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    SEC Form SC 13D/A filed by Algonquin Power & Utilities Corp. (Amendment)

    4/18/24 5:57:29 PM ET
    $AQN
    Electric Utilities: Central
    Utilities
    Get the next $AQN alert in real time by email
    SC 13D/A 1 sc13da506297338_04182024.htm AMENDMENT NO. 5 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. 5)1

    Algonquin Power & Utilities Corp.

    (Name of Issuer)

    Common Shares, no par value

    (Title of Class of Securities)

    015857105

    (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)

     

    April 18, 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. 015857105

      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         62,141,000  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              62,141,000  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            62,141,000  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            9.0%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    2

    CUSIP No. 015857105

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE AND OPPORTUNITY MASTER FUND III 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         32,248,050  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              32,248,050  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            32,248,050  
      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  
             
            PN  

      

    3

    CUSIP No. 015857105

     

      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         3,806,900  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              3,806,900  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            3,806,900  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            Less than 1%  
      14   TYPE OF REPORTING PERSON  
             
            OO  

      

    4

    CUSIP No. 015857105

     

      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         2,943,580  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              2,943,580  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            2,943,580  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            Less than 1%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    5

    CUSIP No. 015857105

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD X MASTER FUND II 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         8,262,627  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              8,262,627  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            8,262,627  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            1.2%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    6

    CUSIP No. 015857105

     

      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         11,206,207  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              11,206,207  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            11,206,207  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            1.6%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    7

    CUSIP No. 015857105

     

      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         1,658,475  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              1,658,475  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            1,658,475  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            Less than 1%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    8

    CUSIP No. 015857105

     

      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         1,658,475  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              1,658,475  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            1,658,475  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            Less than 1%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    9

    CUSIP No. 015857105

     

      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         12,864,682  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              12,864,682  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            12,864,682  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            1.9%  
      14   TYPE OF REPORTING PERSON  
             
            OO  

      

    10

    CUSIP No. 015857105

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD G FUND, L.P.  
      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         7,679,719  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              7,679,719  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            7,679,719  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            1.1%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    11

    CUSIP No. 015857105

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE G 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         7,679,719  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              7,679,719  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            7,679,719  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            1.1%  
      14   TYPE OF REPORTING PERSON  
             
            OO  

      

    12

    CUSIP No. 015857105

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE A 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         39,927,769  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              39,927,769  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            39,927,769  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            5.8%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    13

    CUSIP No. 015857105

     

      1   NAME OF REPORTING PERSON  
             
            STARBOARD VALUE A 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         39,927,769  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              39,927,769  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            39,927,769  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            5.8%  
      14   TYPE OF REPORTING PERSON  
             
            OO  

      

    14

    CUSIP No. 015857105

     

      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         62,141,000  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              62,141,000  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            62,141,000  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            9.0%  
      14   TYPE OF REPORTING PERSON  
             
            OO  

      

    15

    CUSIP No. 015857105

     

      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         62,141,000  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              62,141,000  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            62,141,000  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            9.0%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    16

    CUSIP No. 015857105

     

      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         62,141,000  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              62,141,000  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            62,141,000  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            9.0%  
      14   TYPE OF REPORTING PERSON  
             
            OO  

      

    17

    CUSIP No. 015857105

     

      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         62,141,000  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              - 0 -  
        10   SHARED DISPOSITIVE POWER  
               
              62,141,000  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            62,141,000  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            9.0%  
      14   TYPE OF REPORTING PERSON  
             
            IN  

      

    18

    CUSIP No. 015857105

     

      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         62,141,000  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              - 0 -  
        10   SHARED DISPOSITIVE POWER  
               
              62,141,000  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            62,141,000  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            9.0%  
      14   TYPE OF REPORTING PERSON  
             
            IN  

      

    19

    CUSIP No. 015857105

     

      1   NAME OF REPORTING PERSON  
             
            BRETT C. CARTER  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            PF  
      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         2,071  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              2,071  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            2,071  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            Less than 1%  
      14   TYPE OF REPORTING PERSON  
             
            IN  

      

    20

    CUSIP No. 015857105

     

      1   NAME OF REPORTING PERSON  
             
            CHRISTOPHER LOPEZ  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            PF  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            CANADA  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         2,850  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              2,850  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            2,850  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            Less than 1%  
      14   TYPE OF REPORTING PERSON  
             
