Kleinberg Kaplan is pleased to announce that Christopher P. Davis, chair of the firm’s Mergers and Acquisitions and Investor Activism groups, has been named an advisory board member of the The Ira M. Millstein Center for Global Markets and Corporate Ownership at Columbia Law School. Davis, recently recognized in Chambers USA, is one of several…
CHRISTOPHER P. DAVIS
Called “extremely knowledgeable and experienced” and noted for his “strategic sense and skills” and for being a “tireless advocate for his client’s point of view” by Chambers USA, Chris Davis chairs Kleinberg Kaplan’s Mergers & Acquisitions and Investor Activism Groups. A leader in the activism space, Chris advises domestic and international clients on shareholder activism, proxy contests and tender offers. He has represented clients on more than $25 billion worth of transactions over the course of his career.
Chris has been advising on activism-related matters since the 1990s, when he served as legal counsel on Elliott Management’s first forays into the space. His history of representing both boards and investors gives him a balanced viewpoint on the challenges and opportunities facing both groups, and a sensitivity for the generational forces changing activism.
Chris also counsels clients on mergers, stock and asset purchases, restructurings, workouts and bankruptcy sales, stock-for-stock mergers, auction sales, joint ventures, divestitures and financings.
Chris has represented investment funds, start-up and mature companies, merchant banks and financial institutions and individuals in general corporate work and in numerous investments, private placements, loans, employment negotiations, Hart-Scott-Rodino filings and business combinations.
Chris has been featured in such media outlets as: CNBC; Fox Business; Bloomberg TV; The Wall Street Journal; The New York Times; Bloomberg BusinessWeek; Corporate Board Member; Institutional Investor’s Alpha; The Deal/The Street.com; and many others. Chris is also a frequent speaker and has spoken or been a panelist at the 13D Monitor Active-Passive Investor Summit, the Harvard Roundtable on Corporate Governance and Skytop Strategies’ annual Shareholder Activism conference, among others.
In addition to his practice and his regular speaking engagements, Chris also serves as an advisory board member of the The Ira M. Millstein Center for Global Markets and Corporate Ownership at Columbia Law School.
- Viex Capital in its settlement to change control of the Board of Directors at Quantum Corporation.
- Periam Limited and others in its nomination of directors at EnerNOC, Inc.
- Representing the founders of Logic Technology, the leading independent e-cigarette company, in the sale of the company to Japan Tobacco.
- Paulson & Co., Inc. in its acquisition of a substantial majority of the ordinary shares of BrightSphere held by HNA Capital (U.S. Holding LLC). In connection with the transaction, John Paulson, President of Paulson & Co., joined the BrightSphere Board of Directors.
- Paulson & Co., Inc. in its acquisition of P.F. Chang’s from Centerbridge Partners. Paulson & Co. partnered with TriArtisan Capital Partners to acquire the 300 units of the national restaurant chain.
- Mangrove Partners in its settlement with SunCoke Energy, Inc.
- Assisting Elliott Associates L.P. in its investment in Alcoa Inc.
- Engine Capital, L.P. in its settlement with CST Brands, Inc.
- Mangrove Partners in gaining a Board seat at Fifth Street Asset Management Inc.
- The D3 Family of Funds in gaining a Board seat at Rosetta Stone, Inc.
- Mangrove Partners in connection with its activist investment in Home Loan Servicing Solutions, Ltd.
- Luxor Capital Group in connection with its negotiation of a settlement for board representation at BJ’s Restaurants, Inc.
