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
Dillard's, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
--------------------------------------------------------------------------------
(Title of Class of Securities)
254067101
--------------------------------------------------------------------------------
(CUSIP Number)
Marc Weingarten, Esq.
David Rosewater, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
Peter G. Smith, Esq.
Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, NY 10036
(212) 715-9100
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 25, 2008
--------------------------------------------------------------------------------
(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.
(Continued on following pages)
(Page 1 of 33 Pages)
--------------------------
* 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. 254067101 SCHEDULE 13D PAGE 2 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON COMPANIES EQUITY PARTNERS, L.P.
--------------------------------------------------------------------------------
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
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
591,862 (including 45,000 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 591,862 (including 45,000 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
591,862 (including 45,000 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.85%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 3 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON COMPANIES INVESTORS, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
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
591,862 (including 45,000 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 591,862 (including 45,000 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
591,862 (including 45,000 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.85%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 4 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON INVESTMENTS, L.P.
--------------------------------------------------------------------------------
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
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
341,298 (including 26,200 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 341,298 (including 26,200 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
341,298 (including 26,200 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.49%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 5 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON COMPANIES ADVISORS, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
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
341,298 (including 26,200 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 341,298 (including 26,200 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
341,298 (including 26,200 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.49%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 6 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON COMPANIES OFFSHORE FUND, 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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,033,209 (including 78,800 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 1,033,209 (including 78,800 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,033,209 (including 78,800 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.49%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 7 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON OFFSHORE ADVISORS II, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
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
1,033,209 (including 78,800 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 1,033,209 (including 78,800 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,033,209 (including 78,800 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.49%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, OO
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 8 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON CAPITAL GROUP, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
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
1,966,369 (including 150,000 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 1,966,369 (including 150,000 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,966,369 (including 150,000 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.83%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 9 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LNA CAPITAL CORP.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
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
1,966,369 (including 150,000 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 1,966,369 (including 150,000 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,966,369 (including 150,000 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.83%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 10 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JAMES A. MITAROTONDA
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,966,369 (including 150,000 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 1,966,369 (including 150,000 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,966,369 (including 150,000 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.83%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 11 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON GROUP, INC.
--------------------------------------------------------------------------------
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
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,971,129 (including 787,500 shares subject to
OWNED BY call options)
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,971,129 (including 787,500 shares subject to
call options)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,971,129 (including 787,500 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.84%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA; CO
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 12 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON MULTISTRATEGY MASTER FUND, 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
CAYMAN ISLANDS
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 433,235 (including 129,300 shares subject to
OWNED BY call options)
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
433,235 (including 129,300 shares subject to
call options)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
433,235 (including 129,300 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.62%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 13 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, 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
CAYMAN ISLANDS
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 206,913 (including 26,100 shares subject to
OWNED BY call options)
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
206,913 (including 26,100 shares subject to
call options)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
206,913 (including 26,100 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 14 OF 33 PAGES
------------------------------ ---------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON MAGNOLIA MASTER FUND, 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
CAYMAN ISLANDS
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,330,981 (including 632,100 shares subject to
OWNED BY call options)
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,330,981 (including 632,100 shares subject to
call options)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,330,981 (including 632,100 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.92%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 15 OF 33 PAGES
------------------------------ ---------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GEORGE HALL
--------------------------------------------------------------------------------
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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,971,129 (including 787,500 shares subject to
OWNED BY call options)
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,971,129 (including 787,500 shares subject to
call options)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,971,129 (including 787,500 shares subject to call options)
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.84%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 16 OF 33 PAGES
------------------------------ ---------------------
ITEM 1. SECURITY AND ISSUER.
This statement on Schedule 13D (the "Statement") relates to the Class
A common stock, par value $0.01 per share (the "Common Stock"), of Dillard's
Inc., a Delaware corporation (the "Company"). The principal executive offices of
the Company are located at 1600 Cantrell Road, Little Rock, Arkansas 72201.
Item 2. IDENTITY AND BACKGROUND.
(a) - (c) This Statement is being filed by Barington Companies Equity
Partners, L.P., Barington Companies Investors, LLC, Barington Investments, L.P.,
Barington Companies Advisors, LLC, Barington Companies Offshore Fund, Ltd.,
Barington Offshore Advisors II, LLC, Barington Capital Group, L.P., LNA Capital
Corp., James A. Mitarotonda, Clinton Multistrategy Master Fund, Ltd., Clinton
Special Opportunities Master Fund, Ltd., Clinton Magnolia Master Fund, Ltd.,
Clinton Lexington Master Fund, L.P., Clinton Group, Inc. and George E. Hall
(each, a "Reporting Entity" and, collectively, the "Reporting Entities").
The Reporting Entities, together with certain other parties, were
previously members of a Schedule 13D group as reported in a Schedule 13D filed
with the Securites and Exchange Commission (the "SEC") on January 29, 2008. In
light of the Agreement that such parties entered into with the Company, dated as
of April 1, 2008 (the "Agreement"), described in, and filed as an exhibit to,
the Schedule 13D amendment filed with the SEC on April 3, 2008, such parties
felt that it was no longer necessary to work together regarding their respective
investments in the Company. As a result, such parties determined as of the close
of business on May 19, 2008 to make decisions regarding their respective
investments in shares of Common Stock independently of each other, and to no
longer act together for the purpose of acquiring, holding or disposing of
securities of the Company, as reported in the Schedule 13D amendments filed with
the SEC on May 20, 2008.
