How does shareholder activism play into this thinking, specifically those of large institutional investors?
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Hostile takeover attempts are extremely rare in Japan and shareholder activism is practically nonexistent.
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The other alternative catalyst that we have identified has to do with shareholder activism.
The firm's recent dose of shareholder activism should have fortified it for the task.
The rise of shareholder activism raises a fair question: Is it really good for shareholders?
Just about every article on the subject of shareholder activism includes a different litany of targeted companies.
FORBES: Shareholder Activism: This Specter Won't Stop Haunting the Marketplace
Media attention to violations, shareholder activism, consumer boycotts, and political action can all affect the corporate bottom-line.
Interestingly, the shareholder activism and attendant publicity of TPG-Axon has not done much to the Sandridge share price.
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In business, conflicts of interest are relatively rare--contested takeovers, shareholder activism and succession fights being the most common exceptions.
"It's a watershed moment for shareholder activism, " says Bruce Goldfarb, senior managing director and general counsel at Georgeson Shareholder.
While shareholder activism has its cynics, the reality is that businesses must now appeal to a broad range of constituencies.
The only source of kryptonite for shareholder activism is a truly dynamic, free thinking executive out of the mold of Henry Ford.
Also driving the automatic dialers is an increase in shareholder activism.
The reason shareholder activism is bullish comes down to simple psychology.
The fact that the miscue occurred in 2007 reminds us that shareholder activism happened before this economic crisis and that it will continue to happen afterward.
FORBES: Shareholder Activism: This Specter Won't Stop Haunting the Marketplace
Damien Park of Hedge Fund Solutions, a firm that advises on shareholder activism, estimates that around 30% of activist campaigns are now fought behind the scenes.
There was more evidence of growing shareholder activism at European companies when investors representing 59% of the shares in Royal Dutch Shell voted against its remuneration report.
The subsequent moves on L-3 and Oshkosh confirm that shareholder activism will be a persistent undercurrent influencing defense managers as they seek to adapt to changing market conditions.
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So it is now, with this phenomenon called shareholder activism.
FORBES: Shareholder Activism: This Specter Won't Stop Haunting the Marketplace
The deal represents a breakthrough for shareholder activism in Asia.
The biggest obstacle to shareholder activism is the fact that most big fund managers also run money on behalf of companies in the form of 401(k) plans and pension funds.
The foundation does not own big enough stakes in companies to influence their behaviour through shareholder activism, even if it does nod to political correctness by declining to invest in cigarette firms.
In that sense, hard cases like RIM are misleading if they lead us to assume that the specter of shareholder activism will no longer haunt the marketplace once the next boom presumably occurs.
FORBES: Shareholder Activism: This Specter Won't Stop Haunting the Marketplace
That force, of course, is called shareholder activism.
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The swashbuckling 1980s, that decade of awakened shareholder activism, raiders, LBOs and Milken's junk bonds now looks like a prim decade, just as the sex revolution of the 1920s was a blush beside what followed.
One way to minimise the cost of shareholder activism, says Bernard Black, at Stanford Law School, would be for institutions to put their strength behind initiatives that affect hundreds of companies, not just pick on a few.
There is a lot of talk about a great wave of shareholder activism against excessive executive pay, a so-called Shareholder Spring - and there has been a 100% increase in the number of rejections by investors of FTSE 100 companies' remuneration policies, from just one decisive rebellion, in some years, to a grand total of two this year.
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