SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G*
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
Penn National Gaming, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
707569109
(CUSIP Number)
July 15, 2003
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Page 1 of 22 Pages)
----------------
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes 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).
CUSIP No. 707569109 13G Page 2 of 22 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Brahman Partners II, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
309,700
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
309,700
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
309,700
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.8%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G Page 3 of 22 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Brahman Partners III, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
191,200
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
191,200
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
191,200
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.5%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G Page 4 of 22 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Brahman Institutional Partners, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
288,000
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
288,000
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
288,000
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.7%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G Page 5 of 22 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
BY Partners, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
781,700
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
781,700
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
781,700
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.0%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G Page 6 of 22 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Brahman C.P.F. Partners, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
239,000
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
239,000
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
239,000
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.6%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G Page 7 of 22 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Brahman Bull Fund, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
122,775
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
122,775
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
122,775
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.3%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G Page 8 of 22 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Brahman Management, L.L.C.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
1,932,375
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,932,375
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,932,375
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.9%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO;IA
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G Page 9 of 22 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Brahman Capital Corp.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
1,388,400
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,388,400
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,388,400
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
3.5%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO;IA
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G Page 10 of 22 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Peter A. Hochfelder
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
2,539,075
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,539,075
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,539,075
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.5%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G Page 11 of 22 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Robert J. Sobel
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
10,000
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
2,539,075
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
10,000
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,539,075
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,549,075
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.5%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G Page 12 of 22 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Mitchell A. Kuflik
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
9,000
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
2,539,079
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
9,000
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,539,079
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,548,075
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.5%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G Page 13 of 22 Pages
Item 1(a). Name of Issuer:
The name of the issuer is Penn National Gaming, Inc. (the "Company").
Item 1(b). Address of Issuer's Principal Executive Offices:
The Company's principal executive offices are located at 825 Berkshire
Blvd., Suite 200, Wyommissing, PA, 19610.
Item 2(a). Name of Person Filing:
This statement is filed by:
(i) Brahman Partners II, L.P., a Delaware limited partnership
("Brahman II"), with respect to the shares of Common Stock
(defined in Item 2(d) below) owned by it;
(ii) Brahman Partners III, L.P., a Delaware limited partnership
("Brahman III"), with respect to the shares of Common Stock owned
by it;
(iii) Brahman Institutional Partners, L.P., a Delaware limited
partnership ("Brahman Institutional"), with respect to the shares
of Common Stock owned by it;
(iv) BY Partners, L.P., a Delaware limited partnership ("BY Partners"),
with respect to the shares of Common Stock owned by it;
(v) Brahman C.P.F. Partners, L.P., a Delaware limited partnership
("Brahman C.P.F."), with respect to the shares of Common Stock
owned by it;
(vi) Brahman Bull Fund, L.P., a Delaware limited partnership ("Brahman
Bull"), with respect to the shares of Common Stock owned by it;
(vii) Brahman Management, L.L.C., a Delaware limited liability
company ("Brahman Management")and the sole general partner of
Brahman II, Brahman III, Brahman Institutional, Brahman C.P.F.,
Brahman Bull and BY Partners, with respect to the shares of
Common Stock owned by each of Brahman II, Brahman III, Brahman
Institutional, Brahman C.P.F., Brahman Bull and BY Partners;
(viii) Brahman Capital Corp., a Delaware corporation ("Brahman Capital"),
with respect to the shares of Common Stock owned by each of: (A)
BY Partners; (B) an advisory client, Brahman Partners II Offshore,
Ltd. ("Brahman Offshore"), a Cayman Islands exempted company; and
(C) a separately managed account (the "Managed Account"); and
(ix) Peter A. Hochfelder, Robert J. Sobel and Mitchell A. Kuflik, each
a citizen of the United States and together the executive
officers and directors of Brahman Capital and the sole members
of Brahman Management, with respect to (A) the shares of Common
Stock subject to the control of Brahman Capital and Brahman
Management and (B) the shares of Common Stock owned in each of
their respective separately owned accounts.