The Reporting Entities have decided to reconstitute their prior group
arrangment by entering into a letter agreement, dated September 25, 2008, which
letter agreement is described in item 6 to this Schedule 13D and is attached
hereto as Exhibit 99.2.
As of September 24, 2008, the Reporting Entities are the beneficial
owners of, in the aggregate, 3,937,498 shares of Common Stock, which includes
937,500 shares of Common Stock subject to call options, representing
approximately 5.67% of the shares of Common Stock presently outstanding based
upon the 69,443,560 shares of Common Stock reported by the Company to be issued
and outstanding as of August 30, 2008 in its Form 10-Q for the quarterly period
ended August 2, 2008 filed with the SEC on September 11, 2008 (the "Issued and
Outstanding Shares").
Barington Companies Equity Partners, L.P. is a Delaware limited
partnership. The principal business of Barington Companies Equity Partners, L.P.
is acquiring, holding and disposing of investments in various companies. The
address of the principal business and principal office of Barington Companies
Equity Partners, L.P. is 888 Seventh Avenue, 17th Floor, New York, New York
10019.
Barington Investments, L.P. is a Delaware limited partnership. The
principal business of Barington Investments, L.P. is acquiring, holding and
disposing of investments in various companies. The address of the principal
business and principal office of Barington Investments, L.P. is 888 Seventh
Avenue, 17th Floor, New York, New York 10019.
Barington Companies Offshore Fund, Ltd. is an international business
company organized under the laws of the British Virgin Islands. The principal
business of Barington Companies Offshore Fund, Ltd. is acquiring, holding and
disposing of investments in various companies. The address of the principal
business and principal office of Barington Companies Offshore Fund, Ltd. is c/o
Bison Financial Services Limited, Bison Court, Road Town, Tortola, British
Virgin Islands. The executive officers and directors of Barington Companies
Offshore Fund, Ltd. and their principal occupations and business addresses are
set forth on Schedule I and incorporated by reference in this Item 2.
The general partner of Barington Companies Equity Partners, L.P. is
Barington Companies Investors, LLC. Barington Companies Investors, LLC is a
Delaware limited liability company. The principal business of Barington
Companies Investors, LLC is serving as the general partner of Barington
Companies Equity Partners, L.P. The address of the principal business and
principal office of Barington Companies Investors, LLC is 888 Seventh Avenue,
17th Floor, New York, New York 10019. James A. Mitarotonda is the Managing
Member of Barington Companies Investors, LLC.
The general partner of Barington Investments, L.P. is Barington
Companies Advisors, LLC. Barington Companies Advisors, LLC is a Delaware limited
liability company. The principal business of Barington Companies Advisors, LLC
is serving as the general partner of Barington Investments, L.P. The address of
the principal business and principal office of Barington Companies Advisors, LLC
is 888 Seventh Avenue, 17th Floor, New York, New York 10019. James A.
Mitarotonda is the Managing Member of Barington Companies Advisors, LLC.
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 17 OF 33 PAGES
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The investment advisor of Barington Companies Offshore Fund, Ltd. is
Barington Offshore Advisors II, LLC. Barington Offshore Advisors II, LLC is a
Delaware limited liability company. The principal business of Barington Offshore
Advisors II, LLC is serving as the investment advisor of Barington Companies
Offshore Fund, Ltd. The address of the principal business and principal office
of Barington Offshore Advisors II, LLC is 888 Seventh Avenue, 17th Floor, New
York, New York 10019. James A. Mitarotonda is the Managing Member of Barington
Offshore Advisors II, LLC.
Barington Companies Investors, LLC, Barington Companies Advisors, LLC
and Barington Offshore Advisors II, LLC are each majority-owned subsidiaries of
Barington Capital Group, L.P. Barington Capital Group, L.P. is a New York
limited partnership. The principal business of Barington Capital Group, L.P. is
acquiring, holding and disposing of investments in various companies. The
address of the principal business and principal office of Barington Capital
Group, L.P. is 888 Seventh Avenue, 17th Floor, New York, New York 10019.
The general partner of Barington Capital Group, L.P. is LNA Capital
Corp. LNA Capital Corp. is a Delaware corporation. The principal business of LNA
Capital Corp. is serving as the general partner of Barington Capital Group, L.P.
The address of the principal business and principal office of LNA Capital Corp.
is c/o Barington Capital Group, L.P., 888 Seventh Avenue, 17th Floor, New York,
New York 10019. James A. Mitarotonda is the sole stockholder and director of LNA
Capital Corp. The executive officers of LNA Capital Corp. and their principal
occupations and business addresses are set forth on Schedule II and incorporated
by reference in this Item 2. The principal occupation of Mr. Mitarotonda is
serving as the Chairman and Chief Executive Officer of Barington Capital Group,
L.P. The business address of Mr. Mitarotonda is c/o Barington Capital Group,
L.P., 888 Seventh Avenue, 17th Floor, New York, New York 10019.
Clinton Multistrategy Master Fund, Ltd. is a Cayman Islands company.