            IN  

      

    21

    CUSIP No. 015857105

     

      1   NAME OF REPORTING PERSON  
             
            ROBERT A. SCHRIESHEIM  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            PF  
      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         52,615  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         - 0 -  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              52,615  
        10   SHARED DISPOSITIVE POWER  
               
              - 0 -  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            52,615  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            Less than 1%  
      14   TYPE OF REPORTING PERSON  
             
            IN  

      

    22

    CUSIP No. 015857105

    The following constitutes Amendment No. 5 to the Schedule 13D filed by the undersigned (“Amendment No. 5”). This Amendment No. 5 amends the Schedule 13D as specifically set forth herein.

    Item 2.Identity and Background.

    Item 2 is hereby amended to add the following:

    In connection with the Agreement defined and described in Item 4 below, Brett C. Carter, Christopher Lopez and Robert A. Schriesheim are no longer members of the Section 13(d) group and shall cease to be Reporting Persons immediately after the filing of this Amendment No. 5. The remaining Reporting Persons will continue filing as a group statements on Schedule 13D with respect to their beneficial ownership of securities of the Issuer to the extent required by applicable law. Each of the remaining Reporting Persons is party to the Joint Filing Agreement defined and described in Item 6 below.

    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 III Fund, Starboard S LLC, Starboard C LP, Starboard L Master, Starboard G LP, Starboard X Master II 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, as set forth in Schedule A, which is incorporated by reference herein.

    The aggregate purchase price of the 32,248,050 Shares beneficially owned by Starboard V&O III Fund is approximately $267,629,660, excluding brokerage commissions. The aggregate purchase price of the 3,806,900 Shares beneficially owned by Starboard S LLC is approximately $31,992,268, excluding brokerage commissions. The aggregate purchase price of the 2,943,580 Shares beneficially owned by Starboard C LP is approximately $24,738,513, excluding brokerage commissions. The aggregate purchase price of the 1,658,475 Shares beneficially owned by Starboard L Master is approximately $13,938,278, excluding brokerage commissions. The aggregate purchase price of the 7,679,719 Shares beneficially owned by Starboard G LP is approximately $45,673,809, excluding brokerage commissions The aggregate purchase price of the 8,262,627 Shares beneficially owned by Starboard X Master II is approximately $68,353,762, excluding brokerage commissions. The aggregate purchase price of the 5,541,649 Shares held in the Starboard Value LP Account is approximately $46,571,705, excluding brokerage commissions.

    The Shares purchased by Mr. Carter were purchased with personal funds in the open market. The aggregate purchase price of the 2,071 Shares beneficially owned by Mr. Carter is approximately $12,670, including brokerage commissions.

    The Shares purchased by Mr. Lopez were purchased with personal funds in the open market. The aggregate purchase price of the 2,850 Shares beneficially owned by Mr. Lopez is approximately CAD$23,608, including brokerage commissions.

    The Shares purchased by Mr. Schriesheim were purchased with personal funds in the open market. The aggregate purchase price of the 52,615 Shares beneficially owned by Mr. Schriesheim is approximately $326,213, excluding brokerage commissions.

    23

    CUSIP No. 015857105

    Item 4.Purpose of Transaction.

    Item 4 is hereby amended to add the following:

    On April 18, 2024, Starboard Value LP and certain of its affiliates (collectively, “Starboard”) entered into an agreement with the Issuer (the “Agreement”) regarding the composition of the Issuer’s Board of Directors (the “Board”) and certain other matters. The following description of the Agreement is qualified in its entirety by reference to the Agreement, which is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

    Pursuant to the terms of the Agreement, the Issuer agreed to (i) immediately increase the size of the Board from nine (9) to ten (10) directors and appoint Brett C. Carter as a director and (ii) nominate Christopher Lopez (each a “New Director” and together, the “New Directors”) for election to the Board at the Issuer’s 2024 annual meeting of shareholders (the “2024 Annual Meeting”). The Issuer further agreed that the Board will nominate nine (9) individuals, including the New Directors, for election to the Board at the 2024 Annual Meeting for terms expiring at the Issuer’s 2025 annual meeting of shareholders (the “2025 Annual Meeting”), and will recommend, support and solicit proxies for the election of the New Directors at the 2024 Annual Meeting in the same manner as it recommends, supports, and solicits proxies for the election of the Issuer’s other director nominees up for election at the 2024 Annual Meeting.

