The BISYS Group (NYSE:BSG) shares moved down marginally after Mr. Ahmet Okumus disclosed a 10.14% stake in the company and expressed his interest in obtaining a seat on the company's board of directors in a Schedule 13D filing with the SEC. The Okumus Capital LLC President said that while he has the utmost confidence in the ability and intentions of the current board and management, he believes that his perspective as a financial professional and representative of a significant shareholder on the board would provide the board with practical insight and guidance in considering the company's strategic alternatives. Moreover, he believes that his experience in identifying undervalued assets, along with his knowledge of financial engineering and capital allocation could make an immediate positive impact to the board during this critical period.

This news followed speculation back in February that the company could be the target of a takeover bid. BISYS said in August that it had hired investment bank Bear Stearns to help it explore strategic alternatives, including a possible sale of the company. Since then, the company has resolved several of its problems with the SEC and other accounting issues. Then Murali Gupta, an analyst at investment bank Keefe, Bruyette & Woods, said that the company would likely be sold, adding that it would likely be to a private equity fund through a leveraged buyout. The valuation is estimated as being between $11 and $14 per share. Whether there is any substance to this rumor remains to be seen; but perhaps with the guidance of Mr. Ahmet Okumus, perhaps the company will have a better chance. This makes BSG a stock worth watching!

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