In this piece, we will take a look at 15 Recent Activist Investor Campaigns.
Economic uncertainty and market volatility are some of the factors fueling activist investor campaigns in 2025. In the first quarter alone, there was a 17% jump in activist campaigns, affirming how high-profile activist investors are becoming agitated and increasingly pushing for strategic changes aimed at unlocking shareholder value.
“We are in a phase where activists continue to take advantage of all the uncertainties,” said Jim Rossman, global head of shareholder advisory at Barclays. “In early 2025 we have seen more fights, more settlements and more board seats won by the activists than we did this time a year ago.”
The US remains the epicenter of shareholder activism, accounting for over half of the first quarter’s campaigns. Japan comes second with 16 campaigns, accounting for a 45% increase compared to the same period last year. The fresh efforts this year follow a record number of activist shareholders targeting businesses around the world in 2024. Additionally, the campaigns are on the rise owing to the market instability caused by President Donald Trump’s tariffs, widespread layoffs at U.S. government agencies, and recessionary fears.
READ ALSO: Billionaire Rob Citrone’s Top 10 Stock Picks and Jeff Smith’s Top 10 Activist Targets and Their Returns Compared to the S&P 500.
According to a Barclays report, many activist investors remain focused on pushing for board changes. It also emerged that activists increasingly have their way as part of the campaigns, having won 51 board seats, up 34% from the same quarter a year ago.
Secondly, activist investors are also agitating for strategic and operational changes, believing they could help unlock hidden value. Finally, 26% of the campaigns pushed for merger and acquisition activity, a significant drop from the historical average of 45%.
Demands for merger & acquisition actions, such as selling a firm or selling business units, are still largely ignored, appearing in only around 25% of campaigns. Since the worldwide deal volume reached a record high in 2021, M&A requests have decreased by around half.
Although fewer activist campaigns were submitted by sustainability-minded shareholder activists to business annual meetings this year, conflicts on issues like corporate diversity initiatives still exist. As of February 21, investors pressuring corporations on environmental, social, and governance (ESG) issues submitted 355 shareholder proposals, compared to 536 at the same time in 2024 and 542 at the same time in 2023.
The decline came amid growing concerns that big investors will not support the measures. Additionally, ESG-focused activist investors also remained wary that Republican regulators would not approve their resolutions to go to a vote. Additionally, the decline came as companies became wary of unnecessary public battles, opting to make changes to avoid unwanted proxy fights.
Activism is also becoming a popular strategy for newcomers, including freshly founded hedge funds that have never launched a campaign before. These funds are anxious to make a return in difficult times and are emboldened by the success of others.
According to the data, eleven so-called first-timers ran campaigns during the quarter. Looking ahead to the remainder of 2025, Barclays bankers anticipate that the majority of activity will continue to be concentrated on U.S. corporations and that more companies will have to respond to shareholder demands.
A data analyst in front of a computer monitor, analyzing a series of financial trends.
Our Methodology
We sifted through financial media reports and news articles to identify 15 recent activist investor campaigns. We then examined some of the strategic changes that the activist investors are agitating and the impact they are likely to have in the long run. Finally, we ranked the activist campaigns in ascending order based on when they occurred. We have also mentioned the stake value of the activist investors and the number of hedge funds holding each stock, as of Q4 2024.
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15 Recent Activist Investor Campaigns
15. Match Group, Inc. (NASDAQ:MTCH)
Value of Stake: N/A
Anson Funds Activist Campaign Initiated: March 2024
Number of Hedge Fund Holders: 50
Match Group, Inc. (NASDAQ:MTCH) is a technology company that owns and operates a global portfolio of online dating services, aiming to facilitate meaningful connections for people worldwide. After underperforming in 2024, going down by about 23%, the company has come under immense pressure from activist hedge fund Anson Funds.
The activist hedge fund has blamed the board for the online dating company’s underperformance. Consequently, the hedge fund has pushed for changes limited to board overhaul, strategic review of Asia business, and cost-cut measures. Anson Funds has already tabled the names of three director candidates it insists have the necessary expertise needed to turn around Match Group, Inc.’s (NASDAQ:MTCH) fortune.
Anson Funds’ portfolio manager Sagar Gupta wrote, “Match’s outdated, insular board with deep interlockings is inadequately qualified to oversee a modern technology company. Anson Funds has already raised concerns about Match’s governance structure, even as it pushes for management changes to refine its corporate strategy.
14. Autodesk, Inc. (NASDAQ:ADSK)
Value of Stake: $500 Million
Starboard Value LP Activist Campaign Initiated: June 2024
Number of Hedge Fund Holders: 74
Autodesk, Inc. (NASDAQ:ADSK) is a technology company that develops and provides design, engineering, and entertainment software that helps users design, visualize, and simulate ideas across various industries. While the company has delivered solid revenue growth metrics, attributed to its strong position in the software design market, its margins have remained stagnant, much to investors’ concerns. Margins were only up by 1% in the January quarter to 37% compared to the 12% revenue increase.
Starboard Value LP, which owns a $500 million stake in Autodesk, Inc. (NASDAQ:ADSK), has launched a boardroom battle concerned by the company’s profit margins. According to the activist hedge fund, Autodesk ought to target adjusted operating margins of about 45% by 2028, a huge jump from 37%.
In a bid to accelerate significant margin improvements, the activist hedge fund is pushing for management changes. It intends to nominate a minority share of directors at the upcoming 2025 annual meeting. The activist hedge fund also wants Autodesk, Inc. (NASDAQ:ADSK) to rein in spending and change its CEO as part of its proposed strategic changes.
13. Rapid7 Inc (NASDAQ:RPD)
Value of Stake: N/A
JANA Partners Activist Campaign Initiated: June 2024
Number of Hedge Fund Holders: 45
Rapid7 Inc (NASDAQ:RPD) is a technology company that provides cybersecurity software and services that help organizations manage their attack surface, detect and respond to threats. Having shed more than 50% in market value over the past year, the company is under scrutiny from the activist investor JANA Partners.
The activist investor has been pushing for the sale of the company in addition to exploring other options in a bid to boost stock prices that have tanked significantly. In 2023, the company was the subject of an acquisition target on hiring Goldman Sachs to help with a potential sale. Even as the activist hedge fund pushes for a strategic sale, Rapid7 Inc (NASDAQ:RPD) has agreed to a momentous change in its management team.
Three newcomers are poised to join the Rapid7 Inc (NASDAQ:RPD) board as part of a settlement with activist hedge fund JANA Partners. The push for board seats comes with the company being forced to compete harder for business and corporate clients in the highly competitive cybersecurity space.
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