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Per Jeff Ubben @jeffubben and ValueAct Capital's filing, the fund is planning to have discussions with Baker Hughes ($BHI) management about capital allocation, strategy, etc. But, more importantly, may seek a board seat.
Recall Baker Hughes is looking to merge with Halliburton and that requires divestitures. Look for Ubben to plan on having a say which parts of the company gets divested and to put pressure on getting the deal done sooner rather than later. Ubben's ValueAct owns 5.3% of Baker Hughes and 4.4% of Halliburton.
Baker Hughes shares are trading at a 12.3% discount to the buyout offer.