UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)*
Price Communications Corporation
--------------------------------
(Name of Issuer)
Common Stock, $0.01 par value
-----------------------------
(Title of Class of Securities)
741437305
---------
(CUSIP Number)
December 31, 2005
-----------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|X| Rule 13d-1(b)
| | Rule 13d-1(c)
| | Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in 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).
Page 1 of 12
CUSIP No. 741437305
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Westchester Capital Management, Inc.
13-3036274
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization New York
------------------------- --------- --------------------------------------------
5. Sole Voting Power None
--------- --------------------------------------------
Number of 6. Shared Voting Power 4,123,343 shares
Shares Beneficially
Owned by Each
Reporting Person With
--------- --------------------------------------------
7. Sole Dispositive Power None
--------- --------------------------------------------
8. Shared Dispositive Power 4,123,343 shares
----------- --------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
4,123,343 shares of common stock of the Issuer ("Shares") which
consists of 4,107,998 Shares held by The Merger Fund and 15,345
Shares held by The Merger Fund VL, all of which Westchester Capital
Management, Inc. may be deemed to beneficially own by virtue of its
position as investment adviser to these entities.
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 7.3%
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12. Type of Reporting Person (See Instructions) IA
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Page 2 of 12
CUSIP No. 741437305
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1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only).
The Merger Fund
14-1698547
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X
----------- --------------------------------------------------------------------
3. SEC Use Only
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4. Citizenship or Place of Organization Massachusetts
------------------------- --------- --------------------------------------------
5. Sole Voting Power None
--------- --------------------------------------------
Number of 6. Shared Voting Power 4,107,998 shares
Shares Beneficially
Owned by Each
Reporting Person with:
--------- --------------------------------------------
7. Sole Dispositive Power None
--------- --------------------------------------------
8. Shared Dispositive Power 4,107,998 shares
----------- --------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
4,107,998 shares
----------- --------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
----------- --------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 7.3%
----------- --------------------------------------------------------------------
12. Type of Reporting Person (See Instructions) IV
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Page 3 of 12
CUSIP No. 741437305
----------- --------------------------------------------------------------------
1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only).
The Merger Fund VL
004-3739793
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
------------------------- --------- --------------------------------------------
5. Sole Voting Power None
--------- --------------------------------------------
Number of 6. Shared Voting Power 15,345 shares
Shares Beneficially
Owned by Each
Reporting Person with:
--------- --------------------------------------------
7. Sole Dispositive Power None
--------- --------------------------------------------
8. Shared Dispositive Power 15,345 shares
----------- --------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
15,345 shares
----------- --------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 0.0%
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12. Type of Reporting Person (See Instructions) IV
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Page 4 of 12
CUSIP No. 741437305
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Green & Smith Investment Management L.L.C.
13-3869675
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
------------------------- --------- --------------------------------------------
5. Sole Voting Power None
--------- --------------------------------------------
Number of 6. Shared Voting Power 556,279 shares
Shares Beneficially
Owned by Each
Reporting Person With
--------- --------------------------------------------
7. Sole Dispositive Power None
--------- --------------------------------------------
8. Shared Dispositive Power 556,279 shares
----------- --------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
556,279 shares of common stock of the Issuer ("Shares") which
consists of (i) 242,947 Shares beneficially owned by GS Master
Trust; (ii) 139,970 Shares beneficially owned by Institutional
Benchmarks Series (Master Feeder) Limited; (iii) 18,050 Shares
beneficially owned by MSS Merger Arbitrage 2; and (iv) 155,312
Shares beneficially owned by SPhinx Merger Arbitrage, all of which
Green & Smith Investment Management L.L.C. may be deemed to
beneficially own by virtue of its position as investment adviser of
each of the above private entities.
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 1.0%
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12. Type of Reporting Person (See Instructions) IA
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Page 5 of 12
CUSIP No. 741437305
----------- --------------------------------------------------------------------
1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only).
Frederick W. Green
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
------------------------- --------- --------------------------------------------
5. Sole Voting Power None
--------- --------------------------------------------
Number of 6. Shared Voting Power 4,679,622 shares
Shares Beneficially
Owned by Each
Reporting Person with:
--------- --------------------------------------------
7. Sole Dispositive Power None
--------- --------------------------------------------
8. Shared Dispositive Power 4,679,622 shares
----------- --------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
4,679,622 Shares which consist of (i) 4,107,998 Shares beneficially
owned by The Merger Fund; (ii) 15,345 Shares beneficially owned by
The Merger Fund VL; (iii) 242,947 Shares beneficially owned by GS
Master Trust; (iv) 139,970 Shares beneficially owned by
Institutional Benchmarks Series (Master Feeder) Limited; (v) 18,050
Shares beneficially owned by MSS Merger Arbitrage 2; and (vi)
155,312 Shares beneficially owned by SPhinx Merger Arbitrage, all of
which Frederick W. Green may be deemed to beneficially own by virtue
of his position as President of Westchester Capital Management,
Inc., the investment adviser of The Merger Fund and The Merger Fund
VL, or by virtue of his position as a member of Green & Smith
Investment Management L.L.C., which is the investment adviser of
each of the other private entities listed above.
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 8.3%
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12. Type of Reporting Person (See Instructions) IN
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Page 6 of 12
CUSIP No. 741437305
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1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only).
