IIPM : THE GREEN REFERS TO CASH

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A most criticized strategy, but used in a big way by corporate raiders. Greenmail – akin to blackmail – is the strategic practice where a significant investor threatens to takeover a corporation, unless the management of that corporation pays up money to buy back the investor’s shares, obviously at a humongous premium. This old trick was exploited to its fullest extent during the mega mergers and acquisition wave of 1980s in the US. Many small and big corporations became victims of the trick during the same period – like Disney Corporation, which finally landed up paying a profit of $60 million to investor Saul P. Steinberg, who was holding only 6.3% shares of Disney.

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Source :- IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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