Bank of America: We Are Ready To Entertain $BAC
Bank of America (NYSE: BAC) has been rumored to be a prime activist target, with things heating up now that Jeff Ubben's ValueAct Capital is "targeting" Morgan Stanely (NYSE: MS).
However, BAC has been a beat at holding off any potential activist. But they're gearing up for any potential battle, going right after activists. BAC is ready to entertain on the battlefield, telling activist to investors to take their best shot.
CEO Brian Moynihan, who's been great at limiting shareholder rights, has this to say to potential activist investors:
"We're driving a thing we call responsible growth. You've got to grow no excuses. We got to do it the right way. It's got to be sustainable investing in the future, technology, the way we conduct our business and govern ourselves. That we've been driving. And if somebody has better ideas about how to manage our company, we're all ears. And we'll, by the way, we talk to shareholders all the time. We hear from them. And, so, our view is we're driving this company back to the successful point. We're partway there. We're most of the way there. But we have more to go. And that'll then lift the earnings even further."
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