The principal business of Clinton Multistrategy Master Fund, Ltd. is to invest
in securities. The address of the principal business and principal office of
Clinton Multistrategy Master Fund, Ltd. is c/o Fortis Fund Services (Cayman)
Limited, P.O. Box 2003 GT, Grand Pavilion Commercial Centre, 802 West Bay Road,
Grand Cayman, Cayman Islands. The directors of Clinton Multistrategy Master
Fund, Ltd. and their principal occupations and business addresses are set forth
on Schedule III and incorporated by reference in this Item 2. Clinton
Multistrategy Master Fund, Ltd. has no executive officers.
Clinton Special Opportunities Master Fund, Ltd. is a Cayman Islands
company. The principal business of Clinton Special Opportunities Master Fund,
Ltd. is to invest in securities. The address of the principal business and
principal office of Clinton Special Opportunities Master Fund, Ltd. is c/o
Fortis Fund Services (Cayman) Limited, P.O. Box 2003 GT, Grand Pavilion
Commercial Centre, 802 West Bay Road, Grand Cayman, Cayman Islands. The
directors of Clinton Special Opportunities Master Fund, Ltd. and their principal
occupations and business addresses are set forth on Schedule IV and incorporated
by reference in this Item 2. Clinton Special Opportunities Master Fund, Ltd. has
no executive officers.
Clinton Magnolia Master Fund, Ltd. is a Cayman Islands exempted
company. The principal business of Clinton Magnolia Master Fund, Ltd. is to
invest in securities. The address of the principal business and principal office
of Clinton Magnolia Master Fund, Ltd. is c/o Fortis Fund Services (Cayman)
Limited, P.O. Box 2003GT, Grand Pavilion Commercial Centre, 802 West Bay Road,
Grand Cayman, Cayman Islands. The directors of Clinton Magnolia Master Fund,
Ltd. and their principal occupations and business addresses are set forth on
Schedule V and incorporated by reference in this Item 2. Clinton Magnolia Master
Fund, Ltd. has no executive officers.
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 18 OF 33 PAGES
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The investment manager of Clinton Multistrategy Master Fund, Ltd.,
Clinton Special Opportunities Master Fund, Ltd., and Clinton Magnolia Master
Fund, Ltd., is Clinton Group, Inc. Clinton Group, Inc. is a Delaware
corporation. The principal business of Clinton Group, Inc. is investing for
funds and accounts under its management. The address of the principal business
and principal office of Clinton Group, Inc. is 9 West 57th Street, 26th Floor,
New York, New York 10019. Mr. Hall is the Chief Investment Officer and President
of Clinton Group, Inc. The business address of Mr. Hall is set forth above. The
executive officers and directors of Clinton Group, Inc. and their principal
occupations and business addresses are set forth on Schedule VI and incorporated
by reference in this Item 2.
The Reporting Entities do not believe that certain of the foregoing
information is called for by the Items of Schedule 13D and are disclosing it for
supplemental informational purposes only. Information with respect to each of
the Reporting Entities is given solely by such Reporting Entity and no Reporting
Entity shall have responsibility for the accuracy or completeness of information
supplied by another Reporting Entity.
(d) - (e) During the last five years, none of the Reporting Entities or
any other person identified in response to this Item 2 was convicted in a
criminal proceeding (excluding traffic violations and similar misdemeanors) or
was 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.
(f) Each natural person identified in Item 2 is a citizen of the United
States, other than Graham Cook, a director of Barington Companies Offshore Fund,
Ltd., who is a citizen of the United Kingdom, Jonathan Clipper, a director of
Barington Companies Offshore Fund, Ltd., who is a citizen of Bermuda and the
United Kingdom, Jane Fleming, a director of Clinton Multistrategy Master Fund,
Ltd., who is a citizen of the United Kingdom, Dennis Hunter, a director of
Clinton Multistrategy Master Fund, Ltd. and Clinton Special Opportunities Master
Fund, Ltd., who is a citizen of the United Kingdom, Roger Hanson, a director of
Clinton Multistrategy Master Fund, Ltd. and Clinton Special Opportunities Master
Fund, Ltd., who is a citizen of the United Kingdom, Blair Gauld, a director of
Clinton Multistrategy Master Fund, Ltd., who is a citizen of New Zealand
Cassandra Powell, a director of Clinton Special Opportunities Master Fund, Ltd.,
who is a citizen of the Cayman Islands, and Sasha Castle, the Assistant
Secretary of Barington Companies Offshore Fund, Ltd., who is a citizen of
Bermuda.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
All of the purchases of Common Stock and presently exercisable
American-style call options by the Reporting Entities were funded by working
capital, which may, at any given time, include margin loans made by brokerage
firms in the ordinary course of business. The amount of funds expended for
purchases of Common Stock reported herein was approximately $40,109,913.73 by
Barington Companies Equity Partners, L.P., $67,440,283.84 by Barington Companies
Offshore Fund Ltd., $26,076,771.18 by Barington Investments, L.P., $3,746,386 by
Clinton Multistrategy Master Fund, Ltd., $2,164,977 by Clinton Special
Opportunities Master Fund, Ltd., and $9,270,829 by Clinton Magnolia Master Fund,
Ltd. The amount of funds expended for purchases of presently exercisable call
options to acquire Common Stock reported herein was approximately $54,987.00 by
Barington Companies Equity Partners, L.P., $32,035.96 by Barington Investments,
L.P., $96,267.04 by Barington Companies Offshore Fund, Ltd., $134,264 by Clinton
Multistrategy Master Fund, Ltd., $70,680 by Clinton Special Opportunities Master
Fund, Ltd., and $885,240 by Clinton Magnolia Master Fund, Ltd.
