UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __)*
Bally Total Fitness Holding Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
05873K108
(CUSIP Number)
April 11, 2006
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
----------------
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 22 Pages
CUSIP No. 05873K108 13G Page 2 of 22 Pages
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Starboard Value and Opportunity Master Fund Ltd.
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
1,186,753
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
1,186,753
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,186,753
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
3.10%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 3 of 22 Pages
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
RCG Ambrose Master Fund, Ltd.
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
95,708
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
95,708
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
95,708
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.25%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 4 of 22 Pages
(1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS
RCG Halifax Fund, Ltd.
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
93,392
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
93,392
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
93,392
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.24%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 5 of 22 Pages
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Ramius Master Fund, Ltd.
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
463,011
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
463,011
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
463,011
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.21%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 6 of 22 Pages
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Ramius Securities, L.L.C. 58-2253019
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
370,981
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
370,981
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
370,981
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.97%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
BD
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 7 of 22 Pages
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Admiral Advisors, LLC
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
1,186,753
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
1,186,753
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,186,753
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
3.10%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IA, OO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 8 of 22 Pages
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Ramius Advisors, LLC 13-3954331
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
463,011
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
463,011
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
463,011
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.21%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IA, OO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 9 of 22 Pages
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Ramius Capital Group, L.L.C. 13-3937658
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
2,209,845
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
2,209,845
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,209,845
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.77%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IA, OO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 10 of 22 Pages
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
C4S & Co., L.L.C. 13-3946794
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
2,209,845
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
2,209,845
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,209,845
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.77%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 11 of 22 Pages
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Peter A. Cohen
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
2,209,845
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,209,845
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,209,845
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.77%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 12 of 22 Pages
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan B. Stark
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
2,209,845
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,209,845
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,209,845
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.77%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 13 of 22 Pages
(1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS
Thomas W. Strauss
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
2,209,845
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,209,845
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,209,845
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.77%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 14 of 22 Pages
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Jeffrey M. Solomon
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES _________________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
2,209,845
OWNED BY _________________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING _________________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,209,845
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,209,845
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.77%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 05873K108 13G Page 15 of 22 Pages
Item 1.
(a) Name of Issuer
Bally Total Fitness Holding Corporation, Inc., a Delaware Corporation (the
"Company").
(b) Address of Issuer's Principal Executive Offices
8700 West Bryn Mawr Avenue
Second Floor
Chicago IL 60631
Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office
Item 2(c). Citizenship
Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: Delaware
Starboard Value and Opportunity Master Fund Ltd.
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: Cayman Islands
RCG Ambrose Master Fund, Ltd.
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: Cayman Islands
RCG Halifax Fund, Ltd.
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: Cayman Islands
Ramius Master Fund, Ltd.
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: Cayman Islands
Ramius Securities, L.L.C.
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: Delaware
Admiral Advisors, LLC
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: Delaware
CUSIP No. 05873K108 13G Page 16 of 22 Pages
Ramius Advisors, LLC
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: Delaware
C4S & Co., L.L.C.
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: Delaware
Peter A. Cohen
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: United States
Morgan B. Stark
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: United States
Thomas W. Strauss
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: United States
Jeffrey M. Solomon
c/o Ramius Capital Group, L.L.C.
666 Third Avenue, 26th Floor
New York, New York 10017
Citizenship: United States
Item 2(d). Title of Class of Securities
Common Stock, par value $0.01 per share ("Common Stock")
Item 2(e). CUSIP Number
05873K108
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C.
78o).
(b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in Section 3(a)(19) of the Act
(15 U.S.C. 78c).
CUSIP No. 05873K108 13G Page 17 of 22 Pages
(d) [ ] Investment company registered under Section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. [X]
Item 4. Ownership
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
As of the date hereof, (i) Starboard Value and Opportunity Master Fund
Ltd., a Cayman Islands exempted company ("Starboard") owns 1,186,753 shares of
Common Stock, (ii) RCG Ambrose Master Fund, Ltd., a Cayman Islands company ("RCG
Ambrose") owns 95,708 shares of Common Stock, (iii) RCG Halifax Fund, Ltd., a
Cayman Islands Company ("RCG Halifax") owns 93,392 shares of Common Stock,(iv)
Ramius Master Fund, Ltd., a Cayman Islands exempted company ("Ramius Master
Fund") owns 463,011 shares of Common Stock and (v) Ramius Securities, L.L.C., a
Delaware limited liability company ("Ramius Securities") owns 370,981 shares of
Common Stock. In addition, (i) Admiral Advisors, LLC, a Delaware limited
liability company ("Admiral") may be deemed to beneficially own the 1,186,753
shares owned by Starboard, (ii) Ramius Advisors, LLC, a Delaware limited
liability company ("Ramius Advisors") may be deemed to beneficially own the
463,011 shares owned by Ramius Master Fund and (iii) each of Ramius Capital
Group, L.L.C., a Delaware limited liability company ("Ramius Capital"), C4S &
Co., L.L.C., a Delaware limited liability company ("C4S"), Peter A. Cohen ("Mr.
