ABN AMRO, under attack by activists for its failure to provide shareholder value, was carved up by three predators.UBS is in a worse state than any of those were: despite a world-beating wealth-management arm, its business model is dented and its board has not come up with a new strategy.
It is irresponsible for a business leader to not address the challenges that they know might render them irrelevant in terms of their ability to meet the consumer needs and provide shareholder value.
Or providing shareholder value?
Anglo's board argued that its own cost-cutting efforts would provide greater shareholder value than a merger with Xstrata, and hinted that Xstrata would have more to gain from a merger because of the superiority of Anglo's assets, mainly platinum and iron ore.
"We are launching this tender offer and proxy fight to provide shareholders the opportunity to obtain the value that we believe can be obtained in a sale of the company," Mr. Icahn said in a statement.
As part of the review, it plans a possible sale of its consulting business Parsons Brinckerhoff, but said it would only sell it if it provided "attractive shareholder value".
At the same time, the new structure is designed to create greater shareholder value by providing shareholders with two distinct, clear and compelling investment opportunities".
"We believe that the acquisition provides shareholders with certainty of value at an attractive level which reflects the quality of the Warner Chilcott business and its strong position in women's health care and dermatology," the executive chairman, John A. King, said in a statement.
In sum, the contested nature of state chartering competition suggests that there is much work to be done in understanding how and why U.S. firms select where to incorporate, and the value that decision provides shareholders.
"After a thorough review of strategic alternatives, the BMC board of directors is pleased to reach this agreement, which provides shareholders with immediate and substantial cash value, as well as a premium to our unaffected share price," Robert E. Beauchamp, BMC's chairman and chief executive, said in a statement.
Conversely, the most successful companies have originated and maintained constant operating platforms that provide enduring profitability and shareholder value.
