Activist investors such as Carl Icahn, Jeff Smith and Bill Ackman have long been known to be fearless. They lock in on a mismanaged, undervalued target and take executive teams and boards to task to drive shareholder value. Sometimes they are successful, sometimes not so much. But a new breed of activist investor is appearing nowadays, one more inclined to work with management and boards to achieve desired outcomes. Enter Arkhouse managing partner Gavriel Kahane, who led a campaign to buy struggling Macy’s (M) last year. Macy’s rejected his overtures much to the dismay of investors who have watched the stock plunge since. Kahane is back now with an effort to agitate for change at IAC (IAC), led by billionaire media mogul Barry Diller. Yahoo Finance executive editor Brian Sozzi talks on the Opening Bid podcast with Kahane about what he would like to see from Diller and IAC, and shares what may happen next at the media publisher. Kahane also doesn’t rule out taking another crack at buying Macy’s.

Yahoo Finance's Opening Bid, brings you a high-octane take on the freshest analyst calls, wildest stock moves and shrewdest commentary in the business world. Executive Editor Brian Sozzi puts Wall Street's finest through their paces in this essential conversation for every investor - before the stock market opens.

Find this episode's transcripts and more episodes of Opening Bid at http://finance.yahoo.com/videos/series/opening-bid/.

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Yahoo Finance's Opening Bid is hosted by Brian Sozzi, and produced by Langston Sessoms

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