SCHEDULE 13D
         
         
 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Huntsman Corporation
 
(Name of Issuer)
Common Stock, $0.01 par value
 
(Title of Class Securities)
447011107
 
(CUSIP Number)
D. E. Shaw & Co., L.P.
Attn: Compliance Department
120 West Forty-Fifth Street
Floor 39, Tower 45
New York, NY 10036
212-478-0000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 30, 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 §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. þ
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-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, as amended (the “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.
 
447011107 
 

 

           
1   NAME OF REPORTING PERSON.
I.R.S. IDENTIFICATION

D. E. Shaw Valence Portfolios, L.L.C.
FEIN 13-4046559
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  WC
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   -0-
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   14,694,586
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   -0-
       
WITH 10   SHARED DISPOSITIVE POWER
     
    14,694,586
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  14,694,586
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  6.3%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO


 

                     
CUSIP No.
 
447011107 
 

 

           
1   NAME OF REPORTING PERSON.
I.R.S. IDENTIFICATION

D. E. Shaw Oculus Portfolios, L.L.C.
FEIN 20-0805088
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  WC
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   -0-
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   7,036,275
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   -0-
       
WITH 10   SHARED DISPOSITIVE POWER
     
    7,036,275
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  7,036,275
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  3.0%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO


 

                     
CUSIP No.
 
447011107 
 

 

           
1   NAME OF REPORTING PERSON.
I.R.S. IDENTIFICATION

D. E. Shaw & Co., L.L.C.
FEIN 13-3799946
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  AF
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   -0-
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   7,037,856
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   -0-
       
WITH 10   SHARED DISPOSITIVE POWER
     
    7,037,856
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  7,037,856
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  3.0%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO


 

                     
CUSIP No.
 
447011107 
 

 

           
1   NAME OF REPORTING PERSON.
I.R.S. IDENTIFICATION

D. E. Shaw & Co., L.P.
FEIN 13-3695715
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  AF
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   -0-
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   21,732,442
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   -0-
       
WITH 10   SHARED DISPOSITIVE POWER
     
    21,732,442
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  21,732,442
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  9.3%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IA, PN


 

                     
CUSIP No.
 
447011107 
 

 

           
1   NAME OF REPORTING PERSON.
I.R.S. IDENTIFICATION

David E. Shaw
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  AF
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States
       
  7   SOLE VOTING POWER
     
NUMBER OF   -0-
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   21,732,442
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   -0-
       
WITH 10   SHARED DISPOSITIVE POWER
     
    21,732,442
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  21,732,442
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  9.3%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IN


 

Item 1.   Security and the Issuer
This statement on Schedule 13D relates to the shares of Common Stock, $0.01 par value per share (the “Common Shares”), of Huntsman Corporation (the “Issuer”). The principal executive offices of the Issuer are located at 500 Huntsman Way, Salt Lake City, UT 84108.
Item 2.   Identity and Background
(a), (f) This statement is filed on behalf of D. E. Shaw Valence Portfolios, L.L.C., a Delaware limited liability company (“Valence”), D. E. Shaw Oculus Portfolios, L.L.C., a Delaware limited liability company (“Oculus”), D. E. Shaw & Co., L.L.C., a Delaware limited liability company (“DESCO LLC”), D. E. Shaw & Co., L.P., a Delaware limited partnership (“DESCO LP”), and David E. Shaw, a citizen of the United States of America (“David E. Shaw”, and together with Valence, Oculus, DESCO LLC, and DESCO LP, collectively, the “Reporting Persons”). The Reporting Persons are filing jointly, and the agreement among the Reporting Persons to file jointly is attached hereto as Exhibit 3 and incorporated herein by reference.
(b) The business address and principal office, as applicable, of all Reporting Persons is 120 West Forty-Fifth Street, 39th Floor, New York, NY 10036.
(c) The principal business of Valence is that of a limited liability company focusing primarily on equity and equity-linked securities related investment strategies. The principal business of Oculus is that of a limited liability company focusing primarily on designated higher volatility investment strategies. Neither Valence nor Oculus has any executive officers or directors. The principal business of DESCO LLC is to act as managing member to certain funds, including, without limitation, Oculus. The principal business of DESCO LP is to act as an investment adviser to certain funds, including, without limitation, Valence and Oculus. DESCO LP is also the managing member to certain funds, including, without limitation, Valence. D. E. Shaw & Co., Inc., a Delaware corporation (“DESCO Inc.”), is the general partner of DESCO LP. D. E. Shaw & Co. II, Inc., a Delaware corporation (“DESCO II, Inc.”), is the managing member of DESCO LLC. David E. Shaw is the president and sole shareholder of DESCO Inc. and DESCO II, Inc.
(d), (e) During the last five years, neither any Reporting Person nor, to the best knowledge of any Reporting Person, any person named in this Item 2, has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) 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 violations with respect to such laws.
Item 3.   Source and Amount of Funds or Other Consideration
In acquiring 14,694,586 Common Shares owned by Valence, Valence expended approximately $375,941,645 (excluding commissions) of its working capital. In acquiring 7,036,275 Common Shares owned by Oculus, Oculus expended approximately