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 19 OF 33 PAGES
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Item 4. PURPOSE OF TRANSACTION.
On September 25, 2008, George E. Hall, Chairman and Chief Executive
Officer of Clinton Group, Inc., and James A. Mitarotonda, Chairman and Chief
Executive Officer of Barington Capital Group, L.P., delivered a letter (the
"September 2008 Letter") to the board of directors of the Company (the "Board")
recommending that the Issuer repurchase all of the Issuer's outstanding shares
of Class B common stock at a price to be determined, and that a committee of
independent directors be established to consider the repurchase and to advise
the Board on the appropriate premium above the trading price of the Class A
common stock to be offered for such Class B shares. The Reporting Persons
believe that the repurchase of the Class B shares, which provide Class B
shareholders with the ability to elect 2/3 of the members of the Board, and the
resulting creation of a more customary governance structure, would significantly
benefit the Issuer and all of its shareholders.
The September 2008 Letter also urges the Issuer to call a Special
Meeting of Shareholders as soon as possible to authorize the Issuer to effect
the repurchase described above. If the repurchase of the Class B shares is
endorsed by the shareholders and accepted by the holders of Class B shares, the
September 2008 Letter further urges the Board to take whatever steps are
necessary to create a Board that is more representative of a single class of
public shareholders, including possibly expanding the size of the Board. A copy
of the September 2008 Letter is attached hereto at Exhibit 99.1 and is
incorporated herein by reference.
The Reporting Entities have entered into a Letter Agreement, dated
September 25, 2008, which Agreement is described in Item 6 of this Schedule 13D
and is attached hereto as Exhibit 99.2.
Except as set forth in this Item 4, none of the Reporting Entities has
any present plans or proposals that relate to or would result in any of the
actions specified in clauses (a) through (j) of the instructions to Item 4 of
Schedule 13D. The Reporting Entities intend to review their investment in the
Company on a continuing basis. Depending on various factors including, without
limitation, the willingness of the Company's management team and Board of
Directors to implement the suggestions of the Reporting Entities, the Company's
financial position and business strategy, the price levels of the shares of
Common Stock, other investment opportunities available to the Reporting
Entities, conditions in the securities markets and general economic and industry
conditions, the Reporting Entities may in the future take such actions with
respect to their investment in the Company as they deem appropriate including,
without limitation, seeking Board representation, making proposals to the
Company concerning changes to the capitalization, ownership structure,
management or operations of the Company, purchasing additional shares of Common
Stock, selling some or all of their shares of Common Stock, engaging in short
selling of or any hedging or similar transactions with respect to the Common
Stock and/or otherwise changing their intention with respect to any and all
matters referred to in clauses (a) through (3) of the instructions to Item 4 of
Schedule 13D.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) - (b) As of September 24, 2008, Barington Companies Equity Partners,
L.P. beneficially owned an aggregate of 591,862 shares of Common Stock, which
includes 45,000 shares of Common Stock subject to call options, representing
approximately 0.85% of the Issued and Outstanding Shares. As of September 24,
2008, Barington Investments, L.P. beneficially owned 341,298 shares of Common
Stock, which includes 26,200 shares of Common Stock subject to call options,
representing approximately 0.49% of the Issued and Outstanding Shares. As of
September 24, 2008, Barington Companies Offshore Fund, Ltd. beneficially owned
1,033,209 shares of Common Stock, which includes 78,800 shares of Common Stock
subject to call options, representing approximately 1.49% of the Issued and
Outstanding Shares. As the general partner of Barington Companies Equity
Partners, L.P., Barington Companies Investors, LLC may be deemed to beneficially
own the 591,862 shares of Common Stock beneficially owned by Barington Companies
Equity Partners, L.P., which includes 45,000 shares of Common Stock subject to
call options, representing approximately 0.85% of the Issued and Outstanding
Shares. As the general partner of Barington Investments, L.P., Barington
Companies Advisors, LLC may be deemed to beneficially own the 341,298 shares of
Common Stock beneficially owned by Barington Investments, L.P., which includes
26,200 shares of Common Stock subject to call options, representing
approximately 0.49% of the Issued and Outstanding Shares. As the investment
advisor to Barington Companies Offshore Fund, Ltd., Barington Offshore Advisors
II, LLC may be deemed to beneficially own the 1,033,209 shares of Common Stock
beneficially owned by Barington Companies Offshore Fund, Ltd., which includes
78,800 shares of Common Stock subject to call options, representing
approximately 1.49% of the Issued and Outstanding Shares. As the majority member
of Barington Companies Investors, LLC, Barington Companies Advisors, LLC and
Barington Offshore Advisors II, LLC, Barington Capital Group, L.P. may be deemed
to beneficially own the 591,862 shares of Common Stock beneficially owned by