Cohen"), Morgan B. Stark ("Mr. Stark"), Thomas W. Strauss ("Mr. Strauss") and
Jeffrey M. Solomon ("Mr. Solomon") may be deemed to beneficially own all shares
of Common Stock held by Starboard, RCG Ambrose, RCG Halifax, Ramius Master Fund
and Ramius Securities, an aggregate number of 2,209,845 shares of Common Stock.
Note: Ramius Capital is the investment manager of Ambrose and Halifax
and has the power to direct some of the affairs of Ambrose and Halifax,
including decisions respecting the disposition of the proceeds from the sale of
shares of the Common Stock. Admiral Advisors is the investment manager of
Starboard and has the power to direct some of the affairs of
CUSIP No. 05873K108 13G Page 18 of 22 Pages
Starboard, including decisions respecting the disposition of the proceeds from
the sale of shares of the Common Stock. Ramius Capital is the sole member of
Admiral Advisors. Ramius Advisors is the investment manager of Ramius Master
Fund and has the power to direct some of the affairs of Ramius Master Fund,
including decisions respecting the disposition of the proceeds from the sale of
shares of the Common Stock. Ramius Capital is the managing member of Ramius
Advisors. Ramius Securities is a broker dealer affiliated with Ramius Capital.
Ramius Capital is the managing member of Ramius Securities. C4S is the managing
member of Ramius Capital and in that capacity directs its operations. Mr. Cohen,
Mr. Stark, Mr. Strauss and Mr. Solomon are the managing members of C4S and in
that capacity direct its operations. The foregoing should not be construed in
and of itself as an admission by any Reporting Person as to beneficial ownership
of any shares of Common Stock owned by another Reporting Person. In addition,
each of Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon disclaims beneficial
ownership of the shares of Common Stock owned by Starboard, Ambrose, Halifax,
Ramius Master Fund and Ramius Securities and the filing of this statement shall
not be construed as an admission that any such person is the beneficial owner of
any such securities.
(b) Percent of class:
Based on the Company's definitive proxy statement filed by the Company
on December 27, 2005, there were 38,285,905 shares of Common Stock outstanding
as of December 20, 2005. Therefore, (i) each of Starboard and Admiral may be
deemed to beneficially own 3.10% of the outstanding shares of Common Stock, (ii)
RCG Ambrose may be deemed to beneficially own 0.25% of the outstanding shares of
Common Stock, (iii) RCG Halifax may be deemed to beneficially own 0.24% of the
outstanding shares of Common Stock, (iv) each of Ramius Master Fund and Ramius
Advisors may be deemed to beneficially own 1.21% of the outstanding shares of
Common Stock, (v) Ramius Securities may be deemed to beneficially own 0.97% of
the outstanding shares of Common Stock and (vi) each of Ramius Capital, C4S, Mr.
Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon may be deemed to beneficially own
5.77% of the outstanding shares of Common Stock.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
See Item 4(a) above.
(ii) Shared power to vote or to direct the vote
See Item 4(a) above.
(iii) Sole power to dispose or to direct the disposition of
See Item 4(a) above.
(iv) Shared power to dispose or to direct
the disposition of
See Item 4(a) above.
(v) Shared power to dispose or to direct
the disposition of
CUSIP No. 05873K108 13G Page 19 of 22 Pages
See Item 4(a) above.
(vi) Shared power to dispose or to direct
the disposition of
See Item 4(a) above.
Item 5. Ownership of Five Percent or Less of a Class
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company
Not applicable.
Item 8. Identification and Classification of Members of the Group
See Exhibit I.
Item 9. Notice of Dissolution of Group
Not applicable
Item 10. Certification
By signing below each of the undersigned certifies that, to the best of its
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
Exhibits:
Exhibit I: Joint Filing Agreement, dated as of April 13, 2006, by and among
Ramius Capital, Starboard, RCG Ambrose, RCG Halifax, Ramius Master Fund, Ramius
Securities, Admiral, Ramius Advisors, C4S, Mr. Cohen, Mr. Stark, Mr. Strauss and
Mr. Solomon.
Exhibit II: Power of attorney for Peter A. Cohen, Morgan B. Stark, Thomas W.
Strauss and Jeffrey M. Solomon dated March 11, 2005.
CUSIP No. 05873K108 13G Page 20 of 22 Pages
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 13, 2006
STARBOARD VALUE AND OPPORTUNITY RAMIUS MASTER FUND, LTD
MASTER FUND LTD. By: Ramius Advisors, LLC
By: Admiral Advisors, LLC, its investment manager
its managing member By: Ramius Capital Group, L.L.C.
its managing member
RCG AMBROSE MASTER FUND, LTD.
