Carl Icahn’s bid to launch a proxy battle at Time Warner sets a number of important precedents for hedge fund activism. If he succeeds, Time Warner will be the biggest company ever to face a proxy contest for its board, launched by an activist with a stake of less than 3%. His attempt to change majority control on the board, possibly unwinding the Time Warner/AOL merger, the biggest in corporate history, is also dramatic. Yet his campaign has been given credence by the fact that one of the best advisory firms on Wall Street, Lazard, is working for him.
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