Barington Companies Equity Partners, L.P., the 341,298 shares of Common Stock
beneficially owned by Barington Investments, L.P. and the 1,033,209 shares of
Common Stock beneficially owned by Barington Companies Offshore Fund, Ltd.,
constituting an aggregate of 1,966,369 shares of Common Stock, including an
aggregate of 150,000 shares of Common Stock subject to call options,
representing approximately 2.83% of the Issued and Outstanding Shares. As the
general partner of Barington Capital Group, L.P., LNA Capital Corp. may be
deemed to beneficially own the 591,862 shares of Common Stock beneficially owned
by Barington Companies Equity Partners, L.P., the 341,298 shares of Common Stock
beneficially owned by Barington Investments, L.P. and the 1,033,209 shares of
Common Stock beneficially owned by Barington Companies Offshore Fund, Ltd.,
constituting an aggregate of 1,966,369 shares of Common Stock, including an
aggregate of 150,000 shares of Common Stock subject to call options,
representing approximately 2.83% of the Issued and Outstanding Shares. As the
sole stockholder and director of LNA Capital Corp., James A. Mitarotonda may be
deemed to beneficially own the 591,862 shares of Common Stock beneficially owned
by Barington Companies Equity Partners, L.P., the 341,298 shares of Common Stock
beneficially owned by Barington Investments, L.P. and the 1,033,209 shares of
Common Stock beneficially owned by Barington Companies Offshore Fund, Ltd.,
constituting an aggregate of 1,966,369 shares of Common Stock, including an
aggregate of 150,000 shares of Common Stock subject to call options,
representing approximately 2.83% of the Issued and Outstanding Shares. Mr.
Mitarotonda has sole voting and dispositive power with respect to the 591,862
shares of Common Stock beneficially owned by Barington Companies Equity
Partners, L.P., which includes 45,000 shares of Common Stock subject to call
options, the 341,298 shares of Common Stock beneficially owned by Barington
Investments, L.P., which includes 26,200 shares of Common Stock subject to call
options, and the 1,033,209 shares of Common Stock beneficially owned by
Barington Companies Offshore Fund, Ltd., which includes 78,800 shares of Common
Stock subject to call options. Mr. Mitarotonda disclaims beneficial ownership of
any such shares except to the extent of his pecuniary interest therein.
------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 20 OF 33 PAGES
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As of September 24, 2008, Clinton Multistrategy Master Fund, Ltd.
beneficially owned an aggregate of 433,235 shares of Common Stock, which
includes 129,300 shares of Common Stock subject to call options, representing
approximately 0.62% of the Issued and Outstanding Shares. As of September 24,
2008, Clinton Special Opportunities Master Fund, Ltd. beneficially owned an
aggregate of 206,913 shares of Common Stock, which includes 26,100 shares of
Common Stock subject to call options, representing approximately 0.3% of the
Issued and Outstanding Shares. As of September 24, 2008, Clinton Magnolia Master
Fund, Ltd. beneficially owned an aggregate of 1,330,981 shares of Common Stock,
which includes 129,300 shares of Common Stock subject to call options,
representing approximately 1.92 % of the Issued and Outstanding Shares. By
virtue of investment management agreements with each of Clinton Multistrategy
Master Fund, Ltd., Clinton Special Opportunities Master Fund, Ltd. and Clinton
Magnolia Master Fund, Ltd., Clinton Group, Inc. may be deemed to beneficially
own the 433,235 shares of Common Stock beneficially owned by Clinton
Multistrategy Master Fund, Ltd., the 206,913 shares of Common Stock beneficially
owned by Clinton Special Opportunities Master Fund, Ltd. and the 1,330,981
shares of Common Stock beneficially owned by Clinton Magnolia Master Fund, Ltd.,
constituting an aggregate of 1,971,129 shares of Common Stock, including an
aggregate of 787,500 shares of Common Stock subject to call options,
representing approximately 2.84% of the Issued and Outstanding Shares. By virtue
of his direct and indirect control of Clinton Group, Inc., Mr. Hall may be
deemed to beneficially own the 433,235 shares of Common Stock beneficially owned
by Clinton Multistrategy Master Fund, Ltd., the 206,913 shares of Common Stock
beneficially owned by Clinton Special Opportunities Master Fund, Ltd., and the
1,330,981 shares of Common Stock beneficially owned by Clinton Magnolia Master
Fund, Ltd., constituting an aggregate of 1,971,129 shares of Common Stock,
including an aggregate of 787,500 shares of Common Stock subject to call
options, representing approximately 2.84% of the Issued and Outstanding Shares.
By virtue of investment management agreements with each of Clinton Multistrategy
Master Fund, Ltd., Clinton Special Opportunities Master Fund, Ltd. and Clinton
Magnolia Master Fund, Ltd., Clinton Group, Inc. has the power to vote or direct
the voting, and to dispose or direct the disposition, of the 433,235 shares of
Common Stock beneficially owned by Clinton Multistrategy Master Fund, Ltd., the
206,913 shares of Common Stock beneficially owned by Clinton Special
Opportunities Master Fund, Ltd. and the 1,330,981 shares of Common Stock
beneficially owned by Clinton Magnolia Master Fund, Ltd. By virtue of his direct
and indirect control of Clinton Group, Inc., Mr. Hall is deemed to have shared
voting power and shared dispositive power with respect to all shares of Common
Stock as to which Clinton Group, Inc. has voting power or dispositive power.
