Why Icahn Backed Down

Patience is not always the best tactic for corporate chieftains to use when they are fighting those who wish to oust them, but it seems to have worked for Time Warner chairman Richard Parsons in his battle against Carl Icahn. In August, Icahn and a group of investors launched a bid to split up the Time Warner media empire (which includes Time Inc., publisher of this magazine). But Icahn could not win the support of key shareholders, who balked at his plan to oust Parsons and install a new slate of directors as a precursor to a company breakup. Parsons and Icahn...

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