Activist Funds Should Heed the Latest Enforcement of the HSR Act investment decisions that may result in holdings of an issuer altogether worth more than $78.2 million, the current HSR notification threshold, and should be cautious about undertaking activities that arguably are intended to influence the business decisions of the issuer. Authors: Brian K. McCalmon brian.mccalmon@klgates.com +1.202.661.6230 Kenneth S. Knox kenneth.knox@klgates.com +1.202.661.3878 Anchorage Austin Beijing Berlin Boston Brisbane Brussels Charleston Charlotte Chicago Dallas Doha Dubai Fort Worth Frankfurt Harrisburg Hong Kong Houston London Los Angeles Melbourne Miami Milan Moscow Newark New York Orange County Palo Alto Paris Perth Pittsburgh Portland Raleigh Research Triangle Park San Francisco São Paulo Seattle Seoul Shanghai Singapore Spokane Sydney Taipei Tokyo Warsaw Washington, D.C. Wilmington K&L Gates comprises more than 2,000 lawyers globally who practice in fully integrated offices located on five continents.

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