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Origins of “Offensive” Shareholder Activism in the United States

In: Origins of Shareholder Advocacy

Author

Listed:
  • John H. Armour
  • Brian R. Cheffins

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)

Suggested Citation

  • John H. Armour & Brian R. Cheffins, 2011. "Origins of “Offensive” Shareholder Activism in the United States," Palgrave Macmillan Books, in: Jonathan G S Koppell (ed.), Origins of Shareholder Advocacy, chapter 0, pages 253-276, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-11666-5_12
    DOI: 10.1057/9780230116665_12
    as

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