Claxson Interactive Group (XSONF) Black Horse Capital Management said that the proposed $10.50 cash buyout offer by the company's controlling shareholders is "entirely inadequate," and implored the board to reject it. Black Horse Capital added that Claxson's net-cash position alone would likely exceed the $10.50-per-share offer and that the proposed transaction doesn't compensate minority holders for Claxson's remaining valuable assets. Black Horse Capital holds about 1.8 million Class A shares (8.4% of the total outstanding).

Laureate Education (LAUR) Select Equity Group said it has "significant reservations" about the management-led buyout of Laureate Education, citing the proposed $60.50-per-share price as "grossly inadequate." Laureate's board agreed to a $3.1 billion buyout led by founder and CEO Douglas L. Becker and backed by a private-equity consortium including Kohlberg Kravis Roberts, Citigroup Private Equity and hedge fund S.A.C. Capital Management. Select Equity Group owns 5,051,076 shares (9.82%).

State Bancorp (STBC) A group including PL Capital plans to withhold its vote at this year's annual meeting for four current directors on the company's 13-member board. The group is urging the company's chairman and chief executive, Thomas F. Goldrick Jr., and two vice chairmen, Richard W. Merzbacher and Daniel T. Rowe, to resign from the board. The PL Capital group also contends that the company isn't properly administering its incentive-award policy. The PL Capital group holds 702,090 shares (5.1%).

America First Apartment Investors (APRO) Winthrop Realty Trust (FUR) said that while it supports America First's decision to retain an investment adviser to initiate a sale of the company, it believes that the process is "flawed, to the detriment of all non-management shareholders." Winthrop made certain proposals in its letter that, it argues, could enhance the bidding process. Winthrop owns 794,856 shares (7.2%).

Dominion Homes (DHOM) Investor James Michael Rhodes reported ownership of 593,834 shares (7.07%), bought from Jan. 22 to April 11 at $4.08 to $5.12 per share.

Encore Capital Group (ECPG) Red Mountain Capital Partners raised its holdings to 3,435,062 shares (15.1%) by buying 1,144,062 from March 1 to April 11 at $9.32 to $9.96 apiece. That total includes 1,650,000 obtained through an April 5 purchase agreement, at $9.50 a share.

Handleman (HDL) Third Avenue Management raised its position to 3,163,062 shares (15.6%), by buying 53,331 from Feb. 15 to March 15 at $6.70 to $7.59 each.

National Atlantic Holdings (NAHC) Loeb Partners raised its stake to 1,099,949 shares (9.9%), by purchasing 494,525 from Feb. 27 to April 11 at prices that ranged from $12.02 to $13.01.