By: Ramius Capital Group, L.L.C., RAMIUS ADVISORS, LLC
its investment manager By: Ramius Capital Group, L.L.C.,
By: C4S & Co., L.L.C., its managing member
its managing member
RAMIUS CAPITAL GROUP, L.L.C.
RCG HALIFAX FUND, LTD. By: C4S & Co., L.L.C.,
By: Ramius Capital Group, L.L.C., as managing member
its investment manager
By: C4S & Co., L.L.C., C4S & CO., L.L.C.
its managing member
RAMIUS SECURITIES, L.L.C.
By: Ramius Capital Group, L.L.C.,
its Managing Member
By: C4S & Co., L.L.C.,
its Managing Member
By: /s/ Morgan B. Stark
-----------------------
Name: Morgan B. Stark
Title: Authorized Signatory
MORGAN B. STARK
/s/ Morgan B. Stark
--------------------------------
Individually and as attorney-in-
fact for Peter A. Cohen, Jeffrey M.
Solomon and Thomas W. Strauss
CUSIP No. 05873K108 13G Page 21 of 22 Pages
EXHIBIT I
JOINT FILING AGREEMENT
PURSUANT TO RULE 13D-1(k)
The undersigned acknowledge and agree that the foregoing statement on Schedule
13D is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13D shall be filed on behalf of each of
the undersigned without the necessity of filing additional joint acquisition
statements. The undersigned acknowledge that each shall be responsible for the
timely filing of such amendments, and for the completeness and accuracy of the
information concerning him or it contained therein, but shall not be responsible
for the completeness and accuracy of the information concerning the others,
except to the extent that he or it knows or has reason to believe that such
information is inaccurate.
Dated: April 13, 2006
STARBOARD VALUE AND OPPORTUNITY RAMIUS MASTER FUND, LTD
MASTER FUND LTD. By: Ramius Advisors, LLC
By: Admiral Advisors, LLC, its investment manager
its managing member By: Ramius Capital Group, L.L.C.
its managing member
RCG AMBROSE MASTER FUND, LTD.
By: Ramius Capital Group, L.L.C., RAMIUS ADVISORS, LLC
its investment manager By: Ramius Capital Group, L.L.C.,
By: C4S & Co., L.L.C., its managing member
its managing member
RAMIUS CAPITAL GROUP, L.L.C.
RCG HALIFAX FUND, LTD. By: C4S & Co., L.L.C.,
By: Ramius Capital Group, L.L.C., as managing member
its investment manager
By: C4S & Co., L.L.C., C4S & CO., L.L.C.
its managing member
RAMIUS SECURITIES, L.L.C.
By: Ramius Capital Group, L.L.C.,
its Managing Member
By: C4S & Co., L.L.C.,
its Managing Member
By: /s/ Morgan B. Stark
-----------------------
Name: Morgan B. Stark
Title: Authorized Signatory
MORGAN B. STARK
/s/ Morgan B. Stark
--------------------------------
Individually and as attorney-in-
fact for Peter A. Cohen, Jeffrey M.
Solomon and Thomas W. Strauss
CUSIP No. 05873K108 13G Page 22 of 22 Pages
EXHIBIT II
POWER OF ATTORNEY
The undersigned hereby appoints Peter A. Cohen, Morgan B. Stark, Thomas
W. Strauss and Jeffrey M. Solomon, or any of them, his true and lawful
attorney-in fact and agent to execute and file with the Securities and Exchange
Commission any Schedule 13D, Schedule 13G, any amendments thereto and any
related documentation which may be required to be filed in his individual
capacity as a result of the undersigned's beneficial ownership of, or
participation in a group with respect to, securities directly or indirectly
beneficially owned by Ramius Capital Group, LLC or any of its affiliates, and
granting unto said attorney-in-fact and agent full power and authority to do and
perform each and every act and thing which he might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent may
lawfully do or cause to be done by virtue hereof. The authority of Peter A.
Cohen, Morgan B. Stark, Thomas W. Strauss and Jeffrey M. Solomon, or any of
them, under this Power of Attorney shall continue with respect to the
undersigned until the undersigned is no longer required to file Schedule 13Ds or
Schedule 13Gs unless revoked earlier in writing.
Date: March 11, 2005
/s/ Peter A. Cohen
--------------------------
Peter A. Cohen
/s/ Morgan B. Stark
--------------------------
Morgan B. Stark
/s/ Thomas W. Strauss
--------------------------
Thomas W. Strauss
/s/ Jeffrey M. Solomon
--------------------------
Jeffrey M. Solomon