Third Point LLC
10/25/2024 | Press release | Distributed by Public on 10/25/2024 16:07
Amendment to Beneficial Ownership Report - Form SC 13D/A
SC 13D/A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Bath & Body Works, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
070830104
(CUSIP Number)
Joshua L. Targoff
Third Point LLC
55 Hudson Yards
New York, NY 10001
(212) 715-3880
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
October 23, 2024
(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 §§240.13d-1(e),240.13d-1(f) or 240.13d-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.
| * |
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).
| CUSIP No. 070830104 | SCHEDULE 13D | Page 2 of 7 Pages |
| 1 |
NAMES OF REPORTING PERSONS Third Point LLC |
|
| 2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ☐ (b) ☐ |
|
| 3 |
SEC USE ONLY |
|
| 4 |
SOURCE OF FUNDS (See Instructions) AF |
|
| 5 |
CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ☐ |
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| 6 |
CITIZENSHIP OR PLACE OF ORGANIZATION Delaware |
|
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
SOLE VOTING POWER |
||
| 8 |
SHARED VOTING POWER 8,000,000 |
|||
| 9 |
SOLE DISPOSITIVE POWER |
|||
| 10 |
SHARED DISPOSITIVE POWER 8,000,000 |
| 11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,000,000 |
|
| 12 |
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ☐ |
|
| 13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.65% |
|
| 14 |
TYPE OF REPORTING PERSON (See Instructions) OO |
| CUSIP No. 070830104 | SCHEDULE 13D | Page 3 of 7 Pages |
| 1 |
NAMES OF REPORTING PERSONS Daniel S. Loeb |
|
| 2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ☐ (b) ☐ |
|
| 3 |
SEC USE ONLY |
|
| 4 |
SOURCE OF FUNDS (See Instructions) AF |
|
| 5 |
CHECK IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ☐ |
|
| 6 |
CITIZENSHIP OR PLACE OF ORGANIZATION United States |
|
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
SOLE VOTING POWER |
||
| 8 |
SHARED VOTING POWER 8,000,000 |
|||
| 9 |
SOLE DISPOSITIVE POWER |
|||
| 10 |
SHARED DISPOSITIVE POWER 8,000,000 |
| 11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,000,000 |
|
| 12 |
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ☐ |
|
| 13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.65% |
|
| 14 |
TYPE OF REPORTING PERSON (See Instructions) IN |
| CUSIP No. 070830104 | SCHEDULE 13D | Page 4 of 7 Pages |
Item 1. Security and Issuer. This Amendment No. 3 to Schedule 13D (this "Amendment No. 3") relates to the shares of common stock, par value $0.50 per share ("Common Stock"), of Bath & Body Works, Inc. (the "Issuer") and amends the Schedule 13D filed on December 8, 2022 (the "Original Schedule 13D"), as amended by Amendment No. 1 to Schedule 13D filed on February 22, 2023, and Amendment No. 2 to Schedule 13D filed on March 6, 2023 (together, the "Schedule 13D"). Capitalized terms used and not defined in this Amendment No. 3 have the meanings set forth in the Schedule 13D.
This Amendment No. 3 is being filed to amend Item 5 and Item 7 as follows:
Item 5. Interest in Securities of the Issuer. Items 5(a), 5(c) and 5(e) of the Schedule 13D are hereby amended and restated to read as follows:
(a) As of 4:00 p.m., New York City time, on October 25, 2024, the Reporting Persons beneficially own an aggregate of 8,000,000 shares of Common Stock held by the Funds (such shares, the "Shares"). The Shares represent approximately 3.65% of the Issuer's Common Stock outstanding. The calculation of the percentage of Common Stock beneficially owned assumes 219,111,946 shares of Common Stock outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed on August 28, 2024.
(c) Set forth on Schedule A hereto are all transactions in the shares of Common Stock effected during the past sixty days by the Reporting Persons, inclusive of any transactions effected through 4:00 p.m., New York City time, on October 25, 2024.
