Word: greenmailing
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Last week the corporate gadfly claimed a victory against the world's largest corporation. General Motors' board of directors agreed to Davis' demand for a policy that would ban payment of above-market prices for stock held by a potential corporate raider. Davis first made her anti-greenmail proposal three years ago, after GM paid H. Ross Perot $743 million dollars for his stock -- almost twice its trading value. Davis, who also publishes Highlights and Lowlights, a newsletter about corporate policies, believes that GM had no choice but to accept her proposal, which had substantial support among stockholders. Says...
...call this a post-business society, but predatory takeovers and greenmail are still with...
Even so, Edelman, 50, has plenty of reasons to hunch. Since 1986 he has launched hostile raids on ten large corporations and nine of the bids have failed, though Edelman has collected some greenmail for quitting the attacks. He managed to capture one of his prey, the Ponderosa restaurant chain, but resold it without a profit...
Pickens is demanding seats on Koito's board for two colleagues and himself, but the Japanese company is challenging his motives. They suspect that Pickens may be involved with Watanabe in a scheme to elicit a greenmail payment in return for the 20% stake. Koito officials say twice last year Watanabe approached them with an offer to sell back his shares at a premium. They believe that after Koito rejected Watanabe's offer, he searched for a buyer...
Pickens' foray drew flak from Tokyo investors, who saw the move as an attempt to elicit greenmail -- the money that a company pays raiders when it buys back their shares at a costly premium. The Japanese government is investigating whether Pickens ambushed Koito by teaming up with secret partners who unethically bought shares for him under their own names...