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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Dish wins Blockbuster auction for $320 million 11:26am EDT Ouattara forces attack Gbagbo bunker in Ivory Coast | 10:29am EDT Richard Branson unveils deep-sea submarine plans 5:49am EDT UPDATE 2-Cisco chief vows to restore "flawed" company 05 Apr 2011 Japan focuses on hydrogen buildup after nuclear leak | 11:14am EDT Discussed 107 U.S. to reach debt limit by May 16: Geithner 70 Stumbling blocks remain in budget fight 65 US Republican budget plan would cut $5.8 trln in 10 yrs Watched Robotic bird takes flight into the future Mon, Apr 4 2011 Cisco's mea culpa Tue, Apr 5 2011 Giant touch-screen shows size matters Thu, Mar 31 2011 Tech boards more "proactive" over activism Tweet Share this By Nadia Damouni NEW YORK (Reuters) - Cash-rich technology companies are increasingly willing to go hostile in their bids for rivals, but potential targets are more worried about another threat -- shareholder activism, senior bankers said on... Email Print Related News Swiss stocks - Factors to watch on April 6 2:23am EDT Icahn, Dish, others vie for bankrupt Blockbuster Tue, Apr 5 2011 Australia to veto Singapore Exchange's ASX bid Tue, Apr 5 2011 Apax Partners to buy Epicor, Activant for $2 bln Tue, Apr 5 2011 Quattrone strikes again with Nat Semi deal Mon, Apr 4 2011 Analysis & Opinion Charlie Munger’s BYD conflicts Email theft: Is your company sorry? Related Topics Technology » Stocks David Wah, Managing Director and Head of Global Technology and U.S. Media and Telecom Group for Credit Suisse, speaks during the Reuters Global Mergers and Acquisitions Summit in New York, April 5, 2011. Credit: Reuters/Brendan McDermid By Nadia Damouni NEW YORK | Wed Apr 6, 2011 8:59am EDT NEW YORK (Reuters) - Cash-rich technology companies are increasingly willing to go hostile in their bids for rivals, but potential targets are more worried about another threat -- shareholder activism, senior bankers said on Tuesday. With the likes of billionaire investor Carl Icahn and Ralph Whitworth's Relational Investors turning their sights on tech companies in recent months, boards are reaching out to investment bankers more proactively than ever to come up with defense, bankers said at the Reuters Global Mergers and Acquisitions. "If someone submits a proxy, more often then not you end up with a new board member," said David Wah, co-head of global technology and U.S. media and telecom group at Credit Suisse. Wah said boards are asking a lot more right now about ways to protect their companies from activism. Several high-profile activist investors have taken up battles with technology company boards in recent months, often criticizing their strategy publicly. They have taken their cue from a spate of mergers in the sector and argued for breaking up and selling companies they think are undervalued. "We have seen a noticeable level of interest that they are driving," said Bob Eatroff, a managing director at Morgan Stanley. Recently, Mentor Graphics rejected a $1.9 billion unsolicited takeover bid by Icahn, who launched the offer in February. But Icahn has not yet given up. Hedge fund Elliott Associates was successful last year in pushing Novell to sell itself for $2.2 billion to Attachmate Corp, a data center software maker owned by an investment group led by Francisco Partners, Golden Gate Capital and Thoma Bravo. But some of the aggressive defense has helped companies keep activists at bay. Symantec Corp held a series of banker meetings to advise on strategic options after Relational, Elliott and a number of other activists moved into the stock late last year. The company was able to stay independent after what a board member described as an attack by activists on the security software maker. "When talking to clients and focusing on vulnerability, the activist shareholder tends to get more attention than the traditional strategic buyer," said Eatroff. (Reporting by Nadia Damouni; Editing by Gary Hill) Technology Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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