Institutions will obviously no longer sit back and accept deals that they think are unfair. Consider the Iron Workers of Western Pennsylvania Pension Plan and the Louisiana Municipal Police Employees' Retirement System pension. Neither is known as a corporate governance force, but they have a bone to pick with Caremark, which has agreed to a deal with CVS. Both pensions have sued, charging that Caremark executives and directors will receive too many benefit at shareholders' expense in its deal with CVS: positions at the new company as well as indemnification from penalties and fines from investigations into possible stock option backdating. Shareholders generally preferred a proposed deal by another suitor. This will re-open an issue that never seems to leave us: the duty of directors.

For more:
- here's a New York Times article