Pershing Square's Bill Ackman changed his status in Borders Group (NYSE:BGP) from passive to active, according to a Schedule 13D filing with the SEC today. The stock surged over 3 percent in response as investors hope the famous activist investor will work to unlock value for shareholders.

Bill Ackman reportedly discussed corporate governance issues with board members upon request by Borders representatives. The activist investor also reported a slight increase in his stake in the company, but noted that he does not believe the discussions will constitute an attempt to change or influence control of the company.

Ackman is well known for his activist involvement in Wendy's, McDonalds, and Target, in which he worked to unlock value through spin-offs and other strategic transactions. The activist is famous for his occasionally harsh letters to management and board members expressing dissatisfaction.

Pershing Square now owns 6.9 million shares, or 11.7 percent, of the company compared to 6.8 million shares, or 11.6 percent of the company, reported in March. Clearly, the hedge fund has confidence in the company but has not yet decided to take a fully activist stance - opting to let management continue as they have in the past. Combined, these factors make BGP a stock worth watching!

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