 


 

$167,185,755 (excluding commissions) of its working capital.
Item 4.   Purpose of Transaction
Valence and Oculus made the purchases noted in Item 3 above for investment purposes in the ordinary course of business and, at the time of such purchases, not for any purpose, or with the effect, of changing or influencing the control of the Issuer, and not in connection with or as a participant in any transaction having that purpose or effect.
On or about June 18, 2008, a public dispute involving the Issuer, Hexion Specialty Chemicals, Inc. (“Hexion”), and related parties arose in connection with the transactions contemplated by the Agreement and Plan of Merger, dated as of July 12, 2007, among Hexion, Nimbus Merger Sub Inc., and the Issuer (the “Merger Agreement”), pursuant to which Hexion has agreed to acquire the Issuer on the terms and conditions provided therein. Valence and Oculus intend to actively pursue a resolution of that dispute (the “Hexion Dispute”).
In general, Valence and Oculus will review their investments in the Common Shares from time to time and subject to applicable law and regulation and depending upon certain factors, including, without limitation, the financial performance of the Issuer, the availability and price of the Common Shares or other securities related to the Issuer, the status of the Hexion Dispute and other developments that may arise in connection with the transactions contemplated by the Merger Agreement, and other general market and investment conditions, Valence and Oculus may determine to:
 
    acquire additional Common Shares through open market purchases or otherwise;
 
    sell, trade, engage in short selling of, hedge, or enter into any similar transactions with respect to the Common Shares through the open market or otherwise; or
 
    engage or participate in developments that may arise in connection with the transactions contemplated by the Merger Agreement; or
 
    otherwise engage or participate in a transaction with the purpose or effect of changing or influencing the control of the Issuer.
Such transactions may take place at any time and without prior notice. There can be no assurance, however, that any Reporting Person will take any such actions.
As part of Valence’s and Oculus’s ongoing review of their investments in the Common Shares and their pursuit of a resolution of the Hexion Dispute, Valence and Oculus will from time to time hold talks or discussions with, write letters to and respond to inquiries from various parties regarding the Issuer’s strategic alternatives and affairs generally, including, without limitation, the Hexion Dispute and related matters. Such parties may include, without limitation, the Issuer’s Board of Directors, its management and representatives, other shareholders of the Issuer, as well as representatives of Hexion and other persons and entities affiliated with Hexion, including investment funds affiliated with Apollo Global Management, LLC and their representatives.

 


 

