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Companies fight back against hedge funds

CNNMoney - As activist investors intensify their efforts to shake up large firms, a new alliance has formed to hit back at the Carl Icahns and Dan Loebs of the world.

On Monday, a group of directors and long-term shareholders of publicly-traded companies launched the Shareholder Director Exchange. The move is intended to counter the growing influence of activist hedge fund managers, whose strategy is to buy stakes in companies and then aggressively push for change.

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