NEW YORK–(BUSINESS WIRE)–The Activist Investing Annual Review 2019, produced by Activist
Insight in association with Schulte Roth & Zabel (SRZ),
was released today. The review analyzes trends in shareholder activism,
ranks the top 10 activist investors and provides predictions for the
year ahead. The review is in its sixth year of publication.
Highlights from the 2019 review include:
-
922 companies were publicly subjected to activist demands, including
more than 400 outside the United States; -
142 U.S. settlements were recorded in 2018, versus 119 in 2017 and 168
the year before; and -
In 2018, the number of demands pushing for M&A increased by 23%
compared to 2017, while the number of demands opposing M&A increased
8% year-over-year.
Click here
for a PDF of the review.
Marc Weingarten and Ele Klein, SRZ partners and co-chairs
of the firm’s global Shareholder Activism Group, contributed expert
commentary to the review. The publication also features interviews with Aneliya
Crawford, New York-based shareholder activism and M&A and securities
partner, Jim McNally, London-based shareholder activism,
corporate and funds partner and Michael Swartz, SRZ partner who
co-chairs the Litigation Group and heads the shareholder activism
litigation practice.
“This past year we’ve seen an increase in M&A-related activism, with
activists publicly going against acquisition offers and others
encouraging public companies to put themselves up for sale. These
strategies were particularly effective in 2018 and remain a big part of
the current market,” said Mr. Weingarten.
“Another development is that we now see some public companies accepting
activist investors as important shareholders, and those companies are
taking increasing efforts to seriously consider, and often accommodate,
the activists’ suggestions,” commented Mr. Klein.
“Activism reached record levels in many markets during 2018, fueled by
high deal volumes and a new wave of settlements,” said Josh Black
of Activist Insight, who serves as editor-in-chief of the review. “At
the same time, traditional activists departed from their playbooks in a
multitude of ways and first-time dissidents continued to take up
activist strategies, making shareholder engagement more complicated and
demanding.”
“We are pleased to partner with Activist Insight on the publication of
this review, which offers valuable insights on current trends in the
shareholder activism industry,” said Alan Waldenberg, chair of
SRZ’s Executive Committee.
The Activist Investing Annual Review 2019 also features “The
Activist Top 10,” with Elliott Management topping the list for the
fourth year in a row. Activist Insight compiled the list based on the
number of companies publicly subjected to activist demands, average size
of targets, news stories generated and annualized total returns.
“The Activist Top 10” for 2019 are:
1. Elliott Management
2. JANA Partners
3. Carl Icahn
4.
Starboard Value
5. Legion Partners
6. Third Point
7.
Sandon Capital
8. Engine Capital
9. Barington Capital Group
10.
ValueAct Capital
About Activist Insight
Since 2012, Activist Insight (www.activistinsight.com)
has provided its diverse range of clients with the most comprehensive
information on activist investing worldwide. Regularly quoted in the
financial press, Activist Insight is the trusted source for data in this
evolving space. Activist Insight offers five industry-leading products:
Activist Insight Online, Activist Insight Shorts, Activist Insight
Governance, Activist Insight Vulnerability – a tool for identifying
potential activist targets – and Activist Insight Monthly, the
world’s only magazine dedicated to activist investing.
About SRZ’s Global Shareholder Activism Group
SRZ was named
“Activist Adviser of the Year” at The Deal Awards Europe,
presented in November 2018. Widely regarded as the dominant global law
firm for activist investing, SRZ brings a sophisticated knowledge of
market practices and unparalleled expertise in all areas related to
activist investing. The firm has more than 30 years of experience
advising clients on more than 1,000 shareholder activism matters, making
SRZ one of the most experienced advisers to activists in the world.
Among numerous campaigns in the past year, SRZ successfully represented
Trian Fund Management in its proxy contest securing the appointment of
its CEO and founding partner Nelson Peltz to The Procter & Gamble
Company’s Board of Directors. Procter & Gamble, a $228-billion market
cap multinational manufacturer, is the largest company ever to be the
subject of a proxy contest. To visit SRZ’s Shareholder Activism Resource
Center, click here.
About Schulte Roth & Zabel
Schulte Roth & Zabel LLP (www.srz.com)
is a full-service law firm with offices in New York, Washington, DC and
London. As one of the leading law firms serving the financial services
industry, the firm regularly advises clients on corporate and
transactional matters and provides counsel on regulatory, compliance,
enforcement and investigative issues. The firm’s practices include: bank
regulatory; bankruptcy & creditors’ rights litigation; blockchain
technology & digital assets; broker-dealer regulatory & enforcement;
business reorganization; complex commercial litigation; cybersecurity;
distressed debt & claims trading; distressed investing; education law;
employment & employee benefits; energy; environmental; finance;
financial institutions; hedge funds; individual client services;
insurance; intellectual property, sourcing & technology; investment
management; litigation; litigation finance; mergers & acquisitions;
PIPEs; private equity; real estate; real estate capital markets & REITs;
real estate litigation; regulated funds; regulatory & compliance;
securities & capital markets; securities enforcement; securities
litigation; securitization; shareholder activism; structured finance &
derivatives; tax; and white collar defense & government investigations.
Contacts
Schulte Roth & Zabel LLP
Sun Min
sun.min@srz.com
| +1 212.610.7539
Group Gordon Inc.
Lana Gersten
lgersten@groupgordon.com
| +1 312.846.1655