- BBR Partners, LLC in connection with the sale of a minority equity interest to Lincoln Peak Capital
Syracuse University (J.D., cum laude, 1989)
Syracuse University Journal of International Law and Commerce, Syracuse University Scholar Lead Articles Editor and Symposium Editor
Georgetown University (A.B., cum laude, 1986)
1991, New York
“Forces of Change: Recognizing Them and Taking Timely Action”
Skytop Strategies Shareholder Activism Conference – New York, November 2019
Harvard Roundtable on Shareholder Engagement
Harvard University, June 2019
“The New Activist Landscape and What it Means for M&A”
The M&A Advisor’s 2019 Global Corporate Growth Summit feat. the 11th Annual International M&A Awards Gala, June 2019
“Shareholder Activism in 2019 and Beyond: Navigating the Fast-Growing Field”
The Knowledge Group Webcast, March 2019
“Fortifying Board Defense: Ensuring Boards are Informed When an Activist Engages”
Skytop Strategies Shareholder Activism Conference – New York, January 2019
Harvard Roundtable on Shareholder Engagement
Harvard University, June 2018
The Washington Post, May 18, 2020 (quoted)
Activist Insight’s COVID-19: The Impact on Shareholder Activism, April 28, 2020 (quoted)
New York Business Journal, April 8, 2020 (quoted)
The Deal, June 10, 2019 (quoted)
Skytop Strategies, March 20, 2019 (video interview)
The Deal, September 27, 2018 (quoted)
Law360, September 17, 2018 (quoted)
Acquisitions Daily, May 17, 2018 (quoted)
CFO.com, May 2, 2018 (quoted)
“Get Ready to Rumble,”
Corporate Board Member, January 25, 2018 (quoted)
CNBC Street Signs Europe, July 27, 2017 (video interview)
Kleinberg Kaplan Partner Chris Davis Named to Advisory Board of Millstein Center at Columbia Law SchoolSeptember 15, 2020Firm News
Go West! Delaware Forum Selection Clause Nullified by California ConstitutionSeptember 3, 2020Client Alerts
On July 29, 2020, the Superior Court of California, County of Los Angeles, handed down a decision with potentially great significance to parties to contracts with Delaware forum selection clauses. West v. Access Control Related Enterprises, LLC In 2017, plaintiff William West (“West”) sued his former employer, Access Control Related Enterprises, LLC (“ACRE”) in California,…
Helping Clients Navigate COVID-19 (Updating)August 18, 2020Client Alerts, FEATURED PUBLICATION
Kleinberg Kaplan is working closely with our clients to provide counsel and guidance during these unprecedented times. A selection of our recent thought leadership pieces related to the implications of COVID-19 includes: Corporate Considerations The PPP Just Got Better (June 10, 2020): Chris Davis, Dov Kleiner, Uri Rosenwasser and Benjamin Goldman discuss the key highlights of the…
SEC Amends Proxy Rules to Tighten Requirements on Proxy Advisory FirmsJuly 29, 2020Client Alerts
On July 22, 2020, the Securities and Exchange Commission (the “SEC”) released its much-anticipated final amendments to its rules with respect to proxy voting advice businesses (the “Amendments”). The SEC first issued their proposed amendments concerning proxy advisory firms in November 2019 (the “Proposals”). Overall, the final Amendments represent a more tempered approach to regulation of…
SEC Proposes 13F Disclosure Relief for Smaller Investment ManagersJuly 21, 2020Client Alerts
On July 10, 2020, the Securities and Exchange Commission (the “SEC”) announced that it had proposed an amendment to Form 13F and Rule 13f-1 to, among other items, substantially increase the reporting threshold for institutional investment managers (the “Proposal”).1 If the Proposal is adopted, it would be the first amendment to Form 13F since its…
Kleinberg Kaplan Partner Chris Davis Recognized by Chambers USA as Leading Shareholder Activist LawyerJuly 9, 2020FEATURED PUBLICATION
Kleinberg Kaplan, a pure-play activist law firm, is pleased to announce that Christopher P. Davis, chair of its Investor Activism and Mergers and Acquisitions Practices, was recently ranked as a leading activist lawyer in Chambers USA. Described as a “tireless advocate” for firm clients, Chambers further noted that Davis is “extremely knowledgeable and experienced” and…
Kleinberg Kaplan Ranks Third Among Legal Advisors Both Globally and in the United States for Activist Campaigns in H1 2020 According to BloombergJuly 1, 2020FEATURED PUBLICATION, Firm News
