Loeb can’t bend Stiritz to his will with anything less than 50 percent of Agribrands’s shares. To buy that much stock, he would need another $190 million—$10 million more than he has in his fund. And he doesn’t want to put all his chips on this one stock, anyway. Stiritz is intent on merging Agribrands’s cashbox into Ralcorp’s businesses at a big discount to its true value. And Loeb’s little fund has a big problem.