Accordingly, Clinton Group, Inc. and Mr. Hall are deemed to have shared voting
and shared dispositive power with respect to the 433,235 shares of Common Stock
beneficially owned by Clinton Multistrategy Master Fund, Ltd., the 206,913
shares of Common Stock beneficially owned by Clinton Special Opportunities
Master Fund, Ltd. and the 1,330,981 shares of Common Stock beneficially owned by
Clinton Magnolia Master Fund, Ltd.
Except to the extent expressly stated herein, each Reporting Entity
disclaims beneficial ownership of any shares of Common Stock beneficially owned
by any other Reporting Entity.
The Reporting Entities do not believe that certain of the foregoing
information is called for by the Items of Schedule 13D and are disclosing such
information for supplemental informational purposes only. Information with
respect to each of the Reporting Entities is given solely by such Reporting
Entity and no Reporting Entity shall have responsibility for the accuracy or
completeness of information supplied by another Reporting Entity.
(c) Information concerning all transactions in shares of Common Stock
effected by the Reporting Entities during the last sixty days is set forth in
the Schedule VII attached hereto and incorporated herein by reference.
(d) Not applicable.
(e) Not applicable.
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 21 OF 33 PAGES
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Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDING OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
The Reporting Entities have entered into a Letter Agreement dated
September 25, 2008, regarding certain conduct of the Reporting Entities. The
Letter Agreement includes, but is not limited to, an agreement by the parties to
(i) consult with each other with respect to all purchases and sales of Common
Stock, (ii) share expenses incurred in connection with the Reporting Entities'
activities, and (iii) jointly approve any filing with the SEC, press release or
stockholder communication. Any party to the Letter Agreement may terminate
his/its obligations under the Letter Agreement on 24 hours' written notice to
all other parties. A copy of the Letter Agreement is attached hereto as Exhibit
99.2 and is incorporated by reference herein.
Barington Companies Advisors, LLC is compensated for its services as the
general partner of Barington Investments, L.P. by an affiliate of Millennium
Partners, L.P., the limited partner of Barington Investments, L.P., pursuant to
a separate agreement.
Certain of the Reporting Entities have entered into, and may, from time
to time, enter into in the future, certain publicly traded, American-style call
and put option market contracts with unrelated third parties. As of September
24, 2008, Barington Companies Equity Partners, L.P., Barington Investments, L.P.
and Barington Companies Offshore Fund, Ltd. beneficially owned 45,000, 26,200
and 78,800 shares of Common Stock, respectively, pursuant to American-style call
options with strike prices ranging from $12.50 to $15.00 and expiration dates
ranging from October 18, 2008 to November 22, 2008. As of September 24, 2008,
Clinton Multistrategy Master Fund, Ltd., Clinton Special Opportunities Master
Fund, Ltd., and Clinton Magnolia Master Fund, Ltd. beneficially owned 129,300,
26,100 and 632,100 shares of Common Stock, respectively, pursuant to
American-style call options with strike prices ranging from $7.50 to $15.00 and
expiration dates ranging from October 18, 2008 to February 21, 2009.
Certain of the Reporting Entities may, from time to time, enter into and
dispose of cash-settled equity swap or other similar transactions with one or
more counterparties, which transactions may be significant in amount. The
profit, loss and/or return on such contracts may be wholly or partially
dependent on the market value of the Common Stock.
The Reporting Entities are parties to an agreement with respect to the
joint filing of this Statement and any amendments thereto. A copy of such
agreement is attached hereto as Exhibit 99.3 and is incorporated by reference
herein.
Except as otherwise set forth herein, the Reporting Entities do not have
any contract, arrangement, understanding or relationship with any person with
respect to the securities of the Company.
The Reporting Entities do not believe that certain of the foregoing
information is called for by the Items of Schedule 13D and are disclosing such
information for supplemental informational purposes only. Information with
respect to each of the Reporting Entities is given solely by such Reporting
Entity and no Reporting Entity shall have responsibility for the accuracy or
completeness of information supplied by another Reporting Entity.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
99.1 September 2008 Letter, dated September 25, 2008.
99.2 Letter Agreement among Barington Companies Equity Partners, L.P.,
Barington Companies Investors, LLC, Barington Investments, L.P.,
Barington Companies Advisors, LLC, Barington Companies Offshore
Fund, Ltd., Barington Offshore Advisors II, LLC, Barington Capital
Group, L.P., LNA Capital Corp., James A. Mitarotonda, Clinton
Multistrategy Master Fund, Ltd., Clinton Special Opportunities
Master Fund, Ltd., Clinton Magnolia Master Fund, Ltd., Clinton
Lexington Master Fund, L.P., Clinton Group, Inc. and George E.
Hall dated September 25, 2008.
99.3 Joint Filing Agreement, dated September 25, 2008.
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 22 OF 33 PAGES
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SIGNATURES
After reasonable inquiry and to the best knowledge and belief
of the undersigned, the undersigned certify that the information set forth in
this Statement is true, complete and correct.
