DealLawyers.com Blog

This HLS Blog from Diligent says there was an uptick in success rates for U.S.-based activists in 2025, with stronger director candidates and new tactics contributing to the outcomes. Here are some notable stats and takeaways from the blog:

– Of the 112 board seats won in the U.S. in the first half of the year, 92% were negotiated agreements (the highest proportion won through settlement in the last five years).

– Time to settlement was also down — averaging 16.5 days in the second quarter of 2025 compared to 26 days in the second quarter of 2024.

– One of the surprise developments of the season saw activists revise their playbook to hold directors to account with less costly withhold or “vote-no” campaigns.

– The first half saw activists that typically seek settlements persevere to bring high-conviction campaigns all the way to shareholders for decision.

– Common demands related to governance, personnel removal, changes in capital structure and executive compensation.

– M&A demands were flat year-over-year due to uncertainties, while moves to oppose transactions increased by over 60%.

– Meredith Ervine