    Pursuant to the terms of the Agreement, the Issuer also agreed, among other things, (i) that during the period following the date of the Agreement through the conclusion of the 2024 Annual Meeting, the size of the Board will not be increased to more than ten (10) directors and upon conclusion of the 2024 Annual Meeting through the expiration of the Standstill Period (as defined below), the size of the Board will not be increased to more than nine (9) directors, in each case without the prior written consent of Starboard, (ii) to appoint at least one New Director (a) to any committee of the Board that is, or will be, tasked with the responsibilities related to the CEO search process and/or CEO succession planning, including any special committee or sub-committee of the Board that is tasked with the responsibilities related to the CEO search process and/or CEO succession planning, and (b) to any committee of the Board that is, or will be, tasked with the responsibilities related to exploring a sale of the Issuer’s Renewable Energy Group, including any special committee or sub-committee of the Board that is tasked with the responsibilities related to exploring a sale of the Issuer’s Renewable Energy Group; provided, however, that the Issuer agreed to appoint each of the New Directors to at least two (2) committees of the Board upon his respective appointment or election as a director, as applicable.

    The Agreement also provides that if any New Director (or any replacement director thereof) is unable or unwilling to serve as a director or ceases to be a director for any reason at any time prior to the expiration of the Standstill Period, then Starboard has the ability to recommend a substitute person to serve on the Board who meets certain qualifications in accordance with the terms and procedures set forth in the Agreement. Starboard’s rights with respect to the replacement of the New Directors are contingent upon Starboard beneficially owning in the aggregate at least the lesser of 3% of the Issuer’s then-outstanding Shares and 20,689,757 Shares.

    24

    CUSIP No. 015857105

    Pursuant to the terms of the Agreement, Starboard irrevocably withdrew its nomination of director candidates for election to the Board at the 2024 Annual Meeting and any related materials or notices submitted to the Issuer in connection therewith. Starboard also agreed, among other things, that it will appear in person or by proxy at the 2024 Annual Meeting and vote all of the Shares beneficially owned by it at the 2024 Annual Meeting (i) in favor of all directors nominated by the Board for election, (ii) in favor of the appointment of the Issuer’s auditor for the ensuing year, (iii) in accordance with the Board’s recommendation with respect to the Issuer’s “say-on-pay” proposal, and (iv) in accordance with the Board’s recommendation with respect to any other Issuer proposal or shareholder proposal presented at the 2024 Annual Meeting; provided, however, that in the event that Institutional Shareholder Services Inc. (“ISS”) or Glass Lewis & Co., LLC (“Glass Lewis”) recommends otherwise with respect to the Issuer’s “say-on-pay” proposal or any other Issuer proposal or shareholder proposal presented at the 2024 Annual Meeting (other than proposals relating to the election or removal of directors), then Starboard is permitted to vote in accordance with the ISS or Glass Lewis recommendation. The Agreement further provides that Starboard shall be permitted to vote in its sole discretion on any proposal of the Issuer in respect of any extraordinary transaction, including any merger, acquisition, amalgamation, tender offer, exchange offer, recapitalization, restructuring, disposition, distribution, spin-off, asset sale, joint venture or other business combination involving the Issuer or any of its subsidiaries or that would result in (i) any person becoming a beneficial owner, directly or indirectly, of securities of the Issuer representing more than fifty percent (50%) of the equity interests and voting power of the Issuer’s then-outstanding equity securities or (ii) the Issuer entering into a share-for-share transaction whereby immediately after the consummation of the transaction the Issuer’s shareholders retain less than fifty percent (50%) of the equity interests and voting power of the surviving entity’s then-outstanding equity securities.

