Kai H.E. Liekefett

KAI LIEKEFETT is a partner in New York and co-chairs Sidley’s Shareholder Activism and Corporate Defense practice. He has 25 years of experience in corporate law and spends 100% of his time on shareholder activism campaigns, proxy fights, short attacks and hostile takeovers. Kai has been called “a pioneer in the field of shareholder activism defense” (Chambers USA) and one “of the best lawyers in America” (Legal 500).

Since 2020, Kai has defended over 500 activist campaigns and 150 proxy contests globally as well as approximately 25% of all U.S. late-stage proxy fights, more than any other defense attorney in the world.

Under Kai’s leadership, Sidley rose to the top of all activism and corporate defense league tables since 2020, including No. 1 rankings by Bloomberg, FactSet, Diligent, and LSEG. Since 2022, Chambers USA has ranked Sidley in Band 1 in New York for Corporate/M&A: Takeover Defense, noting that “Sidley Austin is the best in the business at activism defence work.” Sidley has been ranked in Tier 1 for “Shareholder Activism – Advice to Boards” by Legal 500 since 2023.

The American Lawyer named Kai “Dealmaker of the Year” for his proxy contest work in 2019. Forbes recognized him in its 2025 “America’s Top Lawyers” list. Crain's New York Business named Kai one of "2025 Notable M&A Dealmakers." Since 2017, Chambers USA has recognized Kai individually as leading lawyer for “Takeover Defense,” ranking him in Band 1 for Corporate/M&A: Takeover Defense in New York and noting that “Kai is a pioneer in the field of shareholder activism defense.” Kai has also been named one of the leadings lawyers for “Shareholder Activism – Advice to Boards” Legal 500 since 2023, calling him and his partner Derek Zaba “two of the best lawyers in America.” He was selected for the NACD Directorship 100 as a “Governance Professional” every year since 2022. In 2020, Kai was elected to the American College of Governance Counsel, the honorary association of governance lawyers. Kai was selected as one of the Lawdragon 500 “Leading Dealmakers in America” every year since 2021.

Kai serves on the board of the New York Chapter of the NACD and served on the Law360 Mergers & Acquisitions Editorial Board for several years. He speaks regularly on panels and at universities around the world (including Harvard and Frankfurt). He is frequently interviewed and quoted as a thought leader by the media, including The New York Times, The Wall Street Journal, CNBC, The Economist, TIME, Bloomberg, Reuters, Financial Times, CNN, USA Today, Forbes, Law360, and The Deal.

Kai holds a Ph.D., magna cum laude, from Freiburg University; an Executive MBA, summa cum laude (best of class), from Muenster Business School; and an LL.M., James Kent Scholar, from Columbia Law School. He was in the top 0.1% nationwide in his First Legal State Exam (J.D. equivalent) and in the top 1.5% nationwide in his Second Legal State Exam in Germany.

Kai has been opposite of all major activists, including Starboard, Elliott, Carl Icahn, ValueAct, JANA Partners, Trian, Third Point, Macellum, Ancora, Sachem Head, Engaged Capital, Saba Capital, and Engine Capital. While many shareholder activism matters remain private, past representative engagements of Kai’s include:

• BlackRock in its proxy contest defense against Saba Capital
• The New York Times in respect of an activist investment by ValueAct
• Texas Instruments in respect of an activist investment
• Beacon Roofing Supply in defense of the unsolicited tender offer and proxy contest by QXO
• Hasbro in its proxy contest defense against Alta Fox and Ancora
• Box in its proxy contest defense against Starboard
• Emerson Electric in respect of its unsolicited takeover bid for National Instruments
• Gildan in its proxy contest defense Browning West
• Rogers in its proxy contest defense against Starboard
• US Foods in its proxy contest defense against Sachem Head
• Matthews International Corporation in its proxy contest against Barington Capital
• Alight in its proxy contest defense against Starboard
• Texas Pacific Land Trust in its activism defense against Horizon Kinetics and SoftVest
• Crown Castle in its activism defense campaign against Elliott and Boots Capital
• Nordstrom in its activism campaign defense against RC Ventures/Ryan Cohen
• Alkermes in its proxy contest defense against Sarissa
• Freshpet in its proxy contest defense against JANA Partners
• Pitney Bowes in its proxy contest defense against Hestia Capital
• SpartanNash in its proxy contest defense against Macellum and Ancora
• Peloton in its activism campaign defense against Blackwells Capital
• Zendesk in its proxy contest defense against JANA Partners
• NiSource in its activism campaign defense against Elliott
• TreeHouse in its proxy contest defense against JANA Partners
• CytoDyn in its proxy contest defense against the Rosenbaum group
• Cubic in defense of an unsolicited takeover bid by Elliott and Veritas
• Big Lots! in its proxy contest defense against Macellum and Ancora
• UBS Puerto Rico funds in their proxy contest defense against Ocean Capital
• AMG funds in their proxy contest defense against Friess Associates
• Royce funds in their proxy contest defense against Saba Capital
• Delek US in connection with a potential unsolicited takeover bid by Carl Icahn and CVR Energy
• Knowles in its proxy contest defense against Caligan Partners and Falcon Edge
• MiMedx Group in its proxy contest defense against Prescience Point and Parker Petit
• Argo Group International in its proxy contest defense against Voce Capital
• Elaine Wynn in her proxy contest against Wynn Resorts
• Fujifilm in its proxy contest-related litigation against Xerox, Carl Icahn, and Darwin Deason
• HomeStreet in its proxy contest defense against Roaring Blue Lion Capital
• Cigna in its proxy contest defense of its merger with Express Script against Carl Icahn
• AmTrust Financial in its proxy contest defense against Carl Icahn

Kai is a fellow of the American Bar Foundation, a member of the American Bar Association and the New York City Bar Association. He also sits on the advisory board of the New York Chapter of the National Association of Corporate Directors (NACD). Kai also served on the Law360 Mergers & Acquisitions Editorial Board for several years.