Based on discussions or inquiries that Valence and Oculus may undertake from time to time, and subject to applicable law and regulation and depending upon certain factors, including, without limitation, the financial performance of the Issuer, the availability and price of the Common Shares or other securities related to the Issuer, the status of the Hexion Dispute and other developments that may arise in connection with the transactions contemplated by the Merger Agreement, and other general market investment conditions, Valence and Oculus may determine to pursue various strategic alternatives in respect of their investments in the Issuer. Such actions may include, without limitation, direct or indirect participation in the following activities:
           forming and conducting potential strategic developments and plans related to the Issuer;
           restructuring and effecting other significant transactions with respect to the Issuer;
           participating in a “going-private” transaction;
           taking any other actions that could have the purpose or effect of directly or indirectly changing or influencing control of the Issuer; or
           providing financing for any of the foregoing.
Such transactions, which may or may not relate to the Hexion Dispute or other developments that may arise in connection with the transactions contemplated by the Merger Agreement, may take place at any time and without prior notice; there can be no assurance, however, that any of the possible courses of action expressed in the immediately preceding sentence will be pursued or, if pursued, will be consummated by Valence, Oculus, or any other Reporting Person.
Item 5.   Interest in Securities of the Issuer
(a), (b) Based upon the Issuer’s Form 10-Q, filed with the Securities and Exchange Commission on May 12, 2008, there were 234,462,747 Common Shares issued and outstanding as of May 2, 2008. The 14,694,586 Common Shares beneficially owned by Valence (the “Valence Shares”) represent approximately 6.3% of the Common Shares issued and outstanding. The 7,036,275 Common Shares beneficially owned by Oculus (the “Oculus Shares”) represent approximately 3.0% of the Common Shares issued and outstanding. The 7,037,856 Common Shares beneficially owned by DESCO LLC (the “DESCO LLC Shares”) represent approximately 3.0% of the Common Shares issued and outstanding. The DESCO LLC Shares are comprised of (i) the Oculus Shares and (ii) 1,581 Common Shares directly held by D. E. Shaw Synoptic Portfolios 2, L.L.C. (the “Synoptic Shares”). The 21,732,442 Common Shares beneficially owned by DESCO LP (the “DESCO LP Shares”) represent approximately 9.3% of the Common Shares issued and outstanding. The DESCO LP Shares are comprised of (i) the Valence Shares, (ii) the Oculus Shares, and (iii) the Synoptic Shares.

 


 

Valence has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) the Valence Shares. Oculus has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) the Oculus Shares. Valence disclaims beneficial ownership of the Oculus Shares and the Synoptic Shares, and Oculus disclaims beneficial ownership of the Valence Shares and the Synoptic Shares.
DESCO LP, as managing member and investment adviser of Valence and investment adviser of Oculus and D. E. Shaw Synoptic Portfolios 2, L.L.C. (“Synoptic”), may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Valence Shares, the Oculus Shares, and the Synoptic Shares. DESCO LLC, as Oculus’ and Synoptic’s managing member, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Oculus Shares and the Synoptic Shares. As managing member of DESCO LLC, DESCO II, Inc. may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the Oculus Shares and the Synoptic Shares. As general partner of DESCO LP, DESCO Inc. may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the Valence Shares, the Oculus Shares, and the Synoptic Shares. None of DESCO LP, DESCO LLC, DESCO Inc., or DESCO II, Inc., owns any Common Shares directly, and each such entity disclaims beneficial ownership of the Valence Shares, the Oculus Shares, and the Synoptic Shares.
David E. Shaw does not own any shares directly. By virtue of David E. Shaw’s position as President and sole shareholder of DESCO Inc., which is the general partner of DESCO LP, which in turn is the managing member and investment adviser of Valence, and the investment adviser of Oculus and Synoptic, and by virtue of David E. Shaw’s position as President and sole shareholder of DESCO II, Inc., which is the managing member of DESCO LLC, which in turn is the managing member of Oculus and Synoptic, David E. Shaw may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Valence Shares, the Oculus Shares, and the Synoptic Shares. David E. Shaw disclaims beneficial ownership of the Valence Shares, the Oculus Shares, and the Synoptic Shares.
As of the date hereof, neither any Reporting Person nor, to the best knowledge of any Reporting Person, any of the persons set forth in Item 2, owns any Common Shares other than those set forth in this Item 5.
(c) The trading dates, number of Common Shares purchased or sold, and the price per share for all transactions by the Reporting Persons in the Common Shares within the last 60 days, which were all brokered transactions, are set forth below:

 


 