Bonnie L. Smith
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
------------------------- --------- --------------------------------------------
5. Sole Voting Power None
--------- --------------------------------------------
Number of 6. Shared Voting Power 4,679,622 shares
Shares Beneficially
Owned by Each
Reporting Person with:
--------- --------------------------------------------
7. Sole Dispositive Power None
--------- --------------------------------------------
8. Shared Dispositive Power 4,679,622 shares
----------- --------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
4,679,622 Shares which consist of (i) 4,107,998 Shares beneficially
owned by The Merger Fund; (ii) 15,345 Shares beneficially owned by
The Merger Fund VL; (iii) 242,947 Shares beneficially owned by GS
Master Trust; (iv) 139,970 Shares beneficially owned by
Institutional Benchmarks Series (Master Feeder) Limited; (v) 18,050
Shares beneficially owned by MSS Merger Arbitrage 2; and (vi)
155,312 Shares beneficially owned by SPhinx Merger Arbitrage, all of
which Bonnie L. Smith may be deemed to beneficially own by virtue of
her position as Vice President of Westchester Capital Management,
Inc., the investment adviser of The Merger Fund and The Merger Fund
VL, or by virtue of her position as a member of Green & Smith
Investment Management L.L.C., which is the investment adviser of
each of the other private entities listed above.
----------- --------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
----------- --------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 8.3%
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12. Type of Reporting Person (See Instructions) IN
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Page 7 of 12
ITEM 1.
(a) Name of Issuer:
Price Communications Corporation
(b) Address of Issuer's Principal Executive Offices:
45 Rockefeller Plaza
New York, NY 10020
ITEM 2.
(a) Name of Person Filing:
(i) Westchester Capital Management, Inc.
(ii) The Merger Fund
(iii) The Merger Fund VL
(iv) Green & Smith Investment Management L.L.C.
(v) Frederick W. Green
(vi) Bonnie L. Smith
(b) Address of Principal Business Office or, if none, Residence:
(i) 100 Summit Drive, Valhalla, NY 10595
(ii) 100 Summit Drive, Valhalla, NY 10595
(iii) 100 Summit Drive, Valhalla, NY 10595
(iv) 100 Summit Drive, Valhalla, NY 10595
(v) 100 Summit Drive, Valhalla, NY 10595
(vi) 100 Summit Drive, Valhalla, NY 10595
(c) Citizenship:
(i) New York
(ii) Massachusetts
(iii) Delaware
(iv) Delaware
(v) United States
(vi) United States
(d) Title of Class of Securities: Common Stock, $0.01 par value
(e) CUSIP No.: 741437305
Page 8 of 12
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.SS.240.13d-1(b) OR
240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
(a) Westchester Capital Management, Inc. is a registered investment
adviser under Section 203 of the Investment Advisers Act of 1940, as
amended.
(b) The Merger Fund is an investment company registered under Section 8
of the Investment Company Act of 1940, as amended.
(c) The Merger Fund VL is an investment company registered under
Section 8 of the Investment Company Act of 1940, as amended.
(d) Green & Smith Investment Management L.L.C. is a registered
investment adviser under Section 203 of the Investment Advisers Act of
1940, as amended.
(e) Frederick W. Green is President of Westchester Capital Management,
Inc., the investment adviser of The Merger Fund and The Merger Fund VL,
and is a member of Green & Smith Investment Management L.L.C.
(f) Bonnie L. Smith is Vice President of Westchester Capital
Management, Inc., the investment adviser of The Merger Fund and
The Merger Fund VL, and is a member of Green & Smith Investment
Management L.L.C.
ITEM 4. OWNERSHIP.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned and (b) Percent of class: See Items
5 through 11 of the cover pages attached hereto.
This Schedule 13G shall not be construed as an admission that
the Reporting Persons, either for purposes of Section 13(d) or
13(g) of the Securities Exchange Act of 1934, as amended, or
for other purposes, are the beneficial owners of any
securities covered by this statement.
(c) See Items 5 through 8 of the cover pages attached hereto.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
Page 9 of 12
ITEM 10. CERTIFICATION.
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired and
are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
Page 10 of 12
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 9, 2006
WESTCHESTER CAPITAL MANAGEMENT, INC.
By: /s/ Bonnie L. Smith
-------------------------------
Name: Bonnie L. Smith
Title: Vice President
THE MERGER FUND
By: /s/ Bonnie L. Smith
-------------------------------
Name: Bonnie L. Smith
Title: Vice President
THE MERGER FUND VL
By: /s/ Bonnie L. Smith
-------------------------------
Name: Bonnie L. Smith
Title: Vice President
GREEN & SMITH INVESTMENT MANAGEMENT L.L.C.
By: /s/ Bonnie L. Smith
-------------------------------
Name: Bonnie L. Smith
Title: Senior Vice President
/s/ Frederick W. Green
-------------------------------
Frederick W. Green
/s/ Bonnie L. Smith
-----------------------------
Bonnie L. Smith
Page 11 of 12
Exhibit A
AGREEMENT
The undersigned, Westchester Capital Management, Inc., The Merger Fund,
The Merger Fund VL, Green & Smith Investment Management L.L.C., Frederick W.
Green and Bonnie L. Smith agree that the statement to which this exhibit is
appended is filed on behalf of each of them.
February 9, 2006
WESTCHESTER CAPITAL MANAGEMENT, INC.
By: /s/ Bonnie L. Smith
-------------------------------
Name: Bonnie L. Smith
Title: Vice President
THE MERGER FUND
By: /s/ Bonnie L. Smith
-------------------------------
Name: Bonnie L. Smith
Title: Vice President
THE MERGER FUND VL
By: /s/ Bonnie L. Smith
-------------------------------
Name: Bonnie L. Smith
Title: Vice President
GREEN & SMITH INVESTMENT MANAGEMENT L.L.C.
By: /s/ Bonnie L. Smith
-------------------------------
Name: Bonnie L. Smith
Title: Senior Vice President
/s/ Frederick W. Green
-------------------------------
Frederick W. Green
/s/ Bonnie L. Smith
-----------------------------
Bonnie L. Smith
Page 12 of 12