Victor Posner; Victor Posner, master of the hostile takeover, died on February 11th, age 83.(Brief Article)(Obituary)
Victor Posner, master of the hostile takeover, died on February 11th, aged 83
IT WAS easy to be rude about Victor Posner. "Vulture" was one of the politer nouns applied to him. Mr Posner was a pioneer of the hostile takeover of a public company. He was dismissive of the convention previously observed that a takeover should have the agreement of the existing board. He would spot a company whose assets he judged were undervalued, gain control and milk it. Some bits would be sold off, others would be closed. Previously unconsidered treasures, such as the employees' pension fund, would be raided and reinvested in Mr Posner's other companies. As chief executive Mr Posner would draw a large salary. At one stage he controlled more than 40 companies said to be worth $4 billion and was …
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