SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
(Amendment No. __)*
Savient Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
80517Q100
(CUSIP Number)
May 23, 2008
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Page 1 of 15 Pages)
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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 the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes 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).
CUSIP No. 80517Q100 13G Page 2 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
SPARTAN PARTNERS LP
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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) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
80,356 Shares of Common Stock
Options to purchase 600 Shares of Common Stock
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
80,356 Shares of Common Stock
Options to purchase 600 Shares of Common Stock
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
80,356 Shares of Common Stock
Options to purchase 600 Shares of Common Stock
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.15%
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(12) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 80517Q100 13G Page 3 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
SYNAPSE I, 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) CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
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NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
80,356 Shares of Common Stock
Options to purchase 600 Shares of Common Stock
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
80,356 Shares of Common Stock
Options to purchase 600 Shares of Common Stock
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
80,356 Shares of Common Stock
Options to purchase 600 Shares of Common Stock
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.15%
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(12) TYPE OF REPORTING PERSON **
OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 80517Q100 13G Page 4 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
PSAM WORLDARB MASTER FUND LTD.
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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) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,458,235 Shares of Common Stock
Options to purchase 17,200 Shares of Common Stock
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,458,235 Shares of Common Stock
Options to purchase 17,200 Shares of Common Stock
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,458,235 Shares of Common Stock
Options to purchase 17,200 Shares of Common Stock
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.57%
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(12) TYPE OF REPORTING PERSON **
OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 80517Q100 13G Page 5 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
P. SCHOENFELD ASSET MANAGEMENT INTERNATIONAL 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) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,624,001 Shares of Common Stock
Options to purchase 18,300 Shares of Common Stock
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,624,001 Shares of Common Stock
Options to purchase 18,300 Shares of Common Stock
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,624,001 Shares of Common Stock
Options to purchase 18,300 Shares of Common Stock
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.87%
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(12) TYPE OF REPORTING PERSON **
IA
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 80517Q100 13G Page 6 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
P. SCHOENFELD 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) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,687,684 Shares of Common Stock
Options to purchase 18,900 Shares of Common Stock
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,687,684 Shares of Common Stock
Options to purchase 18,900 Shares of Common Stock
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,687,684 Shares of Common Stock
Options to purchase 18,900 Shares of Common Stock
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.96%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IA
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 80517Q100 13G Page 7 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
PETER M. SCHOENFELD
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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) CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,853,450 Shares of Common Stock
Options to purchase 20,000 Shares of Common Stock
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,853,450 Shares of Common Stock
Options to purchase 20,000 Shares of Common Stock
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,853,450 Shares of Common Stock
Options to purchase 20,000 Shares of Common Stock
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.3%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 80517Q100 13G Page 8 of 15 Pages
Item 1(a). Name of Issuer:
The name of the issuer is Savient Pharmaceuticals, Inc. (the "Company").
Item 1(b). Address of Issuer's Principal Executive Offices:
The Company's principal executive office is located at One Tower Center,
14th Floor, East Brunswick, NJ 08816
Item 2(a). Name of Person Filing:
This statement is filed by:
(i) Spartan Partners LP, a Delaware limited partnership
("Spartan"), with respect to shares of Common Stock (as
defined in Item 2(d) below) directly owned by it;
(ii) Synapse I, LLC, a New York limited liability company ("Synapse
I"), with respect to shares of Common Stock (as defined in
Item 2(d) below) directly owned by Spartan;
(iii) PSAM WorldArb Master Fund Ltd., a Cayman Islands exempted
limited company (the "Master Fund"), with respect to shares of
Common Stock (as defined in Item 2(d) below) directly owned by
it;
(iv) P. Schoenfeld Asset Management International, a New York
limited liability company ("International"), which serves as
the investment adviser to the Master Fund and a number of
managed accounts, with respect to the shares of Common Stock
(as defined in Item 2(d) below) directly owned by each of the
managed accounts and Master Fund;
(v) P. Schoenfeld Asset Management, a New York limited liability
company ("PSAM"), which serves as the investment adviser to a
number of managed accounts and, by sub-advisory agreement, has
full discretion to make all investment decisions for the
Master Fund with respect to the shares of Common Stock (as
defined in Item 2(d) below) directly owned by each of the
managed accounts and the Master Fund (collectively with the
managed accounts advised by International, the "Accounts");
and
CUSIP No. 80517Q100 13G Page 9 of 15 Pages
(vi) Mr. Peter M. Schoenfeld ("Mr. Schoenfeld"), who serves as the
managing member of PSAM and International with respect to
shares of Common Stock directly owned by the Accounts.
Spartan, Synapse I, the Master Fund, International, PSAM and Mr. Schoenfeld
are hereinafter sometimes collectively referred to as the "Reporting Persons."
Any disclosures herein with respect to persons other than the Reporting Persons
are made on information and belief after making inquiry to the appropriate
party.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the principal business office of each of the Reporting
Persons except the Master Fund is 1350 Avenue of the Americas, 21st Floor, New
York, NY 10019. The address of the principal business office of the Master Fund
is c/o Citco Fund Services (Cayman Islands) Limited, Winward 1, 2nd Floor,
Regatta Office Park, West Bay Road, PO Box 31106, Grand Cayman KY1-1205, Cayman
Islands.
