Shearman & Sterling LLP Recent Shareholder Activism Trends | 16
M&A-RELATED ACTIVISM REMAINS IN FOCUS
M&A-related activist campaigns remain the most common campaigns in 2020
and in the first half of 2021, constituting 41% and 44% of the total campaigns
initiated at large-cap companies during such periods, respectively, consistent
with levels of recent years.
76
84
99
76
41
2017 2018 2019 2020 H1 2021
36%
34%
47%
41%
44%
78
2017 2018 2019 2020 H1 2021
124
107
111
77
63
41
52
65
83
141
124
129
55
Mean: 105
U.S. Annual Campaign Activity
H2 H1 # of campaigns initiated
Source: Lazard, H1 2021 Review of Shareholder Activism, https://www.lazard.com/media/451731/
lazards-h1-2021-review-of-shareholder-activism-vff.pdf.
Source: Lazard, H1 2021 Review of Shareholder Activism, https://www.lazard.com/media/451731/lazards-h1-
2021-review-of-shareholder-activism-vff.pdf.
# of M&A Campaigns – Global % of M&A campaigns to total # of campaigns
