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    Amendment: SEC Form SC 13D/A filed by Alight Inc.

    12/10/24 4:00:22 PM ET
    $ALIT
    Business Services
    Consumer Discretionary
    Get the next $ALIT alert in real time by email
    SC 13D/A 1 sc13da306297352_12102024.htm AMENDMENT NO. 3 TO THE SCHEDULE 13D

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

    SCHEDULE 13D

    (Rule 13d-101)

    INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

    TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

    § 240.13d-2(a)

    (Amendment No. 3)1

    Alight, Inc.

    (Name of Issuer)

    Class A Common Stock, par value $0.0001 per share

    (Title of Class of Securities)

    01626W101

    (CUSIP Number)

    JEFFREY C. SMITH

    STARBOARD VALUE LP

    777 Third Avenue, 18th Floor

    New York, New York 10017

    (212) 845-7977

     

    ANDREW FREEDMAN, ESQ.

    MEAGAN REDA, ESQ.

    OLSHAN FROME WOLOSKY LLP

    1325 Avenue of the Americas

    New York, New York 10019

    (212) 451-2300

    (Name, Address and Telephone Number of Person

    Authorized to Receive Notices and Communications)

     

    December 6, 2024

    (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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-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 § 240.13d-7 for other parties to whom copies are to be sent.

     

     

     

    1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

    The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“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. 01626W101

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE LP  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            OO  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            DELAWARE  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         44,745,000  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              44,745,000  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            44,745,000  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            8.4%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    2

    CUSIP No. 01626W101

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            WC  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            CAYMAN ISLANDS  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         24,894,042  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              24,894,042  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            24,894,042  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            4.7%  
      14   TYPE OF REPORTING PERSON  
             
            CO  

      

    3

    CUSIP No. 01626W101

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE AND OPPORTUNITY S LLC  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            WC  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            DELAWARE  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         3,175,098  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              3,175,098  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            3,175,098  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            0.6%  
      14   TYPE OF REPORTING PERSON  
             
            OO  

      

    4

    CUSIP No. 01626W101

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE AND OPPORTUNITY C LP  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            WC  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            DELAWARE  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         2,464,910  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              2,464,910  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            2,464,910  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            0.5%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    5

    CUSIP No. 01626W101

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE R LP  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            OO  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            DELAWARE  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         2,464,910  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              2,464,910  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            2,464,910  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            0.5%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    6

    CUSIP No. 01626W101

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            WC  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            CAYMAN ISLANDS  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         1,377,816  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              1,377,816  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            1,377,816  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            0.3%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    7

    CUSIP No. 01626W101

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE L LP  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            OO  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            DELAWARE  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         1,377,816  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              1,377,816  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            1,377,816  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            0.3%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    8

    CUSIP No. 01626W101

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE R GP LLC  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            OO  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            DELAWARE  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         3,842,726  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              3,842,726  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            3,842,726  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            0.7%  
      14   TYPE OF REPORTING PERSON  
             
            OO  

      

    9

    CUSIP No. 01626W101

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD X MASTER FUND LTD  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            WC  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            CAYMAN ISLANDS  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         8,062,838  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              8,062,838  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            8,062,838  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            1.5%  
      14   TYPE OF REPORTING PERSON  
             
            CO  

      

    10

    CUSIP No. 01626W101

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE GP LLC  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            OO  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            DELAWARE  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         44,745,000  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              44,745,000  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            44,745,000  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            8.4%  
      14   TYPE OF REPORTING PERSON  
             
            OO  

      

    11

    CUSIP No. 01626W101

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD PRINCIPAL CO LP  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            OO  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            DELAWARE  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         44,745,000  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              44,745,000  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            44,745,000  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            8.4%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    12

    CUSIP No. 01626W101

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD PRINCIPAL CO GP LLC  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            OO  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            DELAWARE  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         44,745,000  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              44,745,000  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            44,745,000  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            8.4%  
      14   TYPE OF REPORTING PERSON  
             
            OO  

      

    13

    CUSIP No. 01626W101

     

      1   NAME OF REPORTING PERSON  
             
            JEFFREY C. SMITH  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            OO  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            USA  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         - 0 -  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         44,745,000  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              - 0 -  
        10   SHARED DISPOSITIVE POWER  
               
              44,745,000  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            44,745,000  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            8.4%  
      14   TYPE OF REPORTING PERSON  
             
