Great point, one that I tried to make without success while the process was still ongoing. Going from $115 to $83 in a matter of a few months is definitely something to be proud of. But those who thwarted JANA could care less about us. Instead they continue to collect their pay while doing nothing to enhance shareholder value. If I hear that the dividend is going to be raised another 50%-100%, I may change my tune but fat chance that is going to happen. Better to just waste more money on low margin endeavors.
Sheep shareholders eat up everything mgmt says. It didn't help when mgmt tainted the vote count. Yes fund managers like Jana do not have the best reputations, but some of the biggest crooks reside in c-suites. Many c-suite individuals are virtually unemployable outside of their current positions. They lack skills even for flipping burgers, so they must defend their jobs and titles at the expense of shareholders.
Lesson here is in addition to analyzing a company's investment potential, it is critical to gauge the shareholder base. Don't invest in a company when the majority shareholder base display sheeplike qualities.