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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 MWiEnpiEr8X5gPZov+Ly9sGlQs7noHJrLnra7avQSL8HgleViFHxWxahqIEMOuJs
 HDcpNerR3I6U1N5ztVYODQ==

<SEC-DOCUMENT>0000902664-10-002166.txt : 20100316
<SEC-HEADER>0000902664-10-002166.hdr.sgml : 20100316
<ACCEPTANCE-DATETIME>20100316171517
ACCESSION NUMBER:		0000902664-10-002166
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20100316
DATE AS OF CHANGE:		20100316
EFFECTIVENESS DATE:		20100316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ramius Value & Opportunity Fund LP
		CENTRAL INDEX KEY:			0001430825
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-116389
		FILM NUMBER:		10686434

	BUSINESS ADDRESS:	
		STREET 1:		C/o Ramius Advisors LLC
		STREET 2:		599 LEXINGTON AVENUE, 20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		(212) 845-7900

	MAIL ADDRESS:	
		STREET 1:		C/o Ramius Advisors LLC
		STREET 2:		599 LEXINGTON AVENUE, 20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RAMIUS VALUE & OPPORTUNITY FUND LP
		DATE OF NAME CHANGE:	20090326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STARBOARD VALUE & OPPORTUNITY PARTNERS LP
		DATE OF NAME CHANGE:	20080326
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001430825</cik>
        <entityName>Ramius Value &amp; Opportunity Fund LP</entityName>
        <issuerAddress>
            <street1>C/O RAMIUS ADVISORS LLC</street1>
            <street2>599 LEXINGTON AVENUE, 20TH FLOOR</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10022</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(212) 845-7900</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <previousName>Starboard Value and Opportunity Partners, L.P.</previousName>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <previousName>RAMIUS VALUE &amp; OPPORTUNITY FUND LP</previousName>
            <previousName>STARBOARD VALUE &amp; OPPORTUNITY PARTNERS LP</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2005</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ramius Advisors, LLC</firstName>
                <lastName>Ramius Advisors, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>599 Lexington Avenue, 20th Floor</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ramius LLC</firstName>
                <lastName>Ramius LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>599 Lexington Avenue, 21st Floor</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Parent Company of the General Partner</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-013552</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2002-10-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Daniel L. Holligan</recipientName>
                <recipientCRDNumber>4978018</recipientCRDNumber>
                <associatedBDName>Thomas Weisel Partners LLC</associatedBDName>
                <associatedBDCRDNumber>46237</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1 Montgomery Street</street1>
                    <street2>Ste. 3700</street2>
                    <city>San Francisco</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>94104</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>NY</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Brian Snider</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Hennessee Group LLC</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>500 Fifth Avenue</street1>
                    <street2>47th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10111</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>PA</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>27762396</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>26</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>23068</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The fund charges a management fee that is described in the fund's offering documents.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Ramius Value &amp; Opportunity Fund LP</issuerName>
                <signatureName>/s/Owen Littman</signatureName>
                <nameOfSigner>Owen Littman</nameOfSigner>
                <signatureTitle>General Counsel of Ramius LLC</signatureTitle>
                <signatureDate>2010-03-16</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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