                       
          Price   Number of Shares
Name   Date   Per Share   Purchased/(Sold)
OCULUS
  5/30/2008     $ 21.7250       200  
OCULUS
  5/30/2008     $ 21.7300       4,820  
OCULUS
  5/30/2008     $ 21.7325       100  
OCULUS
  5/30/2008     $ 21.7350       500  
OCULUS
  5/30/2008     $ 21.7400       19,380  
OCULUS
  5/30/2008     $ 21.7500       24,300  
OCULUS
  5/30/2008     $ 21.7550       3,600  
OCULUS
  5/30/2008     $ 21.7600       22,100  
OCULUS
  6/2/2008     $ 21.5000       5,400  
OCULUS
  6/3/2008     $ 21.0150       200  
OCULUS
  6/3/2008     $ 21.0200       1,100  
OCULUS
  6/3/2008     $ 21.0250       200  
OCULUS
  6/3/2008     $ 21.0300       4,600  
OCULUS
  6/3/2008     $ 21.0350       3,300  
OCULUS
  6/3/2008     $ 21.0375       100  
OCULUS
  6/3/2008     $ 21.0400       15,500  
OCULUS
  6/3/2008     $ 21.2300       2,135  
OCULUS
  6/3/2008     $ 21.2350       100  
OCULUS
  6/3/2008     $ 21.2400       3,060  
OCULUS
  6/3/2008     $ 21.2450       2,100  
OCULUS
  6/3/2008     $ 21.2500       42,605  
OCULUS
  6/3/2008     $ 21.2700       2,100  
OCULUS
  6/3/2008     $ 21.2775       100  
OCULUS
  6/3/2008     $ 21.2800       4,801  
OCULUS
  6/3/2008     $ 21.2825       100  
OCULUS
  6/3/2008     $ 21.2850       2,000  
OCULUS
  6/3/2008     $ 21.2900       15,899  
OCULUS
  6/9/2008     $ 20.3000       11,600  
OCULUS
  6/9/2008     $ 20.3100       1,300  
OCULUS
  6/9/2008     $ 20.3150       100  
OCULUS
  6/9/2008     $ 20.3200       8,300  
OCULUS
  6/9/2008     $ 20.4700       1,200  
OCULUS
  6/9/2008     $ 20.4800       2,719  
OCULUS
  6/9/2008     $ 20.5200       3,300  
OCULUS
  6/9/2008     $ 20.5300       2,300  
OCULUS
  6/9/2008     $ 20.5350       400  
OCULUS
  6/9/2008     $ 20.5400       3,500  
OCULUS
  6/9/2008     $ 20.6150       400  
OCULUS
  6/9/2008     $ 20.6200       9,600  
OCULUS
  6/17/2008     $ 19.9700       800  
OCULUS
  6/17/2008     $ 19.9800       18,000  
OCULUS
  6/17/2008     $ 19.9850       300  
OCULUS
  6/17/2008     $ 19.9900       3,611  
OCULUS
  6/17/2008     $ 19.9950       1,800  
OCULUS
  6/17/2008     $ 20.0000       33,600  
OCULUS
  6/17/2008     $ 20.0100       6,500  
OCULUS
  6/17/2008     $ 20.0200       6,400  
OCULUS
  6/17/2008     $ 20.0250       4,300  
OCULUS
  6/17/2008     $ 20.0300       2,800  

 


 

