The Activist Agenda

As M&A activity fluctuates, one constant is the presence of activists, driving companies to put themselves up for sale or break themselves up, pushing for better deal terms or blocking deals where they feel that the terms are not acceptable.

While activism in 2025 did not match the highs of 2024, it is by no means going away. Activists continue to screen companies to look for opportunities that they feel companies should be exploring or improvements they should be making. It is not just traditional activists driving change – we are also seeing more "one off"/"first timer" activists who may focus on a specific issue in a specific company or sector, or on a specific transaction in which they have an interest. And it is important to remember that while some campaigns become public, many more are played out in private, so what we see is just the tip of the iceberg.