Origins of “Offensive” Shareholder Activism in the United States

John H. Armour and Brian R. Cheffins

Chapter Chapter 12 in Origins of Shareholder Advocacy, 2011, pp 253-276 from Palgrave Macmillan

Abstract: Abstract Carl Icahn, 1980s corporate raider and currently operator of Trian Partners, a major activist hedge fund, spelled out his business philosophy in a late 1970s memo to prospective investors in his initial investment partnership: It is our contention that sizeable profits can be earned by taking large positions in “undervalued” stocks then attempting to control the destinies of the companies in question by: a) trying to convince management to liquidate or sell the company to a “white knight”; b) waging a proxy contest; c) making a tender offer and/or; d) selling back our position to the company. (Stevens 1993)

Keywords: Corporate Governance; Mutual Fund; Hedge Fund; Wall Street Journal; Corporate Control (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-11666-5_12

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DOI: 10.1057/9780230116665_12

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