With Alliance Trust back in the headlines for all the wrong reasons following Laxey Partners' latest challenge, Investment Week looks at five other brutal activist battles over the years.
Globe investment trust The situation of the £1.1bn Globe investment trust, which faced a hostile bid from activist investor British Coal Pension Funds in 1990, had a number of similarities to Alliance Trust's current predicament. The company was a FTSE 100 constituent, as was Alliance prior to Laxey's first intervention in November 2010. Secondly, the trust was trading on a discount to its net asset value and mediocre performance left shareholders underwhelmed. British Coal Pension Funds took advantage of the trust's distressed shareholder register, snapping up Standard Life's 5...
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