Listing Migration: A Conflicted Path to Value Creation
SquareWell Partners (“SquareWell”) conducted an in-depth study of primary listing changes and the dismantling of dual-listed company (“DLC”) structures, examining precedents across global markets. This analysis separates cases driven by activist investors from those initiated by companies, highlighting unique motivations and outcomes in each. With activist-driven listing changes expected to become a central campaign theme […]
Ali Saribas is a Partner, Andrew Brady is a Director, and Chinguun Nyambat is an Associate at SquareWell Partners. This post is based on SquareWell’s “Transatlantic Listing Migration: A Conflicted Path to Value Creation” study.
SquareWell Partners (“SquareWell”) conducted an in-depth study of primary listing changes and the dismantling of dual-listed company (“DLC”) structures, examining precedents across global markets. This analysis separates cases driven by activist investors from those initiated by companies, highlighting unique motivations and outcomes in each. With activist-driven listing changes expected to become a central campaign theme in the coming year, this post focuses on activist-led precedents, offering strategic insights into this emerging trend. SquareWell concludes with key questions for the market to consider regarding the future of this development.
