Q1 2024 Review of Shareholder Activism

Observations on the Global Activism Environment in Q1 2024 1 U.S. and APAC Campaign Activity Remains Steady as Europe Sees Slow-Down There have been 63 campaigns launched through Q1, down 19% versus the 78 launched YTD in 2023 Activity in the U.S. and APAC has remained steady, with 29 and 20 campaigns YTD vs. 30 […]

Apr 22, 2024 - 19:50
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Q1 2024 Review of Shareholder Activism
Posted by Jim Rossman, Chris Ludwig, and Quinn Pitcher, Barclays, on Monday, April 22, 2024
Editor's Note:

Jim Rossman is Global Head of Shareholder Advisory, Chris Ludwig is Managing Director, and Quinn Pitcher is Vice President- M&A and Shareholder Advisory at Barclays. This post is based on a Barclays memorandum by Mr. Rossman, Mr. Ludwig, Mr. Pitcher, and Michael Sun-Huang.

Observations on the Global Activism Environment in Q1 2024

1 U.S. and APAC Campaign Activity Remains Steady as Europe Sees Slow-Down
  • There have been 63 campaigns launched through Q1, down 19% versus the 78 launched YTD in 2023
  • Activity in the U.S. and APAC has remained steady, with 29 and 20 campaigns YTD vs. 30 and 17 in 2023, respectively
    • European activity is down 52% (11 campaigns YTD vs. 23 in 2023) as top global activists such as Elliott, TCI, and ValueAct focused on existing campaigns or other markets
  • More dispersed activity among activists, with the top 10 busiest activists accounting for 33% of campaigns YTD vs. 46% in 2023
      • 29% of campaigns this year have been launched by first-timers, well above the multi-year average of 16%
      • Nevertheless, familiar names such as Elliott, Icahn, Land & Buildings, Oasis and Starboard have been most active YTD

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