StockPickr.com – Wexford Capital is opposing the proposed acquisition of Bronco Drilling (BRNC) by Allis-Chalmers (ALY).

Wexford Capital believes the deal “is not in the best interest of Bronco shareholders.” Bronco Drilling provides contract land drilling and workover services to oil and natural gas exploration and production companies in the U.S. Bronco Drilling has operating margins of 18% and profit margins of 12%.

Wexford Capital also has positions in Fannie Mae (FNM), Walter Industries (WLT) and Apple (AAPL).

Jana Partners is a $5 billion activist fund based in San Francisco. Run by Barry Rosenstein, it has a value-oriented and research-intensive approach to special situation public securities. It has core long and short positions in companies in which it constantly reviews strategic alternatives. It also invests in underfollowed orphan equities and other event-driven strategies. Jana Partners’ latest move was selling Cnet! to CBS (CBS) for a hefty 45% premium.