Seward & Kissel partners Randall Adams and Mark Garibyan have collaborated with Diligent Market Intelligence to publish a study titled, “Deals in dispute; activism against M&A.” 

The study analyzes 300 activist demands opposing the sale of U.S.-listed companies since 2015.  In the study, Adams and Garibyan discuss how shareholder activism against M&A has become more frequent and effective in recent years, with investors increasingly challenging deal pricing, timing, process, and strategic rationale—often succeeding in forcing better terms or blocking transactions altogether. The study also emphasizes that successful opposition campaigns are driven primarily by economic arguments, strong communication, and the ability to influence other shareholders and proxy advisors. 

To access the full study, please click the link here.