Widely recognized and consistently ranked as the nation's premier practice in representing investors in contested director elections and other shareholder activist situations worldwide.
Olshan’s Shareholder Activism Practice is ranked as the No. 1 legal advisor to activist investors by Chambers USA (Band 1), The Legal 500 United States Guide, FactSet, Bloomberg, Refinitiv, Activist Insight Monthly and The Deal Activism League Table.
"Olshan is at the top of the shareholder activist field. The firm is a thought leader and has exceedingly diligent professionals capable of thinking on many different levels simultaneously." - Chambers USA
"The Olshan team brings both deep and broad experience in the activist space. They are thoughtful, creative, and extremely responsive." - The Legal 500 United States
Over the past decade our clients have orchestrated the replacement and appointment of more than 1,000 public company directors across the globe. We advise on over 100 activist campaigns each year, including many of the most closely followed, high-profile board contests and activist-driven M&A situations.
Our shareholder activist attorneys have unparalleled experience, both domestically and abroad, in counseling clients at all stages of their engagements with boards of directors and management teams, including:
- Identifying Activist Opportunities
- Stock Accumulation / Schedule 13D Filings
- Behind-the-Scenes Engagements
- Director Nominations and Shareholder Proposals
- Proxy Contests
- Settlements
- Alternative Activist Engagements
- Activist-Related Litigation
Identifying Opportunities
We often get involved in the early stages of potential activist situations by undertaking a comprehensive analysis of a company's corporate governance and defense profile and identifying opportunities for effecting change. To that end, we carefully examine the company’s organizational documents, corporate governance practices and operational performance in order to help the client understand the target’s governance and operational shortcomings and structural vulnerabilities. We work collaboratively with our clients to devise a comprehensive yet cost-effective engagement strategy.
Stock Accumulation / Schedule 13D Filings
We play an important role helping our activist clients plan their share acquisition programs and trading activities while ensuring compliance with a number of applicable securities laws and Hart-Scott-Rodino Act (HSR) filing requirements. This includes preparing Schedules 13D, Forms 13F, HSR filings, Schedules 13H and Forms 3 and 4. We have attained highly specialized expertise preparing Schedules 13D (5% early warning reports) underpinning most activist campaigns, having filed over 5,000 13Ds in the last decade.
Behind-the-Scenes Engagements
Not all shareholder engagements escalate to proxy contests. Almost every activist situation begins with private, behind-the-scenes engagement with a company's board, management and advisors. We counsel our clients at each stage of company engagement, assist with private letter-writing campaigns and advise on when to “go public” when private engagement fails. We also have expertise in making “books and records” demands.
Director Nominations and Shareholder Proposals
A cornerstone of our activism practice is assisting our clients with their compliance with company advance notice bylaw provisions to make director nominations or bring shareholder proposals. We work closely with our clients to ensure that their nomination letters and shareholder proposals comply with rigorous and highly technical information and timing requirements contained in most bylaws. Our skill set in this area has sharpened and evolved over the years as bylaw information and questionnaire requirements for nominating directors have become increasingly onerous and complex.
Proxy Contests
With exceptional experience and a deep understanding of the mechanics of executing and winning proxy campaigns, we can swiftly initiate a successful campaign even when just days remain before a nomination deadline. Our attorneys work closely with clients to develop a comprehensive campaign strategy that begins with formulating a roadmap tailored to the client's specific goals and designed to maximize results in a contested proxy solicitation or negotiated resolution. In addition to preparing and filing proxy statements with the SEC and navigating the SEC’s comment process, we also draft fight letters, press releases and investor presentation materials, and walk our clients through presentations to ISS, Glass Lewis and other proxy voting advisory agencies. We also have the in-house capability to help our clients prepare sophisticated investor presentations and white papers.
Settlements
It is very common for activist campaigns to culminate with settlements intended to avoid protracted proxy contests and that make sense for all parties involved. Our attorneys play a leading role negotiating and drafting the best possible settlements for our clients. Having negotiated over 300 settlements resulting in over 500 new directors being seated since the beginning of 2016, we understand the latest market trends and contractual nuances that are critical to helping ensure a settlement will achieve an optimal outcome for our clients.
