Key takeaways
Global activism was especially pronounced in 2024, reaching its highest level since 2018. Activists generally focused on the industrials and technology sectors, while a third of campaigns targeted mega-cap companies. More than a quarter of global activist campaigns launched in 2024 related to environmental, social or governance issues, with a majority focussing on corporate governance. This surge in activist activity reflects emboldened activists, with more campaigns reaching the public domain and an ever-growing need for a company's board to clearly articulate its strategy to shareholders and wider stakeholders, including major creditors. Alongside the growth in equity activism, we also see evolving activist activity on the debt-holder side, with a number of high-profile debt activist stories which have carried into 2025.
This instalment of "In the Know" will reflect on the debt considerations arising from equity activism, look at recent debt-holder activism, and conclude by contemplating future developments with the two styles of activism.
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Samuel Trevor, Trainee Solicitor, has contributed to this legal update.
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