Event-driven funds are on the rebound but have left the
By Chris Gillick
Just as the biggest-ever activist investor -
the U.S. government - has emerged, taking giant stakes in
Chrysler, General Motors and American International Group, a
number of private activists are, ironically, stepping back.
Take Bill Ackman, founder of $4.5 billion Pershing Square
On May 28, Ackman lost his high-profile shareholder proxy
fight with Target. Failing to win even one of four board seats
for which he submitted a slate of candidates, the normally
outspoken, telegenic fund manager has decided to lie low.
"You should expect that we will do our best to fade into the
sunset as far as the media is concerned until such time as an
investment opportunity requires us to work more closely with
the press," Ackman wrote in a June 8 letter to investors. "We
hope such time is...