DG FastChannel (DGIT) Continues to Raise Its Stake in Point.360 (PTSX)

In an amended 13D filing after the close on Point.360 (Nasdaq: PTSX), DG FastChannel (Nasdaq: DGIT) disclosed they raised their stake to 16.2% (1.58 million shares). This is up from the 14.8% stake (1.44 million shares) the firm disclosed earlier in the month.

DG FastChannel said on January 3 and 5 they acquired 136,195 shares in open market transactions at prices per share ranging from $3.49 to $3.80. On December 28 and 29, 2006 they acquired 334,300 shares in open market transactions at prices per share ranging from $3.21 to $3.57. The company acquired their original 1,108,674 shares from Midwood Capital at $3.25 per share.

In the Purpose of Transaction section of the filing, DG FastChannel said it may in the future seek the views of, hold active discussions with and respond to inquiries from members of the board of directors, officers or representatives of the Company and other persons regarding the Company’s affairs and strategic alternatives, and the interests of other stockholders in participating in such alternatives.

It has been rumored that DG FastChannel could make a offer to acquire all the remaining shares of Point.360.

Link to past Point.360/DG FastChannel reports