Bisys Group (BSG) Investor Ahmet Okumus has asked to join the company's board of directors. "I strongly feel that my experience in identifying undervalued assets, along with my knowledge of financial engineering and capital allocation, can make an immediate positive impact to the board during this critical period," Okumus said. Okumus is president and portfolio manager of Okumus Capital, which holds about 12.6 million shares (10.41% of the total outstanding).

Midwest Air Group (MEH) Octavian Master Fund believes that a buyout offer from AirTran Holdings (AAI) doesn't reflect the full value of Midwest. Octavian CEO Richard Hurowitz said that if AirTran were to materially increase its offer for Midwest to a level more reflective of the company's value, he would strongly encourage the Midwest board to immediately start negotiating toward a deal. Hurowitz believes that a merger with AirTran "makes enormous strategic sense." Midwest's CEO and board have urged shareholders to reject AirTran's $13.25 a share offer. Octavian Master Fund holds $1,202,000 shares (5%).

Riviera Holdings (RIV) An investment group including shareholder Paul C. Kanavos offered to buy out Riviera Holdings for $27 a share in cash, under certain conditions. The investment group asked that the board waive provisions that restrict voting rights of shareholders with a 10% stake or more of RIV's common stock. It also asked for the board to amend its bylaws so that control-share acquisition and business-combination provisions of the Nevada corporate statute don't apply to further acquisitions of Riviera stock by the group. The investment group currently holds 836,588 shares (6.71%).

Yardville National Bancorp (YANB) A group including Yardville National dissident shareholder Lawrence Seidman sent the company a letter nominating three directors for election to YANB's board at the 2007 annual meeting. The investor group said it's nominating Patrick A. Robinson, Neal Axelrod and Dennis Pollack for election to the board for the terms expiring in 2010. The Seidman group currently holds 994,164 shares (about 9%).

PHH (PHH) Pennant Capital Management said it opposes the pending acquisition of PHH by General Electric's (GE) Capital Solutions unit. Pennant doesn't believe the $31.50-a-share merger consideration adequately values PHH and it doesn't think the merger is in the best interest of PHH shareholders. Pennant holds 2,689,800 shares (5%).

Genaera (GENR) Xmark Opportunity Partners believes the company should focus its resources on the development of its MSI-1436 product candidate, which has "great promise as an anti-obesity compound." Xmark said that as long as management continues to exercise fiscal responsibility, it believes GENR's present cash position should be sufficient to allow it to "achieve a much higher valuation." Xmark Opportunity presently holds 10,166,776 shares (9.7%).

Joy Global (JOYG) Atlantic Investment Management raised its holdings to 5,700,000 shares (5.2%), after buying 2,219,700 from Jan. 26 to March 21 at $40.87 to $45.79 apiece.

Intermec (IN) A group of funds managed by Mario Gabelli's Gamco Investors (GBL) raised is position to 3,232,715 shares (5.4%), after buying 1,436,704 from Jan. 16 to March 23 at prices ranging from $20.74 to $25.48 apiece.