Dated: September 25, 2008
BARINGTON COMPANIES EQUITY PARTNERS, L.P.
By: Barington Companies Investors, LLC,
its general partner
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON COMPANIES INVESTORS, LLC
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON INVESTMENTS, L.P.
By: Barington Companies Advisors, LLC,
its general partner
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON COMPANIES ADVISORS, LLC
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: Managing Member
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 23 OF 33 PAGES
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BARINGTON COMPANIES OFFSHORE FUND, LTD.
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: Authorized Signatory
BARINGTON OFFSHORE ADVISORS II, LLC
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON CAPITAL GROUP, L.P.
By: LNA Capital Corp.,
its general partner
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: President and CEO
LNA CAPITAL CORP.
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: President and CEO
/s/ James A. Mitarotonda
------------------------
James A. Mitarotonda
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 24 OF 33 PAGES
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CLINTON MULTISTRATEGY MASTER FUND, LTD.
By: Clinton Group, Inc.,
its investment manager
By: /s/ Francis Ruchalski
---------------------
Name: Francis Ruchalski
Title: Chief Financial Officer
CLINTON SPECIAL OPPORTUNITIES MASTER
FUND, LTD.
By: Clinton Group, Inc.,
its investment manager
By: /s/ Francis Ruchalski
---------------------
Name: Francis Ruchalski
Title: Chief Financial Officer
CLINTON MAGNOLIA MASTER FUND, LTD.
By: Clinton Group, Inc.,
its investment manager
By: /s/ Francis Ruchalski
---------------------
Name: Francis Ruchalski
Title: Chief Financial Officer
CLINTON GROUP, INC.
By: /s/ Francis Ruchalski
---------------------
Name: Francis Ruchalski
Title: Chief Financial Officer
/s/ George E. Hall
------------------
George E. Hall
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 25 OF 33 PAGES
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SCHEDULE I
Directors and Officers of Barington Companies Offshore Fund, Ltd.
Name and Position Principal Occupation Principal Business Address
------------------------------------ -------------------------------------- --------------------------------------
Sebastian E. Cassetta Senior Managing Director and 888 Seventh Avenue
Director and Treasurer Chief Operating Officer of Barington 17th Floor
Capital Group, L.P. New York, NY 10019
Jonathan Clipper Managing Director of 7 Reid Street, Suite 108
Director Bedford Management Ltd Hamilton HM11, Bermuda
Graham Cook Director/Manager, Corporate Services Bison Court
Director of Bison Financial Services, Ltd. P.O. Box 3460
Road Town, Tortola
British Virgin Islands
Citigroup Fund Services, Ltd. Fund Administration Washington Mall 1, 3rd Flr.
Secretary 22 Church Street
Hamilton HM11, Bermuda
Sasha Castle Asst. Vice President, Washington Mall 1, 3rd Flr.
Assistant Secretary Corporate Dept. of Citigroup Reid Street
Fund Services (Bermuda) Ltd. Hamilton HM11, Bermuda
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 26 OF 32 PAGES
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SCHEDULE II
Officers of LNA Capital Corp.
Name and Position Principal Occupation Principal Business Address
-------------------------------- ------------------------------------------ --------------------------------------
James A. Mitarotonda Chairman and Chief Executive Officer 888 Seventh Avenue
President and CEO of Barington Capital Group, L.P. 17th Floor
New York, NY 10019
Sebastian E. Cassetta Senior Managing Director and Chief 888 Seventh Avenue
Secretary and Treasurer Operating Officer of Barington Capital 17th Floor
Group, L.P. New York, NY 10019
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 27 OF 33 PAGES
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SCHEDULE III
Directors of Clinton Multistrategy Master Fund, Ltd.
Name and Position Principal Occupation Principal Business Address
------------------------------------ -------------------------------------- --------------------------------------
Jane Fleming Client Accountant of Queensgate Bank & Trust
Director Queensgate Bank & Trust Company Ltd.
Company Ltd. Harbour Place, 5th Floor
103 South Church Street
P.O. Box 30464 SMB
Grand Cayman, Cayman Islands
Dennis Hunter Director of Queensgate Bank & Trust Queensgate Bank & Trust
Director Company Ltd. Company Ltd.
Harbour Place, 5th Floor
103 South Church Street
P.O. Box 30464 SMB
Grand Cayman, Cayman Islands
Roger Hanson Director of dms Management Ltd. dms Management Ltd.
Director P.O. Box 31910 SMB
Ansbacher House
20 Genesis Close
Grand Cayman, Cayman Islands
Blair Gauld Director of Queensgate Bank & Trust Queensgate Bank & Trust
Director Company Ltd. Company Ltd.
Harbour Place, 5th Floor
103 South Church Street
P.O. Box 30464 SMB
Grand Cayman, Cayman Islands
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 28 OF 33 PAGES
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SCHEDULE IV
Directors of Clinton Special Opportunities Master Fund, Ltd.
Name and Position Principal Occupation Principal Business Address
------------------------------------ -------------------------------------- --------------------------------------
Dennis Hunter Director of Queensgate Bank & Trust Queensgate Bank & Trust
Director Company Ltd. Company Ltd.
Harbour Place, 5th Floor
103 South Church Street
P.O. Box 30464 SMB
Grand Cayman, Cayman Islands
Roger Hanson Director of dms Management Ltd. dms Management Ltd.
