A proxy battle for Yahoo, which Microsoft is reportedly set to authorize, would top $40 billion and be the largest on record — but faces some tough odds for success.
There have been 27 corporate proxy fights to facilitate a hostile takeover since 2001, according to FactSet SharkWatch (which has been tracking the data for 8 years), but only 12 went to an actual vote — with the rest withdrawn or settled.
Raiders won board seats in only 5 of the cases — and in 9 of them terms of the deal were sweetened. Below are the hostile proxy fights for companies with a market cap above $500 million since 2001, according to FactSet SharkWatch.
| Company | Raider | Mkt Cap ($m) | Date | Proxy Fight Winner |
| Wachovia | SunTrust Banks | $29,458 | 5/14/01 | Management |
| Caremark Rx | Express Scripts | $21,163 | 1/8/07 | Withdrawn |
| CBOT Holdings | IntercontinentalExchange | $8,769 | 6/13/07 | Management |
| TRW | Northrop Grumman | $5,035 | 3/4/02 | Management |
| Engelhard | BASF | $4,900 | 1/27/06 | Settled/Concessions |
| PeopleSoft | Oracle | $4,784 | 11/30/04 | Withdrawn |
| Willamette Ind | Weyerhaeuser | $3,795 | 12/21/00 | Dissident |
| Ventanta Medical Sys | Roche Holdings | $2.702 | 12/5/07 | Withdrawn |
| Hercules | International Specialty Products | $1,549 | 2/7/01 | Dissident |
| Barrett Resources | Royal Dutch/Shell Group | $1,523 | 3/12/01 | Withdrawn |
| NeighborCare | Omnicare | $772 | 12/23/04 | Settled/Concessions |
| Taubman Centers | Simon Property/Westfield America | $759 | 2/21/03 | Withdrawn |
| Energy Partners | Woodside Petroleum | $706 | 9/29/06 | Withdrawn |
| Gold Kist | Pilgrim’s Pride | $652 | 8/18/06 | Withdrawn |
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