Activist investors seek to identify companies whose management team fails to unlock significant shareholder value.  Many of these activist battles are well known – such as Carl Icahn’s battle against Family Dollar who said shares are undervalued and the company should explore a sale of itself.

By following an activist, investors are able to get some “skin in the game” and can see large gains if the activist’s plan to generate shareholder value is successful.

Here are two activist investor battles currently ongoing that have slipped under the radar due to the lack of a “notable” activist investor or the size of the deal and market cap of the firm being targeted.

Land and Buildings Seeks To Unlock Value at AEC

Land and Buildings, a long/short investment firm who is a significant shareholder in AEC has argued since June that shares of AEC are undervalued and by replacing “stale and conflicted” Board members.

On January 28, Land and Buildings issued a presentation that highlighted opportunities to unlock value at Associated Estates Realty Corporation (NYSE:AEC) as it nominated seven independent director nominees to the company’s Board of Directors.

Land and Buildings believe that shares of AEC are “grossly undervalued” and that under its slate of Directors, shares could rise as high as $37.

As part of the strategy, Land and Buildings plan to establish a clear capital allocation plan exploiting arbitrage between public and private real estate markets, unlike the current Board that has overseen funds from operations per share decline four percent since 2008 due to a more than tripling of its share count despite a persistent discount to net asset value.

Marlin Capital Demands BroadVison Boost Dividends

Small-cap and thinly traded BroadVision (NASDAQ:BVSN) develops, markets and supports enterprise portal applications.

Marlin Capital Investments on January 29, a 7.1 percent owner of the firm submitted a letter to the company’s Board of Directors stating that “your shareholders have clearly been an afterthought” as the company rejected its $10.50 buyout offer in 2011.

In its letter, Marlin Capital blasted the company for ignoring its offer and shares are now trading nearly 50 percent lower from its offer price while the S&P 500 has risen 82 percent over the same time period.  The activist investment firm also demanded the company explain certain related party transactions involving a private entity controlled by its CEO Pehong Chen, and in which its CFO Peter Chu is a shareholder.

Marlin Capital estimates that the firm will be left with $37 million in cash when it announces fourth quarter results on February 5.  Marlin Capital proposes the company issue a $7 per share dividend (and still retain $3.25 million on hand to cover overhead expenses) while evaluating new business opportunities that could generate shareholder value.

Marlin Capital also stated that it is prepared to invest in the company and help identifying new business opportunities.

“We would give shareholders a shot at generating a return and would actually keep them abreast of their investment, which is a primary responsibility of operating a Nasdaq listed company,” Marlin Capital concluded in its letter.