Alternative Activist Engagements
We present to our clients the full range of strategic options available to them for achieving their objectives based on the company’s organizational documents, state law and timing considerations. Particularly after a nomination deadline has passed and it is too late to take action at an annual meeting, these alternatives to the nomination process may include:
- Calling a special meeting of shareholders to remove and replace directors
- Commencing a consent solicitation to remove and replace directors
- Engaging in a withhold campaign soliciting “votes against” the re-election of directors
Our attorneys will draw upon and advise on the full activism "toolkit" available for each particular situation when designing a strategy to catalyze change.
Activist-Related Litigation
Our practice group includes a seasoned team of litigators as strategic litigation may be critical to successful execution of our clients’ goals to effect corporate change. Our litigators stand ready on short notice to assist our clients in a range of matters, including enforcing shareholder rights to compel special and annual meetings, obtaining corporate records, obtaining shareholder lists, challenging defensive maneuvers that impede the shareholder franchise and asserting class and derivative claims to challenge board conduct. We frequently appear in the Delaware Court of Chancery, where the majority of such cases are brought, and other courtrooms throughout the country on behalf of shareholder activists. We also represent shareholders in responding to claims asserted in federal court, including claims by management alleging violations of federal securities laws involving proxy and reporting obligations. When needed, our litigators draw on deep and longstanding relationships with key players in the activist community, including corporate governance experts, Delaware counsel and proxy solicitation firms.
Recent Successful Campaigns for Board Representation:
- 22NW @ Culp, Inc. (settlement reached for 1 board seat)
- 22NW @ DIRTT Environmental Solutions Ltd. (settlement reached for 1 board seat)
- 22NW @ L. B. Foster Company (settlement reached for 1 board seat)
- Alta Fundamental @ Milestone Pharmaceuticals Inc. (settlement reached for 2 board seats)
- Argosy-Lionbridge @ Independence Realty Trust, Inc. (settlement reached for 1 board seat)
- Bandera Partners @ The Joint Corp. (settlement reached for 1 board seat)
- Brad Radoff @ DMC Global Inc. (agreement reached to add a director)
- Brad Radoff @ EMCORE Corp. (settlement reached for 2 board seats)
- Brad Radoff & Sudbury Capital @ LifeVantage Corp. (settlement reached for 1 board seat)
- Browning West @ Gildan Activewear Inc. (successful proxy contest to replace entire board)
- Cable Car Capital & Anson Funds @ MEI Pharma, Inc. (settlement reached for 3 board seats)
- Elliott Management @ BioMarin Pharmaceutical Inc. (settlement reached for 3 board seats)
- Elliott Management @ Crown Castle Inc. (settlement reached for 2 board seats)
- Elliott Management @ Etsy, Inc. (agreement reached to add a director)
- Elliott Management @ Match Group, Inc. (settlement reached for 2 board seats)
- Elliott Management @ NRG Energy, Inc. (settlement reached for 4 board seats)
- Elliott Management @ Phillips 66 (agreement reached to add a director)
- Elliott Management @ Sensata Technologies Holding PLC (settlement reached for 1 board seat)
- Engaged Capital @ Nevro Corp. (settlement reached for 1 board seat)
- Engaged Capital @ PRA Group, Inc. (settlement reached for 1 board seat)
- Engaged Capital @ VF Corp. (agreement reached to add a director)
- Engine Capital @ MRC Global Inc. (settlement reached for 1 board seat)
- Engine Capital @ Orthofix Medical Inc. (settlement reached for 3 board seats)
- Famatown Finance @ International Seaways, Inc. (agreement reached to add a director)
- Findell Capital @ Oportun Financial Corporation (settlement reached for 2 board seats)
- Fund 1 Investments @ BJ’s Restaurants, Inc. (settlement reached for 1 board seat)
