When I read about activist investors they sometimes only take on 3-5% of a public company. It doesn't seem like a huge number, so what enables them to influence management decisions with their 3-5%?
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Even at that level of ownership, activists can call for action from the other shareholders thru votes to change the target company's board members
You often don't even need 1% these days. It's a lot more about media outreach and building a coalition among shareholders to influence a company. The days of Icahn building up a 5-10% are pretty much over, truly not necessary
What is the benefit of building stakes? Is there a requirement before you can recommend a new slate of directors?
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