Takeovers: A Stand for Raiders' Rights

A Stand for Raiders' Rights

Corporate Raider T. Boone Pickens of Texas has long argued that his takeover forays are in the best interest of small shareholders. Now Pickens has a lobbying organization to help him defend that proposition. Last week in Washington, the wily acquisitor unveiled the nonprofit United Shareholders Association. The group's first goal: a "one share, one vote" rule that would hinder corporate managers from foiling takeover proposals that come up for stockholder votes. At many firms, management-controlled ballots carry more weight than an equal number of votes controlled by those of small stockholders. Said Pickens: "Shareholders are treated like second-class citizens." And...

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