Advisory Research called for the company to immediately terminate its proposed acquisition of Pinnacle Gas Resources (PINN), and to hire an investment bank to evaluate its strategic options. Advisory argues that the company is trading at "a very substantial discount to its measurable net asset value." It says it is "incomprehensible that management and the board would consider a highly dilutive and value-destroying transaction involving the issuance of nearly 20 million additional shares." Advisory Research owns 1,781,602 shares (7.9% of the total outstanding).

Universal Electronics (UEIC) sent a letter to Zilog reiterating its offer to buy all the company's outstanding shares for $4.50 each. Universal Electronics agreed to split the price of the proposed Zilog acquisition with Riley Investment Management. Under the proposed merger, Universal Electronics would get Zilog's remote-control-related assets and Riley would get the remaining assets. Riley Investment may talk with Zilog management and seek board representation. Riley Investment currently holds 1,133,788 shares (6.7%).

George Schultze's Schultze Asset Management reiterated its call for the company to sell its Big Sky unit by retaining a nationally recognized investment bank. Schultze is "disappointed" that Mair may be planning to pursue acquisitions outside the airline industry using shareholders' cash. Schultze may hold discussions with Mair's management, board and other shareholders regarding strategies to maximize shareholder value. Schultze maintains that Mair's stock is "substantially undervalued." It may seek representation on the board to boost shareholder value. Schultze Asset Management currently holds 997,010 shares (6.6%).

ValueAct Capital filed a 13D with boilerplate language stating that it had acquired the stock for investment purposes in the ordinary course of business, but was reserving the right to talk with management, the board and other stockholders or to propose changes in Sara Lee's corporate governance, operations or capitalization.

A group including Chadwick Capital Management wants Radyne to immediately hire an investment bank to explore strategic alternatives, including a possible sale. The group is concerned with the strategic direction of the company and the growing gap between its value as a standalone entity, versus its value in a sale. The Chadwick group, which also includes Monarch Activist Partners, holds less than a 5% stake in Radyne. The number of shares weren't available from the filing.

ValueAct Capital Management reported ownership of 4,517,552 shares (5%) after buying 1,060,000 from Jan. 4 to 16 at $9.27 to $10.25 each.

Knowledge Investment Partners Education reported ownership of 619,044 shares (5%) after purchasing 403,844 from Nov. 30, 2007, to Jan. 10 at $7.53 to $10.23 each.

Empire Capital Management reported ownership of 2,784,441 shares (7.6%) but provided no transaction details.