Activist campaigns reached record levels last year, and they are increasingly aimed at large, well-regarded companies. The best defense remains a clear, credible plan, communicated well before an activist arrives.
Three questions for every board
- Where would an activist say we are underperforming, and are they right?
- Is our capital allocation clearly explained and defensible?
- Do our largest shareholders understand and support our strategy?
Boards that can answer these questions confidently are rarely targeted, and when they are, they tend to prevail.
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