Activist investor Mario Gabelli and his Gamco Investors (GBL) filed a preliminary proxy statement with the SEC to nominate four directors to Myers Industries' board. Gamco also plans to vote against the company's 2008 incentive stock plan. Gamco holds 3.4 million shares (9.63% of the total outstanding).

Hallmark Financial Services (HALL) wants to raise its stake in Specialty Underwriters' Alliance to more than 10% through open-market purchases. Hallmark, the company's second-largest shareholder, asserts that there is a need for "improved governance and stockholder representation on the board." Hallmark has 1,429,615 shares (9.9%).

Trian Fund Management cut its holdings to 8.49 million shares (6.9%) by selling 2.25 million on Feb. 25 and 26 for $22.58 to $22.61 a share. Trian said that "the sales were strictly the result of adjustments Trian made to its portfolio."

Activist investor William Ackman and the company disagree on the number of directors that should be elected at Target's annual meeting. Ackman argues that a director's resignation in January created a vacancy; the company contends that the resignation simply shrank the number of directors from 13 to 12. Ackman, who is launching a proxy fight to get a five-person slate onto Target's board, suggested that the issue be submitted to binding arbitration. Pershing Square, the hedge fund led by Ackman, holds 58,391,235 shares (7.8%).

Steel Partners II is concerned by "significant inventory write-offs" that Rowan took in the fourth quarter and by "unusual and improper" compensation and severance arrangements with the retiring and new CEOs and other executives. Steel Partners also called "outrageous" a $13 million professional-service fee that Rowan paid in connection with the suspended LeTourneau Technologies monetization process. Steel Partners II owns 9,878,219 shares (8.7%).

Shamrock Activist Value Fund said it had withdrawn its proposal to amend Websense's bylaws. Shamrock is pleased that Websense has agreed to seek shareholder consent to eliminate its supermajority shareholder voting requirement. Shamrock reported ownership of 3,912,411 shares (8.69%).

Private-equity investor Warburg Pincus may discuss with Bankrate's management and directors the possibility of putting one or more representatives on the board. However, Warburg Pincus said it doesn't intend to pursue this unless the board supports the move. Warburg Pincus owns 1,026,300 shares (5.45%).

A group including activist investor Lawrence Seidman boosted its stake to 186,000 shares (6.98%) from the 157,000 (6%) it had reported on March 3. Earlier, Seidman called for Beverly National to add Thomas Goggins to its board. Seidman and Goggins previously met with Beverly's senior management to discuss strategic options for the bank holding company.