In an amended 13D filing after close on Friday, Spencer Capital disclosed a 7.9% stake (4,628,102 shares) in Borders Group (BGP) . This is up from the 6.8% stake the firm disclosed in the original 13D filing in July.
On August 1 the firm bought 94,001 shares, and also bought options on 526,000 shares.
In the original 13D filing (July) the firm said,
In late June 2007, representatives of the Filers had conversations with the chief financial officer of the Company concerning the business of the Company. The Filers intend to seek to engage in further discussions with members of the board of directors or management of the Company and to discuss with them the business of the Company. Based on discussions with these or any other representatives of the Company, the Filers may formulate plans or proposals with respect to the Company.
Interestingly, Steve Cohen's SAC Capital also disclosed a new 5.1% "passive" stake in Borders Group on Friday.
The stock is at a 52-week low, and with Spencer Capital, SAC Capital, Citadel, and Bill Ackman's Pershing Square Capital all involved with the stock, I would be looking for some head bashing to get the stock moving.
BGP 1-yr chart: