Shareholder Activism

About

Unique insight into shareholder engagement

"White & Case's uniqueness and value really shone through… Your cadre of activist investor work is unlike anything I have seen from other law firms." Leading proxy advisor

Active shareholder engagement can take many forms, from private discussions between shareholders and companies to public, hostile campaigns. One thing is clear, however, activists are enjoying increased global influence, even in jurisdictions where historically activism has been negatively received.

As a regular advisor to both public companies and activists (White & Case was ranked #1 law firm in the FY 2020 Bloomberg Activism League Tables for both company and activist side work), we are uniquely placed to give clients valuable tactical and strategic insight. Our dedicated shareholder activism practice, comprising a core team of public M&A, public company advisory, litigation, tax, capital markets and employment specialists, understand what is at stake for our clients, both public companies and engaged shareholders. We pride ourselves in being able to develop innovative and bespoke solutions to guide our clients to a successful outcome.

 

How we can help public companies and activists

We offer a full range of legal services with a global footprint:

  • Engagement and preparation
  • Advisory, including corporate governance and navigating relevant legal frameworks
  • Stake-building and takeovers, including antitrust and regulatory
  • Financing, including high yield and derivatives
  • Contentious, including litigation/arbitration, derivative actions and crisis management

 

Specialist shareholder activism support

We also offer a full range of specialist expertise to support transactions both in the UK and cross-border. Our activism practice works closely with professionals across the Firm including:

 

View all lawyers in Activism

 

AWARDS & RECOGNITION

#1 International Law Firm to Activists Globally
Bloomberg Activism League Tables, FY 2020

#1 Law Firm to both activists and public companies in Europe
Bloomberg Activism League Tables, FY 2020

#1 law firm to both activists and (by volume) public companies in Asia Pacific
Bloomberg Activism League Tables, FY 2020

#1 Global Law Firm, Activist Side
Activist Insight Intermediary Awards 2020

#1 Global Law Firm, Total Campaigns
Activist Insight Intermediary Awards 2020

#1 Average Market Cap for Activist Representation
Activist Insight Intermediary Awards 2020

#1 US Law Firm to UK FTSE Companies
Advisor Rankings November 2020

US Law Firm of the Year
Legal Business Awards 2019

Advised on 30% of P2P deals priced over €150 million in Europe
Mergermarket 2019

Among Top 3 Law Firms for take private transactions in Europe by deal value and volume
Mergermarket League Tables 2018

Experience

We regularly advise companies, activists and other investors on various activist and shareholder engagement campaigns which are never made public and are resolved in private. Our public representations include:

Global

Elliott Advisors
We regularly represent Elliott Advisors in connection with a range of confidential matters across the world. 

UK

Third Point
We represented Third Point in connection with its engagement with Prudential Plc.

Sachem Head Capital Management LP
We represented Sachem Head Capital Management LP in connection with its engagement with G4S PLC.

Cat Rock Capital Management
We regularly represent Cat Rock Capital Management in its engagement with a number of confidential matters and situations in the UK including in relation to Just Eat plc.

DX
We represented DX in its engagement with Gatemore in relation to proposed merger with John Menzies.

Coast Capital Management
We represented Coast Capital Management in connection with its engagement with FirstGroup plc.

Oasis Management
We regularly represent Oasis Management in connection with a range of matters across the world.

Amigo Holdings PLC
We represented Amigo Holdings PLC in its disputes with its founder and controlling shareholder.

Petropavlovsk plc
We represented Petropavlovsk plc in its defence against activists CABs and Slevin in 2018 and in court against Everest Alliance in 2020.

Premier Oil
We represented the banks advising Premier Oil on its defense against Asia Research and Capital Management.

US

Barclays
We represented Barclays, as financial advisor to JCPenney, in connection with the proposals offered by Pershing Square.

Talbots
We represented The Talbots, Inc. in connection with proposals offered by Sycamore Partners.

Zimmer Biomet
We represented Zimmer Biomet in connection with Hart-Scott-Rodino filing by Jana Partners.

Australia

We advise multiple clients on requisitioned resolutions from activist groups, in particular with respect to climate change and including advising on and attending general meetings. We regularly advise ASX-listed companies on remuneration and director election matters.

France

Amber Capital
We represented Amber Capital in relation with its investments in Lagardère where it intends to force changes in the company's corporate governance and strategy.