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Lazard's Review of Shareholder Activism - Q2 2018

Jul 16 2018

Lazard's Review of Shareholder Activism - Q2 2018


Lazard's quarterly review on shareholder activism compiles and analyzes data on key activism trends globally.

Lazard Review of Shareholders Q2 2018

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Key observations from the Q2 2018 report include:


New campaigns initiated and capital deployed by activists reached record levels in 1H 2018

  • 1Q 2018 and 2Q 2018 were the two most active quarters ever, resulting in a record 145 new campaigns launched against 136 companies in 1H 2018

    Annual campaign Activity Shareholder advisory Q2 2018

Activists won more Board seats in 1H 2018 than they did in all of 2017 and are on pace to significantly
surpass 2016’s record level by year end

  • The 119 Board seats won by activists in 1H 2018 represent a ~75% increase over the same period last year

  • Activists pursued “long-slate” nominations – seeking to replace at least 50% of the Board – in one third of all Board representation campaigns in 1H 2018

 

Board Seats won Shareholder Activism Lazard Q2 2018

Aside from seeking Board change, M&A objectives – whether catalyzing a sale, opposing the terms of an existing deal or pushing for a break-up – were the most common in 1H 2018

  •  An M&A-related thesis arose in ~34% of campaigns launched in 1H 2018, on par with 2017 levels

Chart for Capital Deployment in European Campaign Q2 2018

Global targets remained in the activist crosshairs in 1H 2018, with high-profile instances of US-style
activism occurring in both Europe and Asia

  • European targets accounted for nearly one-quarter of all activist capital deployed and campaigns launched
    in 1H 2018

 

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