GM Board Adopts Policy Banning ‘Greenmail’: General...
From Times Staff and Wire Reports
GM Board Adopts Policy Banning ‘Greenmail’: General Motors announced that its board adopted a policy banning “greenmail”--the purchase of shares, usually from a corporate raider, for more than the fair market price. The announcement was hailed as a victory by corporate gadfly Evelyn Y. Davis, who has been pressuring GM since 1987 to ban such payments after it bought out H. Ross Perot, its largest single shareholder and a board member, in 1986 for nearly $750 million.
