SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 3)
Under the Securities Exchange Act of 1934*
Granite Construction Incorporated
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
387328107
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(CUSIP Number of Class of Securities)
Daniel S. Loeb
Third Point LLC
390 Park Avenue
New York, NY 10022
(212) 224-7400
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copies to:
Michael A. Schwartz, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
(212) 728-8000
October 29, 2007
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(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 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 Rule 240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13D
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CUSIP No. 387328107 Page 2 of 9 Pages
---------------------------------- ------------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Third Point LLC I.D. #13-3922602
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BERNEFICIALLY OWNED 1,862,100
BY EACH REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,862,100
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,862,100
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
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14 TYPE OF REPORTING PERSON*
OO
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SCHEDULE 13D
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CUSIP No. 387328107 Page 3 of 9 Pages
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----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Daniel S. Loeb
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BERNEFICIALLY OWNED 1,862,100
BY EACH REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,862,100
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,862,100
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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SCHEDULE 13D
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CUSIP No. 387328107 Page 4 of 9 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Third Point Offshore Fund, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BERNEFICIALLY OWNED 1,239,600
BY EACH REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,239,600
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,239,600
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
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This Amendment No. 3 to Schedule 13D ("Amendment No. 3") amends the
Schedule 13D filed on May 7, 2007 (as amended by Amendment No. 1 thereto filed
on July 16, 2007, and Amendment No. 2 thereto filed on August 22, 2007, the
"Schedule 13D") and is being filed on behalf of Third Point LLC, a Delaware
limited liability company (the "Management Company"), Daniel S. Loeb, an
individual ("Mr. Loeb"), and Third Point Offshore Fund, Ltd., a Cayman Islands
limited liability exempted company (the "Offshore Fund", and together with the
Management Company and Mr. Loeb, the "Reporting Persons"). This Amendment No. 3
relates to the common stock, par value $0.01 per share (the "Common Stock"), of
Granite Construction Incorporated, a Delaware corporation (the "Company"). The
Management Company is the investment manager or adviser to a variety of hedge
funds and managed accounts (such funds and accounts, including the Offshore
Fund, the "Funds"). The Funds directly own the Common Stock to which this
Schedule 13D relates, and Mr. Loeb and the Management Company may be deemed to
have beneficial ownership over such Common Stock by virtue of the authority
granted to them by the Funds to vote and to dispose of the securities held by
the Funds, including the Common Stock.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 of the Schedule 13D is hereby amended and restated as follows:
The Funds have expended an aggregate of approximately $112,019,938 of their
own investment capital to acquire the 1,862,100 shares of Common Stock held by
them. The Offshore Fund has expended an aggregate of approximately $74,625,163
of its own investment capital to acquire its 1,239,600 shares of Common Stock.
The Funds effect purchases of securities primarily through margin accounts
maintained for them with Bear, Stearns Securities Corp., Goldman, Sachs & Co.,
Citigroup Global Markets, Inc. and UBS Securities LLC, which may extend margin
credit to the Funds as and when required to open or carry positions in the
margin accounts, subject to applicable Federal margin regulations, stock
exchange rules and the firm's credit policies. In such instances, the positions
held in the margin accounts are pledged as collateral security for the repayment
of debit balances in the accounts.
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is hereby amended and restated as follows:
(a) As of October 30, 2007, the Management Company and Mr. Loeb
beneficially own 1,862,100 shares of Common Stock (the "Shares"). The Shares
represent 4.4% of the 41,943,100 shares of Common Stock outstanding as of July
20, 2007, as reported in the Company's Quarterly Report on Form 10-Q for the
quarterly period ended June 30, 2007. The percentages used herein and in the
rest of this statement are calculated based upon this number of outstanding
shares.
As of October 30, 2007, the Offshore Fund directly beneficially owns
1,239,600 shares of Common Stock, representing 3.0% of the outstanding shares of
Common Stock. None of the Funds owns a number of shares of Common Stock
representing more than 5% of such total.
5
The Offshore Fund reported in Amendment No. 2 to Schedule 13D (filed on
August 22, 2007) that it no longer beneficially owned greater than 5% of the
outstanding Common Stock. During the course of the October 25, 2007 trading day,
the Offshore Fund made purchases that increased its beneficial ownership to an
amount greater than 5% of the outstanding Common Stock. However, following sales
made later that day, the Offshore Fund once again directly beneficially owned
less than 5% of the outstanding shares of Common Stock. As a result, the
Offshore Fund is included as a Reporting Person in this Amendment No. 3, but as
indicated in Item 5(e) below, has ceased to be the beneficial owner of more than
five percent of the outstanding Common Stock.
(b) The Management Company and Mr. Loeb share voting and dispositive power
over the 1,862,100 shares of Common Stock held directly by the Funds. The
Management Company, Mr. Loeb and the Offshore Fund share voting power and
dispositive power over the 1,239,600 shares of Common Stock held by the Offshore
Fund.
(c) Schedule A hereto sets forth certain information with respect to
transactions by the Funds (at the direction of the Management Company and Mr.
