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Alternative Market Briefing

Shareholder activism likely to increase over Q4, 2013 driven by weak earnings reports

Wednesday, October 17, 2012

Bailey McCann, Opalesque New York: A new study done by New York-based law firm Schulte Roth & Zabel done in association with mergermarket shows that shareholder activism is expected to increase in the fourth quarter and into 2013 as investors push for management changes at companies that have performed poorly on a consistent basis. The report authors interviewed corporate executives and activist investors to get their take on shareholder activism in the current market environment. The new report follows a previous survey by the law firm, with similar questions, done in 2010.

The industries expected to see the biggest increase in shareholder activism are financial services, industrials and chemicals, technology, and energy. The majority of respondents (79%) expect the financial services industry to experience the most shareholder activism over the next 12 months, as investors are still looking to repair the industry after the 2008 crash.

Activist investors strongly diverged from corporate executives when it comes to the issue of board representation – activist investors agreed unanimously that shareholders should have board representation whereas only 36% of corporate executives thought they should. "The extent to which corporate executives take a dim view of shareholder......................

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