    Starboard also agreed to certain customary standstill provisions, effective as of the date of the Agreement until the earlier of (x) the date that is fifteen (15) business days prior to the deadline for the submission of shareholder nominations for the 2025 Annual Meeting pursuant to the Issuer’s By-Law No. 5 and (y) the date that is seventy-five (75) days prior to the first anniversary of the 2024 Annual Meeting (the “Standstill Period”), prohibiting it from, among other things, (i) soliciting proxies or consents with respect to securities of the Issuer, (ii) entering into a voting agreement or forming, joining or participating in a “group” with other shareholders of the Issuer, other than certain affiliates of Starboard, (iii) seeking or submitting or knowingly encouraging any person to submit nominees in furtherance of a contested solicitation for the appointment, election or removal of directors; provided, however, that Starboard may take actions to identify director candidates in connection with the 2025 Annual Meeting so long as such actions do not create a public disclosure obligation for Starboard or the Issuer, are not publicly disclosed by Starboard, and are undertaken on a basis reasonably designed to be confidential and in accordance in all material respects with Starboard’s normal practices in the circumstances, (iv) submitting any proposal for consideration by shareholders of the Issuer at any annual or special meeting of shareholders or through any written resolution of shareholders, affirmatively soliciting a third party to make an acquisition proposal, commenting on any third-party acquisition proposal prior to such proposal becoming public, or requisitioning or seeking to requisition a special meeting of shareholders or action by a written resolution, (v) seeking, alone or in concert with others, representation on the Board other than as described in the Agreement, or (vi) advising, knowingly encouraging, knowingly supporting, or knowingly influencing any person with respect to the voting or disposition of the Shares.

    The Issuer and Starboard also made certain customary representations, agreed to mutual non-disparagement provisions, and the Issuer agreed to issue a mutually agreeable press release announcing certain terms of the Agreement.

    The Issuer and Starboard also entered into a non-disclosure agreement for purposes of sharing information and having discussions relating to the pursuit of a sale of the Issuer’s Renewable Energy Business and the Issuer’s CEO search.

    25

    CUSIP No. 015857105

    Item 5.Interest in Securities of the Issuer.

    Items 5(a) – (c) are hereby amended and restated to read as follows:

    The aggregate percentage of Shares reported owned by each person named herein is based upon 689,658,549 Shares outstanding, as of April 8, 2024, which is the total number of Shares outstanding disclosed by the Issuer to Starboard in connection with the Agreement defined and described in Item 4 above.

    A.Starboard V&O III Fund
    (a)As of the close of business on April 18, 2024, Starboard V&O III Fund beneficially owned 32,248,050 Shares.

    Percentage: Approximately 4.7%

    (b)1. Sole power to vote or direct vote: 32,248,050
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 32,248,050
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard V&O III Fund has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    B.Starboard S LLC
    (a)As of the close of business on April 18, 2024, Starboard S LLC beneficially owned 3,806,900 Shares.

    Percentage: Less than 1%

    (b)1. Sole power to vote or direct vote: 3,806,900
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 3,806,900
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard S LLC Fund has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    C.Starboard C LP
    (a)As of the close of business on April 18, 2024, Starboard C LP beneficially owned 2,943,580 Shares.

    Percentage: Less than 1%

    (b)1. Sole power to vote or direct vote: 2,943,580
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 2,943,580
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard C LP has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    26

    CUSIP No. 015857105

    D.Starboard X Master II
    (a)As of the close of business on April 18, 2024, Starboard X Master II beneficially owned 8,262,627 Shares.

    Percentage: Approximately 1.2%

    (b)1. Sole power to vote or direct vote: 8,262,627
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 8,262,627
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard X Master II has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    E.Starboard R LP
    (a)Starboard R LP, as the general partner of Starboard C LP and Starboard X Master II, may be deemed the beneficial owner of the (i) 2,943,580 Shares owned by Starboard C LP and (ii) 8,262,627 Shares owned by Starboard X Master II.

    Percentage: Approximately 1.6%

    (b)1. Sole power to vote or direct vote: 11,206,207
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 11,206,207
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard R LP has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    F.Starboard L Master
    (a)As of the close of business on April 18, 2024, Starboard L Master beneficially owned 1,658,475 Shares.

    Percentage: Less than 1%

    (b)1. Sole power to vote or direct vote: 1,658,475
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 1,658,475
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard L Master has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    G.Starboard L GP
    (a)Starboard L GP, as the general partner of Starboard L Master, may be deemed the beneficial owner of the 1,658,475 Shares owned by Starboard L Master.

    27

    CUSIP No. 015857105

    Percentage: Less than 1%

    (b)1. Sole power to vote or direct vote: 1,658,475
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 1,658,475
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard L GP has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    H.Starboard R GP
    (a)Starboard R GP, as the general partner of Starboard R LP and Starboard L GP, may be deemed the beneficial owner of the (i) 2,943,580 Shares owned by Starboard C LP, (ii) 8,262,627 Shares owned by Starboard X Master II and (iii) 1,658,475 Shares owned by Starboard L Master.

