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Among the jolts the M&A market has absorbed since 1999 is a dramatic increase in shareholder activism. But it's not just notable investors such as Carl Icahn, Daniel Loeb, Warren Lichtenstein and T. Boone Pickens -- who've been at it for decades -- agitating for change. These days, it's more likely corporate management and boards will be answering to institutional investors.
Rob Kindler, head of global M&A for Morgan Stanley (NYSE:MS), says he spends 30% to 40% of his time helping clients manage shareholder demands. Sometimes the result of shareholder engagement is a transaction. That was the result with Cnet Network Inc., which, under pressure from investor Jana Partners LLC, was sold to CBS Corp. (NYSE:CBS) for $1.8 billion in May 2008. In this installment of Decade of The Deal -- our series commemorating The Deal's 10th anniversary -- Kindler, who advised Cnet, says that acquisition has turned out well, proof that activist shareholders can force transactions that are good for the long-term health of buyer and seller. The downside, adds Kindler, is that shareholders can just as often initiate short-sighted transactions. See the video above or download it at iTunes. - Suzanne Stevens Also see: Decade of The Deal: Fred Wilson on 1999's dot-com 'casino' AOL & Time Warner's marriage Harvey Pitt recalls 9/11 Decade of The Deal: Arthur Andersen's spectacular fall Read our Decade of The Deal topic center 
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