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Fidelity Investments, Vanguard Group and other mutual funds are opposing anti-takeover devices at the companies they hold, which could lead to more mergers and acquisitions, says a study by Baruch College’s Center for Financial Integrity.
The majority of the 10 mutual funds studied oppose the use of so-called poison pills, boards with staggered terms and dual-class stock to block takeovers.
In August, federal rules required mutual funds to disclose how they voted their proxies. Many funds have posted their voting guidelines in advance.
Other funds studied were Putnam, American Century, Janus, Oppenheimer, T. Rowe Price, Morgan Stanley, AIM Investments and Franklin Resources.
