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• Case | HBS Case Collection | March 2020 (Revised May 2020)

  CIAM: Home-Grown Shareholder Activism in France

  Charles CY Wang, Tonia Labruyere and Vincent Dessain

  The case discusses the strategy of CIAM, a French activist investment firm, involved in a case of a buy-out of minority shareholders in the telecommunications sector. Altice NV, an international telecommunications company based in the Netherlands that owned more than 77% of SFR Group shares, made a bid for the remaining shares of France’s second largest mobile operator. Believing that the offer was woefully inadequate and constituted an abuse of power, CIAM had been fighting for a better offer as one of SFR’s vocal minority shareholders with a series of action plans—leveraging legal, communications, and public relations tactics. CIAM had just received a new piece of information, divulging a potential misuse of SFR corporate assets by Altice, and was discussing next steps.

  Keywords: Corporate Governance; Private Equity; Valuation; Investment Activism; Financial Services Industry; France;

  Citation:

  Wang, Charles CY, Tonia Labruyere, and Vincent Dessain. "CIAM: Home-Grown Shareholder Activism in France." Harvard Business School Case 120-072, March 2020. (Revised May 2020.)  View Details

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• Teaching Plan | HBS Case Collection | May 2020

  SK Group: Social Progress Credits

  George Serafeim, Ethan Rouen and David Freiberg

  Teaching Plan for HBS Case 120-071.

  Citation:

  Serafeim, George, Ethan Rouen, and David Freiberg. "SK Group: Social Progress Credits." Harvard Business School Teaching Plan 120-112, May 2020.  View Details

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• Case | HBS Case Collection | March 2020

  Employee Activism

  Ethan Rouen and Akari Furukawa

  Liz O’Sullivan, an employee at a fast-growing technology company called Clarifi, had a moral dilemma: She disagreed with Clarifi’s decision to sell its image-recognition technology to the U.S. Department of Defense for possible use in weaponized drones. This case examines her career to this point and the potential ways in which she can address her concerns. The CEO has been receptive to her ideas, but there is little chance he will cancel the contract. She can either continue to advocate internally, or she can quit. If she quits, she wonders whether she should leak the details of the contract—and her decision to quit—to the media. The case contrasts her dilemma—in the voice-loyalty-exit framework—with that of Jack Poulson, a senior Google employee who quit the company in protest over Google's decision to build a censored search engine for the Chinese market.

  Citation:

  Rouen, Ethan, and Akari Furukawa. "Employee Activism." Harvard Business School Case 120-104, March 2020.  View Details

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