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13Ds are filed with the Securities and Exchange Commission within 10 days of an entity’s attaining a greater than 5% position in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material has been extracted from filings released by the SEC from Dec. 24 through Dec. 30, 2015. Source: InsiderScore.com

Icahn Enterprises delivered a proposal to Pep Boys on Dec. 28, increasing its per-share offer to acquire the auto-parts company from a previous $16.50 to $18.50, cash. Icahn added that it was contrary to the best interests of Pep Boys shareholders to agree to any increase in the termination fee on a prior offer by Bridgestone Retail Operations, a wholly owned subsidiary of Bridgestone, the multinational Japan-based maker of car and truck parts, including tires. Icahn also stated in the proposal that it would be willing to bid more than $18.50 per share for Pep Boys, but not if Pep Boys agrees to any increase in the Bridgestone termination fee.

Icahn last disclosed ownership of 6,558,083 shares (12.1% of the voting total), including forward contracts, following the purchase of 4,398,133 shares from Nov. 24 to Dec. 4 at prices ranging from $15.10 to $16.65 per share.

Original Filings

Baker Bros. Advisors increased its stake to 4,865,647 shares (18.4%) and shifted from being a passive to an active filer after buying 675,053 shares from Nov. 5 to Dec. 4 at prices ranging from $14.64 to $23.25. Baker Bros. did not disclose any specific plans or proposals.

Fidelity National Financial disclosed ownership of 1,880,985 shares (8.1%) after buying the full amount from Oct. 21 to Dec. 24 at prices ranging from $13.61 to $15.22. Fidelity National did not disclose any specific plans or proposals.

RiverNorth Capital disclosed ownership of 1,691,619 shares (5.7%) after buying 792,539 from Oct. 14 to Dec. 22 for $7.50 to $8.90 apiece. It said that the shares, when purchased, were undervalued.

Legion Partners disclosed ownership of 931,936 shares (9%) after buying 675,971 from Dec. 14 to Dec. 23 at prices from $11.58 to $16.14 apiece. Legion also disclosed transactions in L.B. Foster options. It did not, however, disclose plans or proposals for its holding.

Viex Capital bought its entire stake of 14,495,790 shares (5.5%) from Nov. 19 to Dec. 22 at prices from 68 cents to 89 cents each. Viex said the shares, when purchased, were “undervalued,” but it did not disclose specific plans or proposals.

Increases in Holdings

Gamco Investors (GBL) increased its holdings to 897,112 shares (14.4%) following the purchase of 8,007 shares from Oct. 28 to Dec. 15 at prices ranging from $16.15 to $17.93 apiece. The firm also disposed of 1,700 shares from Nov. 6 to Dec. 7 at prices ranging from $17.72 to $18.16 each.

Decreases in Holdings

Tontine Partners cut its stake to 1,439,778 (9.3%) by selling 59,659 from Dec. 3 to Dec. 12 at prices from $40.02 to $43.67 apiece. On Nov. 16, Tontine entered into a 10b5-1 plan to sell up to 200,000 shares from Dec. 17 to Aug. 1, 2016.

OrbiMed Advisors cut its ownership to 7,400,000 shares (17.8%) by selling 500,000 shares from Dec. 21 to Dec. 23 for $25.88 to $28.75 per share.

Bpifrance cut its stake to 5,930,261 shares (10%) by selling 432,500 from July 13 to Oct. 27 for $1.18 to $1.69 apiece.

New Mountain Vantage Advisers disclosed that it owns 2,044,477 shares (4.1%) after it sold 404,275 from Dec. 2 to Dec. 22 at prices from $10.81 to $17.27 each.

The Activist Spotlight

Financial Institutions (FISI)

Business: banking and financial services

Investor’s Avg Cost: $25.29/share

Stock Market Value: $406 million ($28.58/share)

What’s Happening: Clover Partners is urging the board to sell the company to a larger bank and halt any future acquisition plans. Clover will pursue board representation if shareholders’ interests are not fully addressed.

Key Numbers:

5.2%: percentage of FISI common shares owned by Clover.

$34 to $37 per share: what Clover believes the company is worth.

18.7%: the percentage of withhold votes that were received by director Erland Kaiburne at last year’s annual meeting.

Behind the Scenes: Clover, which specializes in the financial sector, has a limited history of shareholder activism. While today there are lots of short-term activists and newcomers who urge boards to sell a company to make a quick profit, this does not appear to be what Clover is doing here. The firm has met constructively with the company on numerous occasions and voiced its concerns about the company’s continuing acquisition strategies. Yet, despite these expressions of concern, the company continues to pursue the very strategies that worry Clover. So, Clover is now urging the company to sell.

If it does resort to a proxy fight, Clover may have a hard time getting the support of some of Financial’s large shareholders. However, Clover is also likely to have some allies, judging from the recent shareholder vote. What’s more, Clover has shown that it will be persistent in effecting change. During its investment in Hampden Bancorp, it didn’t get its nominees elected in its first try, but was successful in the subsequent year.

—Kenneth Squire

The 13D Activist Fund, a mutual fund run by an affiliate of the author and not connected to Barron’s, has no position in the securities mentioned here. In addition, the author publishes and sells 13D research reports, whose buyers may include representatives of participants in, and targets of, shareholder activism.

E-mail: editors@barrons.com