    Percentage: Approximately 1.9%

    (b)1. Sole power to vote or direct vote: 12,864,682
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 12,864,682
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard R GP has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    I.Starboard G LP
    (a)As of the close of business on April 18, 2024, Starboard G LP beneficially owned 7,679,719 Shares.

    Percentage: Approximately 1.1%

    (b)1. Sole power to vote or direct vote: 7,679,719
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 7,679,719
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard G LP has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    J.Starboard G GP
    (a)Starboard G GP, as the general partner of Starboard G LP, may be deemed the beneficial owner of the 7,679,719 Shares owned by Starboard G LP.

    Percentage: Approximately 1.1%

    (b)1. Sole power to vote or direct vote: 7,679,719
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 7,679,719
    4. Shared power to dispose or direct the disposition: 0

     

    28

    CUSIP No. 015857105

    (c)Starboard G GP has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    K.Starboard A LP
    (a)Starboard A LP, as the managing member of Starboard G GP and the general partner of Starboard V&O III Fund, may be deemed the beneficial owner of the (i) 7,679,719 Shares owned by Starboard G LP and (ii) 32,248,050 Shares owned by Starboard V&O III Fund.

    Percentage: Approximately 5.8%

    (b)1. Sole power to vote or direct vote: 39,927,769
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 39,927,769
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard A LP has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    L.Starboard A GP
    (a)Starboard A GP, as the general partner of Starboard A LP, may be deemed the beneficial owner of the (i) 7,679,719 Shares owned by Starboard G LP and (ii) 32,248,050 Shares owned by Starboard V&O III Fund.

    Percentage: Approximately 5.8%

    (b)1. Sole power to vote or direct vote: 39,927,769
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 39,927,769
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard A GP has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    M.Starboard Value LP
    (a)As of the close of business on April 18, 2024, 5,541,649 Shares were held in the Starboard Value LP Account. Starboard Value LP, as the investment manager of Starboard V&O III Fund, Starboard C LP, Starboard L Master, Starboard G LP, Starboard X Master II and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 32,248,050 Shares owned by Starboard V&O III Fund, (ii) 3,806,900 Shares owned by Starboard S LLC, (iii) 2,943,580 Shares owned by Starboard C LP, (iv) 1,658,475 Shares owned by Starboard L Master, (v) 7,679,719 Shares owned by Starboard G LP, (vi) 8,262,627 Shares owned by Starboard X Master II, and (vii) 5,541,649 Shares held in the Starboard Value LP Account.

    Percentage: Approximately 9.0%

    29

    CUSIP No. 015857105

    (b)1. Sole power to vote or direct vote: 62,141,000
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 62,141,000
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard Value LP through the Starboard Value LP Account has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    N.Starboard Value GP
    (a)Starboard Value GP, as the general partner of Starboard Value LP, may be deemed the beneficial owner of the (i) 32,248,050 Shares owned by Starboard V&O III Fund, (ii) 3,806,900 Shares owned by Starboard S LLC, (iii) 2,943,580 Shares owned by Starboard C LP, (iv) 1,658,475 Shares owned by Starboard L Master, (v) 7,679,719 Shares owned by Starboard G LP, (vi) 8,262,627 Shares owned by Starboard X Master II, and (vii) 5,541,649 Shares held in the Starboard Value LP Account.

    Percentage: Approximately 9.0%

    (b)1. Sole power to vote or direct vote: 62,141,000
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 62,141,000
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Starboard Value GP has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    O.Principal Co
    (a)Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 32,248,050 Shares owned by Starboard V&O III Fund, (ii) 3,806,900 Shares owned by Starboard S LLC, (iii) 2,943,580 Shares owned by Starboard C LP, (iv) 1,658,475 Shares owned by Starboard L Master, (v) 7,679,719 Shares owned by Starboard G LP, (vi) 8,262,627 Shares owned by Starboard X Master II, and (vii) 5,541,649 Shares held in the Starboard Value LP Account.

