Such changes had been demanded by a group of eight dissident shareholders, led by former Morgan Stanley President Robert Scott.

FORBES: Purcell Hangs On

"Quite frankly, the dissident shareholders haven't really laid out what they think the best way to go for the company is, " says Stover.

FORBES: Magazine Article

Purcell tossed a bone to dissident shareholders this spring when he said the board would consider a spinoff of Discover, though the company denied the decision was in response to the shareholder demands.

FORBES: Mack Refuses To Attack

Given that Western Wind was forced into the sale process by dissident shareholders, the biggest worry about the process has never been that there would not be good offers for the company.

FORBES: UPDATED: Brookfield's Expiring Offer for Western Wind

Dissident shareholders, many of them former leaders of Morgan Stanley, have pressed for the dismantling of the firm, saying the parts are worth more than the sum and arguing that returning to its core investment-banking roots would boost growth.

FORBES: Mack Refuses To Attack

In recent months, Chairman and Chief Executive Philip Purcell has waged a public battle with a group of eight dissident shareholders who are calling for his head, claiming his mismanagement is to blame for the company's lackluster performance.

FORBES