Maurice Greenberg – the former CEO of insurance giant AIG – is thought to be putting together a takeover bid for his alma mater, or at least kick-starting an aggressive activist campaign.
Mr Greenberg has filed a 13D form with the SEC – an indicator that he is looking to take some form of action in the company. Often a 13D filing foreshadows an attempt to takeover a company or gain representation on its board. The New York Times suggests it’s the first signal of a buyout plan.
Greenberg left AIG under a cloud in 2005 after the then-New York attorney general Eliot Spitzer accused him of fraudulent business practices at the company. He holds a 13.6 per cent stake in AIG.
The SEC filing identifies “opportunities to significantly improve” AIG’s performance. Mr Greenberg…
…anticipates holding discussions with stockholders and third parties that may address a number of issues, including without limitation, their respective views on the Issuer’s [AIG's] business and prospects, the suggested disposition of certain of its operations, investment opportunities and concerns over the direction and management of the Issuer generally
The filing in full is available here.