Icelandic investment firm Baugur Group would like to explore the possibility of acquiring Saks. Baugur Group may make a joint proposal for the acquisition of Saks with Dubai-based Landmark Group, an investment firm with a 1.2% stake in Saks that's owned by Indian retail billionaire Micky Jagtiani. Baugur decided to explore a possible buyout of Saks after meeting Saks managers; it had already consulted with legal and financial advisers about a possible transaction. Baugur expects further discussions with the retailer. Baugur Group currently holds 12.2 million shares (8.5% of the total outstanding).

Nakash Holding has joined a group of investors that may seek to change control of U.S. Energy Systems. Nakash and several other investment firms, including JAM Capital Associates and Kingsbridge Associates, said they'll seek to influence U.S. Energy's management and board of directors. The combined Nakash group owns 3.8 million shares (16.8%).

AM Partners stated "dissatisfaction" with Century's corporate governance and called on its directors to realize the value of the bank's franchise, for the benefit of shareholders. JAM said Century should either sell to a larger institution that can "pay [its] real economic value," or let the Sloane family take it private at a fair price instead of "running it like a private institution." JAM holds 299,691 shares (8.53%).

Elkhorn Partners submitted a "disclaimer of affiliation" to the Pennsylvania Insurance Department, asking it to approve the potential election of Alan Parsow to Penn Treaty's board. Elkhorn is also asking the department to approve additional purchases of Penn Treaty common stock, which could increase Elkhorn's stake to 20%. Elkhorn wants the Pennsylvania agency to conclude that the proposed approvals won't result in the investor's acquisition of control of Penn Treaty. Under Pennsylvania law, the term "control" is presumed to exist if any person owns 10% or more of a company's voting securities. Elkhorn currently holds 2,304,150 shares (9.9%).

An investor group including John Ziegelman and CD Capital Management called for the company to hire an investment bank to look at strategic alternatives, including a possible sale. Ziegelman is disappointed in the management of the company and believes that it should "immediately be put up for sale in order to maximize long-term shareholder value." He also said there are "several financial and strategic purchasers potentially interested in acquiring Meadow Valley." The CD Capital group holds 345,700 shares (6.7%).

ValueAct Capital Management reported ownership of 7,523,768 shares (5.3%) after buying 62,770 from Oct. 19 to 23 at $35.56 to $36.96 each.

Millenco reported ownership of 2,623,158 shares (6.5%), after buying 2,526,163 from Aug. 27 to Oct. 26 at $4.77 to $11.60 each.

Moab Capital Partners raised its stake to 463,735 shares (7.5%), from the 381,735 (6.2%) reported on Aug. 22.