(
)
There’s no such thing as too big to rattle.
Boardrooms are running scared as activist investors — who oust boards, press companies to return cash and push for corporate breakups — are constantly on the prowl.
What’s more, it seems no company is safe as corporate cage rattlers take aim at some of the biggest names in business.
Last year, 241 companies were targeted by hedge funds and other activist investors, according to FactSet SharkRepellent, which tracks shareholder disputes and corporate defense tactics.
That’s up from 202 in 2011, 195 in 2010 and 187 in 2009.
Activists such as Carl Icahn are not only setting their sights on corporate America but also looking to snag the biggest game.
Even Apple — the world’s most valuable company and one of the most respected brands — came under fire from David Einhorn.
So far this year, an eye-popping 36 percent of the campaigns launched by activists have been directed at companies with market capitalizations of more than $1 billion, according to FactSet SharkRepellent.
By comparison, just 21 percent of shareholder shakeups in all of 2012 targeted large companies. In 2011, the recent high for big game, just 25 percent of activist moves involved large companies.
Even going back to 2008, when shareholder activism hit an all-time high in the financial frenzy leading up to the credit crisis, only 17 percent of campaigns were aimed at big companies, the data show. That year, there were a whopping 324 total campaigns.
It seems more money means bigger targets. Experts point out that hedge funds — who tend to play an outsize role in badgering corporate boards — have grown a great deal larger than they were just a decade ago.
“So much money is being poured into activism these days,” said Ken Squire, founder of 13D Monitor, a proxy contest tracker.
But even staid mutual funds are more willing to lend a helping hand nowadays, Squire said.
Icahn, who manages $6.6 billion in his hedge fund Icahn Capital, seems to be everywhere.
He’s made headlines with his stakes in computer maker Dell, offshore drilling company Transocean and nutritional supplement company Herbalife, where he’s been battling against fellow activist Bill Ackman of $12 billion Pershing Square Capital.
Icahn isn’t the only activist staying busy — and looking for bigger targets.
Oil and gas giant Hess Corp. has been waging war with Elliott Management, the $21 billion hedge fund run by Paul Singer.
And in the mother of all confrontations, Einhorn, who runs $8 billion Greenlight Capital, sued gadget-maker Apple in a bid to get it to share some of its $137 billion cash hoard with investors.
Of course, one thing that hasn’t changed is backlash from the boardroom.
“I’d give Einhorn the back of my hand,” former General Electric CEO Jack Welch told CNBC.