. It represents a 36% increase from 2021 and the busiest year since 2018, when there were 249. There were also 55 first-time activists last year, who initiated more than a third of the campaigns.
More was not necessarily merrier. In the United States at least, only a little more than half the targeted companies’ total return outperformed the broader market six months after a campaign was disclosed, Lazard found. Ones in the crosshairs of experienced, brand-name funds fared better more often in the initial one- and three-month stretches, but eventually were only on par with the newcomers.
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