Activist Shareholder Response

Greenhill is regularly engaged to advise companies – their boards of directors and management teams – in response to an activist shareholder or other unsolicited shareholder or counterparty activity.  The Firm is renowned for maintaining a client base focused on corporations, boards of directors and senior management teams – and has not and will not represent activist hedge funds or shareholders. 

Greenhill is viewed as an advisor of choice in activist shareholder situations.  Unlike most other investment banking firms, Greenhill does not have conflicts – real or perceived – with activist shareholders.  Greenhill does not engage in business lines, such as prime brokerage, that cater to, and derive meaningful compensation from, hedge funds or activist shareholders. 

Our Managing Directors and professionals in North America, the United Kingdom, Continental Europe, Australia, Brazil and Japan have advised numerous leading companies as they have navigated complex and high-profile activist shareholder and defense situations. 

Below we highlight a few of the transactions on which we have advised in this area.  In addition to these disclosed situations, many of our most successful defense advisory engagements remain confidential and are never disclosed.

Most Recent Transactions

04-Oct-16
$223 million
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Target: 

U.S. rights to Toprol-XL (AstraZeneca)

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Acquiror: 
Aralez Pharmaceuticals Inc.

Advised Aralez Pharmaceuticals Inc., a global specialty pharmaceutical company in connection with the financing of its acquisition of the U.S. rights to cardiovascular drug Toprol-XL (metoprolol succinate) and its Authorized Generic from AstraZeneca.

09-Aug-16
$NA
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Target: 

Bionomics Limited

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Advised ASX-listed Bionomics, a clinical stage biopharmaceutical company focused on the treatment of serious central nervous system disorders and cancer, on a consultation process with shareholders following calls for Board change, leading to the formation of a shareholder working group of leading institutional investors and company-led Board renewal.

25-Apr-13
$3.8 billion
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Target: 

GrainCorp Limited

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Acquiror: 
Archer Daniels Midland Company

Advised GrainCorp Limited on the unsolicited takeover offer from Archer Daniels Midland Company, a global agribusiness that converts oilseeds, corn, wheat and cocoa into products for food, animal feed and energy uses

11-Dec-12
$862 million
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Target: 

TNS, Inc.

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Acquiror: 
Siris Capital Group

Advised the Special Committee of the Board of Directors of TNS, Inc., a leading global provider of data communications and interoperability solutions, on its sale to Siris Capital Group, a private equity firm focused on complex, control equity investments in the telecom, technology and technology-enabled business service sectors

27-Sep-12
$1.5 billion
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Target: 

The Hartford’s Individual Life Insurance Business

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Acquiror: 
Prudential Financial, Inc.

Advised The Hartford, a leading provider of insurance and wealth management services, on the divestiture of its Individual Life Insurance Business to Prudential Financial, Inc.

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