When Polaroid announced two weeks ago that it was reducing its work force by as much as 8% and putting more stock in the hands of the remaining employees, Wall Street realized immediately what the company was up to: trying to boost the price of its shares and protect itself against takeovers. Little did the markets know, however, that Polaroid was already being stalked by a raider. For weeks, Shamrock Holdings, the investment company owned by Roy Disney, Walt's nephew, had been secretly accumulating Polaroid stock. At the same time, Shamrock sent letters to Polaroid's management proposing to buy the whole...
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