    Percentage: Approximately 9.0%

    (b)1. Sole power to vote or direct vote: 62,141,000
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 62,141,000
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Principal Co has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    P.Principal GP
    (a)Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 32,248,050 Shares owned by Starboard V&O III Fund, (ii) 3,806,900 Shares owned by Starboard S LLC, (iii) 2,943,580 Shares owned by Starboard C LP, (iv) 1,658,475 Shares owned by Starboard L Master, (v) 7,679,719 Shares owned by Starboard G LP, (vi) 8,262,627 Shares owned by Starboard X Master II, and (vii) 5,541,649 Shares held in the Starboard Value LP Account.

    30

    CUSIP No. 015857105

    Percentage: Approximately 9.0%

    (b)1. Sole power to vote or direct vote: 62,141,000
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 62,141,000
    4. Shared power to dispose or direct the disposition: 0

     

    (c)Principal GP has not entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    Q.Messrs. Smith and Feld
    (a)Each of Messrs. Smith and Feld, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 32,248,050 Shares owned by Starboard V&O III Fund, (ii) 3,806,900 Shares owned by Starboard S LLC, (iii) 2,943,580 Shares owned by Starboard C LP, (iv) 1,658,475 Shares owned by Starboard L Master, (v) 7,679,719 Shares owned by Starboard G LP, (vi) 8,262,627 Shares owned by Starboard X Master II, and (vii) 5,541,649 Shares held in the Starboard Value LP Account.

    Percentage: Approximately 9.0%

    (b)1. Sole power to vote or direct vote: 0
    2. Shared power to vote or direct vote: 62,141,000
    3. Sole power to dispose or direct the disposition: 0
    4. Shared power to dispose or direct the disposition: 62,141,000

     

    (c)None of Messrs. Smith or Feld has entered into any transactions in securities of the Issuer since the filing of Amendment No. 4 to the Schedule 13D.
    R.Mr. Carter
    (a)As of the close of business on April 18, 2024, Mr. Carter beneficially owned 2,071 Shares.

    Percentage: Less than 1%

    (b)1. Sole power to vote or direct vote: 2,071
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 2,071
    4. Shared power to dispose or direct the disposition: 0
    (c)The transaction in the Shares by Mr. Carter since the filing of Amendment No. 4 to the Schedule 13D is set forth in Schedule A and is incorporated herein by reference.
    31

    CUSIP No. 015857105

    S.Mr. Lopez
    (a)As of the close of business on April 18, 2024, Mr. Lopez beneficially owned 2,850 Shares.

    Percentage: Less than 1%

    (b)1. Sole power to vote or direct vote: 2,850
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 2,850
    4. Shared power to dispose or direct the disposition: 0
    (c)The transaction in the Shares by Mr. Lopez since the filing of Amendment No. 4 to the Schedule 13D is set forth in Schedule A and is incorporated herein by reference.
    T.Mr. Schriesheim
    (a)As of the close of business on April 18, 2024, Mr. Schriesheim beneficially owned 52,615 Shares.

    Percentage: Less than 1%

    (b)1. Sole power to vote or direct vote: 52,615
    2. Shared power to vote or direct vote: 0
    3. Sole power to dispose or direct the disposition: 52,615
    4. Shared power to dispose or direct the disposition: 0
    (c)The transactions in the Shares by Mr. Schriesheim since the filing of Amendment No. 4 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

    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 “Exchange Act”), 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.

    In addition to the Shares beneficially owned by the Reporting Persons as set forth in this filing, and while the Reporting Persons have no current knowledge of the following holdings, the Reporting Persons understand that Toronto Dominion Bank and TD Asset Management Inc. (together, “TD”) had investment discretion over 20,506,888 Shares, listed call options with respect to 488,800 Shares and listed put options with respect to 138,700 Shares as of December 31, 2023, which would represent beneficial ownership over approximately 3.0% of the outstanding Shares as of such date, as such information was set forth in the Form 13F-HR filings filed by TD on February 14, 2024 and February 12, 2024. As reported in the Form ADV filed by Starboard Value LP, Toronto Dominion Bank is included as an indirect control person under Schedule B/C Indirect Owners of the Form ADV as a result of the closing of the acquisition of Cowen Inc. by Toronto Dominion Bank. The validity of the indirect transfer of Cowen Inc.’s ownership interest in Starboard Value LP is subject to an ongoing dispute. The Reporting Persons disclaim the existence of a “group” within the meaning of Section 13(d)(3) of the Exchange Act with TD or any other person other than the other Reporting Persons.

