Mr Lipton has been involved in a long-running campaign against such activism which, he believes, also reduces shareholder value long-term. Speaking at the Tunane legal conference in New Orleans, the co-founder of Wachtell, Rosen, Lipton & Katz singled out a few names also including Bill Ackman of Pershing Square and Paul Singer of Elliot.
Immediate profit
He said: ‘[They are] looking to create immediate profit for themselves. Granted, it creates immediate profit for all shareholders but it does not benefit the shareholders of all companies...Activism has a huge effect on the strategies companies follow in order to avoid being attacked by a Carl Icahn or a Bill Ackman. That’s what is not properly considered.’ Source: Financial Times
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