Obrem Capital which owns 13.5% Micrel (MCRL) has agreed not to attempt to replace Micrel’s board of directors through the 2010 annual meeting so long as the company continues their efforts to improve operating and gross margins within the relative confines of the economy. Recently, Obrem wanted to remove the current board of directors and hold a special meeting to vote on its proposed slate. Additionally, they looked for the company to sell itself saying that shares are "substantially undervalued". At the start of the year, Micrel fired about 6 percent of its work force as it lowered sales and profit estimates for its fourth-quarter of 2008. Micrel said it expects revenue for the quarter to decline 18 percent to 20 percent from the third quarter because of fewer-than-anticipated orders in late November and December. Moreover, Micrel now projects earnings of 6 cents to 8 cents per share, down from a previous estimate of 8 cents to 11 cents and slightly below the Wall Street estimates of 8 cents per share. Micrel has 75 million in cash and zero debt. It is also worth pointing out that Micrel's CEO Zinn Raymond owns about 15.55% of the company.

The battle between MMI Investments and Chemed Corp (CHE) heats up as MMI criticized the company for “excessive compensation” and “a culture of entrenchment”. MMI who is pushing Chemed to spin off its Roto-Rooter business from its Vitas healthcare business, has advanced its own slate of board of directors to Chemed’s board. According to MMI these industry executives “Will bring expertise and objectivity to Chemed, not derive their livelihood from it”. According to activist documents, MMI cash benefits have totaled $21 million dollars over five years for Chemed’s five highest-paid officers. Recently in a letter, MMI Investors states that subject to certain valuation assumptions, the potential outcome of a spinned-off of Roto-Rooter may yield a stock price of more than $55 to nearly $62 on an independent trading basis, and more than $68 to nearly $71 per share if both businesses were subsequently taken over. As of 2007, Vitas, Chemed’s end-of-life care business, generated 69 percent of the firm’s total revenue, while Roto-Rooter, Chemed’s plumbing business, generated 31 percent. For the fourth quarter of 2008, Chemed reported net income of $19 million, or 84 cents per share, compared with $20.2 million, or 83 cents per share, in the year-ago quarter. Chemed also said the stimulus package passed by Congress provides for an increase in the Medicare hospice wage index from Oct. 1, 2008, through Sept. 30, 2009. Chemed estimates that this will add about $8 million in additional revenue to Vitas. Chemed also believes that Roto-Rooter will see revenue growth in the 4 percent-to-5percent range due to increased prices and a shift to more expensive jobs. For full-year 2009, Chemed now expects earnings per share in the $3.70 to $3.95 range.

On March 20th Silverstone Capital sent a letter to Midas (MDS) requesting that the company remove their poison pill or put the matter to a shareholder vote at the next annual meeting. In the letter sent by Silverstone, the hedge fund which specializes in the automotive services sector said, “We are not interested in a fire sale of the company, nor is this request a criticism of management. We merely would like to see shareholders rights restored” Silverstone Capital owns approximately 1.15 million shares of Midas.

On March 23rd Dodsville Investments sent a letter to the largest producers of Yellow Books RH Donnelley stating the firm’s belief that the company is grossly undervalued and the management must take steps to unlock the true value of the firm. Recently, RH Donnelley’s problems have stemmed from mammoth $10 billion dollars in debt versus its current market capitalization of just $20 million dollars. However, in a letter sent to the board of directors, Dodsville states that the market is valuing Donnelly as if it had no other option than to go bankrupt. Nonetheless, Dodsville highlighted the company’s ability to not only service its debt obligations with cash flow from operations but to buy back its stocks and bonds on the open market. In addition, Dodsville believes Donnelley should pay shareholders a dividend equal to $0.40 per share before the buy back is implemented. If you believe the credit and debt markets will improve RH Donnelley is the play.

On March 26 Pershing Square sent a letter to TGT explaining why they believe there are five director seats up for election at the next annual meeting. However, in order to ensure nomination documents are properly filed, Pershing re-submitted their director nomination notice to include five nominees and four nominees, whichever the case may be

On March 25, following WBSN’s announcement to submit and support a shareholder proposal to remove the supermajority voting requirements from the Company’s by-laws, Shamrock agreed to withdraw their proposal seeking the same effect