Institutional activism shareholder activism by

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Unformatted text preview: Pills, Greenmail, Pac ­Man Defence, White Knight. LBOs: Buy ­out with debt financing. Turns private. Popular when debt is cheap. LBO Benefits: Earlier restructuring, tax shields, large managerial share ownership, forcing rethinks, forces payout of returns to debt holders, decentralisation. Week 10: Shareholder Activism & Proxy Contests • • • • • • • • Shareholder Activism: Collective method to monitor management themselves. Institutional Activism: Shareholder activism by institutions. Proxy Contests: Amassing proxy votes to influence the outcome of voting. Proxy v Takeover: Cheaper and quicker, but less effective than takeovers...
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