            IN  

      

    14

    CUSIP No. 01626W101

     

      1   NAME OF REPORTING PERSON  
             
            PETER A. FELD  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            OO  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            USA  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         - 0 -  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         44,745,000  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              - 0 -  
        10   SHARED DISPOSITIVE POWER  
               
              44,745,000  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            44,745,000  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            8.4%  
      14   TYPE OF REPORTING PERSON  
             
            IN  

      

    15

    CUSIP No. 01626W101

    The following constitutes Amendment No. 3 to the Schedule 13D filed by the undersigned (“Amendment No. 3”). This Amendment No. 3 amends the Schedule 13D as specifically set forth herein.

    Item 3.Source and Amount of Funds or Other Consideration.

    Item 3 is hereby amended and restated to read as follows:

    The Shares purchased by each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master, Starboard X Master and held in the Starboard Value LP Account were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted. The aggregate purchase price of the 24,894,042 Shares beneficially owned by Starboard V&O Fund is approximately $218,825,432, excluding brokerage commissions. The aggregate purchase price of the 3,175,098 Shares beneficially owned by Starboard S LLC is approximately $27,878,818, excluding brokerage commissions. The aggregate purchase price of the 2,464,910 Shares beneficially owned by Starboard C LP is approximately $21,638,841, excluding brokerage commissions. The aggregate purchase price of the 1,377,816 Shares beneficially owned by Starboard L Master is approximately $12,105,596, excluding brokerage commissions. The aggregate purchase price of the 8,062,838 Shares beneficially owned by Starboard X Master is approximately $70,828,587, excluding brokerage commissions. The aggregate purchase price of the 4,770,296 Shares held in the Starboard Value LP Account is approximately $43,023,891, excluding brokerage commissions.

    Item 5.Interest in Securities of the Issuer.

    Item 5 is hereby amended and restated to read as follows:

    (a) The percentages used in this Schedule 13D are based upon 532,506,339 Shares outstanding, as of November 7, 2024, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 12, 2024.

    See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of Shares and percentage of the Shares beneficially owned by each of the Reporting Persons. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

    (b) See rows (7) through (10) of the cover pages to this Schedule 13D for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and the sole or shared power to dispose or to direct the disposition.

    (c) Information concerning transactions in the securities of the Issuer effected by the Reporting Persons during the past sixty days is set forth in Schedule A attached hereto and is incorporated herein by reference. Except as otherwise noted, all of the transactions in the securities of the Issuer listed hereto were effected in the open market through various brokerage entities.

    (d)No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.

    (e)Not applicable.

    16

    CUSIP No. 01626W101

    SIGNATURES

    After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

    Dated: December 10, 2024

    STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD

    By: Starboard Value LP,

    its investment manager

     

    STARBOARD VALUE AND OPPORTUNITY S LLC

    By: Starboard Value LP,

    its manager

     

    STARBOARD VALUE AND OPPORTUNITY C LP

    By: Starboard Value R LP,

    its general partner

     

    STARBOARD VALUE R LP

    By: Starboard Value R GP LLC,

    its general partner

     

    STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP

    By: Starboard Value L LP,

    its general partner

     

     

     

     

     

    STARBOARD VALUE L LP

    By: Starboard Value R GP LLC,

    its general partner

     

    STARBOARD X MASTER FUND LTD

    By: Starboard Value LP,

    its investment manager

     

    STARBOARD VALUE LP

    By: Starboard Value GP LLC,

    its general partner

     

    STARBOARD VALUE GP LLC

    By: Starboard Principal Co LP,

    its member

     

    STARBOARD PRINCIPAL CO LP

    By: Starboard Principal Co GP LLC,

    its general partner

     

    STARBOARD PRINCIPAL CO GP LLC

     

    STARBOARD VALUE R GP LLC

     

     

     
     
    By:

    /s/ Jeffrey C. Smith

      Name: Jeffrey C. Smith
      Title: Authorized Signatory

     

     
     
    /s/ Jeffrey C. Smith
    JEFFREY C. SMITH
    Individually and as attorney-in-fact for Peter A. Feld

    17

    CUSIP No. 01626W101

    SCHEDULE A

    Transactions in the Securities of the Issuer During the Past Sixty Days

    Nature of the Transaction

    Amount of Securities

    Purchased

    Price ($)

    Date of

    Purchase

     

    STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD

     

    Purchase of Common Stock 53,700 8.3399 11/13/2024
    Purchase of Common Stock 53,700 8.3399 11/13/2024
    Purchase of Common Stock 40,275 8.2900 11/13/2024
    Purchase of Common Stock 40,275 8.2900 11/13/2024
    Purchase of Common Stock 26,500 7.4981 12/06/2024
    Purchase of Common Stock 26,500 7.4981 12/06/2024
    Purchase of Common Stock 6,625 7.4534 12/06/2024
    Purchase of Common Stock 6,625 7.4534 12/06/2024
    Purchase of Common Stock 72,875 7.4750 12/06/2024
    Purchase of Common Stock 72,875 7.4750 12/06/2024
    Purchase of Common Stock 53,000 7.4951 12/09/2024
    Purchase of Common Stock 53,000 7.4951 12/09/2024
    Purchase of Common Stock 27,030 7.5180 12/09/2024
    Purchase of Common Stock 27,030 7.5180 12/09/2024
    Purchase of Common Stock 78,970 7.3936 12/10/2024
    Purchase of Common Stock 78,970 7.3936 12/10/2024

     

    STARBOARD VALUE AND OPPORTUNITY S LLC

     

    Purchase of Common Stock 14,400 8.3399 11/13/2024
    Purchase of Common Stock 10,800 8.2900 11/13/2024
    Purchase of Common Stock 7,100 7.4981 12/06/2024
    Purchase of Common Stock 1,775 7.4534 12/06/2024
    Purchase of Common Stock 19,525 7.4750 12/06/2024
    Purchase of Common Stock 14,200 7.4951 12/09/2024
    Purchase of Common Stock 7,242 7.5180 12/09/2024
    Purchase of Common Stock 21,158 7.3936 12/10/2024

     

    STARBOARD VALUE AND OPPORTUNITY C LP

     

    Purchase of Common Stock 11,200 8.3399 11/13/2024
    Purchase of Common Stock 8,400 8.2900 11/13/2024
    Purchase of Common Stock 5,600 7.4981 12/06/2024
    Purchase of Common Stock 1,400 7.4534 12/06/2024
    Purchase of Common Stock 15,400 7.4750 12/06/2024
    Purchase of Common Stock 11,200 7.4951 12/09/2024
    Purchase of Common Stock 5,712 7.5180 12/09/2024
    Purchase of Common Stock 16,688 7.3936 12/10/2024

      

     

    CUSIP No. 01626W101

    STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP

     

    Purchase of Common Stock 5,600 8.3399 11/13/2024
    Purchase of Common Stock 4,200 8.2900 11/13/2024
    Purchase of Common Stock 2,800 7.4981 12/06/2024
    Purchase of Common Stock 700 7.4534 12/06/2024
    Purchase of Common Stock 7,700 7.4750 12/06/2024
    Purchase of Common Stock 5,600 7.4951 12/09/2024
    Purchase of Common Stock 2,856 7.5180 12/09/2024
    Purchase of Common Stock 8,344 7.3936 12/10/2024

     

    STARBOARD X MASTER FUND LTD

     

    Purchase of Common Stock 37,200 8.3399 11/13/2024
    Purchase of Common Stock 27,900 8.2900 11/13/2024
    Purchase of Common Stock 19,100 7.4981 12/06/2024
    Purchase of Common Stock 4,775 7.4534 12/06/2024
    Purchase of Common Stock 52,525 7.4750 12/06/2024
    Purchase of Common Stock 38,200 7.4951 12/09/2024
    Purchase of Common Stock 19,482 7.5180 12/09/2024
    Purchase of Common Stock 56,918 7.3936 12/10/2024

     

    STARBOARD VALUE LP

    (Through the Starboard Value LP Account)

     

    Purchase of Common Stock 24,200 8.3399 11/13/2024
    Purchase of Common Stock 18,150 8.2900 11/13/2024
    Purchase of Common Stock 12,400 7.4981 12/06/2024
    Purchase of Common Stock 3,100 7.4534 12/06/2024
    Purchase of Common Stock 34,100 7.4750 12/06/2024
    Purchase of Common Stock 24,800 7.4951 12/09/2024
    Purchase of Common Stock 12,648 7.5180 12/09/2024
    Purchase of Common Stock 36,952 7.3936 12/10/2024

      

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