Buy 25000 $4.64000
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5/23/2005 Buy 117500 $4.64520
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05/23/05 Sell 57600 $4.69000
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5/24/2005 Buy 50000 $4.33930
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5/24/2005 Sell 109400 $4.31000
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5/25/2005 Buy 35000 $4.30187
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5/25/2005 Sell 57600 $4.39000
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5/25/2005 Sell 103600 $4.29000
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5/26/2005 Buy 75000 $4.76369
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5/27/2005 Buy 25000 $4.78526
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Information with respect to open-market transactions in convertible bonds
of the Company (convertible into the Company's Common Stock within sixty (60)
days from the date hereof) effected by the Reporting Person during the past
sixty (60) days.
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Trade Date TransactionNo of Price
Type Shares
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5/23/2005 Buy 1000000 $38
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5/24/2005 Buy 2000000 $38.868
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5/25/2005 Buy 1000000 $41.7737
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5/25/2005 Buy 2000000 $41.198
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