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

06-Aug-08
$10.7 billion
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Target: 

Lonmin plc

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Acquiror: 
Xstrata plc

Advised Lonmin plc, a major producer of Platinum Group Metals, regarding an unsolicited pre-conditional offer for the company by Xstrata plc, a global diversified mining company

31-Jul-08
$10.3 billion
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Target: 

TransAlta Corporation

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Acquiror: 
LS Power Equity Partners / Global Infrastructure Partners

Advised TransAlta Corporation, a power generation and wholesale marketing company, on an unsolicited offer from LS Power Equity Partners / Global Infrastructure Partners

23-Apr-08
$2.8 billion
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Target: 

Wendy's International, Inc.

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Acquiror: 
Triarc Companies, Inc.

Advised the special committee of the board of directors in connection with its merger with Triarc Companies, Inc., the operator of the Arby’s franchise. The combined systems will have approximately 10,000 restaurant units and pro forma annual system sales of approximately $12.5 billion, positioning it as the nation’s third largest quick service restaurant company

30-Jun-07
$52.0 billion
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Target: 

BCE Inc.

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Acquiror: 
Teacher's Private Capital, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC

Advised the Board of BCE on a review of a range of strategic alternatives that culminated in an agreement to sell to a consortium consisting of Teacher's Private Capital, Providence Equity Partners and Madison Dearborn Partners for $52.0 billion that was ultimately terminated

30-May-07
$5.3 billion
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Target: 

Ceridian Corporation

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Acquiror: 
Thomas H. Lee Partners and Fidelity National Financial

Acted as sole financial adviser to Ceridian Corporation, an information services provider to the human resource, transportation and retail markets, on its sale to Thomas H. Lee Partners and Fidelity National Financial

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