Investors make a bigger push to support campaigns in H1 and seek out more M&A
Barclays data shows that activist investors increased the pace of campaigning in the first half 2026. Their main?demand' was to have businesses sell themselves in a rebounding market.
According to data, between January and June, activists like Elliott Investment Management and Jana Partners launched 136 campaigns globally, an increase of 5% from the previous year.
The data revealed that while the first quarter was sluggish, following a record of 256 campaigns for 2025, second-quarter activity exploded with 74 campaigns.
Starboard Value has a stake and is urging changes in AI-software manufacturer Dynatrace, while Elliott bought a position in Bio Rad Laboratories.
Jim Rossman is the global head of shareholder advice at Barclays. He said that "the year started off on a slow?note, but it's getting busier and we have seen an increase in mergers and purchases."
"Activists say why spend time trying to fix businesses when it is easier to sell."
Barclays data shows that the majority of the activity in the first half of 2026 occurred?in the United States. This represents a 13% increase from the previous year.
Investors believe that AI will disrupt these industries more than any other sector.
The data revealed that investors' most common request was some sort of M&A, with calls for sales ranking highest. Barclays reported that 21% of campaigns in the first half of 2018 agitated for the sale of a company, compared to only 14% of campaigns in 2022.
Ancora Alternatives wants Ashland, a specialty chemicals company, to sell its own assets while Jana Partners is pushing for Fiserv, a payments company to sell more assets.
The legal and banking professions predict that these demands will continue to be popular, as the deal value has rebounded in recent years and the regulatory climate is perceived as more friendly even though economic headwinds still remain.
ELLIOTT TOPS THE ACTIVITY
Activists also called on companies to refresh boards, return capital, and improve strategy and operation.
Elliott, with its $80 billion of?assets under management, was the most active activist in the first six months, having launched 12 campaigns. Barclays data revealed that Oasis Management was also active, and together with Elliott they waged 41% of all campaigns during the first half.
The data revealed that even though activists, who were once called corporate raiders in jest, continued to push?aggressively, there have been far fewer battles between corporations. Only two proxy fights went to the final vote, and only one "withhold campaign" was recorded in the?first half, down from eight in the?first half of '2025.
As fewer fights went to a vote than a year ago, activists also saw a drop of 17% in the number board seats that they were able to win. Elliott claimed 11 seats including those at Synopsys Norwegian Cruise Line Holdings, and J.M. Smucker scored six points, Starboard got six, and Engine Capital received five. All seats were settled through settlements. (Reporting and editing by Muralikumar Aantharaman; Svea Herbst Bayliss)
(source: Reuters)
