We examine Steel Partner's investments and shareholder activism at three firms, United Industrial Corp (the Good), Ronson Corp (the Bad), and BKF Capital (the Ugly). The cases suggest the following points. For managers and boards wishing to maintain their independence the lesson is to dig in and...

This paper examines the new development of hostile takeovers and shareholder activism in Japan. The hostile bidders claim that the threat of takeover which they pose on the management of a poorly managed company is not only to their benefit, but also to that of the target company in general,...

Over the past 20 years, there have been several important changes in Japanese takeover regulations. The changes have resulted in shifts in the balance of power between potential bidders and target shareholders. The implementation and revision of mandatory tender offer rules provided more...

The issue of choice between specialization and diversification in corporate business activity has become the center of large body of corporate finance literature in recent years. U.S. empirical evidence on the effects of diversification after merger is mixed, suggesting that the diversification...

The choice between specialization and diversification in corporate business activity has become the center of large body of corporate finance literature in recent years. U.S. empirical evidence on the effects of diversification after merger is mixed, suggesting that the diversification benefits...

Purpose – This paper seeks to analyse Steel Partners' investments and activism targeting United Industrial, Ronson, and BKF Capital to provide context for the debate surrounding shareholder activism by hedge funds and how incumbent management should cope with it. Steel Partners is one of the...