Kleinberg Kaplan, a pure-play activist law firm, was again featured as a top legal advisor for activist campaigns in Bloomberg’s H1 2020 Global Activism Market Review. The firm ranked third for legal counsel advising activist investors both globally and in the United States, according to Bloomberg. This is the latest recognition of the firm’s position…
Kleinberg Kaplan represents Mittleman in its completed merger with AimiaJune 22, 2020Firm News
Kleinberg Kaplan is pleased to have represented Mittleman Brothers, LLC in its completed merger with Aimia Inc. (AIM). This represents another in a recent string of Canadian public company transactions and activism engagements handled by our firm. Kleinberg Kaplan attorneys advising Mittleman included partners Christopher P. Davis and Eric Wagner and associate Alex Shiekman (Corporate), partner…
The PPP Just Got BetterJune 10, 2020Client Alerts
The Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”) was signed into law on June 5, modifying the terms of the Paycheck Protection Program (the “PPP”) created by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The full text of the law can be found here, and our previous coverage of…
Treasury Releases PPP Loan Forgiveness ApplicationMay 18, 2020Client Alerts
Last Friday night, the Department of Treasury (“Treasury”) released the loan forgiveness application (“Application”) for the paycheck protection program (“PPP”). The Application is consistent with the CARES Act provisions and the Treasury’s guidance that Kleinberg Kaplan previously summarized in a client alert, available here. The form of Application can be found here. Applications must be completed by…
Kleinberg Kaplan Advises MG Capital Management in Its Consent Solicitation and Successful Settlement with HC2 HoldingsMay 14, 2020Firm News
May 14, 2020 – Kleinberg Kaplan’s activism team advised MG Capital Management Ltd. (together with its affiliates, “MG Capital”) both in connection with its 2020 consent solicitation and the resulting settlement, announced earlier today, with HC2 Holdings, Inc. (“HC2”). MG Capital is led by Third Point alum and first-time activist Michael Gorzynski, who, together with…
Treasury Adds Important FAQs and Responses for Paycheck Protection ProgramMay 7, 2020Client Alerts
On May 3 and May 5, 2020, the Department of Treasury (“Treasury”) updated its frequently asked questions (“FAQs”) related to the paycheck protection loan program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). You can find our previous client alerts on the program here and the full text of the…
Treasury Provides New Guidance on PPP Loans to Corporate GroupsMay 6, 2020Client Alerts
Late last week, the Department of Treasury (“Treasury”) released a new interim final rule (the “Interim Final Rule”) relating to the administration of the paycheck protection program (“PPP”) under the CARES Act. The Interim Final Rule limits the amount any corporate group can receive under the PPP to $20,000,000. The full text of the Interim…
Fed Adds New Facility and Changes Terms of Main Street Lending ProgramMay 4, 2020Client Alerts
On April 30, 2020, the Federal Reserve Board (the “Fed”) released new term sheets for the $600 billion Main Street Lending Program, which was initially announced on April 9, 2020. In addition to changing terms to the two existing facilities, the Main Street New Loan Facility and the Main Street Expanded Loan Facility, the Fed…
Kleinberg Kaplan Partner Christopher Davis Quoted in Activist Insight’s report: “COVID-19: The Impact on Shareholder Activism”April 28, 2020Firm News
Kleinberg Kaplan Partner Christopher Davis is quoted in Activist Insight’s report, a collection of analyses on the impact of COVID-19 on shareholder activism. The article, “Five Uncertainties,” begins on page 7 of the report and features his thoughts on navigating the logistics of annual meetings and other proxy season considerations raised by the pandemic. Chris…
Treasury Provides Material PPP Update for Hedge Funds and PE FirmsApril 24, 2020Client Alerts
On April 24, 2020, the Department of Treasury (“Treasury”) issued a new interim final rule (the “Interim Final Rule”) and guidance, which materially changes portions of the existing guidance on the paycheck protection loan program (“PPP”) in a way meaningfully detrimental to hedge funds and private equity funds in particular. You can find our previous…