CUSIP No. 80517Q100 13G Page 10 of 15 Pages
Item 2(c). Citizenship:
Spartan is organized under the laws of the State of Delaware. Each of
Synapse I, International and PSAM is organized under the laws of the State of
New York. The Master Fund is an exempted limited company organized under the
laws of the Cayman Islands. Mr. Schoenfeld is a citizen of the United States of
America.
Item 2(d). Title of Class of Securities:
Common Stock, par value $.01 per share (the "Common Stock")
Item 2(e). CUSIP Number:
80517Q100
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the
Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [ ] Investment Adviser in accordance with Rule
13d-1(b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance
with Rule 13d-1(b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to 13d-1(c), check this box: [X]
CUSIP No. 80517Q100 13G Page 11 of 15 Pages
Item 4. Ownership.
A. Spartan Partners LP
(a) Amount beneficially owned:
80,356 Shares of Common Stock
Options to purchase 600 Shares of Common Stock
(b) Percent of class: 0.15%
The percentages used herein and in the rest of this Schedule 13G
are calculated based upon the 54,226,372 shares of Common Stock
issued and outstanding on May 4, 2008, as reflected in the
Company's Form 10-Q filed on May 9, 2008.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote:
80,356 Shares of Common Stock
Options to purchase 600 Shares of Common Stock
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
80,356 Shares of Common Stock
Options to purchase 600 Shares of Common Stock
B. Synapse I, LLC
(a) Amount beneficially owned:
80,356 Shares of Common Stock
Options to purchase 600 Shares of Common Stock
(b) Percent of class: 0.15%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote:
80,356 Shares of Common Stock
Options to purchase 600 Shares of Common Stock
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
80,356 Shares of Common Stock
Options to purchase 600 Shares of Common Stock
C. PSAM WorldArb Master Fund Ltd.
(a) Amount beneficially owned:
2,458,235 Shares of Common Stock
Options to purchase 17,200 Shares of Common Stock
(b) Percent of class: 4.57%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote:
2,458,235 Shares of Common Stock
Options to purchase 17,200 Shares of Common Stock
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,458,235 Shares of Common Stock
Options to purchase 17,200 Shares of Common Stock
CUSIP No. 80517Q100 13G Page 12 of 15 Pages
D. P. Schoenfeld Asset Management International LLC
(a) Amount beneficially owned:
2,624,001 Shares of Common Stock
Options to purchase 18,300 Shares of Common Stock
(b) Percent of class: 4.87%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote:
2,624,001 Shares of Common Stock
Options to purchase 18,300 Shares of Common Stock
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,624,001 Shares of Common Stock
Options to purchase 18,300 Shares of Common Stock
E. P. Schoenfeld Asset Management LLC
(a) Amount beneficially owned:
2,687,684 Shares of Common Stock
Options to purchase 18,900 Shares of Common Stock
(b) Percent of class: 4.96%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote:
2,687,684 Shares of Common Stock
Options to purchase 18,900 Shares of Common Stock
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,687,684 Shares of Common Stock
Options to purchase 18,900 Shares of Common Stock
F. Peter M. Schoenfeld
(a) Amount beneficially owned:
2,853,450 Shares of Common Stock
Options to purchase 20,000 Shares of Common Stock
(b) Percent of class: 5.3%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote:
2,853,450 Shares of Common Stock
Options to purchase 20,000 Shares of Common Stock
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,853,450 Shares of Common Stock
Options to purchase 20,000 Shares of Common Stock
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
CUSIP No. 80517Q100 13G Page 13 of 15 Pages
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
PSAM and International, as investment advisers to the Accounts, including
the Master Fund, that directly own the Common Stock to which this filing
relates, have voting and dispositive authority over such Common Stock. As such
PSAM and International may be deemed to be the beneficial owners of such Common
Stock. Mr. Schoenfeld is the managing member of PSAM and International. As such,
he may be deemed to control such entities and therefore may be deemed to be the
beneficial owner of the Common Stock to which this filing relates. Synapse I,
the general partner of Spartan, has the power to direct the affairs of Spartan,
including decisions regarding the disposition of the proceeds of the Common
Stock to which this filing relates.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
See Item 2.
Item 9. Notice of Dissolution of Group.
Not applicable.
CUSIP No. 80517Q100 13G Page 14 of 15 Pages
Item 10. Certification.
Each of the Reporting Persons hereby makes the following certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURE
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.
DATED: June 2, 2008
/s/ Peter M. Schoenfeld
-------------------------------------
Peter M. Schoenfeld, (i)individually; (ii)
as managing member of
(a) P. Schoenfeld Asset Management LLC,
(b) P. Schoenfeld Asset Management
International, LLC, and (c) Synapse I, LLC
for itself and as the general partner of
Spartan Partners, LP; and
(iii) as director of PSAM WorldArb Master
Fund Ltd.
CUSIP No. 80517Q100 13G Page 15 of 15 Pages
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(k)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13G, is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G, shall be filed on
behalf of each of the undersigned without the necessity of filing additional
joint acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the others, except to the extent that he or it knows or has reason to
believe that such information is inaccurate.
DATED: June 2, 2008
/s/ Peter M. Schoenfeld
-------------------------------------
Peter M. Schoenfeld, (i)individually; (ii)
as managing member of
(a) P. Schoenfeld Asset Management LLC,
(b) P. Schoenfeld Asset Management
International, LLC, and (c) Synapse I, LLC
for itself and as the general partner of
Spartan Partners, LP; and
(iii) as director of PSAM WorldArb Master
Fund Ltd.