UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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
(Amendment No. ________)*
Mueller Water Products, Inc.
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(Name of Issuer)
Series B Common Stock, par value $.01 per share
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(Title of Class of Securities)
624758207
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(CUSIP Number)
Thomas R. Hudson Jr.
Pirate Capital LLC
200 Connecticut Avenue, 4th Floor
Norwalk, CT 06854
(203) 854-1100
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 14, 2006
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(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.
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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 7 Pages)
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* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
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).
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CUSIP NO. 624758207 SCHEDULE 13D PAGE 2 OF 7 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PIRATE CAPITAL LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
-0-
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,789,105
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
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10 SHARED DISPOSITIVE POWER
4,789,105
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,789,105
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6%
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14 TYPE OF REPORTING PERSON*
IA
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 624758207 SCHEDULE 13D PAGE 3 OF 7 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THOMAS R. HUDSON JR.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
-0-
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,789,105
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,789,105
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,789,105
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 624758207 SCHEDULE 13D PAGE 4 OF 7 PAGES
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ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of Series B common stock, par value $.01
per share (the "Shares"), of Mueller Water Products, Inc. (the "Issuer"). The
principal executive office of the Issuer is located at 4211 W. Boy Scout
Boulevard, Tampa, Florida 33607.
ITEM 2. IDENTITY AND BACKGROUND
(a) This statement is filed by Pirate Capital LLC, a Delaware limited
liability company ("Pirate Capital"), and Thomas R. Hudson Jr. (together with
Pirate Capital, the "Reporting Persons"). Each of the Reporting Persons is
deemed to be the beneficial owner of the Shares held by Jolly Roger Fund LP,
Jolly Roger Offshore Fund LTD and Jolly Roger Activist Portfolio Company LTD
(together, the "Holders"). The Reporting Persons disclaim that they and/or the
Holders are members of a group as defined in Regulation 13D-G.
(b) The principal business address of the Reporting Persons is 200
Connecticut Avenue, 4th Floor, Norwalk, Connecticut 06854.
(c) The principal business of Pirate Capital is providing investment
management services to investment partnerships and other entities. The principal
occupation or employment of Thomas R. Hudson Jr. is serving as the sole owner
and Managing Member of Pirate Capital.
(d) Neither of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) Neither of the Reporting Persons has, during the last five years, been
a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
(f) Thomas R. Hudson Jr. is a citizen of the United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The Shares were acquired in connection with a spin-off of Issuer Shares by
Walter Industries, Inc. ("Walter"), pursuant to the Reporting Persons'
investment in shares of common stock of Walter. Funds for the purchase of shares
of Walter common stock were derived from available capital of the Holders. A
total of approximately $61,849,722 was paid to acquire the shares of Walter
common stock attributable in value to the Issuer Shares spun off by Walter to
the Reporting Persons and reported herein.
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CUSIP NO. 624758207 SCHEDULE 13D PAGE 5 OF 7 PAGES
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ITEM 4. PURPOSE OF TRANSACTION
Except as set forth herein or as would occur upon completion of any of the
actions discussed herein, the Reporting Persons have no present plan or proposal
that would relate to or result in any of the matters set forth in subparagraphs
(a)-(j) of Item 4 of Schedule 13D. The Reporting Persons intend to review their
investment in the Issuer on a continuing basis and may engage in discussions
with management, the Board of Directors, other shareholders of the Issuer and
other relevant parties concerning the business, operations, board composition,
management, strategy and future plans of the Issuer. Depending on various
factors including, without limitation, the Issuer's financial position and
strategic direction, the outcome of the discussions and actions referenced
above, actions taken by the Board of Directors, price levels of the Shares,
other investment opportunities available to the Reporting Persons, conditions in
the securities market and general economic and industry conditions, the
Reporting Persons may in the future take such actions with respect to their
investment in the Issuer as they deem appropriate including, without limitation,
purchasing additional Shares or selling some or all of their Shares, engaging in
short selling of or any hedging or similar transactions with respect to the
Shares and/or otherwise changing their intention with respect to any and all
matters referred to in Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Reporting Persons beneficially own 4,789,105 Shares, constituting
approximately 5.6% of the Shares outstanding, based upon 85,844,920 Shares
stated to be outstanding in the Issuer's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2006.
(b) By virtue of its position as general partner of Jolly Roger Fund LP,
Pirate Capital has the power to vote or direct the voting, and to dispose or
direct the disposition, of all of the 430,956 Shares held by Jolly Roger Fund
LP. By virtue of agreements with Jolly Roger Offshore Fund LTD and Jolly Roger
Activist Portfolio Company LTD, Pirate Capital has the power to vote or direct
the voting, and to dispose or direct the disposition, of all of the 4,358,149
Shares held by Jolly Roger Offshore Fund LTD and Jolly Roger Activist Portfolio
Company LTD. By virtue of his position as sole Managing Member of Pirate
Capital, Thomas R. Hudson Jr. is deemed to have shared voting power and shared
dispositive power with respect to all Shares as to which Pirate Capital has
voting power or dispositive power. Accordingly, Pirate Capital and Thomas R.
Hudson Jr. are deemed to have shared voting and shared dispositive power with
respect to an aggregate of 4,789,105 Shares.
(c) The following Shares were received by the Holders pursuant to the
spin-off of the Shares by Walter as of December 14, 2006:
Jolly Roger Activist Portfolio Company LTD
Spin-Off Date Shares Received
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12/14/2006 1,103,004
Jolly Roger Offshore Fund LTD
Spin-Off Date Shares Received
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12/14/2006 3,255,145
Jolly Roger Fund LP
Spin-Off Date Shares Received
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12/14/2006 430,956
(d) No person other than the Reporting Persons and the Holders is known to
have the right to receive or the power to direct the receipt of dividends from,
or the proceeds from the sale of, such Shares.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
Except as otherwise set forth herein, the Reporting Persons do not have any
contract, arrangement, understanding or relationship with any person with
respect to the securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
See Exhibit Index hereto.
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CUSIP NO. 624758207 SCHEDULE 13D PAGE 6 OF 7 PAGES
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SIGNATURES
After reasonable inquiry and to the best of each of the undersigned's knowledge
and belief, each of the undersigned certifies that the information set forth in
this statement is true, complete and correct.
Dated: December 22, 2006
PIRATE CAPITAL LLC
By: /s/ Thomas R. Hudson Jr.
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Name: Thomas R. Hudson Jr.
Title: Managing Member
/s/ Thomas R. Hudson Jr.
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Thomas R. Hudson Jr.
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CUSIP NO. 624758207 SCHEDULE 13D PAGE 7 OF 7 PAGES
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EXHIBIT INDEX
1. Exhibit A - Joint Acquisition Statement, dated December 22, 2006
EXHIBIT A
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(k)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned, and that all
subsequent amendments to this statement on Schedule 13D shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the other, except to the extent that he or it knows or has reason to
believe that such information is inaccurate.
Dated: December 22, 2006
PIRATE CAPITAL LLC
By: /s/ Thomas R. Hudson Jr.
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Name: Thomas R. Hudson Jr.
Title: Managing Member
/s/ Thomas R. Hudson Jr.
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Thomas R. Hudson Jr.