The hedge-fund manager Baupost Group said it has been in discussions with members of Facet Biotech's management after Biogen Idec (BIIB) made an unsolicited $356 million offer to acquire the company. Seth Klarman's Baupost has also had discussions with a representative of Biogen Idec, but the firm hasn't said whether it supports the $14.50-a-share offer. Facet Biotech's board rejected the bid, terming it "inadequate" and "not in the best interests" of shareholders. The Baupost Group owns 3,506,875 shares (14.28% of the total outstanding) and is Facet Biotech's largest shareholder. The firm, however, sold 1,173,819 shares on Sept. 4 at prices ranging from $15.39 to $15.50.

Hedge fund Adage Capital said it is prepared to discuss alternative-financing arrangements for the company, and "is willing to provide such financing at a cost significantly less dilutive than that offered" through a deal with private-equity firm Sterling Partners that shareholders rejected last month. Adage Capital didn't specify what type of financing it would offer. Select Comfort, a mattress maker and retailer, has amended its credit agreement with bank lenders after shareholders rejected a proposed $35 million infusion from Sterling Partners and hedge-fund Clinton Group that would have given the two a majority stake in the company. Adage Capital owns 6,765,000 shares (14.8%). The firm bought 200,000 on Aug. 28 and Aug. 29 at $1.81 to $1.95 each.

Keywise Capital Management disclosed that it owns 632,000 shares (6%).

Sequoia Capital announced that it holds 2,191,700 shares (10.5%). The firm purchased 2,100,000 at $3 apiece in a private placement late last month.

Raging Capital Management reported it owns 861,436 shares (8.7%). The firm paid approximately $5.70 a share to acquire the holding.

Seadrill Limited said it holds 1,099,999 shares (9.5%), and Skagen Funds disclosed that it owns 1,047,426 (9.05%). Seahawk was spun off from Pride International (PDE) on Aug. 24.

Gamco Investors (GBL) increased its position to 1,120,726 shares (6.08%), after buying 185,620 from Aug. 24 to Sept. 3 at $49.76 to $49.91 per share.

Credit Suisse (CS) trimmed its holdings to 3,868,920 shares (4.7%), by selling 1,439,100 from Aug. 28 to Sept. 1 at $7.04 to $7.49 each.