Listing Migration: A Conflicted Path to Value Creation

SquareWell Partners (“SquareWell”) recently penned an article for the Harvard Law School titled “Listing Migration: A Conflicted Path to Value Creation”. This in-depth analysis looked at the emerging trend of activist-driven listing changes and the dismantling of dual-listed company (DLC) structures. The study explores global precedents, examining motivations and outcomes in cases led by activist investors versus corporate-driven initiatives.

With activists increasingly advocating for listing relocations as a key campaign theme, the research highlights trends, industry focus areas, and the rationale behind these demands. The report identifies key risks associated with such restructuring, including conflicts of interest, diluted shareholder rights, and diminished scrutiny on environmental and social issues.

As market dynamics evolve, we raise critical questions about the long-term impact of these developments on corporate value creation and governance. The full analysis is now available on the Harvard Law School Forum on Corporate Governance, which you can access here.