PPP Update for Partnerships and Self-Employed IndividualsApril 16, 2020Client Alerts
On April 14, 2020, the Department of Treasury released a third interim final rule relating to the paycheck protection program (“PPP”) funds, to the extent authorized and available. The full text of the rule can be found here. The new interim final rule relates to the treatment of partners in a partnership and self-employed individuals (including…
Fed Authorizes $600 Billion Main Street Lending Programs for Small and Mid-Sized BusinessesApril 10, 2020Client Alerts
On April 9, 2020, the Federal Reserve Board (the “Fed”) authorized up to $2.3 trillion in loans through various facilities, including the Main Street Lending Program, which will offer four-year loans to companies with fewer than 10,000 employees and less than $2.5 billion in 2019 revenue. The Fed will purchase up to $600 billion in…
Kleinberg Kaplan Partner Christopher P. Davis Quoted in New York Business Journal: “5 Tips for Business Owners Looking for Federal Relief”April 10, 2020Firm News
Kleinberg Kaplan Partner Christopher P. Davis provides 5 tips for business owners seeking federal relief in an interview with New York Business Journal. Read the full article, “5 Tips for Business Owners Looking for Federal Relief,” here.
Please Mute Your Line: Delaware Streamlines Procedures for Virtual Stockholder MeetingsApril 9, 2020Client Alerts
Delaware Governor John Carney issued an amendment to Delaware’s State of Emergency Order late Monday evening (the “DE Order”) granting Delaware corporations new flexibility to hold annual and special meetings during the COVID-19 pandemic.1 The Order Delaware corporations that have already provided notice to their stockholders of a physical annual or special meeting can now…
The Force May Be With You: COVID-19 and Force Majeure ProvisionsMarch 31, 2020Client Alerts
COVID-19 has caused major disruption to businesses, commerce and the financial markets. With the CDC and WHO projecting that the coronavirus is only in its early stages in the United States, businesses and individuals may feel the burden of the effects of COVID-19 for the foreseeable future. As the flow of goods and services continues…
Material Corporate Provisions of the CARES ActMarch 30, 2020Client Alerts
In response to the recent outbreak of a novel coronavirus, COVID-19, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law on Friday, March 27, 2020. The CARES Act provides (I) unemployment assistance, (II) limits on paid leave requirements that were established in the Families First Coronavirus Response Act…
Summary of SBA 7(A) Loans under the Coronavirus Aid, Relief, and Economic Security ActMarch 28, 2020Client Alerts
President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law on Friday, March 27, 2020. Under the CARES Act, select small businesses are able to receive Small Business Administration (“SBA”) loans in the form of 7(a) loans (the “Loans”), which under the CARES Act are low interest loans from…
COVID-19: Considerations for Lenders and Credit ManagersMarch 20, 2020Client Alerts
During these stressful, uncertain and rapidly changing times, Kleinberg Kaplan’s thoughts go out to our clients and the welfare of their families and businesses. As we adjust to the continuously changing circumstances, we reach out to our many fund clients with a reminder that lenders and credit managers will need to be proactive in making sure…
Navigating the Temporary Rules for Hart-Scott-Rodino NotificationsMarch 19, 2020Client Alerts
As part of the federal government’s response to the COVID-19 coronavirus pandemic, effective as of March 17, 2020, and until further notice, the Federal Trade Commission (“FTC”) and the Department of Justice (“DOJ”) have enacted temporary rules governing the submission and processing of Notifications under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”).…
COVID-19: Positioning Your Business to Survive this SeasonMarch 19, 2020Client Alerts
The global outbreak of COVID-19 has reached the United States with significant impact. Right now, we are all doing what we need to do in order to keep our families and communities safe. But as we settle in to what experts say could be weeks, if not months, of slowdown, we also recognize that the business…
