UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 4)
Under the Securities Exchange Act of 1934
AVID TECHNOLOGY, INC.
-----------------
(Name of Issuer)
Common Stock, Par Value $.01 Per Share
-----------------------------
(Title of Class of Securities)
05367P100
---------
(CUSIP Number)
Gregory D. Hitchan
Blum Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 5, 2006
--------------
(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 which is the subject of this Schedule 13D, and
is filing this schedule because of Rule 13d-1(b)(3) or (4), 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 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 11
CUSIP NO. 05367P100 SCHEDULE 13D Page 2 of 11
------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3205364
------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* 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 California
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 5,632,783**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 5,632,783**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,632,783**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.3%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN, IA
------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 3 of 11
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1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-2967812
------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
------------------------------------------------------------------------------
4. SOURCE OF FUNDS* 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 California
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 5,632,783**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 5,632,783**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,632,783**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.3%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 4 of 11
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 04-3809436
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* 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
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 5,632,783**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 5,632,783**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,632,783**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.3%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 5 of 11
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 02-0742606
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* 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
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 5,632,783**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 5,632,783**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,632,783**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.3%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 6 of 11
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC PARTNERS III, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 04-3809438
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* 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
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 5,632,783**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 5,632,783**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,632,783**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.3%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 7 of 11
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1. NAME OF REPORTING PERSON SADDLEPOINT PARTNERS GP, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 83-0424234
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* 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
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 5,632,783**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 5,632,783**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,632,783**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.3%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 05367P100 SCHEDULE 13D Page 8 of 11
Item 1. Security and Issuer
----------------------------
This Amendment No. 4 amends the Statement on Schedule 13D (the "Schedule
13D") filed with the Securities and Exchange Commission (the "Commission")
on June 19, 2006 by Blum Capital Partners, L.P., a California limited
partnership, ("Blum LP"); Richard C. Blum & Associates, Inc., a California
corporation ("RCBA Inc."); Blum Strategic GP III, L.L.C., a Delaware limited
liability company ("Blum GP III"); Blum Strategic GP III, L.P., a Delaware
limited partnership ("Blum GP III LP"); Blum Strategic Partners III, L.P.,
a Delaware limited partnership ("Blum Strategic III") and Saddlepoint
Partners GP, L.L.C., a Delaware limited liability company ("Saddlepoint
GP") (collectively, the "Reporting Persons"). This amendment relates to
shares of common stock, $.01 par value per share (the "Common Stock") of
Avid Technology, Inc., a Delaware corporation (the "Issuer"). The principal
executive office and mailing address of the Issuer is One Park West,
Tewksbury, MA 01876. The following amendments to the Schedule 13D are
hereby made. Unless otherwise defined herein, all capitalized terms shall
have the meanings ascribed to them in the Schedule 13D.
Item 5. Interest in Securities of the Issuer
---------------------------------------------
(a), (b) According to the Issuer's Form 10-Q filed with the Commission
on May 10, 2006, there were 42,239,625 shares of Common Stock issued
and outstanding as of April 24, 2006. Based on such information, after
taking into account the transactions described in Item 5(c) below, the
Reporting Persons report beneficial ownership of the following shares of
Common Stock: (i) 1,869,529 shares of Common Stock held by Blum LP and
RCBA Inc. on behalf of the limited partnerships for which Blum LP serves
as the general partner, or on behalf of an entity for which Blum LP serves
as investment advisor, which represents 4.4% of the outstanding shares of
the Common Stock; (ii) 3,472,204 shares of the Common Stock held by Blum
GP III which serves as general partner of Blum GP III LP which, in turn,
serves as the general partner of Blum Strategic III, which represents
8.2% of the outstanding shares of the Common Stock; (iii) 168,050 shares
of the Common Stock held by Saddlepoint GP on behalf of a partnership
for which it serves as the general partner, which represents 0.4% of
the outstanding shares of the Common Stock; and (iv) 61,500 shares of
the Common Stock that are legally owned by The Nuclear Decommissioning
Trust of Dominion Nuclear Connecticut, Inc. ("Dominion Connecticut"),
which represents 0.1% of the outstanding shares of the Common Stock
and 61,500 shares of the Common Stock that are legally owned by Virginia
Electric and Power Company Qualified Nuclear Decommissioning Trust
("Virginia Electric"), which represents 0.1% of the outstanding shares
of the Common Stock (collectively, the "Investment Advisory Clients"),
with respect to which Blum LP has voting and investment power. Each
Investment Advisory Client has entered into an investment management
agreement with Blum LP, but neither Investment Advisory Client has any
contract, arrangement or understanding with the other Investment Advisory
Client, or any other Reporting Person, with respect to the acquisition,
ownership, disposition or voting of any shares of the Common Stock.
Each Investment Advisory Client disclaims membership in a group with
any Reporting Person or with the other Investment Advisory Client, and
each disclaims beneficial ownership of any shares beneficially owned
by the Reporting Persons other than for their own account.
