Despite the downturn in the economy, activist investors are still making their market on what they consider to be undervalued assets.

Here at Stockpickr.com, we track many of the latest activist situations for those interested in piggybacking the best activist investors.

For example, private-equity firm Elliott Associates is planning to offer to acquire all of Endologix's (ELGX) outstanding stock for $2.25 per share. Elliott says that it thinks highly of the company and Endologix’s new CEO, John McDermott.

Endologix engages in the development and sales of minimally invasive therapies for the treatment of vascular diseases. It has $6 million in cash, zero debt and quarterly revenue growth of almost 50%. Elliott Associates, which owns 14.5% of Endologix's common stock, wants to focus on the company’s growth and turn Endologix “into the successful business we believe it should be."

Next on the list is Leap Wireless (LEAP). Harbinger Capital said that is expects to talk to the company with regards to how the maximize shareholder value. Last year, Harbinger reported a passive stake in Leap.

Leap Wireless provides digital wireless services in the U.S., offering unlimited local and U.S. long distance services within its Cricket division. On July 24, 2007, shares of Leap where trading north of $95 per share; now they are around $20. The company has revenue of around $2 billion each year, with quarterly revenue growth of around 20%.

Three other activist situations in play are Actel (ACTL), Diebold (DBD) and Youbet.com (UBET).

Private-equity firm Ramius reported buying 1.6 million shares in Actel at $10.06 to $14 per share. Actel offers a range of single-chip solutions for the aerospace, automotive and medical markets. Actel also has $150 million in cash, which is just about half of its market cap.

Mario Gabelli raised his position in Diebold, the teller-machine company, to about 5 million shares.

New World Opportunity Partners is considering talks with Youbet.com about a possible asset transaction, which might include a direct-equity investment or buying Youbet.com outright.

For more activist ideas, including Strategic Hotels & Resorts (BEE), Hill-Rom Holdings (HRC) and Epicor (EPIC), please check out the Latest Activist Situations portfolio as well as the latest activist filings from Barron’s.

Posted on Oct.27, 2008