Director P.O. Box 31910 SMB
Ansbacher House
20 Genesis Close
Grand Cayman, Cayman Islands
Cassandra Powell Senior Manager of Queensgate Bank & Queensgate Bank & Trust
Director Trust Company Ltd. Company Ltd.
Harbour Place, 5th Floor
103 South Church Street
P.O. Box 30464 SMB
Grand Cayman, Cayman Islands
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 29 OF 33 PAGES
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SCHEDULE V
Directors of Clinton Magnolia Master Fund, Ltd.
Name and Position Principal Occupation Principal Business Address
------------------------------------ -------------------------------------- --------------------------------------
Jane Fleming Client Accountant of Queensgate Bank Queensgate Bank & Trust
Director & Trust Company Ltd. Company Ltd.
Harbour Place, 5th Floor
103 South Church Street
P.O. Box 30464 SMB
Grand Cayman, Cayman Islands
Dennis Hunter Director of Queensgate Bank & Trust Queensgate Bank & Trust
Director Company Ltd. Company Ltd.
Harbour Place, 5th Floor
103 South Church Street
P.O. Box 30464 SMB
Grand Cayman, Cayman Islands
Roger Hanson Director of dms Management Ltd. dms Management Ltd.
Director P.O. Box 31910 SMB
Ansbacher House
20 Genesis Close
Grand Cayman, Cayman Islands
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 30 OF 33 PAGES
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SCHEDULE VI
Directors and Executive Officers of Clinton Group, Inc.
Name and Position Principal Occupation Principal Business Address
------------------------------------ -------------------------------------- --------------------------------------
George E. Hall Director and President of 9 West 57th Street
Clinton Group, Inc. 26th Floor
New York, NY 10019
Francis A. Ruchalski Director and Chief Financial Officer 9 West 57th Street
of Clinton Group, Inc. 26th Floor
New York, NY 10019
Wendy Ruberti General Counsel and Assistant 9 West 57th Street
Secretary of Clinton Group, Inc. 26th Floor
New York, NY 10019
John L. Hall Director of Clinton Group, Inc. 9 West 57th Street
26th Floor
New York, NY 10019
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 31 OF 33 PAGES
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SCHEDULE VII
This schedule sets forth information with respect to each purchase and
sale of Common Stock which were effectuated by a Reporting Entity during the
past 60 days. All transactions were effectuated in the open market through a
broker.
Barington Companies Equity Partners, L.P.
DATE OF TRADE SHARES PURCHASED (SOLD) PRICE PER SHARE
------------- ----------------------- ---------------
8/15/2008 (1,500) 20.0000
8/18/2008 (7,525) 12.3257
Barington Investments, L.P.
DATE OF TRADE SHARES PURCHASED (SOLD) PRICE PER SHARE
------------- ----------------------- ---------------
8/15/2008 (1,000) 20.0000
8/18/2008 (4,350) 12.3257
Barington Companies Offshore Fund, Ltd.
DATE OF TRADE SHARES PURCHASED (SOLD) PRICE PER SHARE
------------- ----------------------- ---------------
8/15/2008 (2,500) 20.0000
8/18/2008 (13,125) 12.3257
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 32 OF 33 PAGES
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Clinton Magnolia Master Fund, Ltd.
DATE OF TRADE SHARES PURCHASED (SOLD) PRICE PER SHARE
------------- ---------------------- ---------------
7/30/2008 4,000 $ 9.95
7/30/2008 15,000 10.67
8/11/2008 2,600 11.00
8/12/2008 (65,500) 11.76
8/26/2008 43,500 11.25
8/29/2008 15,000 12.36
9/2/2008 41,100 13.56
9/3/2008 5,000 13.39
9/3/2008 25,000 13.50
9/4/2008 37,100 13.33
9/8/2008 12,000 14.36
9/8/2008 (15,000) 14.27
9/9/2008 65,000 15.14
9/12/2008 150,000 12.92
9/15/2008 33,900 11.98
9/17/2008 40,434 11.93
9/17/2008 45,720 11.95
9/19/2008 50,000 14.03
9/19/2008 (258,500) 12.50
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 33 OF 33 PAGES
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Clinton Multistrategy Master Fund, Ltd.
DATE OF TRADE SHARES PURCHASED (SOLD) PRICE PER SHARE
-------------- ---------------------- ---------------
7/30/2008 4,000 $ 9.95
7/30/2008 15,000 10.67
8/12/2008 (149,500) 11.76
8/29/2008 15,000 12.36
9/8/2008 8,000 14.36
9/8/2008 (10,000) 14.27
9/17/2008 53,340 11.95
9/17/2008 47,173 11.93
9/18/2008 15,100 12.57
9/19/2008 (37,500) 12.50
Clinton Special Opportunities Master Fund,
Ltd.
DATE OF TRADE SHARES PURCHASED (SOLD) PRICE PER SHARE
-------------- ---------------------- ---------------
9/16/2008 45,000 $12.14
9/16/2008 47,000 12.19
9/17/2008 47,173 11.93
9/17/2008 53,340 11.95
9/18/2008 62,500 11.75
9/19/2008 (74,200) 12.50