Shareholder Activism Defense: How Closed-End Funds Should Prepare for Shareholder Activism

Shareholder activism at SEC-registered closed-end investment funds was up noticeably in 2020, with closed-end funds experiencing more activist campaigns and proxy contests than in any other year between 2008 and 2020.

With the expectation that closed-end funds will remain attractive targets for activist investors, we invite you to join us for a timely panel discussion on how closed-end funds should prepare for shareholder activism. Our panel will discuss several front-of-mind topics for closed-end funds concerned with being in the crosshairs of an activist investor, including:

• Recent trends in shareholder activism against closed-end funds
• How shareholder activism at closed-end funds differs from shareholder activism at operating companies
• Why an activist investor would target a closed-end fund
• Possible activist investor demands with respect to closed-end funds
• What makes a closed-end fund vulnerable to an activist investor
• Steps a closed-end fund can take now to prepare for an activist investor

Moderator

• Roger P. Joseph | Partner, Morgan Lewis

Panelists

• Bruce H. Goldfarb | President and Chief Executive Officer, Okapi Partners LLC
• Keith E. Gottfried | Partner and Shareholder Activism Defense Leader, Morgan Lewis
• Jeremy R. Jacobs | Managing Director, Abernathy MacGregor
• Alan H. Oshiki | Executive Vice President, Abernathy MacGregor
• Toby R. Serkin | Partner, Morgan Lewis