- Fund 1 Investments @ Citi Trends, Inc. (settlement reached for 3 board seats)
- Hestia Capital @ Pitney Bowes Inc. (settlement reached for 2 board seats)
- Irenic Capital @ Barnes Group Inc. (settlement reached for 1 board seat)
- Irenic Capital @ Theravance Biopharma, Inc. (settlement reached for 1 board seat)
- Land & Buildings @ Ventas, Inc. (settlement reached for 2 board seats)
- Legion Partners @ The Chefs' Warehouse, Inc. (settlement reached for 2 board seats)
- Legion Partners @ Clear Channel Outdoor Holdings, Inc. (settlement reached for 1 board seat)
- Legion Partners @ Lifecore Biomedical, Inc. (settlement reached for 1 board seat)
- Scalar Gauge @ Zuora, Inc. (settlement reached for 1 board seat)
- Sophis Investment & Shareholders @ Terran Orbital Corp. (settlement reached for 1 board seat)
- Stadium Capital @ Sleep Number Corp. (settlement reached for 2 board seats)
- Starboard Value @ Algonquin Power & Utilities Corp. (settlement reached for 2 board seats)
- Starboard Value @ Alight, Inc. (settlement reached for 2 board seats)
- Starboard Value @ Bloomin’ Brands, Inc. (settlement reached for 2 board seats)
- Stilwell Value @ Ottawa Bancorp, Inc. (settlement reached for 1 board seat)
- Stilwell @ Sound Financial Bancorp (agreement reached to add a director)
- Toro 18 @ Universal Electronics Inc. (settlement reached for 1 board seat)
- Zuma Capital @ Presidio Property Trust, Inc. (settlement reached for 1 board seat)
Notable 2023 Successful Campaigns for Board Representation:
- Ancora Advisors @ Berry Global Group, Inc. (settlement reached for 3 board seats)
- Brad Radoff & JEC II Associates @ VirnetX Holding Corp. (settlement reached for 1 board seat)
- Driver Management @ First of Long Island Corp. (settlement reached for 1 board seat)
- Elliott Management @ Constellation Brands Inc. (settlement reached for 2 board seats)
- Elliott Management @ Goodyear Tire & Rubber Co. (settlement reached for 3 board seats)
- Elliott Management @ Pinterest, Inc. (settlement reached for 1 board seat)
- Engaged Capital @ Shake Shack Inc. (settlement reached for 2 board seats)
- Engaged Capital @ Quotient Technology Inc. (settlement reached for 2 board seats)
- Hestia Capital @ Pitney Bowes, Inc. (successful proxy contest for 4 board seats)
- Impactive Capital @ Envestnet, Inc. (settlement reached for 2 board seats)
- Indaba Capital @ ON24 Inc. (settlement reached for 2 board seats)
- JCP Investment @ Kirby Corp. (settlement reached for 1 board seat)
- Lakeview Investment Group @ Miller Industries, Inc. (settlement reached for 4 board seats)
- Land & Buildings @ Apartment Investment and Management Company (successful proxy contest for 1 board seat)
- Legion Partners @ Primo Water Corp. (settlement reached for 2 board seats)
- Lion Point @ Semtech Corp. (settlement reached for 2 board seats)
- Rubric Capital and Velan Capital @ Heron Therapeutics Inc. (settlement reached for 3 board seats)
- Starboard Value @ Rogers Corp. (settlement reached for 2 board seats)
- Voss Capital @ Griffon Corp. (settlement reached for 1 board seat)
- Voss Capital @ Thunderbird Entertainment Group Inc. (settlement reached for 3 board seats)
Notable 2022 Successful Campaigns for Board Representation:
- Ancora Advisors @ C.H. Robinson Worldwide, Inc. (settlement reached for 2 board seats)
- Brad Radoff @ Enzo Biochem, Inc. (settlement reached for 2 board seats)
- Driver Management @ Codorus Valley Bancorp, Inc. (settlement reached for 3 board seats)
- Donerail @ Turtle Beach Corp. (settlement reached for 3 board seats)
- Elliott Management @ Cardinal Health, Inc. (settlement reached for 4 board seats)
- Elliott Management @ Duke Energy Corp. (settlement reached for 2 board seats)
- Elliott Management @ Suncor Energy (settlement reached for 3 board seats)
- Engaged Capital @ Quotient Technology Inc. (settlement reached for 2 board seats)
- ETFS Capital and Lion Point Capital @ WisdomTree Investments, Inc. (settlement reached for 2 board seats)
