Investment advisor Southeastern Asset Management has come out in support of the Shamrock Activist Value Fund, saying it will support the hedge fund's efforts to reform corporate governance at the cement maker. Shamrock Activist Value has nominated three candidates for election to Texas Industries' board. The firm also has proposed a destaggering of the company's board and annual-director election, the institution of majority voting in uncontested director elections, and that shareholder approval be required for all poison-pill rights plans. The shareholders will vote on the board candidates and the proposals on Oct. 22. Southeastern Management has disclosed that it "intends to vote all of its clients' shares in favor of the proposals." Southeastern Management owns 2,568,600 shares (9.3% of total outstanding), while Shamrock Activist Value Fund owns 2,826,556 (10.2%). The firms are Texas Industries' third- and fifth-largest shareholders, respectively.

Sandler O'Neill Asset Management disclosed that it now owns 5,200,000 shares (9.84%). The firm purchased the shares in an Aug. 14 secondary offering, at a cost of $2.25 per share.

Limerock Partners increased its holdings to 6,149,480 shares (16.4%), by purchasing 914,964 from July 17 to Aug. 31 at prices from $7.41 to $7.65.

Wattles Capital Management, which is led by former Hollywood Entertainment and Gamestop (GME) chairman and chief executive Mark Wattles, reduced its holdings to 4,841,937 shares (4.0%), selling two million from Aug. 14 to Aug. 20 at 73 cents per share. The firm also owns an undisclosed number of Blockbuster Class B (BBI-B) shares and 9% senior notes of the company.

Breeden Capital Management decreased its holding to 2,595,580 shares (4.14%), after selling 682,829 from Aug. 19 to Aug. 27 at $19.50 to $20.21 per share.

D.E. Shaw & Co. reduced its stake to 4,643,356 shares (3.6%), by disposing of 5,472,000 from Aug. 12 to Aug. 27 at prices that ranged from $19.80 to $24.09.

Icahn Associates, led by the billionaire activist investor Carl Icahn, decreased its holdings to 62,873,572 shares (4.5%), after selling 12,706,552 shares from Aug. 27 to Aug. 31 at $14.90 apiece. The firm said that the Yahoo! shares "were sold in order to provide a more desired balance in [its] portfolios relating to tech stocks." It added that the sales "in no way were intended to reflect the [Icahn Associates'] long-term view of [Yahoo!], since optimistic about its long-term prospects."

Select Comfort (SCSS) has agreed to issue to Sterling Capital Partners 50 million shares of common stock at a price of 70 cents per share. Clinton Group and Sterling entered into an agreement whereby Clinton has the right to coinvest in the transaction in an amount up to $5 million. On Aug. 27, Select Comfort's shareholders narrowly rejected the proposal. Clinton has requested a recount, which is being conducted.