                       
          Price   Number of Shares
Name   Date   Per Share   Purchased/(Sold)
OCULUS
  6/17/2008     $ 20.0450       550  
OCULUS
  6/17/2008     $ 20.0500       8,500  
OCULUS
  6/17/2008     $ 20.0600       800  
OCULUS
  6/17/2008     $ 20.0700       700  
OCULUS
  6/17/2008     $ 20.0750       500  
OCULUS
  6/17/2008     $ 20.0800       16,600  
OCULUS
  6/17/2008     $ 20.0900       10,100  
OCULUS
  6/17/2008     $ 20.1000       1,500  
OCULUS
  6/17/2008     $ 20.1100       1,400  
OCULUS
  6/17/2008     $ 20.1200       2,000  
OCULUS
  6/17/2008     $ 20.1300       635  
OCULUS
  6/17/2008     $ 20.1400       6,100  
OCULUS
  6/17/2008     $ 20.1450       200  
OCULUS
  6/17/2008     $ 20.1500       13,065  
OCULUS
  6/18/2008     $ 19.8450       500  
OCULUS
  6/18/2008     $ 19.8500       2,000  
OCULUS
  6/18/2008     $ 19.8550       1,300  
OCULUS
  6/18/2008     $ 19.8600       16,896  
OCULUS
  6/18/2008     $ 19.8650       100  
OCULUS
  6/18/2008     $ 19.8700       9,204  
OCULUS
  6/18/2008     $ 19.8800       400  
OCULUS
  6/18/2008     $ 19.8900       11,900  
OCULUS
  6/18/2008     $ 19.8950       100  
OCULUS
  6/18/2008     $ 19.9000       9,000  
OCULUS
  6/18/2008     $ 19.9100       500  
OCULUS
  6/18/2008     $ 19.9150       3,100  
OCULUS
  6/18/2008     $ 19.9200       5,000  
VALENCE
  5/15/2008     $ 23.2000       3,400  
VALENCE
  5/15/2008     $ 23.2100       1,100  
VALENCE
  5/15/2008     $ 23.2200       100  
VALENCE
  5/15/2008     $ 23.2300       800  
VALENCE
  5/15/2008     $ 23.2400       1,200  
VALENCE
  5/15/2008     $ 23.2500       43,400  
VALENCE
  5/15/2008     $ 23.2575       100  
VALENCE
  5/15/2008     $ 23.2600       2,900  
VALENCE
  5/15/2008     $ 23.2650       2,100  
VALENCE
  5/15/2008     $ 23.2700       53,600  
VALENCE
  5/15/2008     $ 23.2800       200  
VALENCE
  5/15/2008     $ 23.2900       3,400  
VALENCE
  5/15/2008     $ 23.3000       24,665  
VALENCE
  5/15/2008     $ 23.3300       300  
VALENCE
  5/15/2008     $ 23.3400       7,600  
VALENCE
  5/15/2008     $ 23.3450       1,300  
VALENCE
  5/15/2008     $ 23.3500       80,800  
VALENCE
  5/15/2008     $ 23.4100       (100 )
VALENCE
  5/15/2008     $ 23.4200       (100 )
VALENCE
  5/19/2008     $ 22.5100       (2,900 )
VALENCE
  5/19/2008     $ 22.5200       (2,200 )
VALENCE
  5/19/2008     $ 22.5300       (300 )
VALENCE
  5/19/2008     $ 22.5400       (1,000 )
VALENCE
  5/19/2008     $ 22.5500       (500 )

 


 

                       
          Price   Number of Shares
Name   Date   Per Share   Purchased/(Sold)
VALENCE
  5/19/2008     $ 22.5600       (1,300 )
VALENCE
  5/19/2008     $ 22.5700       (100 )
VALENCE
  5/19/2008     $ 22.5900       (800 )
VALENCE
  5/19/2008     $ 22.6200       (300 )
VALENCE
  5/19/2008     $ 22.6300       (200 )
VALENCE
  5/19/2008     $ 22.6400       (2,100 )
VALENCE
  5/19/2008     $ 22.6500       (1,100 )
VALENCE
  5/19/2008     $ 22.6600       (4,900 )
VALENCE
  5/19/2008     $ 22.6700       (2,700 )
VALENCE
  5/19/2008     $ 22.6800       (2,400 )
VALENCE
  5/19/2008     $ 22.6900       (2,100 )
VALENCE
  5/29/2008     $ 22.0900       (1,800 )
VALENCE
  5/29/2008     $ 22.1000       (3,000 )
VALENCE
  5/29/2008     $ 22.1200       (900 )
VALENCE
  5/30/2008     $ 21.6600       200  
VALENCE
  5/30/2008     $ 21.6700       1,089  
VALENCE
  5/30/2008     $ 21.6800       3,300  
VALENCE
  5/30/2008     $ 21.6900       2,000  
VALENCE
  5/30/2008     $ 21.7000       10,500  
VALENCE
  5/30/2008     $ 21.7150       900  
VALENCE
  5/30/2008     $ 21.7170       1,600  
VALENCE
  5/30/2008     $ 21.7200       2,000  
VALENCE
  5/30/2008     $ 21.7250       10,800  
VALENCE
  5/30/2008     $ 21.7270       1,500  
VALENCE
  5/30/2008     $ 21.7300       83,200  
VALENCE
  5/30/2008     $ 21.7350       100  
VALENCE
  5/30/2008     $ 21.7400       29,600  
VALENCE
  6/2/2008     $ 21.4900       1,000  
VALENCE
  6/2/2008     $ 21.5000       19,332  
VALENCE
  6/2/2008     $ 21.8800       (700 )
VALENCE
  6/2/2008     $ 21.8900       (300 )
VALENCE
  6/3/2008     $ 21.1500       600  
VALENCE
  6/3/2008     $ 21.1600       1,700  
VALENCE
  6/3/2008     $ 21.1670       900  
VALENCE
  6/3/2008     $ 21.1675       100  
VALENCE
  6/3/2008     $ 21.1700       3,054  
VALENCE
  6/3/2008     $ 21.1725       500  
VALENCE
  6/3/2008     $ 21.1750       6,100  
VALENCE
  6/3/2008     $ 21.1800       37,046  
VALENCE
  6/3/2008     $ 21.1950       700  
VALENCE
  6/3/2008     $ 21.2000       49,300  
VALENCE
  6/3/2008     $ 21.3900       1,312  
VALENCE
  6/3/2008     $ 21.4000       4,700  
VALENCE
  6/3/2008     $ 21.4025       100  
VALENCE
  6/3/2008     $ 21.4050       25,100  
VALENCE
  6/3/2008     $ 21.4100       8,000  
VALENCE
  6/3/2008     $ 21.4300       5,100  
VALENCE
  6/3/2008     $ 21.4400       5,688  
VALENCE
  6/3/2008     $ 21.0700       (300 )
VALENCE
  6/3/2008     $ 21.0800       (800 )
VALENCE
  6/3/2008     $ 21.1000       (400 )

