Wachtell Lipton's annual memo: "Dealing with Activist Hedge Funds and Other Activist Investors" offers a sobering, but realistic, checklist of action items and processes companies should consider to mitigate the potential for— or respond to—a hedge fund or other activist attack. Suggested advance preparation tactics include creating a standing internal "shareholder activism management" team, ongoing and extensive shareholder relations activities, and board positioning/readiness. Instructive response tips cover both non-public and public activist communications.