By Joe Vladeck
Activist hedge funds and aggressive institutional
shareholders are looking beyond U.S. shores, according to a new report from
Citigroup. Despite its niche status, shareholder activism in the U.S. has
generated headlines over the past several years. Most recently, investor Carl
Icahn pressured Apple to return money to shareholders, arguing that the
California company's stock was grossly undervalued.
Bolstered by successes in the United States, activists are searching
for new targets and are beginning to look abroad. The Citigroup report
identifies factors that make international firms attractive targets of
activists: unimpressive or overly conservative financials, slow growth, or
unwieldy conglomerations of businesses that could be profitably broken
apart.
Check out Dealbook
for a summary of Citigroup's report.
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