SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
SCHEDULE 13D
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13D-1(A)
AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2(A)
(AMENDMENT NO. )
ICN Pharmaceuticals, Inc.
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(Name of Issuer)
Common Stock, par value $0.01 per share ("Shares")
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(Title of Class of Securities)
44 8924 100
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(CUSIP Number)
Dermot Mullen
Compliance Manager
Bank of Ireland, Head Office
Lower Baggot Street
Dublin 2, Ireland
011-353-1-6615933
with a copy to:
Jeffrey M. Elliott
Chief Operating Officer
Iridian Asset Management LLC
276 Post Road West
Westport, CT 06880
203-341-9000
-------------------------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications)
September 6, 2002
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(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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. [ ]
The information required on this cover page shall not be deemed to be "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the "Act"), or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act.
(Continued on the following pages)
(Page 1 of 21 Pages)
CUSIP NO. 44 8924 100 13D PAGE 2 OF 21 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
The Governor and Company of the Bank of Ireland
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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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 PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 5,021,257
-----------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
-----------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
5,021,257
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,021,257
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
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14 TYPE OF REPORTING PERSON
CO
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CUSIP NO. 44 8924 100 13D PAGE 3 OF 21 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
IBI Interfunding
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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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 PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 5,021,257
-----------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
-----------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
5,021,257
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,021,257
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1% (See Item 5(a))
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14 TYPE OF REPORTING PERSON
CO
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CUSIP NO. 44 8924 100 13D PAGE 4 OF 21 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BancIreland/First Financial, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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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 PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New Hampshire
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 5,021,257
-----------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
-----------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
5,021,257
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,021,257
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1% (See Item 5(a))
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14 TYPE OF REPORTING PERSON
CO
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CUSIP NO. 44 8924 100 13D PAGE 5 OF 21 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BIAM (US) Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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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 PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 5,021,257
-----------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
-----------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
5,021,257
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,021,257
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1% (See Item 5(a))
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14 TYPE OF REPORTING PERSON
CO
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CUSIP NO. 44 8924 100 13D PAGE 6 OF 21 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Iridian Asset Management LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 5,021,257
-----------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
-----------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
5,021,257
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,021,257
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1% (See Item 5(a))
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14 TYPE OF REPORTING PERSON
IA
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CUSIP NO. 44 8924 100 13D PAGE 7 OF 21 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
COLE Partners LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 108,500
-----------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
-----------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
108,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
108,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1% (See Item 5(a))
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14 TYPE OF REPORTING PERSON
HC
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CUSIP NO. 44 8924 100 13D PAGE 8 OF 21 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Iridian Private Business Value Equity Fund, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 108,500
-----------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
-----------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
108,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
108,500
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1% (See Item 5(a))
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14 TYPE OF REPORTING PERSON
PN
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CUSIP NO. 44 8924 100 13D PAGE 9 OF 21 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
David L. Cohen
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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
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 5,021,257
-----------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
-----------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
5,021,257
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,021,257
--------------------------------------------------------------------------------
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% (See Item 5(a))
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14 TYPE OF REPORTING PERSON
IN
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CUSIP NO. 44 8924 100 13D PAGE 10 OF 21 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Harold J. Levy
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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
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
-----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 5,021,257
-----------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
-----------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
5,021,257
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,021,257
--------------------------------------------------------------------------------
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% (See Item 5(a))
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14 TYPE OF REPORTING PERSON
IN
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CUSIP NO. 44 8924 100 13D PAGE 11 OF 21 PAGES
Item 1. Security and Issuer.
This statement relates to the common stock, par value $0.01 per share
(the "Common Stock"), of ICN Pharmaceuticals, Inc., a Delaware corporation (the
"Issuer"), whose principal executive offices are located at 3300 Hyland Avenue,
Costa Mesa, California 92626.
Item 2. Identity and Background.
This statement is filed by The Governor and Company of the Bank of
Ireland (the "Bank of Ireland"), IBI Interfunding ("IBI"), BancIreland/First
Financial, Inc. ("BancIreland"), BIAM (US) Inc., Iridian Asset Management LLC
("Iridian"), COLE Partners LLC ("COLE"), Iridian Private Business Value Equity
Fund, L.P. ("Iridian Private Business"), David L. Cohen ("Cohen") and Harold J.
Levy ("Levy") (collectively, the "Reporting Persons").