- Farallon Capital @ Toshiba (agreement reached to appoint 1 director)
- H Partners @ Harley-Davidson, Inc. (settlement reached for 1 board seat)
- Indaba @ Tabula Rasa HealthCare, Inc. (settlement reached for 2 board seats)
- IsZo Capital @ Nam Tai Property Inc. (successful solicitation to remove and replace 6 directors)
- Legion Partners @ Momentive Global, Inc. (settlement reached for 1 board seat)
- Outerbridge Capital @ Comtech Telecommunications Corp. (settlement reached for 2 board seats)
- Pale Fire Capital @ Groupon, Inc. (settlement reached for 2 board seats)
- RCF @ IAMGOLD Corp. (settlement reached for 3 board seats)
- Ryan Cohen @ Bed Bath & Beyond Inc. (settlement reached for 3 board seats)
- Sachem Head @ US Foods Holding Corp. (settlement reached for 3 board seats)
- Starboard Value @ Humana Inc. (agreement reached to appoint 2 mutually agreed directors)
- Starboard Value @ LivePerson, Inc. (settlement reached for 2 board seats)
- Starboard Value @ Mercury Systems, Inc. (settlement reached for 1 board seat)
- Voss Capital @ Griffon Corp. (successful proxy contest for 1 board seat)
Notable 2021 Successful Campaigns for Board Representation:
- Ancora Advisors @ Forward Air Corp. (settlement reached for 5 board seats)
- Bradley Radoff @ TETRA Technologies, Inc. (settlement reached for 1 board seat)
- Elliott Management @ Public Storage (settlement reached for 2 board seats)
- Elliott Management @ Principal Financial Group, Inc. (settlement reached for 2 board seats)
- Engaged Capital @ Evolent Health, Inc. (settlement reached for 1 board seat and proposal to declassify Board)
- HoldCo Asset Management @ Berkshire Hills Bancorp, Inc. (settlement reached for 2 board seats)
- Land & Buildings @ American Campus Communities, Inc. (settlement reached for 3 board seats)
- Legion Partners @ OneSpan Inc. (settlement reached for 2 board seats)
- Macellum Capital, Ancora Advisors, Legion Partners, and 4010 Capital @ Kohl’s Corporation (settlement reached for 3 board seats)
- Maran Partners @ Scott’s Liquid Gold-Inc (settlement reached for 3 board seats)
- MG Capital @ Alpha Metallurgical Resources, Inc. (f/k/a Contura Energy, Inc.) (settlement reached for 3 board seats)
- Ryan Cohen @ GameStop Corp. (settlement reached for 3 board seats)
- Saba Capital @ Templeton Global Income Fund (successful proxy contest for 4 board seats)
- Starboard Value @ eHealth, Inc. (settlement reached for 1 board seat)
- Starboard Value @ Corteva, Inc. (settlement reached for 3 board seats)
- WaterMill Asset Management @ ZIOPHARM Oncology Inc. (successful consent solicitation for 2 board seats and settlement agreement reached for 1 board seat)
Notable 2020 Successful Campaigns for Board Representation:
- Ancora Advisors @ J. Alexander's Holdings, Inc. (settlement reached for 1 board seat)
- AREX Capital @ ZAGG Inc. (settlement reached for 1 board seat)
- Daniel A. Ninivaggi (Protean Services LLC) @ Tenneco Inc. (settlement reached for 1 board seat)
- Elliott Management @ Evergy, Inc. (settlement reached for 2 board seats)
- Elliott Management @ Peabody Energy Corporation (settlement reached for 3 board seats)
- Elliott Management @ Twitter, Inc. (settlement reached for 1 board seat)
- Engaged Capital @ Apogee Enterprises, Inc. (settlement reached for 3 board seats)
- Engine Capital @ Harvard Bioscience Inc. (settlement reached for 1 board seat)
- Hestia Capital/Permit Capital @ GameStop Corp. (successful proxy contest for 2 board seats)
- H Partners @ Six Flags Entertainment Corporation (settlement reached for 1 board seat)
- Impactive Capital @ Avid Technology, Inc. (settlement reached for 1 board seat)
- JCP Investment @ Innovative Food Holdings, Inc. (settlement reached for 3 board seats)
- Lion Point @ Sierra Wireless Inc. (settlement reached for 2 board seats)
- Macellum Capital / Ancora Advisors @ Big Lots, Inc. (settlement reached for 3 board seats)
- Marathon Partners @ e.l.f. Beauty, Inc. (settlement reached for 1 board seat)
- Oaktree Capital @ Infinera Corporation (settlement reached for 1 board seat)
