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Six Steps Necessary For A Successful Activist Investment Campaign

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Six Steps Necessary for a Successful Activist Investment Campaign (DSBATT) During the 1960’s the US Naval War College defined the 6 steps necessary for a successful insurgent campaign, in 2003 Rich Tullo adopted these six steps for investment insurgents. Define Critical Issue Revenue Earnings Corporate Governance Capital Structure Shareholder Support Make the case to shareholders Build Coalition of 20% to 40% shares outstanding Hold shareholder meeting to develop agenda Develop alternative vision Build up Hire attorney Recruit directors Recruit management team Attrition Solicit votes Negotiate Seats Present alternative vision Transition Co-opt board Lobby for shareholder agenda Pursue strategic alternative Hire independent investment bank Hire independent compensation consultant Takeover Pursue Second Proxy Remove directors Remove CEO Execute strategic alternative

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Six Steps Necessary For A Successful Activist Investment Campaign

  • 1. Six Steps Necessary for a Successful Activist Investment Campaign (DSBATT) During the 1960’s the US Naval War College defined the 6 steps necessary for a successful insurgent campaign, in 2003 Rich Tullo adopted these six steps for investment insurgents. Define Critical Issue Revenue Earnings Corporate Governance Capital Structure Shareholder Support Make the case to shareholders Build Coalition of 20% to 40% shares outstanding Hold shareholder meeting to develop agenda Develop alternative vision Build up Hire attorney Recruit directors Recruit management team Attrition Solicit votes Negotiate Seats Present alternative vision Transition Co-opt board Lobby for shareholder agenda Pursue strategic alternative Hire independent investment bank Hire independent compensation consultant Takeover Pursue Second Proxy Remove directors Remove CEO Execute strategic alternative