What to expect in 2024

A stable interest-rate environment could reignite the M&A market, creating more opportunities for activists to capitalize on their M&A demands.  Already, nearly half of all activist campaigns in 2023 included an M&A objective.

Sponsors are sitting on more than $2 trillion to possibly deploy on acquisitions. If sponsors ramp up activity in 2024, more activists will demand that companies review their business portfolios for disposal opportunities or possibly to take their entire company private.

Europe could continue to see a rise in shareholder activism, particularly in the UK, Germany and France. These markets provide activists with a ripe opportunity for campaigns due to lower valuations, conglomerate business portfolios, and increased pressure from shareholders to maximize returns.

On the regulatory front, companies and investors are still waiting for definitive guidance on climate-disclosure rules, which the SEC is expected to publish sometime this year.