Stick-in-the-muds may see it as a way of protecting themselves from hostile takeovers, management buy-outs and other aspects of shareholder capitalism that they abhor.
Last week, Blacks put pressure on Sports Direct to show its hand, issuing a statement saying that in the "absence of any concrete takeover offer" management would press on with its expansion plans – and announcing an equity raising, this time using the so-called "gazette route", which requires the support of 50% of shareholders, enabling it to outflank Sports Direct.
The takeover targets management continued to call the offer too low and said the price still significantly undervalues the company and fails to reflect the companys prospects..
Mr Cullen told the Oireachtas (parliament) Joint Committee on Transport into the proposed takeover that management had a conflict of interest as they stood to make a windfall from any sale.
And as a means of influencing corporate control, activism may compare to hostile takeovers or management buy-outs, but without the transaction fees or, necessarily, the disruption to managers.But not everyone looks so kindly on activists' handiwork.
The long depression in consumer and engineering issues in the UK has brought a surge of takeovers and management buy-outs, involving sharp rises in share prices.
These showed a 42% drop in earnings in a year of numerous profit warnings, failed takeover talks and management changes.
A takeover and new management could help ease some of the company's problems, notably its tarnished safety record, analysts have said.
In an effort to fend off the takeover, Foster's management proposed last month returning 500 million Australian dollars ($525 million) to shareholders, possibly through a share buyback.
Although a board recommendation is not binding, it is highly unusual for a company to resist a hostile takeover once its management has capitulated.
