SC 13D/A 1 p09-0002sc13da.txt GENCORP INC. Page 1 of 9 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 5) Gencorp Inc. -------------------------------------------------------------------------------- (Name of Issuer) Common Stock -------------------------------------------------------------------------------- (Title of Class of Securities) 368682100 -------------------------------------------------------------------------------- (CUSIP Number) Sandell Asset Management Corp. 40 West 57th Street 26th Floor New York, NY 10019 Attention : Richard Gashler, General Counsel 212-603-5700 With a Copy to: Marc Weingarten, Esq. Schulte Roth & Zabel LLP 919 Third Avenue New York, New York 10022 212-756-2000 -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) January 2, 2009 --------------- (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 ss.ss.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 368682100 SCHEDULE 13D Page 2 of 9 ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Castlerigg Master Investments Ltd. ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] ------------------------------------------------------------------------------ 3 SEC USE ONLY ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ---------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 4,720,991 ---------------------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ---------------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH 4,720,991 ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,720,991 ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.2% ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON CO ------------------------------------------------------------------------------ ------------------------------------------------------------------------------- CUSIP No 368682100 SCHEDULE 13D Page 3 of 9 ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Sandell Asset Management Corp. ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] ------------------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [X] ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ---------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 4,720,991 ---------------------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ---------------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH 4,720,991 ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,720,991 ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.2% ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON CO ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- CUSIP No 368682100 SCHEDULE 13D Page 4 of 9 ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Castlerigg International Limited ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] ------------------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [X] ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ---------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 4,720,991 ---------------------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ---------------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH 4,720,991 ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,720,991 ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.2% ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON CO ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- CUSIP No 368682100 SCHEDULE 13D Page 5 of 9 ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Castlerigg International Limited ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] ------------------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ---------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 4,720,991 ---------------------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ---------------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH 4,720,991 ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,720,991 ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.2% ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON CO ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- CUSIP No 368682100 SCHEDULE 13D Page 6 of 9 ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Thomas E. Sandell ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] ------------------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [X] ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Sweden ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 ---------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED 4,720,991 ---------------------------------------------------------------- BY EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 ---------------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH 4,720,991 ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,720,991 ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.2% ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- CUSIP No 368682100 SCHEDULE 13D Page 7 of 9 ------------------------------------------------------------------------------- This Amendment No. 5 is filed with respect to the shares of the common stock, $0.10 par value (the "Common Stock"), of GenCorp. Inc., an Ohio corporation ("Issuer"), beneficially owned by the Reporting Persons (as defined below) as of January 5, 2009 and amends and supplements the Schedule 13D filed on March 16, 2005, as amended (collectively, the "Schedule 13D"). Except as set forth herein, the Schedule 13D is unmodified. ITEM 2. IDENTITY AND BACKGROUND Paragraphs (a), (b), (c) and (d) of Item 2 of the Schedule 13D are hereby amended by deleting Castlerigg Global Select Fund, Limited and CGS, Ltd. These entities are no longer reporting persons for purposes of this Schedule 13D as a result of the merger of CGS, Ltd. and Castlerigg Master Investments. Paragraph (c) of Item 2 of the Schedule 13D is hereby supplemented as follows: Updated information concerning the Instruction C Persons is set forth on Appendix III attached hereto. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION Item 3 of the Schedule 13D is hereby amended and restated as follows: Castlerigg Master Investments acquired the shares of Common Stock reported herein and $2,000,000 of the Issuer's 2 1/4% Convertible Subordinated Notes due 2024 (the "Notes"), convertible into an additional 100,000 shares of Common Stock, at an aggregate cost of approximately $80,173,390. The funds used to purchase these securities were obtained from a combination of general working capital and margin account borrowings made in the ordinary course of business. