DealLawyers.com Blog

Barclays Corporate Finance Advisory Group recently published its Q1 2026 Review of Shareholder Activism. Here are some of the highlights:

– While global campaign activity was down 11% year-over-year (62 campaigns vs. 70 in Q1 2025), activism in the U.S. remained elevated and drove the lion’s share of the activity in the quarter, as Europe and APAC – particularly Japan –lagged.

– Technology and Industrials remained the most targeted sectors, accounting for 49% of campaigns (above the four-year average of 43%); Financial Institutions experienced a notable uplift in activity (15% vs. 8%) while campaigns in the Healthcare sector cooled (10% vs. 12%).

– While M&A-related campaigns in January and February tracked near their respective four-year averages, activity tempered in March, moderating the Q1 total to 29%, up year-over-year, but below the four-year average of 43%.

– 45 Board seats won in Q1 were down 12% vs. an elevated Q1 2025, but in line with the four-year average. In Q1, Biglari’s unsuccessful “withhold” campaign at Jack in the Box represents the only major proxy fight that went to a vote; there are currently eight upcoming major proxy fights and “withhold” campaigns for 25 Board seats (Americold, CarMax, First Trust, Lululemon, Pacira, Whitestone REIT, WEX and Ruger).

– Nine CEOs have resigned within one year of an activist campaign being initiated, at a similar level to the elevated four-year YTD average of 10 (Acadia Healthcare, Barrick, Charles River, Fortune Brands, Kyocera, SIG Group, STAAR Surgical and Workday).

– John Jenkins