SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 1)
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
July 5, 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
----------------------------------- -------------------------
CUSIP No. 387328107 Page 2 of 10 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]
----------- --------------------------------------------------------------------
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
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 4,000,000
BY EACH REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,000,000
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
4,000,000
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
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SCHEDULE 13D
----------------------------------- -------------------------
CUSIP No. 387328107 Page 3 of 10 Pages
----------------------------------- -------------------------
----------- --------------------------------------------------------------------
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
BENEFICIALLY OWNED 4,000,000
BY EACH REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,000,000
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
4,000,000
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
----------- --------------------------------------------------------------------
SCHEDULE 13D
----------------------------------- -------------------------
CUSIP No. 387328107 Page 4 of 10 Pages
----------------------------------- -------------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Third Point Offshore Fund, Ltd.
----------- --------------------------------------------------------------------
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
Cayman Islands
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 2,568,800
BY EACH REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,568,800
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,568,800
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
----------- --------------------------------------------------------------------
This Amendment No. 1 to Schedule 13D ("Amendment No. 1") amends the
Schedule 13D filed on May 7, 2007 (as amended by this Amendment No. 1, 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. 1
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 2. Identity and Background.
Item 2 of the Schedule 13D is hereby amended by adding the following
thereto:
(a) The Offshore Fund is organized as a limited liability exempted company
under the laws of the Cayman Islands.
(b) The address of the principal business and principal office of the
Offshore Fund is c/o Walkers SPV Limited, Walker House, 87 Mary Street, George
Town, Grand Cayman KY1-9002, Cayman Islands, British West Indies.
(c) The principal business of the Offshore Fund is to invest and trade in
securities.
(d) Neither the Offshore Fund nor, to the best of its knowledge, any of its
directors, executive officers, general partners or members has, during the last
five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) Neither the Offshore Fund nor, to the best of its knowledge, any of its
directors, executive officers, general partners or members has, during the last
five years, been a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction and as a result of such proceeding was or is
subject to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
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 expended an aggregate of approximately $247,488,050 of their own
investment capital to acquire the 4,000,000 shares of Common Stock held by them.
The Offshore Fund expended an aggregate of approximately $158,885,220 of its own
investment capital to acquire its 2,568,800 shares of Common Stock.
5
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is hereby amended and restated as follows:
(a) As of the date of this Schedule 13D, the Management Company and Mr.
Loeb beneficially own 4,000,000 shares of Common Stock (the "Shares"). The
Shares represent 9.5% of the 41,935,780 shares of Common Stock outstanding as of
April 20, 2007, as reported in the Company's Quarterly Report on Form 10-Q for
the quarterly period ended March 31, 2007. The percentages used herein and in
the rest of this statement are calculated based upon this number of outstanding
shares.
As of the date of this Schedule 13D, the Offshore Fund directly
beneficially owns 2,568,800 shares of Common Stock, representing 6.1% of the
outstanding shares of Common Stock. None of the other individual Funds owns a
number of shares of Common Stock representing more than 5% of such total.
(b) The Management Company and Mr. Loeb share voting and dispositive power
over the 4,000,000 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 2,568,800 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, during the past 60 days 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) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
Item 6 of the Schedule 13D is hereby amended by adding the following
thereto:
Pursuant to Rule 13d-1(k) promulgated under the Exchange Act, the Reporting
Persons have entered into an amended and restated agreement with respect to the
joint filing of this statement, and any amendment or amendments hereto.
6
Except as set forth herein, there are no contracts, arrangements,
understandings or relationships among the persons named in Item 2 or between
such persons and any other person with respect to any securities of the Company.
Item 7. Material to be Filed as Exhibits.
99.1. Amended and Restated Joint Filing Agreement, dated as of July 16,
2007, by and between the Reporting Persons.
[Signatures on following page]
7
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: July 16, 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. 1 TO SCHEDULE 13D
WITH RESPECT TO GRANITE CONSTRUCTION INCORPORATED]
Schedule A
(Transactions by the Funds in Common Stock
during the past 60 days)
Date Transaction Shares Price Per Share($)
---- ----------- ------ ------------------
06/29/07 BUY 36,300 64.180
------------------------ ---------------------------- --------------------------------- -----------------------------------
06/29/07 SELL (36,300) 64.180
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/05/07 BUY 2,600 68.448
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/05/07 BUY 10,000 68.454
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/06/07 BUY 87,400 69.028
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/09/07 BUY 50,000 69.210
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/09/07 BUY 50,000 69.204
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/11/07 BUY 25,000 68.212
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/11/07 BUY 5,000 68.243
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/12/07 BUY 5,000 71.228
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/12/07 BUY 35,000 71.500
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/12/07 BUY 25,000 70.882
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/12/07 BUY 125,000 71.478
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/13/07 BUY 10,000 72.150
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/13/07 BUY 25,000 72.040
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/13/07 BUY 59,400 73.180
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/16/07 BUY 135,000 73.408
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/16/07 BUY 75,600 73.495
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/16/07 BUY 25,000 73.700
------------------------ ---------------------------- --------------------------------- -----------------------------------
Schedule B
(Transactions by the Offshore Fund in Common Stock
during the past 60 days)
Date Transaction Shares Price Per Share($)
---- ----------- ------ ------------------
06/29/07 BUY 12,100 64.180
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/05/07 BUY 8,700 68.454
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/05/07 BUY 2,000 68.448
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/06/07 BUY 57,900 69.028
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/09/07 BUY 32,300 69.210
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/09/07 BUY 32,200 69.204
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/11/07 BUY 15,500 68.212
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/11/07 BUY 3,200 68.243
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/12/07 BUY 79,700 71.478
------------------------- ---------------------------- --------------------------------- -----------------------------------
07/12/07 BUY 16,100 70.882
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/12/07 BUY 22,600 71.500
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/12/07 BUY 3,200 71.228
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/13/07 BUY 15,800 72.040
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/13/07 BUY 38,100 73.180
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/16/07 BUY 86,700 73.408
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/16/07 BUY 48,600 73.495
------------------------ ---------------------------- --------------------------------- -----------------------------------
07/16/07 BUY 15,000 73.700
------------------------ ---------------------------- --------------------------------- -----------------------------------