"Pioneer of The Hostile Takeover"
He was said by Forbes magazine to "have the arrogance of a banana republic dictator" and by the New York Times to be the "dean of the corporate takeover". The Economist said, after he died, "he was a pioneer of the hostile takeover of a public company. He was dismissive of the convention previously observed that a takeover should have the agreement of the existing board. He would spot a company whose assets he judged were undervalued, gain control and milk it. Some bits would be sold off, others would be closed. Previously unconsidered treasures, such as the employees' pension fund, would be raided and reinvested in Mr Posner's other companies." Posner was a maverick player in the world of corporate finance. Many of his dealings were alleged to be illegal and he was closely watched by the Securities and Exchange Commission from the mid-1980s on.
Read more about this topic: Victor Posner
Famous quotes containing the words pioneer of, pioneer, hostile and/or takeover:
“New pioneer of days and ways, be gone.
Hunt out your own or make your own alone.
Go down the street.”
—Gwendolyn Brooks (b. 1917)
“New pioneer of days and ways, be gone.
Hunt out your own or make your own alone.
Go down the street.”
—Gwendolyn Brooks (b. 1917)
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