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Breakingviews: Putting Martin Lipton on ice

Wednesday, March 20, 2013 - 03:33

March 20 - Breakingviews editors discuss why companies need more up-to-date responses to shareholder activism than those offered by Wachtell, Lipton's king of takeover defense.

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So there's not much emanate to the rest of the week is because the great and the good if you -- call them up and down at Tulane in New Orleans discussing that -- -- very -- holding us down massively -- to justice system and he reference yes that. Which is that it it's about time that Cooper bolts happy Gretchen fights Nick -- and a bit more progressive ways that Jeff. The big thing that -- that we took matters column on defense is that this course could -- -- lips and you for years was the alleged BB king. Of defending against shareholder activism bit win -- -- and. Yeah I mean I think he still probably don't Wear the crown is the go to guy and obviously one of the big teams that at that big emanate come fab where a lot of them. And top lawyers and some bankers get together. Is activism that seems to be more red states more grass I'm. You know the problem that -- we kind of point out and it ran mentions is that you know the dog mother has really started to surround. Lipton and his firm went to -- television which is one of the you know as a sort of premiere kind of defend shot. If he sends out these these mrs. -- and it seemed very routed -- and act through them. It says so -- you know I don't I stuck it stuck in the yanks -- it seems a little legs so late eighties marauding -- time. In -- short term profit. Kind of themes and -- we don't completely wrong. But sometimes activists. Go to companies that trying to get them to. I didn't have too much money a moment in Lincoln actually full -- -- -- up just just -- -- were running ballot transgressions as we say colleague John thinks they spread giant dividend. I love you president of relatively really this is news of that that would make you confident investors is that we need to do to -- but on the other hand that it. You know you go completely off target in the unit. He did that may be enough cash they can -- -- something more to sell those and that this the similar thing with David on Google -- apple at the top is. You know methods I think you can argue with a little bit. I'm but he might he want my parents she has been -- -- of the clintons are gonna give us an excessive cash balance some of which could coming to settle this makes a lot of sense -- in some cases I think. You can argue that. Activism. Which these days is by a company and strip it. Break it up it sometimes but few descend and start needling the pool would. And I think the point is really that that activism has changed quite a bit and and the question is whether it -- -- -- here has been at his role with the times and it. When he invented the poison pill. It was because. People like icons. Were raiding company. You know I really like those activism is change -- -- realize is that -- and in other -- offense has the right. You know I'm a quick you know some of these these apps that stripping ideas I mean you know -- -- came along a few years ago and and went after Fortune Brands. You know collection of of assets that had nothing to do with one another broke up the company. I'm at the time create a lot of value there was no reason to kind of stand up and say this is you know go away. You know management hasn't covered -- and and that's kind of where. You know we feel like the defense -- maybe need to Obama limit when it's a question of an entrenched management which really isn't getting held to account above board for instance. Then I think he is that the defense these days has to be realistic about that -- pretend that -- that. Hey well thanks guys I was sent rent is down at the compass I would maybe hearing wolf -- him. And hit from both must Britain used to mark.

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Breakingviews: Putting Martin Lipton on ice

Wednesday, March 20, 2013 - 03:33

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