Shareholder Activism
Schulte has successfully handled some of the highest-profile and most complex campaigns in the history of investor engagement. Working closely with the full range of the firm’s practices, our Shareholder Activism Group takes a holistic approach to counseling clients on every phase of engagements with public companies and their leadership teams.
“It is better than any other firm in the US for corporate governance work, it is really unparalleled.” — Chambers USA
We advise established activists, shareholders that use activist strategies only occasionally and first-time engaged investors, including on assessment of investment opportunities, capital deployment and investment execution, private engagement, business proposals, settlement negotiations and cooperation agreements, proxy contests, alternative activism strategies, hostile takeovers and contested M&A transactions.
Schulte has the activism track record that it does because we bring to bear not only lawyers with deep experience in strategy and corporate governance, but M&A dealmakers, seasoned litigators and practitioners with a focus in securities law compliance matters. Our clients’ ability to call upon shareholder-focused advisers across the legal spectrum and throughout the activism lifecycle puts them in a position to confidently secure desirable investment outcomes.
We know that activist campaigns are primarily a means to a more significant end, which is why, from the outset, our Shareholder Activism Group works with the broader objectives underlying activism in full view. This approach has earned us a reputation as creative, dedicated and thoughtful counselors with a comprehensive understanding of our clients’ businesses.
Representations
Trian Partners in its successful campaign for change at The Walt Disney Company
D. E. Shaw & Co. in its agreement with FedEx regarding the composition of the FedEx board of directors
Engine No. 1 in its successful proxy contest at Exxon Mobil
JANA Partners in several investments, including Freshpet, Zendesk, New Relic, and Mercury Systems
Starboard Value in various investments, including Ritchie Bros. Auctioneers and Papa John’s
Elliott Management in numerous investments, including Marathon Petroleum, Akamai Technologies, and Hess Corp.
Starboard Value in investment in Papa John’s International
Trian Fund Management in campaign at Legg Mason
Caligan Partners, Falcon Edge Capital and Patriot Global Management in settlement agreement with Knowles Corporation
Wellington Management Company in challenging Bristol-Myers Squibb takeover of Celgene Corporation
JANA Partners in its activist campaign at Bristol-Myers Squibb
Cyrus Capital Partners in its campaign at Catalyst Paper Corporation
Villere & Co. in its campaign at EPIQ Systems
SpringOwl Asset Management and Cove Street Capital in an activist campaign at Forestar Group
Saba Capital Management in its campaign at Franklin Limited Duration Income Trust
Greenlight Capital in its proxy contest at General Motors
JANA Partners in its campaign at Hertz Global Holdings
Blue Harbour Group in its campaign at Investors Bancorp
Elliott Management in its activist campaign at Marathon Petroleum Corporation
Trian Partners in its campaign at Procter & Gamble
Starboard Value in its campaign at Stewart Information Services
JANA Partners in its campaign at Tiffany & Co.
Altimeter Capital in its campaign at United Continental Holdings Inc., the parent company of United Airlines
Kimmeridge Energy Management in its campaign at PDC Energy
Voce Capital Management in its campaign at Argo Group International Holdings
Blackwells Capital in its cooperation agreement with Colony Capital Inc.
Voce Capital Management in its campaign at Air Methods Corporation
Engine Capital in its campaign at Ann Inc.
Clinton Group in its campaign at Arlington Capital Partners
Lone Star Value Management in its campaign at Aviat Networks
SRS Investment Management in its campaign at Avis Budget Group
Elliott Associates in its campaign at Avon Products
JANA Partners in its campaign at Blackhawk Network Holdings
Sandell Asset Management in its campaign at Bob Evans Farms
Sandell Asset Management in its campaign at Brookdale Senior Living
Clinton Group in its campaign at Campus Crest Communities
JANA Partners in its campaign at Civeo Corporation
Casablanca Capital in its campaign at Cliffs Natural Resources
JANA Partners in its campaign at Computer Sciences Corporation
JANA Partners in its campaign at ConAgra Foods
Saba Capital Management in its campaign at Deutsche High Income Trust
Clinton Group in its campaign at Dillard’s
Trian Fund Management in its campaign at Dupont
Clinton Group in its campaign at EVINE Live, formerly ValueVision Media
Saba Capital Management in its campaign at First Trust High Income Long/Short Fund
FrontFour Capital Group and Sandpiper Group in their campaign at Granite Real Estate Investment Trust and Granite REIT Inc.
JANA Partners in its campaign at Harris Corporation
Trian Fund Management in its campaign at Heinz
Elliott Associates in its campaign at Hess Corporation
Clinton Group in its campaign at Imation
venBio Select Advisor in its campaign at Immunomedics
Philadelphia Financial Management of San Francisco and Voce Capital Management in their campaigns at Investment Technology Group
MGT Capital Investments in its campaign at Iroquois Capital
Fir Tree Partners in its campaign at Midstates Petroleum Company
Alden Global Capital in its campaign at Monster Worldwide
Voce Capital Management in its campaign at Natus Medical
Harbringer Capital Partners in its campaign at the New York Times
Gates Capital Management in its campaign at Nortek
Trian Fund Management in its campaign at PepsiCo
JANA Partners in its campaign at PetSmart
Elliott Management in its campaign at PulteGroup
JANA Partners in its campaign at QEP Resources
JANA Partners in its campaign at Qualcomm
Blue Harbour Group in its campaign at Rowan Companies
Voce Capital Management in its campaign at Solta Medical
Synacor in activist defense strategies for a publicly traded company
Trian Fund Management in its campaign at Sysco Corporation
JANA Partners in its campaign at Team Health Holdings
JANA Partners and S.A.C. Capital Advisors in their campaign at Time Warner
Fir Tree Partners in its campaign at Titan Energy
SailingStone Capital in its campaign at Turquoise Hill Resources
Fir Tree Partners in its campaign at Ultra Petroleum
Sandell Asset Management in its campaign at Viavi Solutions
JANA Partners in its campaign at Walgreens
Nokomis Capital in its campaign at WidePoint Corporation
Canyon Capital Advisors in its campaign at Yahoo!