Kleinberg Kaplan Ranks Third Among Global Legal Advisors for Activist Campaigns in 2019 According to BloombergJanuary 22, 2020Firm News
Leading private investment funds law firm Kleinberg Kaplan was featured as a top legal advisor for activist campaigns in Bloomberg’s first-ever activism league table. The firm ranked third for legal counsel advising activist investors according to The Bloomberg Activism Advisory League Tables. Kleinberg Kaplan’s Investor Activism practice is effectively positioned as one of the few…
HSR Act Bringing Offshore Funds HomeNovember 18, 2019Client Alerts, FEATURED PUBLICATION
Earlier this month, the Federal Trade Commission (“FTC”), with the concurrence of the Antitrust Division of the U.S. Department of Justice, published in the Federal Register proposed changes to the Hart-Scott-Rodino Act (“HSR Act”) regulations regarding foreign entities. The proposed changes are intended to simplify the determination of whether an entity is a foreign person…
Kleinberg Kaplan Third Most Active Legal Advisor for Activist Campaigns in First Half of 2019 According to Latest Refinitiv DataSeptember 18, 2019Firm News
Leading hedge fund law firm Kleinberg Kaplan ranks among the most active legal advisors for activist campaigns, according to data intelligence provider Refinitiv. For the first six months of 2019, Kleinberg Kaplan ranked third for legal counsel advising activist investors, according to its Global Shareholder Activism Scorecard released this past week. “It is gratifying to…
Sears Trading OrderOctober 26, 2018Client Alerts
On October 16, 2018, the Bankruptcy Court overseeing the Sears bankruptcy cases entered an interim order relating to ownership and transfers of interests in the Sears debtors. Among other things, the interim order requires the filing of a notice by any entity (as defined in Treasury Regulations Section 1.382-3(a)) that is or will become a…
SEC Withdraws Two No-Action Letters Concerning Proxy Advisory FirmsOctober 24, 2018Client Alerts, FEATURED PUBLICATION
The Securities and Exchange Commission’s (the “SEC“) Division of Investment Management has announced the withdrawal of two no-action letters that provided guidance to registered investment advisers regarding their use of proxy advisory firms consistent with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the “Proxy Rule“).  Under the Proxy Rule, registered…
Release Me!: New York Bankruptcy Court Enforces Third Party Releases by UK DebtorMay 15, 2018Client Alerts, FEATURED PUBLICATION
The United States Bankruptcy Court for the Southern District of New York recently entered an order enforcing a UK scheme of arrangement that contained provisions – non-consensual third-party releases – that might not necessarily have been permissible under U.S. bankruptcy law. In re Avanti Commc’ns Group plc, No. 18-10458 (MG), (Bankr. S.D.N.Y. Apr. 9, 2018)…
SEC Proposes Amendments to Permit Universal Proxy Ballots in Contested Director ElectionsOctober 28, 2016Client Alerts, FEATURED PUBLICATION
Amendments Would Provide Investors the Ability to Choose More Easily Between Candidates Offered by Activists and Candidates Offered by a Company On October 26, 2016, the Securities and Exchange Commission (“SEC”) proposed amendments to the proxy rules to facilitate voting in director elections by, among other things, requiring parties in a contested election to use…
Massive increase in HSR monetary penalties underlines the tremendous importance of proper complianceJuly 7, 2016Client Alerts, FEATURED PUBLICATION
On Wednesday, June 29, 2016, the U.S. Federal Trade Commission (the “FTC”) announced that it approved final amendments to Commission Rule 1.98 to increase the maximum civil penalty dollar amounts for various legal violations as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. Among such violations, as of August 1,…
DOJ Sends Message to Activist Hedge Funds on HSR Passive Investor ExemptionApril 5, 2016Client Alerts, FEATURED PUBLICATION
On Monday, April 4, 2016 the U.S. Department of Justice (the “DOJ”) announced a civil antitrust lawsuit against certain ValueAct Capital (“ValueAct”) entities for allegedly violating the reporting and waiting period requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”). The DOJ’s Antitrust Division’s lawsuit seeks civil penalties and an injunction against…
