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They have not yet risen to match Mr. Icahn's first offer, indicating possible shareholder skepticism about the takeover approach.
Recent deals involving Bear Stearns, Fannie Mae, Freddie Mac and American International Group each included heavy-handed tactics that pushed through a deal over possible shareholder objections.
In anticipation of possible shareholder redemptions, Mr. Soros and Mr. Druckenmiller said they had spent the last few weeks liquidating positions and believed they had the cash on hand to satisfy all comers.
"Is it not the case that this will simply incentivize boards to draft policy as broadly as possible?" Shareholder opposition against remuneration practices has been building in Britain, the United States and elsewhere after some companies continued to hand out large paychecks even though their share prices had declined.
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It is possible shareholders will flee Bank of America, if they consider Merrill Lynch a bad buy.
Kraft is also extending its deadline for Cadbury shareholders to accept its offer to Feb. 2. Some analysts believe an increased bid is still possible since shareholders may want a higher offer for Kraft, particularly if Hershey and Ferrero officially enter the ring as potential suitors.
Is it possible that shareholders will finally get a reliable view of what the bosses are getting paid?
More important, by throwing the doors open to all, the board is more likely to get the best price possible for shareholders.
The scrutiny that is going to be meaningful is scrutiny by shareholders, and there are so many obstacles to that in the system right now that the legislative regulatory initiatives that I'm interested in would remove that and make it possible for shareholders to throw the bums out.
It's possible that shareholders might flock to a non-nationalised bank, pushing it toward greater, rather than less, security.In fact, there will probably be some event horizon should there be a round of nationalisation, such that solvent banks on one side are strengthened by the act and solvent banks on the other side are sucked into the nationalisation vortex.
"The crucially large gap between the employee value and the company cost of underwater options makes it possible for shareholders and employees to cut a deal that makes both sides better off," says Mr Hall.Above all, a secondary market makes options more transparent.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com