<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
St. Jude Medical, Inc.
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(Name of Issuer)
common stock, par value $.10 per share
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(Title of Class of Securities)
790849103
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(CUSIP Number)
Jeffrey M. Elliott
Executive Vice President
Iridian Asset Management LLC
276 Post Road West
Westport, CT 06880-4704
203-341-9009
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 11, 1999
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(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement of Schedule 13G to
report the acquisition which is the subject of the 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 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 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).
Page 1 of 10 Pages
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CUSIP No. 790849103 Schedule 13D, Amendment No. 1 Page 2 of 10 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Iridian Asset Management LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
See Item 3
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,472,580
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,472,580
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,472,580
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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)
5.3%
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14 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 790849103 Schedule 13D, Amendment No. 1 Page 3 of 10 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LC Capital Management, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
See Item 3
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 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 --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,472,580
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,472,580
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,472,580
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
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14 TYPE OF REPORTING PERSON*
HC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 790849103 Schedule 13D, Amendment No. 1 Page 4 of 10 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CL Investors, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
See Item 3
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,472,580
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,472,580
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,472,580
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 790849103 Schedule 13D, Amendment No. 1 Page 5 of 10 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David L. Cohen
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
OO
See Item 3
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
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NUMBER OF 7 SOLE VOTING POWER
SHARES 3,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,765,780
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 3,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,765,780
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,768,780
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.67%
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14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 790849103 Schedule 13D, Amendment No. 1 Page 6 of 10 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harold J. Levy
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
See Item 3
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,765,780
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,765,780
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,765,780
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.67%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 790849103 Schedule 13D, Amendment No. 1 Page 7 of 10 Pages
This Amendment No. 1 amends the initial Schedule 13D filed on October 23, 1998
with the Securities and Exchange Commission, and relates to the common stock,
par value $.10 per share (the "Common Stock"), of St. Jude Medical, Inc. (the
"Issuer"). Unless otherwise indicated, each capitalized term used but not
defined in this Amendment shall have the meaning assigned to them in the
initial filing.
The information presented on the cover sheets for each filing person is based
upon ownership as of the close of business on March 11, 1999. The percent of
class is based upon 84,162,387 shares of common stock issued and outstanding of
the Issuer as reported on its Form 10-Q for the quarter ended September 30,
1998.
This Amendment No. 1 amends Item 4 in its entirety.
Item 4. Purpose of Transaction
In its initial Schedule 13D filed on October 23, 1998, Iridian urged Issuer
to consider various alternatives to maximize shareholder value including, among
other things, a change in Issuer's management. Issuer recently announced a
senior management change: the replacement of Ronald A. Matricaria as President
and Chief Executive Officer with Terry L. Shepherd, with Mr. Matricaria staying
on as non-executive chairman.
With this management change and the full empowerment of Mr. Shepherd as
chief executive reporting directly to the Board of Directors, Iridian is
encouraged that the Board has taken difficult and aggressive first steps in
restoring the Issuer's credibility both internally and with financial market
intermediaries. By this management change, Iridian believes that the Board has
evidenced its will to be fully engaged and relentless in its pursuit of
restoring the substantial diminution in value over the past several years.
In light of the Board's satisfactory response to Iridian's initial Schedule
13D filing, Iridian is amending its filing. At this time, the securities covered
in this Statement are being held for the purpose of investment. Iridian does not
currently plan or intend to acquire or dispose of any securities of the Issuer
other than on behalf of its advisory clients for purposes of investment. Messrs.
Cohen and Levy, as employees of A&SB Advisors, do not currently plan or intend
to acquire or dispose of any securities of the Issuer other than on behalf of
First Eagle for purposes of investment.
Iridian may decide to purchase on behalf of its advisory clients additional
shares of the Common Stock of the Issuer. In addition, Iridian may cause its
advisory clients to dispose of any or all securities of the Issuer in any manner
permitted by applicable securities laws. Iridian's advisory clients reserve the
right to exercise any and all of their respective rights as a shareholder of the
Issuer in a manner consistent with their equity interests.