On September 6, 2002, BIAM (US) Inc. acquired 61% of the equity
interests of Iridian, and the Bank of Ireland, IBI and BancIreland therefore
acquired indirect ownership of 61% of Iridian. Thus, on that date, such
Reporting Persons may be deemed to have acquired beneficial ownership of all
5,021,257 shares of Common Stock beneficially owned by Iridian.
This Statement also amends the Schedule 13D filed by Iridian, COLE,
Iridian Private Business, Cohen and Levy with the Securities and Exchange
Commission on June 28, 2002, with respect to ownership of securities of the
issuer as of June 27, 2002.
The principal business address of Bank of Ireland and IBI is c/o Bank
of Ireland, Head Office, Lower Baggot Street, Dublin 2, Ireland.
The principal business address of BancIreland is Junction Marketplace
#27, 1011 N. Main Street, White River Junction, VT 05501.
The principal business address of BIAM (US) Inc. is Liberty Park #15,
282 Route 101, Amherst, NH 03110.
The principal business address of Iridian, COLE, Iridian Private
Business, Mr. Cohen and Mr. Levy is c/o Iridian Asset Management LLC, 276 Post
Road West, Westport, CT 06880-4704.
Bank of Ireland and IBI are Ireland corporations. BancIreland is a
New Hampshire corporation. BIAM (US) Inc. is a Delaware corporation. Iridian
and COLE are Delaware limited liability companies. Iridian Private Business is
a Delaware limited partnership. Mr. Cohen and Mr. Levy are citizens of the
United States.
The principal business of Bank of Ireland is banking. Bank of Ireland
is the sole shareholder of IBI. The principal business of IBI is to serve as a
holding company. IBI is the sole shareholder of BancIreland. The principal
business of BancIreland is to serve as a holding company. BancIreland is the
sole shareholder of BIAM (US) Inc. The principal business of BIAM (US) Inc. is
to serve as a holding company. BIAM (US) Inc. holds 61% of the equity interests
of Iridian.
CUSIP NO. 44 8924 100 13D PAGE 12 OF 21 PAGES
Iridian is an investment adviser registered under Section 203 of the
Investment Advisers Act of 1940, and its principal business is managing a
number of accounts containing securities over which Iridian has voting and
dispositive power. Iridian is also the sole member of COLE.
The principal business of COLE is serving as the general partner of
Iridian Private Business. The principal business of Iridian Private Business is
investing in securities. Iridian serves as the investment adviser to Iridian
Private Business. COLE, as the general partner of Iridian Private Business, and
Iridian, as the sole member of COLE and investment adviser to Iridian Private
Business, share voting and dispositive power over the investments of Iridian
Private Business.
Each of Messrs. Cohen and Levy indirectly owns a minority equity
interest in Iridian and, as his principal occupation, serves as a director,
executive officer and portfolio manager of Iridian.
The directors of Bank of Ireland are Michael Soden, Anthony Barry,
Denis O'Brien, Laurence Crowley, Richard Burrows, Caroline Marland, Raymond
MacSharry, Mary Redmond, Roy Bailie, Maurice Keane, Brian Goggin, Donal
Greaney, John O'Donovan and Thomas Moran. The executive officers of Bank of
Ireland are Michael Soden, John Collins, William Cotter, Des Crowley, Cyril
Dunne, Brian Goggin, Roy Keenan, John O'Donovan, Jeff Warren, Terence H.
Forsyth, David Holden, Mary King and Finbarr Murphy. The principal occupation
of each such person is to serve as an officer or director of Bank of Ireland,
and the principal business address of each such person, other than Mr. Cotter,
is c/o Bank of Ireland, Head Office, Lower Baggot Street, Dublin 2, Ireland.
The principal business address of Mr. Cotter is c/o Bank of Ireland Asset
Management, 26 Fitzwilliam Place, Dublin 2, Ireland.
The directors and executive officers of IBI are Terence H. Forsyth and
Sheila Neary. The principal occupation of each such person is to serve as an
officer or director of Bank of Ireland, and the principal business address of
each such person is c/o Bank of Ireland, Head Office, Lower Baggot Street,
Dublin 2, Ireland.
The sole director and executive officer of BancIreland is Diane
Morrison, whose principal occupation is to serve as an employee of BancIreland
and its subsidiaries, and her principal business address is c/o BIAM (US) Inc.,
Liberty Park #15, 282 Route 101, Amherst, NH 03110.
