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Providing a Robust Rescue Proxy Solicitation Strategy Resulting in Proxy Campaign Success





  • EQ engaged with the selling firm 40 days prior to the expiration of the record date and was able to get votes delivered 10 days earlier than anticipated.

  • EQ’s ability to quickly assess the situation and develop a strategy that would leverage each solicitation firm's strengths resulted in success.

  • EQ’s strategic approach and flawless execution saved this transaction for the client.



Four closed-end funds were being sold by one fund company to another. EQ had been handling the acquiring company’s proxy campaigns for over 20 years. However, against the acquiring firm’s wishes, the selling company decided to use their own solicitation firm. After three months of solicitation time, countless rounds of phone calls and mailings to shareholders, and multiple adjournments, the average daily vote returns were not going to get the vote in before the record date expired. For this shareholder meeting, there were only 45 days left until the record date expired, thereby jeopardizing the entire transaction.


The selling company engaged with EQ Fund Solutions 40 days prior to the expiration of the record date. Working closely with the selling and acquiring companies’ management teams and the selling company’s solicitation firm, EQ developed a well-coordinated designation of roles and responsibilities between the two solicitation teams. Simultaneously, the EQ teams worked together to identify the total hiring required. EQ then immediately started recruiting, onboarding and training all new and existing call center representatives assigned to the campaign. EQ’s call center team then began dialing for votes within 48 hours of receiving the shareholder data from the selling company’s solicitation firm.




As a result of EQ’s ability to quickly and accurately assess the situation, develop a strategy that would leverage each solicitation firm's strengths and EQ’s flawless execution of the solution plans for each fund, the required votes were delivered 10 days early and the transaction closed before a record date reset would be required.



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