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

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-Mar-07
$24.4 billion
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Target: 

Alliance Boots plc

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Acquiror: 
Kohlberg Kravis Roberts & Co. Ltd. and Stefano Pessina

Advised Alliance Boots plc, the leading international pharmacy-led health and beauty group, on a proposal regarding an offer for the company from a consortium comprising of Kohlberg Kravis Roberts & Co. Ltd. and Stefano Pessina

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

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

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