The directors and executive officers of BIAM (US) Inc. are William
Cotter, Denis Curran, Diane Morrison and Sean O'Dwyer. The principal
occupations of Messrs. Curran and O'Dwyer is to serve as an officer or director
of Bank of Ireland Asset Management. The principal business address of Mr.
Curran is c/o Bank of Ireland Asset Management (U.S.) Limited, 75 Holly Lane,
Greenwich, CT 06830. The principal business address of Mr. O'Dwyer is c/o Bank
of Ireland Asset Management, 26 Fitzwilliam Place, Dublin 2, Ireland.
The directors of Iridian are William Cotter, Denis Curran, Sean
O'Dwyer, Lelia Long, Stephen Holland, Rosemary Mahon, Jeffrey M. Elliott, Alice
B. Hicks, Mr. Cohen and Mr. Levy. The executive officers of Iridian are Messrs.
Cohen, Levy and Elliott and Ms. Hicks. The principal occupation of each of
CUSIP NO. 44 8924 100 13D PAGE 13 OF 21 PAGES
Messrs. Cohen, Levy, Elliott and Ms. Hicks is to serve as an officer and
director of Iridian, and the principal business address of each such person is
c/o Iridian, 276 Post Road West, Westport, CT 06880-4704. The principal
occupations of Ms. Long, Mr. Holland and Ms. Mahon are to serve as employees of
Bank of Ireland Asset Management (U.S.) Limited, and their principal business
address is c/o Bank of Ireland Asset Management (U.S.) Limited, 75 Holly Lane,
Greenwich, CT 06830.
None of the Reporting Persons nor any of the directors or executive
directors of any of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or 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.
The securities reported in Item 5 as beneficially owned by the
Reporting Persons were acquired as follows:
Accounts managed by Iridian (excluding Iridian Private Business)
purchased an aggregate of 4,870,857 shares of Common Stock for total
consideration (including brokerage commissions) of approximately $147.26
million derived from the capital of the managed accounts.
Iridian Private Business purchased an aggregate of 108,500 shares of
Common Stock for a total consideration (including brokerage commissions) of
approximately $3.3 million derived from the capital of Iridian Private
Business.
Item 4. Purpose of Transaction.
Iridian intends to encourage the Issuer's management and board of
directors to take steps to enhance the value of the Issuer and may hold
discussions with members of the Issuer's management and/or board of directors
and/or with other shareholders of the Issuer. Except as set forth in this
statement, none of the Reporting Persons currently has any plans or proposals
that relate to or that would result in any of the actions or transactions
described in paragraphs (a) through (j) of Item 4 of the instructions to
Schedule 13D. The Reporting Persons may in the future acquire additional Common
Stock or other securities of the Issuer, in the open market, in
privately-negotiated purchases or otherwise and may also, depending on then
current circumstances, dispose of all or a portion of the Common Stock
beneficially owned by them in one or more transactions. Additionally, the
Reporting Persons reserve the right from time to time to formulate plans or
proposals regarding the Issuer or any of its securities and to carry out any of
the actions or transactions described in paragraphs (a) through (j) of Item 4
of the instructions to Schedule 13D, to the extent deemed advisable by the
Reporting Persons.
Item 5. Interest in Securities of the Issuer.
(a), (b) As of the date of this statement, the Reporting Persons may be deemed
to beneficially own in the aggregate 5,021,257 shares of Common Stock,
CUSIP NO. 44 8924 100 13D PAGE 14 OF 21 PAGES
representing 6.1% of the outstanding Common Stock (the percentage of shares of
Common Stock owned being based upon 82,724,617 shares of Common Stock
outstanding at August 6, 2002 as set forth in the Issuer's Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 2002).
The Reporting Persons may be deemed to have direct beneficial
ownership of shares of Common Stock as follows:
--------------------------------------------------------------------------------
Name Number of Shares Percentage
--------------------------------------------------------------------------------
Iridian (1) 4,912,757 5.9%
--------------------------------------------------------------------------------
Iridian Private Business 108,500 0.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(1) The shares of Common Stock set forth above for Iridian do not include the
shares of Common Stock held by Iridian Private Business.
Iridian has direct beneficial ownership of the shares of Common Stock
in the accounts which it manages. In addition, Iridian is the investment
adviser for Iridian Private Business. In such capacity, Iridian has the right
to vote and direct the disposition of shares of Common Stock held by such
entities and, consequently, has beneficial ownership of such shares.