Voting and investment power concerning the above shares are held solely
by Blum LP, Blum GP III and Saddlepoint GP. The Reporting Persons
therefore may be deemed to be members in a group, in which case the
group would be deemed to have beneficial ownership of an aggregate of
5,632,783 shares of the Common Stock, which is 13.3% of the outstanding
Common Stock. As the sole general partner of Blum LP, RCBA Inc. is
deemed the beneficial owner of the securities over which Blum LP has
voting and investment power. The filing of this Schedule shall not be
CUSIP NO. 05367P100 SCHEDULE 13D Page 9 of 11
construed as an admission that any of the shareholders, directors or
executive officers of RCBA Inc. or the managing members and members
of Blum GP III, Blum GP III LP and Saddlepoint GP, is, for any
purpose, the beneficial owner of any of the securities that are
beneficially owned by RCBA Inc., Blum GP III LP, Blum GP III or
Saddlepoint GP.
c) Since the most recent filing of Schedule 13D, the Reporting Persons
effected the following transactions in the Common Stock:
The Reporting Persons purchased the following number of shares of Common
Stock in the open market:
Entity Trade Date Shares Price/Share
------ ---------- -------- -----------
Investment partnerships for 06-22-06 26,400 33.6520
which Blum LP serves as the 06-22-06 31,100 33.6959
general partner and on behalf 06-23-06 300 33.3713
of an entity for which Blum LP 06-23-06 10,800 33.7631
serves as investment advisor. 06-23-06 3,800 33.8052
06-27-06 3,900 33.8100
06-28-06 11,000 33.7785
06-28-06 300 33.8100
06-30-06 700 33.8100
07-05-06 6,200 33.4761
07-05-06 19,500 33.4763
07-05-06 10,000 33.5705
07-06-06 7,300 33.7276
07-07-06 7,700 33.6080
07-10-06 42,000 33.4994
07-10-06 48,900 33.5403
Entity Trade Date Shares Price/Share
------ ---------- -------- ----------
For Blum Strategic III for 06-22-06 5,800 33.6520
which Blum GP III LP 06-22-06 5,900 33.6959
serves as the general partner 06-23-06 2,705 33.3713
and for Blum GP III which 06-23-06 87,700 33.7631
serves as the general 06-23-06 30,800 33.8052
partner for Blum GP III LP. 06-27-06 33,926 33.8100
06-28-06 97,469 33.7785
06-28-06 2,901 33.8100
06-30-06 7,300 33.8100
07-05-06 55,199 33.4761
07-05-06 174,600 33.4763
07-05-06 88,500 33.5705
07-06-06 82,000 33.7276
07-07-06 85,900 33.6080
Entity Trade Date Shares Price/Share
------ ---------- ------- ----------
The partnership for which 06-22-06 1,400 33.6520
Saddlepoint GP serves as 06-22-06 1,400 33.6959
general partner. 06-23-06 700 33.7631
06-23-06 200 33.8052
06-27-06 100 33.8100
07-05-06 600 33.4761
07-05-06 1,800 33.4763
07-05-06 900 33.5705
CUSIP NO. 05367P100 SCHEDULE 13D Page 10 of 11
Entity Trade Date Shares Price/Share
------ ---------- ------- ----------
The partnership for which 07-06-06 700 33.7276
Saddlepoint GP serves as 07-07-06 800 33.6080
general partner. 07-10-06 4,200 33.4994
07-10-06 4,800 33.5403
Entity Trade Date Shares Price/Share
------ ---------- ------ ------------
The Investment Advisory 06-22-06 1,600 33.6520
Clients for which Blum LP 06-22-06 1,600 33.6959
serves as investment advisor. 06-23-06 800 33.7631
06-23-06 200 33.8052
06-27-06 200 33.8100
06-28-06 800 33.7785
07-05-06 400 33.4761
07-05-06 1,400 33.4763
07-05-06 600 33.5705
07-06-06 600 33.7276
07-07-06 600 33.6080
07-10-06 3,800 33.4994
07-10-06 4,400 33.5403
Since the most recent filing of Schedule 13D, the Reporting Persons
distributed to a limited partner in one of the limited partnerships
for which Blum LP serves as the general partner, the shares of the
Common Stock shown below:
Entity Trade Date Shares Price/Share
------ ---------- ------------ ------------
Investment partnership for 07-03-06 44,847 -0-
which Blum LP serves as the
general partner.
(d) and (e) Not applicable.
Item 7. Material to be Filed as Exhibits
-----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 05367P100 SCHEDULE 13D Page 11 of 11
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 11, 2006
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Partner, General Counsel and Partner, General Counsel and
Secretary Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Member and General Counsel Member and General Counsel
BLUM STRATEGIC PARTNERS III, L.P. SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Strategic GP III, L.P., By: Blum Capital Partners, L.P.
Its General Partner Its Managing Member
By: Blum Strategic GP III, L.L.C. By: Richard C. Blum & Associates, Inc.
Its General Partner Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
---------------------------- ------------------------------
Gregory D. Hitchan, Gregory D. Hitchan
Member and General Counsel Partner, General Counsel and
Secretary
CUSIP NO. 05367P100 SCHEDULE 13D Page 1 of 1
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to this Schedule 13D to evidence the agreement
of the below-named parties, in accordance with the rules promulgated
pursuant to the Securities Exchange Act of 1934, to file this Schedule
jointly on behalf of each such party.
Dated: July 11, 2006
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Partner, General Counsel and Partner, General Counsel and
Secretary Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Member and General Counsel Member and General Counsel
BLUM STRATEGIC PARTNERS III, L.P. SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Strategic GP III, L.P., By: Blum Capital Partners, L.P.
Its General Partner Its Managing Member
By: Blum Strategic GP III, L.L.C. By: Richard C. Blum & Associates, Inc.
Its General Partner Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
---------------------------- ------------------------------
Gregory D. Hitchan, Gregory D. Hitchan
Member and General Counsel Partner, General Counsel and
Secretary