Discussion
A dissident group solicits votes in an attempt to replace existing management. This is called a:
Answer: A
Correct answer: Proxy fight
A proxy fight is a contest for votes rather than for shares: the dissidents solicit shareholders’ proxies in order to elect their own directors and so change the management without buying the company. It is far cheaper than a tender offer and correspondingly harder to win, since it requires persuading a majority of shareholders rather than paying them.
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