CUSIP No. 707569109 13G Page 14 of 22 Pages
The foregoing persons (other than Brahman Offshore and
the Managed Account) are hereinafter sometimes collectively
referred to as the "Reporting Persons." Any disclosures herein with
respect to persons other than the Reporting Persons are made on
information and belief after making inquiry to the appropriate party.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the principal business and principal office of the Reporting
Persons is 350 Madison Avenue, 22nd Floor, New York, New York 10017.
Item 2(c). Citizenship:
Each of Brahman II, Brahman III, Brahman Institutional, BY Partners,
Brahman Bull and Brahman C.P.F. is a Delaware limited partnership. Brahman
Management is a Delaware limited liability company. Brahman Capital is a
Delaware corporation. Each of Peter A. Hochfelder, Robert J. Sobel and
Mitchell A. Kuflik is a United States citizen.
Item 2(d). Title of Class of Securities:
Common Stock, $0.01 par value (the "Common Stock").
Item 2(e). CUSIP Number:
707569109
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the
Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [ ] Investment Adviser in accordance with Rule
13d-1 (b)(1)(ii)(E),
CUSIP No. 707569109 13G Page 15 of 22 Pages
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance
with 13d-1 (b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance
with Rule 13d-1 (b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to 13d-1(c), check this box: [x]
Item 4. Ownership.
A. Brahman Partners II, L.P.
(a) Amount beneficially owned: 309,700
(b) Percent of class: 0.8%. The percentages used herein and in the
rest of Item 4 are calculated based upon the 39,359,034 shares of Common Stock
issued and outstanding as of May 9, 2003 as reflected in the Company's form 10-Q
for the quarterly period ending March 31, 2003.
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 309,700
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 309,700
B. Brahman Partners III, L.P.
(a) Amount beneficially owned: 191,200
(b) Percent of class: 0.5%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 191,200
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 191,200
C. Brahman Institutional Partners, L.P.
(a) Amount beneficially owned: 288,000
(b) Percent of class: 0.7%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 288,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 288,000
D. BY Partners, L.P.
(a) Amount beneficially owned: 781,700
(b) Percent of class: 2.0%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 781,700
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 781,700
CUSIP No. 707569109 13G Page 16 of 22 Pages
E. Brahman C.P.F Partners, L.P.
(a) Amount beneficially owned: 239,000
(b) Percent of class: 0.6%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 239,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 239,000
F. Brahman Bull Fund, L.P.
(a) Amount beneficially owned: 122,775
(b) Percent of class: 0.3%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 122,775
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 122,775
G. Brahman Management, L.L.C.
(a) Amount beneficially owned: 1,932,375
(b) Percent of class: 4.9%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,932,375
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 1,932,375
H. Brahman Capital Corp.
(a) Amount beneficially owned: 1,388,400
(b) Percent of class: 3.5%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,388,400
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 1,388,400
I. Peter A. Hochfelder
(a) Amount beneficially owned: 2,539,075
(b) Percent of class: 6.5%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 2,539,075
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 2,539,075
J. Robert J. Sobel
(a) Amount beneficially owned: 2,549,075
(b) Percent of class: 6.5%
(c)(i) Sole power to vote or direct the vote: 10,000
(ii) Shared power to vote or direct the vote: 2,539,075
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 2,539,075
CUSIP No. 707569109 13G Page 17 of 22 Pages
K. Mitchell A. Kuflik
(a) Amount beneficially owned: 2,548,075
(b) Percent of class: 6.5%
(c)(i) Sole power to vote or direct the vote: 9,000
(ii) Shared power to vote or direct the vote: 2,539,075
(iii) Sole power to dispose or direct the disposition: 9,000
(iv) Shared power to dispose or direct the disposition: 2,539,075
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Brahman II, Brahman III, BY Partners, Brahman Institutional, Brahman C.P.F.
and Brahman Bull are each private investment partnerships, of which the sole
general partner is Brahman Management. As the sole general partner of Brahman
II, Brahman III, BY Partners, Brahman Institutional, Brahman C.P.F. and Brahman
Bull, Brahman Management has the power to vote and dispose of the shares of
Common Stock owned by each of Brahman II, Brahman III, BY Partners, Brahman
Institutional, Brahman C.P.F. and Brahman Bull, and, accordingly, may be deemed
the direct "beneficial owner" of such Common Stock.
