Shareholder Activism

Home / Services / Shareholder Activism
All services
Corporate

Shareholder activism counsel for both sides of proxy fights and board campaigns, from activist defense and engagement strategy to running solicitations, so you control the outcome rather than react to it.

Shareholder activism can put your board, strategy, and stock under public pressure in a matter of days. We advise companies fielding activist approaches and investors running campaigns, covering engagement, defensive planning, proxy contests, and settlement. The work moves fast and involves SEC rules and shareholder sentiment at once, so we keep strategy and compliance aligned from the first letter forward.

Activist Defense Planning

The boards that handle activists best are the ones that prepared before the activist showed up. We help directors assess vulnerabilities, model likely demands, and put defensive measures and a response playbook in place. When an approach lands, we manage the engagement strategy, advisor coordination, and proxy contest readiness so the board negotiates from strength rather than scrambling in public.

Proxy Contests And Solicitation

Proxy fights for board seats are won on preparation, messaging, and flawless execution under SEC scrutiny. We run contests from either side, advising on solicitation strategy, proxy statement and Schedule 14A compliance, universal proxy mechanics, and direct shareholder outreach, and we keep the legal filings tight so a procedural slip never becomes the story that decides the vote.

Constructive Investor Engagement

Most activist situations are better resolved through conversation than through a contested vote. We facilitate productive engagement between companies and investors, framing the issues, structuring private discussions, and finding common ground on strategy or governance that gives the activist enough to stand down while sparing the company the cost, distraction, and uncertainty of a full proxy fight.

Activism Settlement Negotiations

When a deal is the right outcome, the terms matter for years. We negotiate activism settlements covering board representation, standstill and voting commitments, committee composition, and governance reforms, and we draft the cooperation agreement carefully so each side knows exactly what it agreed to and the company keeps the operating room it needs going forward.

Frequently asked questions

Often quietly, by requesting a meeting and pushing their ideas in private. If the board brushes them off, they may escalate into a public campaign and, ultimately, a proxy contest to pressure the company through its shareholders.

Common demands include strategic shifts, changes to capital allocation such as buybacks or dividends, seats on the board, management changes, and pursuing or blocking M&A. The specific ask shapes how you should respond.

It depends on who the activist is, the merit of their ideas, where your other shareholders stand, and your company's situation. Engagement frequently produces a better result than an all-out fight, but that's a judgment call we make with you based on the specifics.

It's a battle for shareholder votes, where the activist tries to get its own nominees elected to your board. Both sides solicit proxies and make their case directly to shareholders, who decide the outcome at the annual meeting.

A rights plan, or poison pill, can deter an investor from quietly building a stake past a set threshold by diluting them if they cross it. It's a defensive tool, but it doesn't stop a proxy contest, since an activist can still campaign for board seats without buying more shares.

Settlements often include giving the activist one or more board seats, commitments on strategy or governance changes, and a standstill agreement that limits what the activist can do for a set period. We negotiate those terms together so the resolution actually holds.

Our team

Attorneys who can help

Document products

Related document products

Order attorney-drafted documents related to this service.

Browse all products

Let's talk about your shareholder activism needs.

Get in touch