CNBC Exclusive: Shareholder Speaks Out Against LBO
HCA and Kinder Morgan . Just a couple of recent management led buyouts. But with that list growing--the issues of whether a ceo or management team is acting in the best interests of shareholders has become more pressing. In fact--it's prompting one shareholder with some unique insights to speak out exclusively to CNBC.
On our Power and Money segment-CNBC's Melissa Lee talked with Charles Corry who is suing HCA as a shareholder--because he feels the deal by a private management firm to buy HCA--is too low.
Corry is no stranger to such deals. He's the former chairman and ceo of a company that would become U.S. Steel and Marathon Oil. He says most execs at the top of companies are basically looking out for themselves when it comes to buyouts--and not shareholders.
Corry says his lawsuit is still pending--although the HCA deal has been completed and he has been credited with the proceeds in his brokerage account. Corry says that if there is another company in his portfolio that gets a management led buyout offer that he thinks is too low--he will sue again.