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER Paragraphs (a), (b), (c) and (d) of Item 5 of the Schedule 13D are hereby amended and restated as follows: (a) Castlerigg Master Investments owns 4,720,991 shares of Common Stock (including 100,000 shares of Common Stock issuable upon conversion of the Notes), representing approximately 8.2% of the outstanding shares of Common Stock. By virtue of control relationships, Castlerigg International, Castlerigg Holdings, SAMC and Sandell may be deemed to beneficially own the shares of Common Stock owned by Castlerigg Master Investments. The Reporting Persons as a group beneficially own 4,720,991 shares of Common Stock (including 100,000 shares of Common Stock issuable upon conversion of the Notes), representing approximately 8.2% of the outstanding shares of Common Stock. The percentages used herein are based upon the 57,600,000 shares of Common Stock reported to be outstanding as of September 24, 2008 by the Issuer in its quarterly report on Form 10-Q for the period ended August 31, 2008, filed with the Securities and Exchange Commission on September 26, 2008. (b) None of the Reporting Persons has sole power to vote or to direct the vote or sole power to dispose or to direct the disposition of the Shares. Each of Castlerigg Master Investments, Castlerigg International, Castlerigg Holdings, SAMC and Sandell has shared power to vote and to direct the vote and shared power to dispose and to direct the disposition of the 4,720,991 shares of Common Stock (including 100,000 shares of Common Stock issuable upon conversion of the Notes) held by Castlerigg Master Investments. (c) On January 2, 2009, Castlerigg Master Investments distributed 701,124 shares of Common Stock to certain of its direct and indirect investors, and distributed participation interests in the Notes to entities (the "SPVs") created for the benefit of such investors which are managed by SAMC. Such distributions were effected for no consideration. (d) No person other than Castlerigg Master Investments, SAMC, Castlerigg International, Castlerigg Holdings, the SPVs and Sandell is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock held by Castlerigg Master Investments. ------------------------------------------------------------------------------- CUSIP No 368682100 SCHEDULE 13D Page 8 of 9 ------------------------------------------------------------------------------- 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: January 6, 2009 CASTLERIGG MASTER INVESTMENTS LTD. By: Sandell Asset Management Corp., as investment manager By: /s/ Thomas E. Sandell ---------------------------------- Thomas E. Sandell Chief Executive Officer CASTLERIGG INTERNATIONAL LIMITED By: Sandell Asset Management Corp., as investment manager By: /s/ Thomas E. Sandell ---------------------------------- Thomas E. Sandell Chief Executive Officer CASTLERIGG INTERNATIONAL HOLDINGS LIMITED By: Sandell Asset Management Corp., as investment manager By: /s/ Thomas E. Sandell ---------------------------------- Thomas E. Sandell Chief Executive Officer SANDELL ASSET MANAGEMENT CORP. By: /s/ Thomas E. Sandell ---------------------------------- Thomas E. Sandell Chief Executive Officer /s/ Thomas E. Sandell ----------------------------------- Thomas E. Sandell ------------------------------------------------------------------------------- CUSIP No 368682100 SCHEDULE 13D Page 9 of 9 ------------------------------------------------------------------------------- APPENDIX III INFORMATION REGARDING THE INSTRUCTION C PERSONS Castlerigg Master Investments, SAMC, Castlerigg International and Castlerigg Holdings have no executive officers or directors other than as follows: Sandell serves as an executive officer of SAMC. Sandell Director Services LLC serves as a director of SAMC, Castlerigg Master Investments, Castlerigg International and Castlerigg Holdings. Daniel Mignon serves as a director of Castlerigg Master Investments, Castlerigg International and Castlerigg Holdings. Hilmi Unver serves as a director of Castlerigg Master Investments, Castlerigg International and Castlerigg Holdings. Timothy O'Brien and Richard Gashler serve as executive officers of SAMC. To the best of the Reporting Persons' knowledge, except as set forth in this statement on Schedule 13D, none of the Instruction C Persons during the last five years has been convicted in a criminal proceeding excluding traffic violations or other similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. To the best of the Reporting Persons' knowledge, except as set forth in this statement on Schedule 13D, none of the Instruction C Persons owns any shares of Common Stock. ------------------------------------------------------------------------------ Principal Name Occupation Address Citizenship ------------------------------------------------------------------------------ Thomas E. Sandell See Item 2 See Item 2 See Item 2 ------------------------------------------------------------------------------ Sandell Director c/o Sandell Asset Delaware Director Services Management Corp. Services LLC 40 West 57th Street, 26th Floor New York, New York 10019 ------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------- Name Principal Occupation Address Citizenship -------------------------------------------------------------------------------------------------- Daniel Mignon Executive of an Le Prince de Galles Belgium investment manager 10 Avenue de Grande-Bretagne MC-98000 Monte-Carlo Monaco -------------------------------------------------------------------------------------------------- Hilmi Unver Portfolio Manager 98 rue de Saint-Jean Switzerland case postale 5240 CH-1211 Geneve 11 Switzerland ------------------------------------------------------------------------------------------------- Timothy O'Brien Chief Financial 40 West 57th Street, United States Officer of SAMC 26th Floor New York, New York 10019 -------------------------------------------------------------------------------------------------- Richard Gashler General Counsel of 40 West 57th Street, United States SAMC 26th Floor New York, New York 10019 --------------------------------------------------------------------------------------------------