Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
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- Peter Lynch
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UNITED STATES
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)
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Masimo Corporation
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
574795100
(CUSIP Number)
Quentin Koffey
Politan Capital Management LP
c/o Schulte Roth & Zabel LLP
919 Third Avenue, Suite 2300
New York, New York 10022
646-690-2830
With a copy to:
Richard M. Brand
Cadwalader, Wickersham & Taft LLP
200 Liberty Street
New York, NY 10281
212-504-6000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
October 21, 2022
(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. ☐
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
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*
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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.
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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).
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CUSIP No. 574795100
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Page 2
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1
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NAME OF REPORTING PERSON
Politan Capital Management LP
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☒ (b) ☐
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||
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
OO (See Item 3)
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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Number of
shares beneficially owned by each reporting person with |
7
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SOLE VOTING POWER
0
|
|
|
8
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SHARED VOTING POWER
4,648,869
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9
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SOLE DISPOSITIVE POWER
0
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||
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10
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SHARED DISPOSITIVE POWER
4,648,869
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||
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,648,869
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||
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.8%*
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14
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TYPE OF REPORTING PERSON
IA
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* All percentage calculations set forth herein are based upon the aggregate of 52,530,244 shares of Common Stock outstanding as of July 2, 2022, as
reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on August 10, 2022.
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CUSIP No. 574795100
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Page 3
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1
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NAME OF REPORTING PERSON
Politan Capital Management GP LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☒ (b) ☐
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||
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
OO (See Item 3)
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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||
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Number of
shares beneficially owned by each reporting person with |
7
|
SOLE VOTING POWER
0
|
|
|
8
|
SHARED VOTING POWER
4,648,869
|
||
|
9
|
SOLE DISPOSITIVE POWER
0
|
||
|
10
|
SHARED DISPOSITIVE POWER
4,648,869
|
||
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,648,869
|
||
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐
|
||
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.8%*
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||
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14
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TYPE OF REPORTING PERSON
IA
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* All percentage calculations set forth herein are based upon the aggregate of 52,530,244 shares of Common Stock outstanding as of July 2, 2022, as reported in the
Issuer’s Quarterly Report on Form 10-Q filed with the SEC on August 10, 2022.
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CUSIP No. 574795100
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Page 4
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1
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NAME OF REPORTING PERSON
Politan Capital Partners GP LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☒ (b) ☐
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||
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
OO (See Item 3)
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
|
||
|
Number of
shares beneficially owned by each reporting person with |
7
|
SOLE VOTING POWER
0
|
|
|
8
|
SHARED VOTING POWER
4,648,869
|
||
|
9
|
SOLE DISPOSITIVE POWER
0
|
||
|
10
|
SHARED DISPOSITIVE POWER
4,648,869
|
||
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,648,869
|
||
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐
|
||
|
13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.8%*
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||
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14
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TYPE OF REPORTING PERSON
IA
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* All percentage calculations set forth herein are based upon the aggregate of 52,530,244 shares of Common Stock outstanding as of July 2, 2022, as reported in the
Issuer’s Quarterly Report on Form 10-Q filed with the SEC on August 10, 2022.
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CUSIP No. 574795100
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Page 5
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1
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NAME OF REPORTING PERSON
Quentin Koffey
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☒ (b) ☐
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||
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
OO (See Item 3)
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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Number of
shares beneficially owned by each reporting person with |
7
|
SOLE VOTING POWER
0
|
|
|
8
|
SHARED VOTING POWER
4,648,869
|
||
|
9
|
SOLE DISPOSITIVE POWER
0
|
||
|
10
|
SHARED DISPOSITIVE POWER
4,648,869
|
||
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,648,869
|
||
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
☐
|
||
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.8%*
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||
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14
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TYPE OF REPORTING PERSON
IN
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* All percentage calculations set forth herein are based upon the aggregate of 52,530,244 shares of Common Stock outstanding as of July 2, 2022, as reported in the
Issuer’s Quarterly Report on Form 10-Q filed with the SEC on August 10, 2022.
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CUSIP No. 574795100
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Page 6
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This Amendment No. 2 to Schedule 13D (this “Amendment No. 2”) amends and supplements the Schedule 13D filed on August 16, 2022 (as
amended and supplemented through the date of this Amendment No. 2, collectively, the “Schedule 13D”) by the Reporting Persons, relating to the common stock, par value $0.001 per share, of Masimo Corporation, a Delaware corporation (the “Issuer”).
Capitalized terms not defined in this Amendment No. 2 shall have the meaning ascribed to them in the Schedule 13D.
The information set forth in response to Item 4 below shall be deemed to be a response to all Items where such
information is relevant.
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ITEM 4. PURPOSE OF TRANSACTION
Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information:
On October 21, 2022, Politan has filed a Verified Complaint (the “Complaint”) in the Delaware Court of Chancery against the Issuer and the members of the Issuer’s Board
of Directors (the “Director Defendants”) seeking relief to (i) declare the amendments to certain of the Issuer’s corporate bylaws unenforceable, (ii) find that the Director Defendants breached their fiduciary duties, (iii) invalidate
certain change of control provisions in the Issuer’s CEO Joe Kiani’s employment agreement, and (iv) permanently enjoin the Issuer and its Board of Directors from taking any actions to prevent Politan from exercising its rights in accordance
with the Issuer’s prior corporate bylaws to nominate directors, as more fully described in the Complaint.
The foregoing description of the Complaint does not purport to be complete and is qualified in its entirety by reference to the full text of the Complaint, which is
attached hereto as Exhibit 99.4 and is incorporated herein by reference.
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CUSIP No. 574795100
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Page 7
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ITEM 7.
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MATERIAL TO BE FILED AS AN EXHIBIT
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Exhibit 99.1
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Joint Filing Agreement among Politan Capital Management LP, Politan Capital Management GP LLC, Politan Capital Partners GP LLC, and Quentin Koffey*
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Exhibit 99.2
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Trading Data*
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Exhibit 99.3
Exhibit 99.4
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Trading Data*
Form of Verified Complaint, filed with the Delaware Court of Chancery on October 21, 2022.
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*Previously filed.
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CUSIP No. 574795100
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Page 8
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SIGNATURES
After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certify that the information set forth in this
statement is true, complete and correct.
Date: October 21, 2022
| POLITAN CAPITAL MANAGEMENT LP | |||
| By: |
Politan Capital Management GP LLC, its general partner | ||
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By:
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/s/ Quentin Koffey |
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| Name: Quentin Koffey |
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| Title: Managing Member | |||
| POLITAN CAPITAL MANAGEMENT GP LLC | |||
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By:
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/s/ Quentin Koffey |
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| Name: Quentin Koffey |
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| Title: Managing Member | |||
| POLITAN CAPITAL PARTNERS GP LLC | |||
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By:
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/s/ Quentin Koffey |
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| Name: Quentin Koffey |
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| Title: Managing Member | |||
| QUENTIN KOFFEY | |||
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By:
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/s/ Quentin Koffey |
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| Name: Quentin Koffey |
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CUSIP No. 574795100
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Page 9
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INDEX TO EXHIBITS
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Exhibit
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Description
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| Exhibit 99.1 |
Joint Filing Agreement among Politan Capital Management LP, Politan Capital Management GP LLC, Politan Capital Partners GP LLC, and Quentin Koffey*
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| Exhibit 99.2 | Trading Data* | ||
| Exhibit 99.3 |
Trading Data*
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| Exhibit 99.4 | Form of Verified Complaint, filed with the Delaware Court of Chancery on October 21, 2022. |
*Previously filed.