USA Law and Practice Contributed by: Kai Liekefett, Derek Zaba, Ram Sachs and Evan Grosch, Sidley Austin
• retain appropriate advisors, including specialist legal counsel, bankers and communication/inves- tor relations experts; • familiarise key members of the management team and the board with their legal obligations; • carefully prepare for any interactions with the activ- ist; • develop a communications plan to respond to a potential public campaign; • analyse the company’s strategy, performance and operations with the assistance of external advisors from an activism perspective; and • review governance documents to identify and address potential legal vulnerabilities.
These steps can help a company regain the initiative, particularly as activists often use the element of sur- prise as leverage to force preferred outcomes.
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