In this recent thought piece: "The Rise of the Investor-Centric Activism Defense Strategy", CamberView Partners discusses the evolution of activism defense strategies - from the historical company-effected logistical tactics like poison pills and bylaw amendments, to the still commonly-advised "think like an activist" approach, to the firm's newly-suggested "investor-centric" strategy.
The proposed investor-centric strategy stems from the now widely-acknowledged reality (see, e.g., our prior reports here, here: "Passive Investors Increasingly Influence 'Routine' Votes & Activist Campaigns," and here: "Institutional Investors: The New Activists") that institutional investors technically can and are increasingly willing to be the decisive votes in an activist campaign. Whether they support management or side with the activist in any given situation depends on the circumstances.
In that regard, it behooves companies to ensure that their activism defense approach is updated to reflect this new(ish) reality. Companies can best position themselves for broad investor support via an ongoing investor engagement program that encompasses, e.g., active listening, understanding and incorporating investors' views (where appropriate), and regularly (i.e., not simply in response to an activist threat) communicating the bases for pursuing particular strategies.