• The company became the subject of a hostile takeover bid from corporate raider Ronald O. Perelman.
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He was a notorious corporate raider, known for his hostile takeover bids.
Companies have used a variety of strategies to thwart the efforts of corporate raiders. These include shareholders’ rights plans (poison pills), super-majority voting, staggered boards of directors, buybacks of shares from the raider at a premium price (greenmail), dramatic increases of the amount of debt on the company’s balance sheet and strategic mergers with a "white knight."
Famous corporate raider Carl Icahn used tactics such as taking a company private, compelling a spin-off, calling for an entirely new board of directors or calling for a divestiture of assets to make a fortune with his hostile takeovers.