- Privet Fund @ Synalloy Corporation (successful proxy contest for 3 board seats)
- Saba Capital @ Eaton Vance Floating-Rate Income Plus Fund (successful proxy contest for 3 board seats)
- Starboard Value @ Acacia Research Corporation (settlement reached for 3 board seats)
- Starboard Value @ AECOM (settlement reached for 3 board seats)
- Starboard Value @ Box, Inc. (settlement reached for 3 board seats)
- Starboard Value @ GCP Applied Technologies, Inc. (successful proxy contest for 8 board seats)
- Starboard Value @ Merit Medical Systems, Inc. (settlement reached for 3 board seats)
- Stilwell Group @ Wheeler Real Estate Investment Trust, Inc. (successful proxy contest for 3 board seats)
Notable 2019 Successful Campaigns for Board Representation:
- Altiva Management @ Progenics Pharmaceuticals, Inc. (successful consent solicitation for 5 board seats)
- Elliott @ eBay, Inc. (settlement reached for 3 board seats)
- Engaged Capital @ Del Frisco’s Restaurant Group Inc. (settlement reached for 1 board seat and to terminate its poison pill)
- Engine Capital @ PFSweb, Inc. (settlement reached for 1 board seat)
- Hestia Capital/Permit Capital @ GameStop Corp. (settlement reached for 2 board seats)
- Hill Path Capital @ SeaWorld Entertainment, Inc. (settlement reached for 1 board seat)
- Horton Fund @ Safeguard Scientifics, Inc. (settlement reached for 1 board seat)
- Legion Partners, Macellum Advisors and Ancora Advisors @ Bed Bath & Beyond Inc. (settlement reached for 4 board seats)
- Legion Partners @ Vonage Holdings Corp. (settlement reached for 1 board seat)
- Macellum @ Citi Trends, Inc. (settlement reached for 1 board seat)
- Prescience Point @ MiMedx Group, Inc. (settlement reached for 2 board seats)
- Snow Park Capital @ Front Yard Residential Corporation (settlement reached for 2 board seats)
- Starboard @ Cerner Corp (settlement reached for 4 board seats)
- Starboard @ GCP Applied Technologies Inc. (settlement reached for 2 board seats)
- Starboard @ Magellan Health Inc (settlement reached for 4 board seats)
- Starboard @ Papa John’s International, Inc. (agreement reached for 3 board seats and Securities Purchase Agreement)
- Rice Brothers @ EQT Corp. (successful proxy contest for 7 board seats)
- Prescience Point @ MiMedx Group, Inc. (settlement reached for 2 board seats)
- VIEX @ A10 Networks, Inc. (settlement reached for 3 board seats)
Notable 2018 Successful Campaigns for Board Representation:
- Broadfin Capital @ BioDelivery Sciences International, Inc. (agreements reached for 3 board seats and for BDSI equity financing led by Broadfin)
- Elliott @ Commvault Systems, Inc. (settlement reached for 2 board seats)
- Engaged Capital @ Aratana Therapeutics, Inc. (settlement reached for 2 board seats)
- Engaged Capital @ Rent-A-Center, Inc. (settlement reached to nominate 1 new director)
- Engine Capital @ Team, Inc. (settlement reached for 2 board seats)
- Horton Fund/Sierra Group @ Safeguard Scientifics, Inc. (settlement reached for 2 board seats)
- Kanen Wealth Management @ Aqua Metals, Inc. (settlement reached for 2 board seats)
- Land & Buildings @ Life Storage, Inc. (settlement reached to appoint 3 new directors)
- Land & Buildings @ Taubman Centers, Inc. (successful proxy contest for 1 board seat)
- Lion Point @ Lattice Semiconductor Corporation (settlement reached for 3 board seats)
- Legion Partners/Ancora Advisors@ SPS Commerce, Inc.(settlement reached for 3 board seats)
- Legion Partners/ 4010 Capital @ Genesco Inc. (settlement reached for 2 board seats)
- Richmond Brothers @ Rockwell Medical Inc. (settlement reached for 2 board seats and to declassify the board)
- Starboard @ Bemis Company, Inc. (settlement reached for 4 board seats)
- Starboard @ Cars.com Inc. (settlement reached for 3 board seats)
- Starboard @ comScore, Inc. (settlement reached for 4 board seats)
- Starboard @ Forest City Realty Trust, Inc. (settlement reached for 5 board seats)
- Starboard @ Newell Brands Inc (settlement reached for 3 board seats)