    32

    CUSIP No. 015857105

    Item 6.Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

    Item 6 is hereby amended to add the following:

    On April 18, 2024, Starboard and the Issuer entered into the Agreement defined and described in Item 4 above and attached as Exhibit 99.1 hereto.

    On April 18, 2024, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons who will remain Reporting Persons subsequent to this Amendment No. 5 agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

    Item 7.Material to be Filed as Exhibits.

    Item 7 is hereby amended to add the following exhibits:

    99.1Agreement by and among Starboard Value and Opportunity Master Fund III LP, Starboard Value and Opportunity S LLC, Starboard Value and Opportunity C LP, Starboard X Master Fund II LP, Starboard Value A LP, Starboard Value A GP LLC, Starboard Value R LP, Starboard Value and Opportunity Master Fund L LP, Starboard Value L LP, Starboard Value R GP LLC, Starboard G Fund, L.P., Starboard Value G GP, LLC, Starboard Value A LP, Starboard Value A GP LLC, Starboard Value LP, Starboard Value GP LLC, Starboard Principal Co LP, Starboard Principal Co GP LLC, Jeffrey C. Smith, Peter A. Feld and Algonquin Power & Utilities Corp., dated April 18, 2024.
    99.2Joint Filing Agreement by and among Starboard Value and Opportunity Master Fund III LP, Starboard Value and Opportunity S LLC, Starboard Value and Opportunity C LP, Starboard X Master Fund II LP, Starboard Value A LP, Starboard Value A GP LLC, Starboard Value R LP, Starboard Value and Opportunity Master Fund L LP, Starboard Value L LP, Starboard Value R GP LLC, Starboard G Fund, L.P., Starboard Value G GP, LLC, Starboard Value A LP, Starboard Value A GP LLC, Starboard Value LP, Starboard Value GP LLC, Starboard Principal Co LP, Starboard Principal Co GP LLC, Jeffrey C. Smith and Peter A. Feld, dated April 18, 2024.

     

    33

    CUSIP No. 015857105

    SIGNATURES

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

    Dated: April 18, 2024

    STARBOARD VALUE AND OPPORTUNITY MASTER FUND III LP

    By: Starboard Value A LP,

    its general partner

     

    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 X MASTER FUND II 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 G FUND, L.P

    By: Starboard Value G GP, LLC,

    its general partner

     

    STARBOARD VALUE G GP, LLC

    By: Starboard Value A LP,

    its general partner

     

    STARBOARD VALUE A LP

    By: Starboard Value A GP LLC,

    its general partner

     

    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 A GP LLC

     

    STARBOARD VALUE R GP LLC

     

     
     
    By:

    /s/ Jeffrey C. Smith

      Name: Jeffrey C. Smith
      Title: Authorized Signatory

     

    34

    CUSIP No. 015857105

     
     

    /s/ Jeffrey C. Smith

    JEFFREY C. SMITH
    Individually and as attorney-in-fact for Peter A. Feld, Brett C. Carter, Christopher Lopez and Robert A. Schriesheim

     

    35

    CUSIP No. 015857105

    SCHEDULE A

    Transactions in Securities of the Issuer Since the Filing of Amendment No. 4 to the Schedule 13D

    Nature of the Transaction

    Amount of Securities

    Purchased

    Price($)

    Date of

    Purchase

     

    BRETT C. CARTER

     

    Purchase of Common Stock 2,071 $6.0400 03/25/2024

     

    CHRISTOPHER LOPEZ

     

    Purchase of Common Stock 2,850 CAD$8.2800 03/25/2024

     

    ROBERT A. SCHRIESHEIM

     

    Purchase of Common Stock 17,777 $6.2000 03/22/2024
    Purchase of Common Stock 34,838 $6.2000 03/22/2024

     

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    $AQN
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    • Analyst resumed coverage on Algonquin Power & Utilities with a new price target

      Analyst resumed coverage of Algonquin Power & Utilities with a rating of Neutral and set a new price target of $7.00

      12/12/24 7:24:56 AM ET
      $AQN
      Electric Utilities: Central
      Utilities
    • Janney initiated coverage on Algonquin Power & Utilities

      Janney initiated coverage of Algonquin Power & Utilities with a rating of Neutral

