70 60 50 40 30 20 10 0 1996 1998 2000 2002 2004 2006 - PowerPoint PPT Presentation

70 60 50 40 30 20 10 0 1996 1998 2000 2002 2004 2006 2008 2010 2012 Number of takeover defenses removed following a shareholder proposal (S&P 1500)

70 60 50 40 30 20 10 0 1996 1998 2000 2002 2004 2006 2008 2010 2012 Number of takeover defenses removed following a shareholder proposal (S&P 1500)

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90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1992 1997 2002 2007 2012 Share of majority-approved proposals Proportion of which implemented ssssssssssssssssssssssssssss

90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1992 1997 2002 2007 2012 Share of majority-approved proposals Proportion of which implemented ssssssssssssssssssssssssssss

90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1992 1997 2002 2007 2012 Share of majority-approved proposals Proportion of which implemented Prob. of merger in next 5 years

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Prob. of implementation and proposal vote share (1997-2002) 1 .8 .6 .4 .2 0 0 20 40 60 80 100

Prob. of implementation and proposal vote share (2003-2011) .8 .6 .4 .2 0 0 20 40 60 80 100

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