Activists quiet down

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Event-driven funds are on the rebound but have left the bullhorns behind.

Event-driven funds are on the rebound but have left the bullhorns behind

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 Capital Management.

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