From Barron's 6-18-07: William Ackman's Pershing Square Capital Management, Ceridian's largest shareholder, said it had hired Lazard Freres to seek alternatives to Ceridian's agreement to be sold for $5.3 billion, or $36 a share, to Thomas H. Lee Partners and Fidelity National Financial (ticker: FNF). Ackman said that the best course would be "... a sale of the entire company at a higher price; a sale or separation of one or both of the company's main operating units; and/or a recapitalization, dividend or self-tender transaction where significant value can be returned to stockholders, whether in combination with a broader transaction or otherwise." Pershing Square holds 21,432,734 shares (14.9% of the total outstanding).

From Barron's 6-18-07: D.E. Shaw Laminar Portfolios said it wants the company to evaluate strategic alternatives. Shaw urged the board to consider a sale of some or all of ITG's businesses to a strategic or financial buyer. D.E. Shaw owns about 2.73 million shares (6.2%).

From Barron's 6-18-07: Ramius Capital Group opposes the proposed acquisition of the company by One Equity Partners, saying the $48.50-a-share offer price is too low. Ramius Capital said the terms of the acquisition don't reflect the intrinsic value of the company and added that it reserves its right to seek appraisal of the fair value of its investment. Ramius Capital holds 522,400 shares (5.4%).

From Barron's 6-18-07: Inter-Tel's former CEO, Steven G. Mihaylo, said he had filed a preliminary proxy statement in connection with the 2007 special meeting of shareholders. Mihaylo, the company's founder and largest shareholder, is soliciting proxies from shareholders to vote against a proposed buyout by Mitel Networks. Mihaylo, who supports a recapitalization plan for the company, owns 5.2 million shares (19%). The special meeting is scheduled for June 29.

From Barron's 6-18-07: JGD Management has been in negotiations with NetManage regarding a confidentiality agreement for exchanges of information between the two. It's expected that any such agreement would contain certain standstill provisions, which limit how much stock an investor can buy for a certain period. JGD Management, a New York-based hedge fund, owns 489,799 shares (5.1%).

From Barron's 6-18-07: Investor Lawrence B. Seidman said he had reached a settlement with the company, under which he is ending his proxy contest for three board seats. The settlement will end outstanding legal disputes between Seidman and Yardville if the company's pending merger goes through. As part of the deal, Yardville will pay about $100,000 to Seidman, who owns about 1 million shares (9.26%).

From Barron's 6-18-07: Sandler O'Neill Asset Management reported ownership of 330,216 shares (5.66%), after buying 110,216 from April 24 to June 6 at $24.55 to $25.80 apiece.

From Barron's 6-18-07: Hedge fund Pardus Capital Management raised its holdings to 23.5 million shares (18.1%) by buying 300,000 on June 8 at an average price of $7.98.