Activist and dissident shareholders, particularly hedge funds, are boosting corporate legal work as boards of directors cope with demands from sophisticated investors and proxy contests when those investors seek a board seat. The activists want changes to increase shareholder returns. And as lawyers help companies grapple with increased activism, they also expect proposed rule changes for proxy contests to heighten activist investors' leverage -- by easing board election hurdles faced by outsiders.
March 07, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
When a New Jersey-based company called Arbinet-thexchange Inc. faced an investor’s bid to replace two board members last year, one thing was guaranteed: plenty of work for lawyers.
Attorney Joe Johnson, chairman of Boston-based Goodwin Procter’s mergers and acquisitions and corporate governance practices, advised the company on the mechanics of the so-called proxy fight, including U.S. Securities and Exchange Commission procedures and state corporate law matters.
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