      9/5/24 7:37:28 AM ET
      $AQN
      Electric Utilities: Central
      Utilities
    • Algonquin Power & Utilities downgraded by Raymond James

      Raymond James downgraded Algonquin Power & Utilities from Outperform to Mkt Perform

      8/12/24 8:13:02 AM ET
      $AQN
      Electric Utilities: Central
      Utilities

    $AQN
    Financials

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    • Algonquin Power & Utilities Corp. Declares Second Quarter 2025 Common Share Dividend of U.S.$0.0650 (C$0.0897), and Declares Second Quarter 2025 Preferred Share Dividends

      Algonquin Power & Utilities Corp. ("AQN") (TSX:AQN, AQN.PR.A, AQN.PR.D, NYSE:AQN) announced today that its board of directors has approved and declared the following common and preferred share dividends: US$0.0650 per common share, payable on July 15, 2025, to the shareholders of record on June 30, 2025, for the period from April 1, 2025 to June 30, 2025. Registered shareholders can elect to receive the dividend in Canadian dollars in the amount of C$0.0897. C$0.41100 per preferred share, Series A, payable in cash on June 30, 2025 to preferred share, Series A holders of record on June 13, 2025, for the period from March 31, 2025 to, but excluding, June 30, 2025. C$0.42831 per preferre

      5/9/25 6:30:00 AM ET
      $AQN
      Electric Utilities: Central
      Utilities
    • Algonquin Power & Utilities Corp. Announces Date for First Quarter 2025 Financial Results and Conference Call

      Algonquin Power & Utilities Corp. (TSX/NYSE:AQN) ("AQN") today announced plans to release its first quarter 2025 financial results on Friday, May 9, 2025, before market open. AQN will hold an earnings conference call at 8:30 a.m. eastern time on Friday, May 9, 2025, hosted by Chief Executive Officer, Rod West, and Interim Chief Financial Officer and Vice President of Investor Relations, Brian Chin. Conference call details are as follows: Date:   Friday, May 9, 2025 Time:   8:30 a.m. ET Conference Call:   Toll Free Dial-In Number 1 (800) 715-9871     Toll Dial-In Number 1 (647) 932-3411     Conference ID 4990414 Webcast:   https://edge.

      4/7/25 6:30:00 AM ET
      $AQN
      Electric Utilities: Central
      Utilities
    • Algonquin Power & Utilities Corp. Declares First Quarter 2025 Common Share Dividend of U.S.$0.0650 (C$0.0934), and Declares First Quarter 2025 Preferred Share Dividends

      Algonquin Power & Utilities Corp. ("AQN") (TSX:AQN, AQN.PR.A, AQN.PR.D, NYSE:AQN) announced today that its board of directors has approved and declared the following common and preferred share dividends: US$0.0650 per common share, payable on April 15, 2025, to the shareholders of record on March 31, 2025, for the period from January 1, 2025 to March 31, 2025. Registered shareholders can elect to receive the dividend in Canadian dollars in the amount of C$0.0934. C$0.41100 per preferred share, Series A, payable in cash on March 31, 2025 to preferred share, Series A holders of record on March 14, 2025, for the period from December 31, 2024 to, but excluding, March 31, 2025. C$0.42831 p

      3/7/25 6:30:00 AM ET
      $AQN
      Electric Utilities: Central
      Utilities

    $AQN
    Large Ownership Changes

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    • SEC Form SC 13D/A filed by Algonquin Power & Utilities Corp. (Amendment)

      SC 13D/A - ALGONQUIN POWER & UTILITIES CORP. (0001174169) (Subject)

      4/18/24 5:57:29 PM ET
      $AQN
      Electric Utilities: Central
      Utilities
    • SEC Form SC 13D/A filed by Algonquin Power & Utilities Corp. (Amendment)

      SC 13D/A - ALGONQUIN POWER & UTILITIES CORP. (0001174169) (Subject)

      3/21/24 9:58:32 PM ET
      $AQN
      Electric Utilities: Central
      Utilities
    • SEC Form SC 13G/A filed by Algonquin Power & Utilities Corp. (Amendment)

      SC 13G/A - ALGONQUIN POWER & UTILITIES CORP. (0001174169) (Subject)

      2/9/24 11:01:42 AM ET
      $AQN
      Electric Utilities: Central
      Utilities