 


 

                       
          Price   Number of Shares
Name   Date   Per Share   Purchased/(Sold)
VALENCE
  6/3/2008     $ 21.1300       (700 )
VALENCE
  6/3/2008     $ 21.1600       (1,100 )
VALENCE
  6/4/2008     $ 21.4100       (1,100 )
VALENCE
  6/4/2008     $ 21.4200       (2,300 )
VALENCE
  6/4/2008     $ 21.4300       (1,000 )
VALENCE
  6/4/2008     $ 21.4500       (2,400 )
VALENCE
  6/4/2008     $ 21.4800       (5,600 )
VALENCE
  6/4/2008     $ 21.4900       (3,000 )
VALENCE
  6/4/2008     $ 21.5000       (1,800 )
VALENCE
  6/4/2008     $ 21.5100       (900 )
VALENCE
  6/4/2008     $ 21.5500       (800 )
VALENCE
  6/4/2008     $ 21.5900       (4,500 )
VALENCE
  6/4/2008     $ 21.6000       (3,500 )
VALENCE
  6/5/2008     $ 21.4700       (500 )
VALENCE
  6/5/2008     $ 21.5000       (800 )
VALENCE
  6/5/2008     $ 21.5100       (200 )
VALENCE
  6/5/2008     $ 21.5200       (200 )
VALENCE
  6/5/2008     $ 21.5300       (1,400 )
VALENCE
  6/5/2008     $ 21.5400       (1,300 )
VALENCE
  6/5/2008     $ 21.5700       (700 )
VALENCE
  6/5/2008     $ 21.6000       (2,000 )
VALENCE
  6/5/2008     $ 21.6200       (900 )
VALENCE
  6/5/2008     $ 21.6300       (900 )
VALENCE
  6/5/2008     $ 21.6400       (200 )
VALENCE
  6/5/2008     $ 21.6700       (2,900 )
VALENCE
  6/5/2008     $ 21.7000       (2,300 )
VALENCE
  6/6/2008     $ 21.2900       (200 )
VALENCE
  6/6/2008     $ 21.3000       (100 )
VALENCE
  6/6/2008     $ 21.3100       (300 )
VALENCE
  6/6/2008     $ 21.3700       (400 )
VALENCE
  6/6/2008     $ 21.3800       (200 )
VALENCE
  6/6/2008     $ 21.4000       (200 )
VALENCE
  6/6/2008     $ 21.4100       (900 )
VALENCE
  6/6/2008     $ 21.4200       (100 )
VALENCE
  6/6/2008     $ 21.4400       (100 )
VALENCE
  6/6/2008     $ 21.4500       (500 )
VALENCE
  6/9/2008     $ 20.2750       1,900  
VALENCE
  6/9/2008     $ 20.2800       10,600  
VALENCE
  6/9/2008     $ 20.2900       3,100  
VALENCE
  6/9/2008     $ 20.3000       24,400  
VALENCE
  6/9/2008     $ 21.1500       (100 )
VALENCE
  6/11/2008     $ 21.0700       (300 )
VALENCE
  6/16/2008     $ 20.9000       (400 )
VALENCE
  6/16/2008     $ 20.9300       (300 )
VALENCE
  6/16/2008     $ 20.9700       (100 )
VALENCE
  6/16/2008     $ 20.9900       (2,400 )
VALENCE
  6/16/2008     $ 21.0000       (7,700 )
VALENCE
  6/16/2008     $ 21.0200       (1,000 )
VALENCE
  6/16/2008     $ 21.0300       (1,500 )
VALENCE
  6/16/2008     $ 21.0500       (1,400 )
VALENCE
  6/16/2008     $ 21.0600       (1,100 )

