keep calm and carry on bonym
TRANSCRIPT
Is US Style Activism Coming to Europe?Andrew Garfield, partner and Katie Ionalli Partner,Brunswick LLP
2014: “The Yanks are coming!”
"The New Barbarians — Shareholder Activists Have Europe in Their Sights“ Skadden, January 2014
“What’s Driving the Rise of Shareholder Activism in Europe?”Latham & Watkins June 2015
Shareholder Activism: Coming to EuropeValueWalk, September 2015
Hedge Fund Activism Takes Root in Europe, Financial Times, May 2016
“American activist Investors Take Another Charge at Europe,Wall Street Journal, April 2015
“European companies need to prepare for a wave of activist campaigning”, Moelis, April 2014
Activist Hedge Funds Eye European TargetsInstitutional Investor, June 2014
$114bn
$248bn
2012
2015
The wall of money
Brunswick 2016
7
Game changer? Elliot versus Alliance Trust
149
34
Activist situations 2015
Vive La Difference!
Brunswick 2016
10
Governance Preference for non-public channels
Blockers – poison pills, state intervention or
family ownership
Lack of local relationships
Shareholder activism landscapeWhat accounts for the differences across the Atlantic?
“What is a “constructivist”? A revolutionary Russian artist?A bricklayer? Or an investor who buys into European companies planning to help raise their value but doesn’t like being called an “activist”? The third answer is right. “Jonathan Guthrie, Financial Times, April 2006
Brunswick 2016
12
ValueAct takes on Rolls-Royce
Brunswick 2016
13
Neill Woodford versus GSK
2016: “Bumpitrage”
Brunswick 2016
15
Stay rational War footing?
ContextKnow your shareholders
Know your enemy
Toughing it out
To parley or not to parley
Frustrating action
Pre-empt or wait?
Actions or words?
Our approach to activism preparednessKey considerations