- VIEX @ A10 Networks, Inc. (settlement reached for 1 board seat and Company agreed to submit proposal to declassify the board at the upcoming annual meeting)
Notable 2017 Successful Campaigns for Board Representation:
- Alden Global @ Fred’s, Inc. (settlement reached for 2 board seats)
- Ancora Advisors @ Edgewater Technology, Inc. (successful consent solicitation to remove and replace 4 directors)
- Ancora Advisors @ Potbelly Corp. (settlement reached for 1 board seat)
- Bandera Partners @ Rubicon Technology, Inc. (settlement reached for 1 board seat)
- Elliott @ Affinion Group Holdings, Inc. (settlement reached to nominate 1 director)
- Elliott @ Arconic Inc. (settlement reached to nominate 3 directors at the 2017 Annual Meeting, at the Annual Meeting all 3 directors were elected by shareholders)
- Exodus Capital @ Alcobra Ltd. (settlement reached for 2 board seats)
- Engaged @ Rent-A-Center, Inc. (successful proxy contest for 3 board seats)
- FrontFour @ Clubcorp Holdings, Inc. (settlement reached for 2 board seats)
- Harvest Capital @ Meet Group Inc. (settlement reached for 2 new independent directors)
- Legion Partners & CalSTRS @ Banc of California, Inc. (settlement reached for 2 new independent directors)
- Macellum @ Citi Trends, Inc. (successful proxy contest for 1 board seat)
- Purple Mountain/Jeereddi @ Tuesday Morning Corp. (settlement reached for Company to nominate 1 director nominee)
- Raging Capital @ Intermolecular, Inc. (settlement reached for 1 board seat)
- Richmond Brothers @ Rockwell Medical Inc. (successful proxy contest for 1 board seat)
- Sessa Capital @ Ashford Hospitality Prime, Inc. (settlement reached for 2 board seats and for another director at a later date)
- Sidus @ Harte Hanks Inc. (settlement reached for 2 board seats)
- Simcoe @ Exar Corporation (settlement reached for 1 board seat)
- Starboard @ comScore, Inc. (settlement reached for 4 board seats)
- Starboard @ Depomed, Inc. (settlement reached for 3 board seats including the replacement of the CEO)
- Starboard @ Perrigo Company plc (settlement reached for 5 board seats)
- SW Investment/Ronin Capital @ Peregrine Pharmaceuticals, Inc. (settlement reached to remove all incumbent directors and reconstitute the board)
- VIEX @ Maxwell Technologies Inc. (settlement reached for 1 board seat)
Notable 2016 Successful Campaigns for Board Representation:
- Bradley Radoff, Joshua Schechter and Oliver Press Investors, LLC @ Altisource Residential Corporation (settlement reached to add 2 new independent directors and purchase an additional $65 million of common stock)
- Elliott Management @ Alcoa, Inc. (settlement reached to expand board by 3 members)
- Elliott Management @ CDK Global, Inc. (settlement reached for 2 independent directors identified by Elliott)
- Engaged Capital @ Benchmark Electronics Inc. (successful proxy contest for 2 board seats)
- Engine Capital @ Sparton Corporation (settlement reached for 2 board seats)
- Harvest Capital @ Green Dot Corporation (successful proxy contest for 2 board seats)
- Iroquois Capital @ Neurotrope, Inc. (settlement reached for 2 board seats and resignation of CEO and two board members)
- JCP Investment @ CST Brands, Inc. (settlement reached for 1 board seat and initiate a strategic alternatives review)
- Land & Buildings @ FelCor Lodging Trust (settlement reached for 2 board seats)
- Legion Partners @ L.B. Foster Co. (settlement reached for 1 board seat)
- Lone Star Value @ Edgewater Technology, Inc. (settlement reached for expansion of board and 2 seats)
- Marathon Partners @ Shutterfly, Inc. (successful election of 2 out of three director nominees at annual meeting and overwhelming rejection of company’s executive compensation proposals)
- Potrero Capital @ Datawatch Corporation (successful withhold campaign and settlement reached for 1 board seat)
- Starboard @ Advance Auto Parts (settlement reached for Starboard CEO Jeff Smith to join the Board and Starboard to designate 2 additional directors)