 


 

                       
          Price   Number of Shares
Name   Date   Per Share   Purchased/(Sold)
VALENCE
  6/16/2008     $ 21.0700       (1,600 )
VALENCE
  6/16/2008     $ 21.0800       (1,800 )
VALENCE
  6/16/2008     $ 21.0900       (4,700 )
VALENCE
  6/17/2008     $ 19.9800       15,300  
VALENCE
  6/17/2008     $ 19.9900       4,148  
VALENCE
  6/17/2008     $ 19.9950       1,300  
VALENCE
  6/17/2008     $ 20.0000       21,652  
VALENCE
  6/17/2008     $ 20.0050       700  
VALENCE
  6/17/2008     $ 20.0200       6,600  
VALENCE
  6/17/2008     $ 20.0300       7,100  
VALENCE
  6/17/2008     $ 20.0500       20,000  
VALENCE
  6/17/2008     $ 20.1400       16,500  
VALENCE
  6/17/2008     $ 20.1500       4,500  
VALENCE
  6/17/2008     $ 20.1550       400  
VALENCE
  6/17/2008     $ 20.1600       4,400  
VALENCE
  6/17/2008     $ 20.1700       700  
VALENCE
  6/17/2008     $ 20.1900       100  
VALENCE
  6/17/2008     $ 20.1950       1,500  
VALENCE
  6/17/2008     $ 20.2000       7,400  
VALENCE
  6/17/2008     $ 20.2050       4,800  
VALENCE
  6/17/2008     $ 20.2100       6,100  
VALENCE
  6/18/2008     $ 19.6950       13,100  
VALENCE
  6/18/2008     $ 19.7000       800  
VALENCE
  6/18/2008     $ 19.7500       1,562  
VALENCE
  6/18/2008     $ 19.7650       400  
VALENCE
  6/18/2008     $ 19.7700       1,500  
VALENCE
  6/18/2008     $ 19.7800       2,200  
VALENCE
  6/18/2008     $ 19.8000       100  
VALENCE
  6/18/2008     $ 19.8050       1,400  
VALENCE
  6/18/2008     $ 19.8100       2,500  
VALENCE
  6/18/2008     $ 19.8150       300  
VALENCE
  6/18/2008     $ 19.8200       8,700  
VALENCE
  6/18/2008     $ 19.8400       1,000  
VALENCE
  6/18/2008     $ 19.8500       9,700  
VALENCE
  6/18/2008     $ 19.8600       2,300  
VALENCE
  6/18/2008     $ 19.8700       2,000  
VALENCE
  6/18/2008     $ 19.8900       100  
VALENCE
  6/18/2008     $ 19.9000       9,900  
VALENCE
  6/18/2008     $ 19.9700       200  
VALENCE
  6/18/2008     $ 19.9800       2,000  
VALENCE
  6/18/2008     $ 19.9825       400  
VALENCE
  6/18/2008     $ 19.9850       1,200  
VALENCE
  6/18/2008     $ 19.9900       6,200  
VALENCE
  6/23/2008     $ 12.6500       (600 )
VALENCE
  6/23/2008     $ 12.6600       (100 )
VALENCE
  6/23/2008     $ 12.6700       (1,600 )
VALENCE
  6/23/2008     $ 12.6800       (200 )
VALENCE
  6/23/2008     $ 12.6900       (100 )
VALENCE
  6/23/2008     $ 12.7000       (2,600 )
VALENCE
  6/23/2008     $ 12.7100       (1,800 )

