Wachtell Lobs Another Grenade In Activist Debate

Law360, New York (August 26, 2013, 2:56 PM EDT) -- Wachtell Lipton Rosen & Katz delivered a scathing critique of shareholder activism on Monday, affirming its historical role as a management's best friend and punching back at the idea that hedge funds can create meaningful value.

In a memo fired off by Martin Lipton and others, Wachtell criticizes new research purporting to show that activism builds stronger, more efficient companies. It is the latest volley in an ongoing debate between the law firm, known for counseling boards under attack, and academics like Harvard professor Lucian Bebchuk,...
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