The founder of the fund that forced its way on to Microsoft’s board is warning investors piling into similar activist hedge funds that they could be disappointed as more companies pre-empt activist attacks with shareholder-friendly policies.
Jeffery Ubben, who runs the $12bn ValueAct Capital hedge fund, said soaring stock markets were also tempting more funds to set themselves up as “drive-by activists” focused on trying to make short-term gains.
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