Peter Hochfelder, Mitchell Kuflik and Robert Sobel are the managing members
of Brahman Management (the "Managing Members"). As the Managing Members of
Brahman Management, they have the ability to control the decisions of such
entity. Therefore, the Managing Members may be deemed the indirect "beneficial
owners" of the Common Stock owned by each of Brahman II, Brahman III, BY
Partners, Brahman Institutional, Brahman C.P.F. and Brahman Bull.
Pursuant to an investment advisory contract (and, in the case of BY
Partners, pursuant to an arrangement between Brahman Management and Brahman
Capital), Brahman Capital currently has the power to vote and dispose of the
shares of Common Stock held for the account of each of Brahman Offshore, the
Managed Account and BY Partners and, accordingly, may be deemed the direct
"beneficial owner" of such Common Stock.
Peter Hochfelder, Robert Sobel and Mitchell Kuflik are the executive
officers and directors of Brahman Capital. As executive officers and directors
of Brahman Capital, they have the ability to control the decisions of such
entity; and thus, may be deemed the indirect "beneficial owners" of Common Stock
held for the account of each of Brahman Offshore, the Managed Account and BY
Partners.
Finally, Robert Sobel and Mitchell Kuflick currently have the power to
vote and dispose of shares of Common Stock held in each of their respective
separately owned accounts; and accordingly, may be deemed the direct "beneficial
owner" of such Common Stock within each respective separately owned account.
CUSIP No. 707569109 13G Page 18 of 22 Pages
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Each of the Reporting Persons and Brahman Offshore hereby make the
following certification:
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
CUSIP No. 707569109 13G Page 19 of 22 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
DATED: July 24, 2003
BRAHMAN PARTNERS II, L.P.
By: BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
BRAHMAN PARTNERS III, L.P.
By: BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
BRAHMAN INSTITUTIONAL PARTNERS, L.P.
By: BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
BY PARTNERS, L.P.
By: BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
BRAHMAN C.P.F. PARTNERS, L.P.
By: BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
BRAHMAN BULL FUND, L.P.
By: BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
CUSIP No. 707569109 13G Page 20 of 22 Pages
BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
BRAHMAN CAPITAL CORP.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
PETER A. HOCHFELDER, individually
By: /s/ Peter A. Hochfelder
-----------------------
PETER A. HOCHFELDER
ROBERT J. SOBEL, individually
By: /s/ Robert J. Sobel
-----------------------
ROBERT J. SOBEL
MITCHELL A. KUFLIK, individually
By: /s/ Mitchell A. Kuflik
------------------------
MITCHELL A. KUFLIK
CUSIP No. 707569109 13G Page 21 of 22 Pages
Exhibit 1
---------
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
filing statements. The undersigned acknowledge that each shall be responsible
for the timely filing of such amendments, and for the completeness and accuracy
of the information concerning him, her or it contained herein, but shall not be
responsible for the completeness and accuracy of the information concerning the
other entities or persons, except to the extent that he, she or it knows or has
reason to believe that such information is inaccurate.
Dated as of July 24, 2003
BRAHMAN PARTNERS II, L.P.
By: BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
BRAHMAN PARTNERS III, L.P.
By: BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
BRAHMAN INSTITUTIONAL PARTNERS, L.P.
By: BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
BY PARTNERS, L.P.
By: BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
CUSIP No. 707569109 13G Page 22 of 22 Pages
BRAHMAN C.P.F. PARTNERS, L.P.
By: BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
BRAHMAN BULL FUND, L.P.
By: BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
BRAHMAN MANAGEMENT, L.L.C.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
BRAHMAN CAPITAL CORP.
By: /s/ Peter A. Hochfelder
-----------------------
Peter A. Hochfelder
Managing Member
PETER A. HOCHFELDER, individually
By: /s/ Peter A. Hochfelder
-----------------------
PETER A. HOCHFELDER
ROBERT J. SOBEL, individually
By: /s/ Robert J. Sobel
-----------------------
ROBERT J. SOBEL
MITCHELL A. KUFLIK, individually
By: /s/ Mitchell A. Kuflik
------------------------
MITCHELL A. KUFLIK