Companies facing public activist demands in Q3 YTD 2019

Activist Insight is delighted to announce that its latest quarterly analysis of shareholder activism is now available. The report, which is interactive on desktop computers showing both proportional and absolute data, presents statistics and trends on shareholder activism in the third quarter of the year, and offers U.S., Canada, Europe, Asia, and Australia breakdowns.

Shareholder Activism In Q3 2019

Global Overview

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Q3 2019 hedge fund letters, conferences and more

  • Activists made 40 public remuneration-related activist demands at U.S.-based companies in Q3 YTD 2019, a recent Q3 YTD high.
  • Activists gained only 10 board seats at U.S.-based companies via contested votes in Q3 YTD 2019, a recent Q3 YTD-low.
  • 16 U.S.-based companies faced public activist calls to spin off businesses or to break up in Q3 YTD 2019, a recent Q3 YTD-high.

activist demands in Q3

activist demands in Q3

U.S. Overview

  • The number of U.S.-based companies facing public impactful campaigns in Q3 YTD 2019 fell to its lowest Q3 YTD level since 2014.
  • Financial companies represented 18% of U.S.-based companies facing public activist demands in Q3 YTD 2019, a joint recent q3 ytd-low
  • 72% of U.S.-based companies publicly subjected to activist demands in Q3 YTD 2019 have a market cap of over $250m, a recent Q3 YTD-high.

activist demands in Q3

U.S. Campaigns

  • Activists made 40 public remuneration-related activist demands at U.S.-based companies in Q3 YTD 2019, a recent Q3 YTD high.
  • Activists gained only 10 board seats at U.S.-based companies via contested votes in Q3 YTD 2019, a recent Q3 YTD-low.
  • 16 U.S.-based companies faced public activist calls to spin off businesses or to break up in Q3 YTD 2019, a recent Q3 YTD-high.

Shareholder Activism

Canada Overview

  • the number of Canada-based companies publicly subjected to activist demands in Q3 YTD 2019 fell to 43, a joint recent Q3 YTD-low.
  • only 15 canada-based companies faced impactful campaigns in Q3 YTD 2019, a recent Q3 YTD-low.
  • 5 Canada-based healthcare companies were publicly subjected to activist demands in Q3 YTD 2019, a recent Q3 YTD-high.

Shareholder Activism

Canada Campaigns

  • Balance sheet activism made up just 5% of all public activist demands made at Canada-based companies in Q3 YTD 2019, a recent Q3 YTD-low.
  • Only 9 settlements for board seats were agreed between activists and Canada-based companies in Q3 YTD 2019, a recent Q3 YTD-low.
  • Hudson’s Bay has received public activist demands from four different investors since 2017.

activist demands in q3

Europe Overview

  • The number of European companies publicly subjected to activist demands in Q3 YTD 2019 fell to its lowest Q3 YTD level since 2015.
  • Only 9 Europe-based consumer goods companies faced activist demands in Q3 YTD 2019, a recent Q3 YTD-low.
  • 35% of all Europe-based companies publicly subjected to activist demands in Q3 YTD 2019 have a market cap of less than $250m, a recent Q3 YTD-high.

Shareholder Activism

Europe Campaigns

  • M&A & breakup activism made up 19% of all public activist demands made at Europe-based companies in Q3 YTD 2019, a recent Q3 YTD-high.
  • Activists gained just 31 board seats from 33 contested votes at European companies in Q3 YTD 2019, both marking recent Q3 YTD-lows.
  • Activists opposed M&A deals at 17 companies in Q3 YTD 2019, a recent Q3 YTD-high.

activist demands in q3

Asia Overview

  • 118 Asia-based companies were publicly subjected to activist demands in 2018, a recent full year high.
  • Sservices companies made up 24% of Asia-based companies facing public activist demands in Q3 YTD 2019, a recent Q3 YTD-high.
  • 22% of the Aasia-based companies publicly subjected to activist demands in Q3 YTD 2019 have a market cap over $2B, a recent Q3 YTD-high.

Shareholder Activism

Asia Campaigns

  • Only 6 Asia-based companies were publicly subjected to M&A & breakup activist demands in Q3 YTD 2019, a recent Q3 YTD-low.
  • Activists gained 24 board seats from 9 settlements in Q3 YTD 2019, both figures marking recent Q3 YTD-highs.
  • Quarz Capital Management has publicly subjected 9 asia-based companies to activist demands since 2016.

activist demands in q3

Australia Overview

  • 57 Australia-based companies were publicly subjected to activist demands in Q3 YTD 2019, a recent Q3 YTD-high.
  • 30 Australia-based companies faced impactful campaigns in Q3 YTD 2019, the lowest qQ3 YTD level seen for 3 years.
  • 79% of all Australia-based companies facing activist demands in Q3 YTD 2019 have a market cap less than $50M, a recent Q3 YTD-high.

activist demands in q3

Australia Campaigns

  • Board-related demands made up 77% of all public activist demands made at Australia based companies in Q3 YTD 2019, a recent Q3 YTD-high.
  • activists gained 28 board seats from 23 contested votes at australia-based companies in Q3 YTD 2019, both marking recent Q3 YTD-highs.
  • Sandon Capital has now publicly subjected 18 Australia-based companies to activist demands since 2014.

Shareholder Activism




About the Author

ActivistInsight
Since 2012, Activist Insight has provided its diverse range of clients with the most comprehensive information on activist investing worldwide. Founded by Nick Arnott and Kerry Pogue with the objective of providing unmatched intelligence to professionals in the global activist investment space, Activist Insight made its entry into the market with online information product, Activist Insight Online. Activist Insight Monthly, the world’s only monthly magazine dedicated to shareholder activism, soon followed, granting its readership access to the thoughts and opinions of key industry professionals, while providing an editorial vehicle for the data trends uniquely aggregated from Activist Insight Online. In 2013, Activist Insight’s sister business, Proxy Insight, was co-founded by Nick Dawson and Nick Arnott.