For the past two years activist investors have been strangely quiet. The financial crisis slashed the value of their equity investments. Many scaled back or even closed shop. But there are signs that shareholder activists, who take stock in a handful of companies and press them to change their inefficient ways, are finding their voices again. On November 23rd Carl Icahn, a particularly bold member of the breed, and Seneca Capital, a hedge fund, blocked a $4.8 billion buy-out of Dynegy, an energy company, because, they said, the price was not high enough.
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