Investor David Nierenberg and his D3 Family Funds entered into a non-binding understanding with Portfolio Logic, which wants to take Pediatric Services private by merging it into a new company. Under the deal's terms, the Nierenberg group would contribute some or all of its Pediatric Services shares to the new company. In exchange, the group would get a minority interest in that company, and David Nierenberg would be named one of its directors. The group, which is expected to vote all its shares in favor of the merger, owns about 1.45 million (19.2%).

Activist hedge-fund manager Robert Chapman made his case for the breakup or sale of Building Materials in a letter to its board. Chapman believes there is "an extremely high level of interest" among other building-supply companies and private-equity firms to acquire the company. Chapman Capital has 2,189,239 shares (7.4%

A group including Elliott Associates asserts that Packeteer has "leading technology" in one of the networking market's fastest-growing segments, but has been unable to capitalize on it. Elliott says the business segment in which Packeteer operates is becoming "increasingly competitive" and that the technology might prove "extremely valuable to a larger acquirer looking to enter the wide-area network optimization market," or to supplement its product lines. The Elliott group beneficially owns about 2.27 million shares (6.3%)

Brencourt Advisors opposes One Equity Partners' $48.50-a-share bid for Vertrue as too low. Brencourt believes that there are other ways to increase shareholder value. Brencourt encouraged the board to revisit a leveraged recapitalization of the company's balance sheet and to use those proceeds to fund a special dividend to shareholders. Brencourt Advisors holds 938,581 shares (9.66

CEO Daniel Glassman offered to buy the drug developer for $21.50 a share. If the offer, which he submitted to a special committee of Bradleys' board, succeeds, he'd take the company private. Glassman said he would expect to remain as chief executive and would expect Bradley's senior management team to stay on. He said that the transaction would be financed through rollover equity, supplied by him and "others," and new cash equity and debt financing. Glassman reported owning 2.11 million shares (12.4%).

Funds managed by investor Mario Gabelli reported owning 1,949,466 shares (5.34%), which were bought from April 26 to May 23 at prices ranging from $33.27 to $33.61.

Loeb Partners reported ownership of 328,149 shares (5.7%) after buying 99,867 from May 1 to 18 at $1.16 to $1.47 a share.

Thesis Capital Management raised its stake to 611,799 shares (7.6%) from the 514,088 (6.4%) that it had reported on April 25.