The Globe and Mail reports in its Tuesday edition that chief executive officers and boards that successfully fend off activist campaigns from hedge funds follow the same game plan. The Globe's Andrew Willis writes that these leaders follow a similar blueprint when navigating the investor disappointment that comes from a failed sales process. The program starts with transparency and decisive action. H & R REIT, seems intent on ignoring this proven game plan. Doing so all but guarantees investors will crank up a campaign for change. On Thursday, H & R announced a special committee of board members had shut down a nine-month strategic review without finding a buyer for the company. The price of the REIT's units dropped by 9.8 per cent on the news. "Disappointment" and "dismay" were among the words analysts used in reports to describe the minimal disclosure from H & R, and the lack of participation from REIT trustees such as Donald Clow, who chaired the special committee that ran the review. Four years ago, H & R said it would simplify its structure by exiting retail and office investments. It never happened. Last week H & R said it plans to sell up to $2.6-billion in real estate by the end of the year.