BIAM (US) Inc., as the controlling member of Iridian, may be deemed
to possess beneficial ownership of the shares of Common Stock beneficially
owned by Iridian. BancIreland, as the sole shareholder of BIAM (US) Inc., may
be deemed to possess beneficial ownership of the shares of Common Stock
beneficially owned by BIAM (US) Inc. IBI, as the sole shareholder of
BancIreland, may be deemed to possess beneficial ownership of the shares of
Common Stock beneficially owned by BancIreland. Bank of Ireland, as the sole
shareholder of IBI, may be deemed to possess beneficial ownership of the shares
of Common Stock beneficially owned by IBI. Messrs. Cohen and Levy may be deemed
to possess beneficial ownership of the shares of Common Stock beneficially
owned by Iridian by virtue of having the power to vote and direct the
disposition of shares of Common Stock as joint Chief Investment Officers of
Iridian. Messrs. Cohen and Levy disclaim beneficial ownership of such shares.
COLE, as the sole general partner of Iridian Private Business, may be
deemed to own beneficially shares of Common Stock of which Iridian Private
Business may be deemed to possess direct beneficial ownership. Iridian, as the
sole member of COLE, may be deemed to possess beneficial ownership of the
shares of Common Stock that are beneficially owned by COLE.
Iridian has the direct power to vote or direct the vote, and the
direct power to dispose or direct the disposition, of 4,912,757 shares of
Common Stock. Messrs. Cohen and Levy may be deemed to share with Iridian the
power to vote or direct the vote and to dispose or direct the disposition of
such shares. Messrs. Cohen and Levy disclaim beneficial ownership of such
shares.
Iridian has the direct power to vote or direct the vote, and the
direct power to dispose or direct the disposition, of the 108,500 shares of
CUSIP NO. 44 8924 100 13D PAGE 15 OF 21 PAGES
Common Stock held by Iridian Private Business. COLE (in addition to Messrs.
Cohen and Levy) may be deemed to share with Iridian the power to vote or direct
the vote and to dispose or direct the disposition of such shares.
(c) Other than the transactions described in Schedule I of this
statement, no Reporting Person nor any director or executive officer of any
Reporting Person has effected any transactions in the Common Stock during the
past 60 days.
(d) No person other than the Reporting Persons has any right to
receive or the power to direct the receipt of dividends from, or the proceeds
of the sale of, any of the Common Stock beneficially owned by the Reporting
Persons, except that the dividends from, or proceeds from the sale of, shares
of Common Stock in each respective account managed by Iridian will be delivered
into each such respective account.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
There are no contracts, arrangements, understandings or relationships
(legal or otherwise) among any Reporting Person or any director or executive
officer of any Reporting Person, or between such persons and any other person
with respect to any securities of the Issuer, including but not limited to
transfer or voting of any of such securities, finder's fees, joint ventures,
loan or option arrangements, puts or calls, guarantees of profits, division of
profits or loss, or the giving or withholding of proxies. In the case of the
Reporting Persons, Iridian receives a fee from each of its managed accounts
based upon the value of assets under management and, in certain cases, a
certain percentage of realized and unrealized profits, if any, derived from the
managed accounts' investments.
Item 7. Material to be Filed as Exhibits.
Exhibit 1 Joint Filing Agreement.
CUSIP NO. 44 8924 100 13D PAGE 16 OF 21 PAGES
SIGNATURES
After reasonable inquiry, and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: September 16, 2002 THE GOVERNOR AND COMPANY OF
THE BANK OF IRELAND
/s/ Terence H. Forsyth
----------------------------------
By: Terence H. Forsyth
Title: Group Secretary
IBI INTERFUNDING
/s/ Terence H. Forsyth
----------------------------------
By: Terence H. Forsyth
Title: Director and Secretary
BANCIRELAND/FIRST FINANCIAL, INC.
/s/ Diane Morrison
----------------------------------
By: Diane Morrison
Title: President and Director
BIAM (US) INC.
/s/ Diane Morrison
----------------------------------
By: Diane Morrison
Title: President and Director
CUSIP NO. 44 8924 100 13D PAGE 17 OF 21 PAGES
IRIDIAN ASSET MANAGEMENT LLC
/s/ Jeffrey M. Elliott
----------------------------------
By: Jeffrey M. Elliott
Title: Chief Operating Officer
COLE PARTNERS LLC
/s/ Jeffrey M. Elliott
----------------------------------
By: Jeffrey M. Elliott
Title: Executive Vice President
IRIDIAN PRIVATE BUSINESS VALUE
EQUITY FUND, L.P.
