An increasing number of portfolio companies now attract attention from more than one activist investor.
This happens more than you might expect:
•Just last week, Pershing Square (Bill Ackman) revealed a huge stake in Mondelez, where Trian (Nelson Peltz) already has a BoD seat.
•Earlier, Carl Icahn finished the job at Manitowoc, which Relational Investors had started.
•Last year, Barington got the ball rolling at Darden, then Starboard Value carried it over the goal line.
A quick search of the FactSet SharkRepellent database reveals at least ten other companies in which two different investors began activist projects in the past year or so.