I'm very interested to see what happens. Carl Ichan pushed something similar with Fairmont Hotels that culminated in January. Fairmont did end up selling, but they had no interest in selling to Ichan (who offered them a deal), so they sold to a conglomerate that's basically letting them continue operating status quo, but with the added cachet of affiliation with Four Seasons and Raffles.
I do have to say that I find investment ploys like this a little annoying. As much as some folks hate the Intawest machine, they actually run quite smoothly and profitably for a company in this niche. We lived in Canada for a while, and compared to the other local ski businesses, Intrawest was always plugging pretty steadily along and treating its people well.
I'm not into the kind of business deal that allows a small group of rich hedge fund guys (probably wearing some madras pants) in CT to try to force a sale so that they can buy a few more yachts and houses, especially when the company in question is doing pretty well, thank you. Who knows what will come of it, though. 11% is a good chunk, but it might not be enough to force the issue. Unless they can snap up some Ichan-type percentages (50%+), they may not get exactly what they want. And I hope they don't.
In case you can't tell, I really dislike activist hedge funds. I don't think they're always very good for business, except for their own investors. Occasionally they force a sinking ship to make some needed changes, but often. . . .