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Activist Shareholder Defense

How Does the Market React to Activist Shareholders Even if the returns on stocks with activist campaigns are not necessarily always positive, generally the market reacts positively to initial news of an activist investor taking a sizable position in the stock. Although activist campaigns will disrupt operations as management will attempt

Activist Shareholders and Targeted Companies

Who Are Activist Shareholders or Investors Most investors are "passive investors"1. Passive investors, in the context of activist shareholders, are buy-side accounts (asset managers) that do not agitate for change by bringing up motions at shareholder meetings. Generally, when an institutional investor invests in a company, they are making a bet

Investment Banking Road Shows: Marketing and Distribution

Tapping the Capital Markets Clients of the investment bank, whether corporates, governments or organizations, look to the investment bank for executing their transactions in the capital markets. Whether this is to raise equity (through an intitial public offering or seasoned equity offering/follow-on offering) or debt (a maiden debt offering or experienced

Restructuring Group in Investment Banking

Introduction to Financial Restructuring Advisory Restructuring (or "RX") is the product group in the investment bank that deals with stressed, distressed and bankrupt debtors. Generally, this means corporate debt, but on occasion we have seen governments go bankrupt - from the municipal level to countries such as Greece or Argentina. Restructuring is

Reacting to the bifurcation

There continues to be a divergence in sector movements as the Trump era dawns with financials, industrials and energy infrastructure booming (energy had a short lived spurt, but is back in freefall) and technology and yield stocks taking a beating. For yield, the rationale is that Trump's plan to drastically cut

No pot of gold at the end of the rainbow

After the Trump victory today there was a lot of excitement amongst corporate finance professionals working in the precious metals mining space, as Brexit 1.0 came with a slew of gold miner equity raises with decent investor appetite and few hung deals. As the fees on these raises are quite substantial,

President Trump

We are watching the conclusion of Brexit 2.0 in bemusement as markets sink to circuit breaker thresholds. Although the market will be decidedly risk-off tomorrow and perhaps the next little while, there are plenty of opportunities to take advantage of in the coming weeks as the dust settles. Lamentably, it is