Loeb) in Common Stock during the past 60 days. Schedule B hereto sets forth
certain information with respect to transactions during the past 60 days by the
Offshore Fund (at the direction of the Management Company and Mr. Loeb) in
Common Stock.
All of the transactions set forth on Schedules A and B were effected in
open market transactions on the New York Stock Exchange. Other than as set forth
on Schedules A and B, since the most recent filing on Schedule 13D there were no
transactions in the Common Stock effected by the Reporting Persons nor, to the
best of their knowledge, any of their directors, executive officers, general
partners or members.
(d) Other than the Funds which directly hold the Shares, and except as set
forth in this Item 5, no person is known to have the right to receive or the
power to direct the receipt of dividends from, or the proceeds from the sale of,
the Shares.
(e) The Management Company and Mr. Loeb ceased to be the beneficial owners
of more than five percent of the outstanding Common Stock on October 30, 2007.
The Offshore Fund ceased to be the beneficial owner of more than five percent of
the outstanding Common Stock on October 25, 2007. As of the date hereof, none of
the Reporting Persons are the beneficial owners of more than five percent of the
outstanding Common Stock.
[Signatures on following page]
6
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: October 31, 2007
THIRD POINT LLC
By: Daniel S. Loeb, Chief Executive Officer
By: /s/ Justin Nadler
-------------------------------------------
Name: Justin Nadler
Title: Attorney-in-Fact
THIRD POINT OFFSHORE FUND, LTD.
By: Daniel S. Loeb, Director
By: /s/ Justin Nadler
-------------------------------------------
Name: Justin Nadler
Title: Attorney-in-Fact
DANIEL S. LOEB
By: /s/ Justin Nadler
-------------------------------------------
Name: Justin Nadler
Title: Attorney-in-Fact
[SIGNATURE PAGE TO AMENDMENT NO. 3 TO SCHEDULE 13D
WITH RESPECT TO GRANITE CONSTRUCTION INCORPORATED]
Schedule A
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(Transactions by the Funds in Common Stock
during the past 60 days)
Date Transaction Shares Price Per Share($)
--------------------- ------------------------------ ---------------------------- --------------------------------
09/28/07 SELL (50,000) 52.98
--------------------- ------------------------------ ---------------------------- --------------------------------
09/28/07 BUY 17,800 53.02
--------------------- ------------------------------ ---------------------------- --------------------------------
09/28/07 SELL (17,800) 53.02
--------------------- ------------------------------ ---------------------------- --------------------------------
10/01/07 SELL (1,300) 53.88
--------------------- ------------------------------ ---------------------------- --------------------------------
10/01/07 SELL (13,700) 53.65
--------------------- ------------------------------ ---------------------------- --------------------------------
10/25/07 BUY 525,000 46.54
--------------------- ------------------------------ ---------------------------- --------------------------------
10/25/07 BUY 40,000 46.47
--------------------- ------------------------------ ---------------------------- --------------------------------
10/25/07 SELL (300,000) 44.95
--------------------- ------------------------------ ---------------------------- --------------------------------
10/25/07 SELL (175,000) 44.68
--------------------- ------------------------------ ---------------------------- --------------------------------
10/26/07 SELL (280,000) 42.03
--------------------- ------------------------------ ---------------------------- --------------------------------
10/29/07 SELL (200,000) 42.81
--------------------- ------------------------------ ---------------------------- --------------------------------
10/29/07 SELL (275,000) 42.86
--------------------- ------------------------------ ---------------------------- --------------------------------
10/30/07 SELL (357,900) 42.46
--------------------- ------------------------------ ---------------------------- --------------------------------
Schedule B
----------
(Transactions by the Offshore Fund in Common Stock
during the past 60 days)
Date Transaction Shares Price Per Share($)
--------------------- ------------------------------ ---------------------------- --------------------------------
09/28/07 SELL (33,200) 52.98
--------------------- ------------------------------ ---------------------------- --------------------------------
09/28/07 SELL (16,300) 53.02
--------------------- ------------------------------ ---------------------------- --------------------------------
10/01/07 SELL (9,100) 53.65
--------------------- ------------------------------ ---------------------------- --------------------------------
10/01/07 SELL (900) 53.88
--------------------- ------------------------------ ---------------------------- --------------------------------
10/25/07 BUY 349,200 46.54
--------------------- ------------------------------ ---------------------------- --------------------------------
10/25/07 BUY 26,600 46.47
--------------------- ------------------------------ ---------------------------- --------------------------------
10/25/07 SELL (199,700) 44.95
--------------------- ------------------------------ ---------------------------- --------------------------------
10/25/07 SELL (116,500) 44.68
--------------------- ------------------------------ ---------------------------- --------------------------------
10/26/07 SELL (187,400) 42.03
--------------------- ------------------------------ ---------------------------- --------------------------------
10/29/07 SELL (131,300) 42.81
--------------------- ------------------------------ ---------------------------- --------------------------------
10/29/07 SELL (183,100) 42.86
--------------------- ------------------------------ ---------------------------- --------------------------------
10/30/07 SELL (239,300) 42.46
--------------------- ------------------------------ ---------------------------- --------------------------------