Lowball bids Spoiling the game

There has always been a game of chicken between investors and anyone wanting to buy the companies they owned. But the rise of hedge fund power is making this game even more predictable. It has become almost a given that hedge funds will demand more than what’s put on their plates. So acquirers are logically getting stingy with their offers. That’s especially the case where minority floats are bought back – like Cox’s buyout of its cable arm – or when companies are taken private, such as in the l...