Messrs. Cohen and Levy individually may, and as employees of A&SB Advisors,
may cause First Eagle to, purchase additional shares of the Common Stock of the
Issuer. In addition, Messrs. Cohen and Levy individually may, and as employees
of A&SB Advisors, may cause First Eagle to, dispose of any or all securities of
the Issuer in any manner permitted by applicable securities laws. Messrs. Cohen
and Levy individually, and as employees of A&SB Advisors with respect to First
Eagle, reserve the right to exercise any and all of their respective rights as a
shareholder of the Issuer in a manner consistent with their equity interests.
<PAGE>
CUSIP No. 790849103 Schedule 13D, Amendment No. 1 Page 8 of 10 Pages
At this time, no reporting person has any current plans or proposals which
relate to or would result in:
(1) the acquisition by any person of additional securities of the issuer, or the
disposition of securities of the issuer;
(2) an extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the issuer or any of its subsidiaries;
(3) a sale or transfer of a material amount of assets of the issuer or any of
its subsidiaries;
(4) any change in the present board of directors or management of the issuer,
including any plans or proposals or proposals to change the number or term of
directors or to fill any existing vacancies on the board;
(5) any material change in the present capitalization or dividend policy of the
Issuer;
(6) any other material change in the Issuer's business or corporate structure;
(7) changes in the Issuer's charter, by-laws, instruments corresponding thereto
or other actions which may impede the acquisition of control of the Issuer by
any person;
(8) causing a class of securities of the Issuer to be delisted from a national
securities exchange or to cease to be authorized to be quoted in an inter-dealer
quotation system of a registered securities association;
(9) a class of equity security of the Issuer becoming eligible for termination
of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of
1934; or
(10) any action similar to any of those enumerated above.
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CUSIP No. 790849103 Schedule 13D, Amendment No. 1 Page 9 of 10 Pages
SIGNATURE.
After reasonable inquiry and to the best of its or his knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Date: March 18, 1999
IRIDIAN ASSET MANAGEMENT LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
LC CAPITAL MANAGEMENT, LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
CL INVESTORS, INC.
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, President
By: /s/ David L. Cohen
----------------------------------
David L. Cohen, individually
By: /s/ Harold J. Levy
----------------------------------
Harold J. Levy, individually
Page 10 of 10 Pages
EXHIBIT A
JOINT FILING AGREEMENT AMONG IRIDIAN ASSET MANAGEMENT LLC, LC CAPITAL
MANAGEMENT, LLC, CL INVESTORS, INC., DAVID L. COHEN AND HAROLD J. LEVY
AGREEMENT between Iridian Asset Management LLC ("Iridian"), LC Capital
Management, LLC ("LC"), CL Investors, Inc. ("CLI"), David L. Cohen ("Cohen") and
Harold J. Levy ("Levy").
WHEREAS, in accordance with Rule 13d-1(k) under the Securities Exchange Act
of 1934 (the "Act"), only one statement containing the information required by
Schedule 13D and Schedule 13G and any amendments thereto need be filed whenever
two or more persons are required to file such a statement or any amendments
thereto with respect to the same securities, provided that said persons agree in
writing that such statement or any amendment thereto is filed on behalf of them.
NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, the parties hereto agree as follows:
Iridian, LC, CLI, Cohen and Levy, do hereby agree, in accordance with Rule
13d-1(f) under the Act, to file a Schedule 13D or Schedule 13G relating to their
ownership of the common stock of St. Jude Medical, Inc., and do hereby further
agree that said Schedule 13D and Schedule 13G shall be filed on behalf of each
of them.
Date: March 18, 1999
IRIDIAN ASSET MANAGEMENT LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
LC CAPITAL MANAGEMENT, LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
CL INVESTORS, INC.
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, President
By: /s/ David L. Cohen
----------------------------------
David L. Cohen, individually
By: /s/ Harold J. Levy
----------------------------------
Harold J. Levy, individually
