Jaguar Financial figures RAND is undervalued, and that Ampersand's 50% premium on RAND share prices is too low. To prevent Ampersand from snapping up RAND, it has increased its ownership in RAND to just above 10% [PDF], and is looking for more shares to buy up. (All companies mentioned are Canadian.)
Until last month, Jaguar was a nickel mining company; as of last month, it's a merchant bank. RAND had recommended the purchase by Ampersand, and it's not clear why Jaguar has a sudden interest in the CAD industry.