Top 10 Activist Target Stocks for Spin-offs or Breakups

8. Ashland Inc. (NYSE:ASH)

Activist Investor: Ancora Advisors and Cruiser Capital Advisors

Number of Hedge Fund Holders: 26

Ashland Inc. (NYSE:ASH) is attracting strong activist-investor interest because of its robust portfolio of specialty chemical businesses and potential for portfolio simplification. The company operates under four principal business segments: Life Sciences, Personal Care, Specialty Additives, and Intermediates.

Ancora Advisors and Cruiser Capital Advisors are the two activist investors urging the company to explore a potential sale of the entire company rather than pursue a conventional spin-off or breakup. Explore Ashland growth prospects.

In June 2026, Ancora argued that Ashland Inc.’s individual businesses could be worth considerably more to strategic buyers and private equity firms than their value under the existing corporate structure. It estimated that a transaction could generate at least $76 per share, representing an approximately 33% premium to the share price at the time.

Cruiser Capital argued that the company lacks the scale needed to maximize shareholder value as an independent company. It also highlighted the potential for buyers to eliminate corporate overhead and generate at least $100 million in synergies through an acquisition.

In August, Bloomberg reported that Ashland Inc. had engaged Citigroup and Lazard to explore a potential sale amid the soaring activist pressure.

7. H.B. Fuller Company (NYSE:FUL)

Activist Investor: Ancora Holdings Group and Engine Capital

Number of Hedge Fund Holders: 28

H.B. Fuller Company (NYSE:FUL) stands out as an interesting activist-investor target because of its diversified specialty adhesives business, global operating footprint, and potential opportunities to unlock shareholder value through portfolio simplification. Ancora Holdings Group and Engine Capital are the two activist hedge funds pushing the company to consider strategic alternatives.

Ancora Holdings initially proposed acquiring the company’s Building Adhesive Solutions (BAS) business for $1.1 billion to $1.2 billion. It subsequently increased its proposal to $1.2 billion to $1.4 billion in cash. The company rejected the revised proposal on October 19, arguing that it undervalued the business. Explore why H.B. Fuller rejected the offer.

Engine Capital has urged H.B. Fuller Company to conduct parallel strategic reviews of its Building Adhesive Solutions segment and the entire company. The hedge fund believes a potential sale could deliver a better outcome than management’s standalone strategy.

On October 27, Ancora escalated its campaign by calling for H.B. Fuller Company to explore a sale of the entire company. It also indicated that it was reserving its rights regarding a potential acquisition proposal for the whole business.

A spinoff or breakup is seen as an ideal way to unlock value, as the company generated $3.47 billion in fiscal 2025 revenue through three operating segments. The businesses Hygiene, Health and Consumable Adhesives, Engineering Adhesives, and Building Adhesive Solutions serve different end markets and have different growth and profitability characteristics. Is H.B. Fuller a Bargain?

6. Vail Resorts, Inc. (NYSE:MTN)

Activist Investor: Oasis Management

Number of Hedge Fund Holders: 40

Vail Resorts, Inc. (NYSE:MTN) has emerged as a potential activist-investor target because of its vast portfolio of ski resorts, substantial real estate interests, and multiple revenue streams. Activist investor Oasis Management has accumulated approximately a 9.6% stake in the company.

Initially, the investor claimed it was pushing for significant changes to the company’s board and business strategy. As part of its campaign, the investor argues that Vail Resorts, Inc. controls an irreplaceable portfolio of 42 mountain resorts whose value is not being fully realized. What is Vail Resorts worth?

The activist hedge fund had initially attracted attention amid claims it was considering selling some of the company’s mountain resorts. However, its November 2, 2026 shareholder communication clarified that it wants to keep the company intact.

The campaign has nevertheless raised the possibility of asset divestitures. That’s because Billionaire Matthew Prince has publicly expressed interest in acquiring Park City Mountain Resort. The Cloudflare CEO has also indicated willingness to invest $500 million in the property. He has also advocated separating individual mountain resorts from Vail’s broader operating platform.

5. Bath & Body Works, Inc. (NYSE:BBWI)

Activist Investor: Barington Capital Group

Number of Hedge Fund Holders: 40

Bath & Body Works, Inc.’s recognizable global brand, strong cash-generation potential, and depressed share price are driving activist investor pressure. Barington Capital Group is pushing management to explore a potential sale of the entire business to unlock shareholder value.

While the stock has rallied about 11% year-to-date, Barington CEO James Mitarotonda believes the company is undervalued given its strong market position and established brand. The activist investor also wants the company to pursue aggressive share repurchases and improve revenue growth. Barington has indicated that it plans to engage the board and is considering seeking board representation.

According to the activist investor, persistent leadership turnover has only resulted in depressed valuation despite durable brand equity and strong cash flow generation. Bath & Body Works, Inc. generated $316 million in operating cash flow during the first half of the year, compared with $145 million in the same period of fiscal 2025. As of August 1, 2026, it held approximately $794 million in cash and cash equivalents. Has BBWI returned to growth?