- Starboard @ The Brink’s Company (settlement reached for 3 board seats and for CEO to step down and retire)
- Starboard @ Depomed, Inc. (settlement reached for 3 board seats)
- Starboard @ Insperity, Inc. (settlement reached for 1 board seat and an additional independent director to be added)
- Starboard @ Marvell Technology Group Ltd. (settlement reached for 3 board seats and an additional independent director to be added at a later date)
- Starboard @ Yahoo! Inc. (settlement reached for 4 board seats)
- TCS Capital @ Angie's List, Inc. (settlement reached for 3 board seats)
- Viex @ Support.com Inc (successful proxy contest for 5 board seats)
- Viex @ YuMe, Inc. (successful proxy contest for 2 board seats)
- William J. Pulte @ PulteGroup, Inc. (settlement reached for 1 board seat)
Recent Alternative Campaigns:
- Bradley Radoff & Etude Capital @ OHA Investment Corp. (agreement reached in connection with the consideration of a possible negotiated transaction)
- Broadfin Capital @ BioDelivery Sciences International, Inc. (agreements reached for 3 board seats and for BDSI equity financing led by Broadfin)
- Digirad @ Aviragen Therapeutics, Inc./Vaxart, Inc. (agreement reached following improved merger terms)
- Elliott @ NXP Semiconductors NV/QUALCOMM Inc. (agreement reached following improved merger terms)
- Engaged Capital @ HeartWare International, Inc. (settlement reached to appoint 1 new director and terminate its proposed acquisition of Valtech Cardio)
- Engine Capital @ Navigant Consulting, Inc. (agreement reached to extend share repurchase authorization)
- FrontFour Capital @ ILG, Inc. (withdrew nominations after announced merger with Marriott)
- Iroquois Capital @ Real Goods Solar, Inc. (agreement reached to stop soliciting proxies against Company’s proposals and for expense reimbursement)
- Karpus Management @ Morgan Stanley Investment Management Inc. (agreement reached for merger of Morgan Stanley Income Securities Inc. into a Morgan Stanley Open-End Mutual Fund)
- Karpus Management @ Federated Premier Intermediate Municipal Income Fund (settlement reached to conduct a cash tender offer for up to 20% of its outstanding common shares and to merge with another Federated Investment Management fund)
- Karpus Management @ First Trust/Aberdeen Global Opportunity Income Fund (settlement reached for a tender offer for up to 20% of the outstanding common shares)
- Karpus Management @ Madison Covered Call & Equity Strategy Fund /Madison Strategic Sector Premium Fund (settlement reached a tender offer for up to 15% of the outstanding common shares and an additional tender offer approximately 6 months after the close of the initial tender offer for up to 7.5% of the outstanding common shares)
- Karpus Management @ Madison Covered Call & Equity Strategy Fund /Madison Strategic Sector Premium Fund (successful campaign to block merger and the successful election of 2 director nominees)
- Karpus Management @ Western Asset Inflation-Linked Income Fund (settlement reached for a tender offer for up to 20% of the outstanding common shares)
- Marathon Partners @ J. Alexander's Holdings, Inc. (successful campaign against J. Alexander's proposed acquisition of 99 Restaurants)
- Potrero Capital @ Datawatch Corporation (successful withhold campaign and settlement reached for 1 board seat)
Recent Canadian Campaigns:
- Ancora Advisors @ Element Fleet Management Corp. (separate agreements reached for cumulative 4 board seats)
- Bradley L. Radoff/JEC Capital Partners @ Photon Control Inc.(settlement reached for 2 board seats)
- Engine Capital @ RDM Corporation (settlement reached for 1 board seat)
- Engaged Capital @ SunOpta, Inc. (settlement reached for 1 board seat)
- JCP Investment Management @ Crius Energy Trust (settlement reached for 1 board seat)
- Maglan Capital @ Madalena Energy (settlement reached for 1 board seat and the appointment of a new Chairman)
- Mangrove Partners @ Atlantic Power Corporation (settlement reached for 1 board seat)
- Waterton @ Hudbay Minerals Inc (settlement reached for reconstituted board)