Third Point HSR SettlementAugust 26, 2015Client Alerts, FEATURED PUBLICATION
We have previously written to our clients about the importance of complying with the requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) when building positions that may become activist in the future. [“Antitrust Filing Mistakes Can Cost Activists“]. On August 24, 2015 the United States Federal Trade Commission (the…
FTC Announces New Thresholds for the Hart-Scott-Rodino Antitrust Improvements Act of 1976February 4, 2015Client Alerts
The Federal Trade Commission (the “FTC”) is required to annually revise the jurisdictional thresholds for notifications of certain mergers and acquisitions under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), based on the change in gross national product for the preceding fiscal year. For 2015, the initial notification threshold will be…
SEC’s Division of Corporation Finance Will Express “No Views” on Conflicting Shareholder Proposals for the Remainder of the Current Proxy SeasonJanuary 26, 2015Client Alerts
On January 16, 2015, the Division of Corporation Finance of the Securities and Exchange Commission (“SEC”) announced that, in light of a directive from SEC Chair Mary Jo White, it will express “no views” on the application of Rule 14a-8(i)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) during the current…
SEC Charges Nearly Three Dozen Insiders for Delinquent Schedule 13D/13G and Form 4 FilingsOctober 21, 2014Client Alerts
On September 10, 2014, the Securities and Exchange Commission (“SEC”) announced charges against 28 officers, directors or major shareholders for delinquent Schedule 13D/13G and/or Form 41 filings in violation of federal securities laws requiring them to promptly report information about their holdings and transactions in company stock. The SEC also charged six publicly-traded companies for…
Managers and Managing Members of Delaware LLCs May Face Default Fiduciary Duty RisksSeptember 2, 2013Client Alerts
Delaware amended Section 18-1104 of its Limited Liability Company Act (the “LLCA”) such that the managers and managing members of a limited liability company automatically owe fiduciary duties to the limited liability company and its members, unless the operating agreement expressly states otherwise. This change creates an impetus for managers and controlling members to check…
Delaware Court of Chancery Confirms that a Reverse Triangular Merger Does Not Constitute an Assignment by Operation of LawApril 10, 2013Client Alerts
On April 8, 2011, the Delaware Court of Chancery (“Court”) sent preliminary tremors through the M&A community when it denied a motion to dismiss a breach of contract claim in a case of first impression for the Court. In denying the motion to dismiss, the Court indicated a willingness to consider the possibility that a…
Antitrust Filing Mistakes Can Cost ActivistsSeptember 30, 2012Client Alerts
Mistakes in activist campaigns can be embarrassing and distracting. Current events make clear that they can also be expensive. Publicly traded Biglari Holdings Inc. (NYSE: BH) has agreed to pay an $850,000 fine for missing a mandated Hart-Scott-Rodino Act (HSR) premerger notification filing in 2011 as it built its position in Cracker Barrel Old Country…
Getting Indemnification RightJuly 31, 2012Client Alerts
Indemnification provisions are everywhere. From the most complex acquisition agreement to the simplest confidentiality contract, indemnities are included in a dizzying array of legal agreements. Real dollars are involved, and the consequences of a mistake can be profound. Yet the recently announced decision in 546-552 West 146th Street LLC v. Arfa, No. 603041-06, 2012 NY…
Proxy Access Rule Vacated by D.C. Court of Appeals in Blow to Activist InvestorsJuly 25, 2011Client Alerts
On July 22, 2011, in Business Roundtable c. Securities and Exchange Commission, the U.S. Court of Appeals for the District of Columbia vacated Rule 14a-11 promulgated under the Securities Exchange Act of 1934, the “proxy access rule” (the “Rule”), adopted by the Securities and Exchange Commission (“SEC”) in 2010. The Rule would have allowed shareholders…