By: COLE Partners LLC, General
Partner
/s/ Jeffrey M. Elliott
---------------------------
By: Jeffrey M. Elliott
Title: Executive Vice President
/s/ David L. Cohen
----------------------------------
David L. Cohen, individually
/s/ Harold J. Levy
----------------------------------
Harold J. Levy, individually
CUSIP NO. 44 8924 100 13D PAGE 18 OF 21 PAGES
SCHEDULE II
REPORTING PERSONS
TRANSACTIONS IN COMMON STOCK
Unless otherwise indicated, each of the transactions described below
was a purchase of Common Stock by Iridian for cash on the New York Stock
Exchange.
DATE NUMBER OF SHARES PRICE PER SHARE (1)
7/23/02 buy 4,400 $ 9.2700
7/25/02 buy 2,500 8.7500
7/25/02 buy 2,500 8.9300
7/31/02 buy 7,800 10.2474
8/8/02 buy 1,000 10.6800
8/12/02 buy 500 10.5900
8/27/02 buy 300 10.1300
9/3/02 buy 2,600 9.8538
7/24/02 sell 2,400 8.3700
8/23/02 sell 100 9.7100
8/28/02 sell 1,200 10.0500
9/10/02 sell 41,900 10.4547
8/9/02 deliver in 36,200 9.8000
8/9/02 deliver out 18,000 10.6100
9/5/02 deliver out 11,500 10.0800
(1) Price includes commission.
On September 6, 2002, BIAM (US) Inc. acquired 61% of the equity interests of
Iridian, and Bank of Ireland, IBI and BancIreland therefore acquired indirect
ownership of 61% of Iridian. Thus, on that date, such Reporting Persons may be
deemed to have acquired beneficial ownership of all 5,021,257 shares of Common
Stock beneficially owned by Iridian.
CUSIP NO. 44 8924 100 13D PAGE 19 OF 21 PAGES
JOINT FILING AGREEMENT
THIS JOINT FILING AGREEMENT (this "Agreement") is made and entered
into as of this 16th day of September, 2002, by and between The Governor and
Company of the Bank of Ireland, IBI Interfunding, BancIreland/First Financial,
Inc., BIAM (US) Inc., Iridian Asset Management LLC, COLE Partners LLC, Iridian
Private Business Value Equity Fund, L.P., David L. Cohen and Harold J. Levy.
The parties to this Agreement hereby agree to prepare jointly and
file timely (or otherwise to deliver as appropriate) all filings on Schedule
13D and Schedule 13G (the "Filings") required to be filed by them pursuant to
Section 13(d) or 13(g) under the Securities Exchange Act of 1934, as amended,
with respect to their respective ownership of any securities of ICN
Pharmaceuticals, Inc. that are required to be reported on any Filings. Each
party to this Agreement further agrees and covenants to the other parties that
it will fully cooperate with such other parties in the preparation and timely
filing (and other delivery) of all such Filings.
CUSIP NO. 44 8924 100 13D PAGE 20 OF 21 PAGES
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first set forth above.
THE GOVERNOR AND COMPANY OF
THE BANK OF IRELAND
/s/ Terence H. Forsyth
----------------------------------
By: Terence H. Forsyth
Title: Group Secretary
IBI INTERFUNDING
/s/ Terence H. Forsyth
----------------------------------
By: Terence H. Forsyth
Title: Director and Secretary
BANCIRELAND/FIRST FINANCIAL, INC.
/s/ Diane Morrison
----------------------------------
By: Diane Morrison
Title: President and Director
BIAM (US) INC.
/s/ Diane Morrison
----------------------------------
By: Diane Morrison
Title: President and Director
CUSIP NO. 44 8924 100 13D PAGE 21 OF 21 PAGES
IRIDIAN ASSET MANAGEMENT LLC
/s/ Jeffrey M. Elliott
----------------------------------
By: Jeffrey M. Elliott
Title: Chief Operating Officer
COLE PARTNERS LLC
/s/ Jeffrey M. Elliott
----------------------------------
By: Jeffrey M. Elliott
Title: Executive Vice President
IRIDIAN PRIVATE BUSINESS VALUE
EQUITY FUND, L.P.
By: COLE Partners LLC, General
Partner
/s/ Jeffrey M. Elliott
---------------------------
By: Jeffrey M. Elliott
Title: Executive Vice President
/s/ David L. Cohen
----------------------------------
David L. Cohen, individually
/s/ Harold J. Levy
----------------------------------
Harold J. Levy, individually