15
Oct
M&A drivers: The rise of activist investors
Activism is not a new phenomenon in Australia. However, it is gaining prominence because of the amount of capital that is now behind activist investing and enhanced transparency, which is due to greater media coverage and public interest. More activist campaigns are likely given the continuing market headwinds and unpredictable macro environment increasing pressure on corporates experiencing periods of underperformance or a challenge to the execution of their business strategy. Only time will tell if the trend reaches these levels in the US, and if more specialist funds seek opportunities. Nevertheless, shareholder activism is increasing. With that in mind, our panel of market experts will assess the impact and outlook.
- What are the typical activist situations, and how are campaigns being structured?
- What sectors are likely to be under the spotlight over the next 12 months, and how will this impact the M&A landscape?
- What can be learned from recent campaigns, both successes and failures?
- What is the role of proxy advisors, and how will this evolve?
- What role do other stakeholders, such as long only and passive investors, play in the success of activism?
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SpeakersMarc Rubinstein Managing Director LUMINIS PARTNERS
Danny Hunt Managing Director, Proxy SODALI & CO
James Hawkins Partner and Head L1 CAPITAL CATALYST FUND
Vidhur Rangaswamy Portfolio Manager TANARRA CAPITAL
Victoria Hardie Head of Private Equity HMC CAPITAL
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Marc is an experienced senior investment banker who has successfully advised clients in a variety of sectors and geographies across the full spectrum of corporate finance transactions, with a focus on M&A.
Danny Hunt is Managing Director, Proxy for APAC at Sodali & Co. Leading the team that supports issuers secure shareholder approval for corporate actions, Danny has advised a number of clients across high-profile M&A transactions and contentious activist situations to help establish Sodali & Co as the #1 Global M&A Advisor as per Mergermarket’s most recent rankings. As a result, Danny has established himself as one of the most experienced proxy solicitation and shareholder engagement professionals in the Australian market.
James Hawkins is a Partner and Head of the L1 Capital Catalyst Fund. James has run the Catalyst Fund since its inception in 2021. He is on the Investment Committee for the Fund and oversees all activist initiatives.
Prior to joining L1 Capital, James spent nearly 10 years at Flagstaff Partners, where he was a Managing Director and Equity Partner who originated and executed M&A, equity and debt transactions. Previously, he worked at Macquarie Capital in Melbourne and New York where he was involved in several successful principal investments and a wide range of investment banking transactions after beginning his career at Clayton Utz as a solicitor.
James holds a double degree in Law and Commerce from Monash University, with Honours in Law.
Vid Rangaswamy is Portfolio Manager of Tanarra Capital’s LTV Fund, which takes a private equity-style approach to investing in Australian public companies. Prior to that, Vid worked in investment banking at Macquarie Capital. Vid holds a Bachelor of Commerce from the University of Melbourne and is a member of Chartered Accountants Australia and New Zealand.
Victoria leads the Private Equity division at HMC Capital, an ASX-listed alternative asset manager with c.$13bn of Assets Under Management. She is responsible for managing HMC Capital Partners Fund 1 – an unlisted fund which takes high conviction strategic stakes in an actively managed, concentrated portfolio of Australian and NZ listed entities, and seeks to influence outcomes to generate value.
Prior to joining HMC Capital, Victoria was a Managing Director at UBS, where she spent 15 years in Sydney and New York advising on M&A and capital markets transactions across a broad range of sectors including infrastructure, natural resources and real estate.