WSJ – A group of large Wall Street law firms have banded together in an unusual bid to clamp down on a popular hedge-fund strategy aimed at squeezing more money from corporate takeovers.
Seven firms—including Cravath, Swaine & Moore LLP; Davis Polk & Wardwell LLP and Latham & Watkins LLP—are urging changes to rules governing an “appraisal,” a legal move in which stockholders who feel shortchanged by a takeover seek a higher valuation.
