We’re a top investor relations firm and one of us spent over a decade on the inside. Here’s what boards need to know.

Boards and management all have the same fear – the ominous news story, 13D filing, or even the first phone call when an activist investor introduces themselves as one of their largest shareholders. What happens next is swift and often sets the tone for the engagement. The Board is notified, advisors are summoned, and a defense plan is assembled. Directors are flooded with counsel from advisors who claim they know the activist best and have seen this situation many times before.

In these moments...