Discovery Equity Partners, an investment fund managed by merchant-bank Discovery Group, wants the wireless-communications-systems components maker to eliminate its "poison pill," and form a standing strategic-alternatives committee of its board to respond to parties who express strategic interest in the company. In a July 23 letter to Tessco's directors, Discovery managing member Daniel J. Donoghue said that 75% of non-management shareholders had voted in favor of eliminating the poison pill at Tessco's annual meeting that day. Tessco, however, said that the proposal, which was introduced by Discovery, didn't win enough votes. Tessco's management and board control 34.1% of the company's shares. Additionally, Discovery claimed that Tessco Chief Executive Officer Robert Barnhill has been unresponsive to overtures made by potential third-party suitors, who wanted to "explore the possibility of a 'going-private' transaction." Discovery owns 680,092 shares (14.2% of the total outstanding). It's Tessco's second-largest shareholder behind Barnhill, who controls a 26.7% stake.

Joseph E. LoConti, a private investor and insurance-industry executive, disclosed that he now owns 950,202 shares (5.4%). LoConti paid a little more than $4.1 million, or $4.32 per share, to acquire the stake on July 22. LoConti said he intends to discuss the company's performance, strategic direction and "various means of maximizing stockholder value" with WCA Waste's management, directors and other shareholders.

Discovery Equity Partners disclosed that it now holds 1,295,618 shares (5.3%). The firm paid approximately $7.27 million, or $5.61 per share, to acquire the holding.

Gamco Investors (GBL) raised its holdings to 890,910 shares (7.67%), by buying 141,869 shares from July 9 to July 27 at $53.48 to $53.76 per share.

FS Capital Partners increased its holdings to 13,475,981 shares (35.3%), purchasing 1,000,000 shares on July 24 at $16.50 for each share in a secondary offering.

SAC Capital Advisors decreased its holdings to 805,806 shares (3.7%), by selling 300,100 from July 17 to 22 at $12.66 to $13.25 apiece.

Thoma Cressey Equity Partners reduced its holdings to 3,014,858 shares (9.8%), by selling 533,319 from July 23 to 27 at $20.24 to $21.36 each.

Harbinger Capital decreased its stake to 7,484,000 shares (9.7%). It sold 3,041,000 from July 24 through 28 at $25.44 to $27.05.