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

07-Feb-11
$548 million
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Target: 

Wesco Financial Corporation

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Acquiror: 
Berkshire Hathaway Inc.

Advised the Special Committee of Wesco Financial Corporation in connection with Berkshire Hathaway Inc.'s proposal to acquire the remaining 19.9% of the shares of Wesco’s common stock that it does not presently own

15-Dec-10
$4.6 billion
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Target: 

Dynegy Inc.

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Acquiror: 
Icahn Enterprises LP

Advised Dynegy Inc., an independent power producer, on its sale to Icahn Enterprises LP in an all-cash transaction

15-Dec-10
$12.9 billion
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Target: 

Alcon, Inc.

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Acquiror: 
Novartis AG

Advised the Independent Director Committee of Alcon, Inc., an ophthalmic pharmaceutical company, on the sale of Alcon’s outstanding publicly held interest to Novartis AG, a global pharmaceutical company

01-Apr-10
$9.2 billion
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Target: 

Lihir Gold Limited

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Acquiror: 
Newcrest Mining Ltd

Advised Lihir Gold Limited, a leading global gold company with operations in Papua New Guinea, Australian and West Africa on an unsolicited takeover proposal from Newcrest Mining Ltd, an international gold company with gold and copper operations

08-Jan-10
$134 million
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Target: 

Minerva plc

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Acquiror: 
KiFin Limited

Advised Minerva plc, a UK real estate development company, on its successful defence following an unsolicited offer from KiFin Limited, a company that makes investments for the benefit of Mr Nathan Kirsh

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