Summary
This research report examines the state of shareholder activism in the EMEA region, focusing on governance and M&A-related activism. It outlines the decline in activist campaigns observed in 2023, attributed to various factors such as the pandemic, market uncertainty, and inflation. The report identifies key sectors targeted by activists, including industrial, healthcare, and consumer cyclical sectors, while highlighting governance-related demands as the most prevalent. The report details how activist investors exert influence by demanding changes in board composition and governance practices. It also discusses M&A-related activism, noting that while overall activism has decreased, opposition to M&A transactions has risen. Activists often challenge proposed deals based on undervaluation concerns and strategic fit, impacting the dynamics of M&A negotiations. The report aims to provide issuers with insights into the evolving landscape of activism as they prepare for 2024 and beyond.
