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And finally, it may be that certain types of shareholders like index funds should have no vote at all.
"A properly enacted flip tax could provide an exemption or special treatment for some types of shareholders or transfers," he said.
Institutional investors pay more attention to the sustainability and long-term prospects of business than other types of shareholders (Oh et al. 2011).
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Split caps differ in that they have various types of shareholder.
In February, regulatory pressure led the firm to drop a controversial arbitration clause that would have prohibited most types of shareholder lawsuits.
The decision by the S.E.C. to stay out of the conflict involving H.P. shows that, for now, regulators will have no response to a federal appeals court decision in September that raised questions about whether companies may continue to exclude certain types of shareholder proposals from proxy ballots.
Different types of shareholder ownership reflect different investor preferences.
On the other hand, Mr. Sullivan said, these businesses may appreciate the additional flexibility — for example, they would no longer be limited to just 100 shareholders or face restrictions on the type of shareholders.
Last year, according to Factset Sharkrepellent, 4.6 percent of takeovers faced some type of shareholder activism.
While the company's transfer to Amsterdam will open access to capital markets, including the Eurobond market, increase share liquidity and attract a new type of shareholder, OCI's departure from the Cairo stock market will have an impact on liquidity and trading volume at home.
With a flood of American capital, and especially hedge fund and other private equity money, coming into the region, the battle over KT&G has raised widespread fears that it presages a type of shareholder activism little known in Asia the demanding of performance, and deploying lawyers and going hostile to ginger up incumbent management to get it.
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