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What: Shares of Zoltek (UNKNOWN:ZOLT.DL) were looking stronger today, gaining as much as 27% after Quinpario Partners disclosed a 10.13% stake in the carbon-fiber maker and plans to take over the company.

So what: Quinpario didn't buy those shares just to sit on them. Zoltek revealed in an SEC filing that the investment group is planning a hostile takeover, calling for the removal of all current board members and seeks to replace the board with Quinpario founder Jeffry Quinn and his honchos. In a letter to Zoltek's chairman, Zsolt Rumy, Quinn said, "It has become even more apparent to us that Zoltek is underperforming and that significant opportunity exists to dramatically improve operational performance and enhance shareholder value."

Now what: It's rare to see such a blunt attack on a company, but investors clearly seem to like it. Quinpario also tried to buy Zoltek last November but was denied. With only 10% of shares, Quinn will need shareholder backing if he wants his plan to go through. A battle for control of the company seems likely to ensue. In its most recent quarter, Zoltek's net income was $3 million, down from $9.7 million the year before, and revenue is projected to decline this year.

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Fool contributor Jeremy Bowman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.