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Do Activists Beat the Market?

Harvard Corporate Governance

companies with market capitalizations greater than $500 million at the time of campaign announcement. We measured total shareholder return (TSR) versus the S&P 500 over one week and one year as proxies for short term and long-term excess return generation.

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Skadden Discusses New SEC Pay-Versus-Performance Compliance & Disclosure Interpretations

Reynolds Holding

With respect to a registrant providing initial Pay versus Performance disclosure in its 2023 proxy statement for three years (as permitted by Instruction 1 to Item 402(v) of Regulation S-K), may the registrant present the peer group total shareholder return for each of the three years using the 2022 peer group? Answer: No.

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Cooley’s 2023 Activism Year in Review: Wolfpacks at the Gate

Cooley M&A

However, in 2023 the market logged a notable uptick in “sell-the-company” and “wind-down-the-company” campaigns at clinical stage companies with market capitalizations below cash balances and either very early stage or failed lead programs. Preparing “break the glass” communications plans. Conducting tabletop exercises.

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Skadden Discusses SEC’s Pay Versus Performance Disclosure Rules

Reynolds Holding

footnote disclosure to the table for any amounts deducted and added to total compensation of the NEOs to determine the amount of compensation “actually paid” (as described below) and certain related assumptions, as well as the name of each CEO and other NEO included in table for each year and the fiscal year for which they were included.