Editing Corporate raid (section)

===Decline of the corporate raiders===
{{Original research|section|date=February 2023}}
In the late 1980s several famous corporate raiders suffered from bad investments financed by large amounts of [[leverage (finance)|leverage]], ultimately losing money for their investors. Additionally, with the fall of [[Michael Milken]] and the subsequent collapse of [[Drexel Burnham Lambert]], the credit lines for these investors dried up. By the end of the decade, management of many large [[publicly traded]] corporations reacted negatively to the threat of potential hostile takeover or corporate raid and pursued drastic defensive measures including [[Shareholder rights plan|poison pill]]s, [[golden parachute]]s and increasing [[debt]] levels on the company's [[balance sheet]]. Finally, in the 1990s the overall price of the American stock market increased, which reduced the number of situations in which a company's share price was low with respect to the assets that it controlled. By the end of the 1990s, the corporate raider moniker was used less frequently as private equity firms pursued different tactics than their predecessors. In later years, many of the corporate raiders would be re-characterized as "[[activist shareholder]]s", such as [[Carl Icahn]] during his 2008 profile on CBS's ''[[60 Minutes]]''.<ref>[https://www.cbsnews.com/news/the-icahn-lift/ The Icahn Lift: 60 Minutes' Lesley Stahl Profiles The Billionaire Investor], ''[[60 Minutes]]'', March 9, 2008.</ref>