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.
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