 


 

                         
            Price   Number of Shares
Name   Date   Per Share   Purchased/(Sold)
VALENCE
    6/23/2008     $ 12.7200       (1,700 )
VALENCE
    6/23/2008     $ 12.7300       (100 )
VALENCE
    6/23/2008     $ 12.7400       (700 )
VALENCE
    6/23/2008     $ 12.7500       (600 )
VALENCE
    6/23/2008     $ 12.7600       (500 )
VALENCE
    6/23/2008     $ 12.7700       (800 )
VALENCE
    6/23/2008     $ 12.7800       (200 )
VALENCE
    6/23/2008     $ 12.7900       (1,600 )
VALENCE
    6/23/2008     $ 12.8000       (4,100 )
VALENCE
    6/23/2008     $ 12.8100       (2,700 )
VALENCE
    6/23/2008     $ 12.8200       (1,000 )
VALENCE
    6/23/2008     $ 12.8300       (1,100 )
VALENCE
    6/23/2008     $ 12.8500       (200 )
VALENCE
    6/23/2008     $ 12.8600       (400 )
VALENCE
    6/23/2008     $ 12.8700       (100 )
VALENCE
    6/24/2008     $ 12.8600       (500 )
VALENCE
    6/25/2008     $ 12.6500       (200 )
VALENCE
    6/27/2008     $ 10.2600       (200 )
VALENCE
    6/27/2008     $ 10.3700       (100 )
VALENCE
    6/27/2008     $ 10.7300       (700 )
(d) No person other than the Reporting Persons has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Shares set forth above.
Clause (e) of Item 5 of Schedule 13D is not applicable.
Item 6.   Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Valence maintains an open short position on 6,800 Common Shares.
Except for the matters described herein, neither the Reporting Persons nor, to the best knowledge of any Reporting Person, any of the persons listed in Item 2 has any contract, arrangement, understanding, or relationship with any person with respect to any securities of the Issuer.
Item 7.   Material to be Filed as Exhibits
Exhibit 1   Power of Attorney, granted by David E. Shaw relating to D. E. Shaw & Co., Inc., in favor of the signatories hereto, among others, dated October 24, 2007.
Exhibit 2   Power of Attorney, granted by David E. Shaw relating to D. E. Shaw & Co. II, Inc., in favor of the signatories hereto, among others, dated October 24, 2007.
Exhibit 3   Joint Filing Agreement, by and among the Reporting Persons, dated June 30, 2008.

 


 

SIGNATURE
     After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete, and correct.
Dated: June 30, 2008
             
    D. E. SHAW VALENCE PORTFOLIOS, L.L.C.
 
           
    By:   D. E. SHAW & CO., L.P., as Managing Member
 
           
 
      By:   /s/ Julius Gaudio
 
           
 
          Name: Julius Gaudio
 
          Title: Managing Director
 
           
    D. E. SHAW OCULUS PORTFOLIOS, L.L.C.
 
           
    By:   D. E. SHAW & CO., L.L.C., as Managing Member
 
           
 
      By:   /s/ Julius Gaudio
 
           
 
          Name: Julius Gaudio
 
          Title: Managing Director
 
           
    D. E. SHAW & CO., L.L.C.
 
           
    By:   /s/ Julius Gaudio
         
        Name: Julius Gaudio
        Title: Managing Director
 
           
    D. E. SHAW & CO., L.P.
 
           
    By:   /s/ Julius Gaudio
         
        Name: Julius Gaudio
        Title: Managing Director
 
           
    DAVID E. SHAW
 
           
    By:   /s/ Julius Gaudio
         
        Name: Julius Gaudio
        Title: Attorney-in-Fact for David E. Shaw