Capital Markets Execution Firm · For Listed Companies
Shareholders. Capital. The decisive moments of a listed company, carried through to execution.
A tender offer has landed. Financing is getting tight.
The AGM vote is too close to call.
White Bear is a capital markets execution firm for listed companies — working alongside management from framing the strategy to carrying it through.
Situations
Does one of these sound familiar?
Start from the situation — the fastest route to the right conversation.
Defense
A tender offer has landed. An activist letter is on your desk. It is hard to know what to do first.
From readiness in normal times to first response in a live situation — including how roles divide between counsel, brokers and IR.
Urgent: takeover / activist response More on Capital Defense
Fundraising
Bank debt alone will not cover it — but an equity raise worries you: the share price, the dilution, your existing shareholders.
We model the impact first — share price, dilution, what existing shareholders need to hear — then carry the raise from design to execution.
Discuss financing options More on Fundraising
Shareholder
Voting turnout at the AGM is low, and you cannot tell whether a key resolution will pass.
Know who your shareholders are and make the vote readable — sorted by what can still be done in the time left before the meeting.
Discuss the AGM vote count More on Shareholder BaseWe advise not only the company side — shareholders and acquirers are welcome to consult us as well.
Browse situationsPractices
What we do.
Four execution practices that support listed companies through their decisive moments.
01 / Defense
Capital Defense
Takeover defense & capital strategy execution
Activists, hostile tender offers, wolf-pack tactics. From peacetime readiness to live response, we support the board on the execution side.
- Activist preparedness & response
- Design and operation of takeover defenses
- Large-shareholding (5% rule) monitoring
02 / Fundraising
Fundraising
Capital-raising execution support
Third-party allotments, public offerings, convertible bonds. From market-dialogue design to the explanation path for underwriters and shareholders — end to end.
- Comparative design of funding methods
- Explanation design for shareholders and the market
- Execution of dialogue with underwriters
03 / Shareholder
Shareholder Base
Shareholder-base design & membership programs
Continuous touchpoints with retail shareholders and engagement with institutional investors. We design and run both as a year-round program.
- Shareholder perks & membership programs
- Institutional-investor engagement
- Designing the path to the general meeting
04 / Communication
Communication
& Engagement
Building shareholder communication & touchpoints
The words and the path that reach shareholders, given form as websites, letters and IR materials. We don't treat communication as a one-off — we run it as an ongoing shareholder touchpoint.
- Building shareholder-facing websites
- Designing the communication path
- Ongoing operation of shareholder touchpoints
Cases
Case studies.
Company names are withheld for confidentiality. Judge us by the outline of the work.
Designing shareholder communication
in a hostile tender offer
A shareholder letter ahead of the press release, plus one-on-one dialogue design with institutional investors — down to redistributing the votes needed to carry the motion.
View case
An explanation path for
growth capital via third-party allotment
Explaining dilution to existing shareholders while designing dialogue with underwriters in parallel — mapping the path to the issuance resolution.
View case
Redesigning a shareholder membership
program with year-round engagement
Continuous touchpoints to raise the long-term holding ratio among retail shareholders, plus an operating design for quarterly institutional dialogue.
View case
About
Not a law firm, not a consultancy, not a PR agency.
The decisive moments of a listed company demand both the ability to draw the strategy and the ability to execute it. Across four practices — takeover defense, capital raising, shareholder-base design and shareholder communication — White Bear takes one team from framing the issues, to designing the words and the path that reach shareholders, to actually putting them into motion. We are building the very category of an execution firm, engagement by engagement, on the ground.
Because our work touches our clients' most sensitive moments, we prioritize confidentiality and dependable execution over putting individuals forward. Judge our expertise by Quorum, our publication, and by the body of work we have built engagement after engagement.
4
Practice Areas
2026
Established
Listed companies
Focus
Consultation
How an engagement starts.
Get in touch
Use the form to tell us as much as you comfortably can.
A first conversation
We ask about the situation, the timeline, the advisers already involved — counsel, brokers, IR — and who inside the company is aware.
A proposed way forward
We map the division of roles with your existing advisers, then set out scope, approach and fee structure before anything begins.
Everything you share is treated as confidential from the very first conversation.
Journal
Quorum — our independent journal
In-depth analysis on corporate governance and shareholder meetings, for institutional investors and IR teams.
Thank you for subscribing. We will send new essays from Quorum to the address you provided.
Insights
From the floor of the capital markets.
Activists, tender offers, proxy contests, shareholder-base design. The questions White Bear is working on in the field — written at the resolution of execution.
Activist preparedness 2026 — building a defense that moves quietly
Companies that rely on refreshing a defense plan and companies that have designed shareholder relationships in peacetime face fundamentally different choices when it counts.
A price-to-book improvement plan that doesn't stop at disclosure
Companies whose share price won't move after publishing a plan share one thing: a design gap between disclosure and execution.
Growth-market listings after the reshuffle — the strain between capital raising and market communication
Thin liquidity feeds directly into the difficulty of explaining the equity story. Building both institutional dialogue and a retail-shareholder base widens the options.
Takeover defense is not decided by the defense plan alone
What you deliver to shareholders, and who moves and how, shapes the outcome more than the mere existence of a defense plan.
From shareholder perks to a shareholder membership program
What remains after perks are withdrawn, and which relationships you keep. Design the shareholder base before you change the program.
Careers
Join the side that gives strategy form and makes it move.
White Bear is hiring execution members to support management through the decisive moments of the capital markets. It is work that turns expertise in law, finance, editing, design and engineering toward the execution of listed companies.