(e) On October 23, 2024, as a result of the transactions reported in this Amendment No. 3, the Reporting Persons ceased to be the beneficial owners of more than five percent of the shares of Common Stock, and the Reporting Persons are no longer subject to the reporting requirements of Rule 13d-1(a) of the Exchange Act.
Item 7. Material to Be Filed as Exhibits. Item 7 of the Schedule 13D is hereby amended to include the following:
|
Exhibit Number |
Description of Exhibits |
|
| 4. | Power of Attorney granted by Daniel S. Loeb in favor of Jana Tsilman and Joshua L. Targoff, dated February 9, 2024, which was previously filed with the SEC on February 13, 2024 as Exhibit 99.2 to the Schedule 13G/A filed by Third Point LLC and Daniel S. Loeb with respect to Global Blue Group Holding AG and is incorporated herein by reference. |
| CUSIP No. 070830104 | SCHEDULE 13D | Page 5 of 7 Pages |
SIGNATURES
After reasonable inquiry and to the best of its or his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: October 25, 2024
| THIRD POINT LLC | ||
| By: |
/s/ Jana Tsilman |
|
| Name: | Jana Tsilman | |
| Title: | Attorney-in-Fact | |
| DANIEL S. LOEB | ||
| By: |
/s/ Jana Tsilman |
|
| Name: | Jana Tsilman | |
| Title: | Attorney-in-Fact |
| CUSIP No. 070830104 | SCHEDULE 13D | Page 6 of 7 Pages |
SCHEDULE A
This Schedule A sets forth information with respect to each purchase and sale of shares of Common Stock which was effectuated by a Reporting Person during the past sixty days, inclusive of any transactions effected through 4:00 p.m., New York City time, on October 25, 2024. Unless otherwise indicated, all transactions were effected in the open market through a broker.
|
Date of Transaction |
Number of Shares Purchased (Sold) |
Price per Share ($) | ||||||
|
8/30/2024 |
(2,600 | ) | 30.76 | |||||
|
8/30/2024 |
2,600 | 30.76 | ||||||
|
9/27/2024 |
(99,264 | ) | 32.54 | |||||
|
9/30/2024 |
(100,000 | ) | 32.00 | |||||
|
10/10/2024 |
(285,000 | ) | 30.50 | |||||
|
10/11/2024 |
(100,000 | ) | 31.10 | |||||
|
10/14/2024 |
(30,000 | ) | 31.61 | |||||
|
10/14/2024 |
(70,000 | ) | 31.63 | |||||
|
10/15/2024 |
(100,000 | ) | 31.75 | |||||
|
10/16/2024 |
(100,000 | ) | 32.00 | |||||
|
10/23/2024 |
(500,000 | ) | 30.00 | |||||
|
10/24/2024 |
(75,000 | ) | 30.08 | |||||
|
10/24/2024 |
(500,000 | ) | 30.00 | |||||
|
10/25/2024 |
(500,000 | ) | 30.00 | |||||
|
10/25/2024 |
(1,525,000 | ) | 30.00 |
| CUSIP No. 070830104 | SCHEDULE 13D | Page 7 of 7 Pages |
INDEX TO EXHIBITS
|
Exhibit Number |
Description of Exhibits |
|
| 1. | Joint Filing Agreement, dated as of December 8, 2022, by and among the Reporting Persons.* | |
| 2. | Power of Attorney granted by Daniel S. Loeb in favor of William Song and Joshua L. Targoff, dated February 17, 2021, which was previously filed with the SEC on March 5, 2021 as Exhibit 24 to the Form 4 filed by Third Point LLC and Daniel S. Loeb with respect to Radius Global Infrastructure Inc. and is incorporated herein by reference.* | |
| 3. | Letter to the Board of Directors of the Issuer, dated February 22, 2023.* | |
| 4. | Power of Attorney granted by Daniel S. Loeb in favor of Jana Tsilman and Joshua L. Targoff, dated February 9, 2024, which was previously filed with the SEC on February 13, 2024 as Exhibit 99.2 to the Schedule 13G/A filed by Third Point LLC and Daniel S. Loeb with respect to Global Blue Group Holding AG and is incorporated herein by reference. |
| * |
Previously filed. |