Activist investors grew more assertive in the second quarter of 2026, driving an uptick in campaigns across the first half of the year as many pressed companies to pursue mergers and sales, according to Barclays data. Activity rose modestly year over year, with a notable acceleration after a quieter start to the year.
Barclays recorded 136 global activist campaigns between January and the end of June, a 5% increase compared with the same period in 2025. While the first quarter of 2026 showed limited activity following a record 256 campaigns in 2025, the second quarter brought a sharp rebound: 74 campaigns were launched in Q2 alone, accounting for much of the year-to-date increase.
Several prominent activist moves were evident in the quarter. TOMS Capital urged U.S. shale operator Devon Energy to consider selling assets or to put itself up for sale. Starboard Value accumulated a stake in AI-software company Dynatrace and is pushing for strategic changes. Elliott Investment Management established a position in Bio-Rad Laboratories. Ancora Alternatives sought a sale of specialty chemicals firm Ashland, while Jana Partners urged payments processor Fiserv to divest additional assets.
Jim Rossman, global head of shareholder advisory at Barclays, summed up the trend: "The year started on a slower note but is getting much busier now and we have seen a big jump in demands for mergers and acquisitions. Activists are saying why waste time trying to fix companies when the easier argument is to sell."
Geographically, the United States accounted for the largest share of activism. Barclays counted 68 campaigns in the U.S. during the first half of 2026, a 13% increase from the prior year. Overall, more than half of global campaigns focused on technology and industrial companies; investors view those sectors as particularly susceptible to disruption from artificial intelligence and related forces, and therefore as primary candidates for structural change.
The most common request activists made to target companies involved some form of M&A. In the first half of the year, 21% of campaigns explicitly sought a sale of the company, up from 14% in 2022, Barclays data showed. The shift toward transactional outcomes reflects a belief among activists that market conditions and regulatory dynamics make sales a more efficient route to value realization than prolonged operational turnarounds.
Bankers and lawyers cited by the data expect these M&A-centric demands to remain prominent as deal values have rebounded and the regulatory environment in the United States is viewed as comparatively more conducive to transactions, even as broader economic headwinds persist.
Activists also pressed for board refreshes, capital returns and improvements in strategy and operations. Elliott, which manages roughly $80 billion in assets, was the most active investor in the period, launching 12 campaigns in the first half. Along with Elliott, Oasis Management, Dalton Investments, Irenic Capital Management and Palliser Capital accounted for about 41% of all campaigns tracked by Barclays in the first six months of the year.
Despite the volume of campaigns, fewer disputes reached the stage of contested shareholder votes. Only two proxy fights went to a final vote and there was one major withhold campaign recorded in the first half, down from eight comparable fights in the first half of 2025. With fewer contests proceeding to formal votes, activists also captured fewer board seats than a year earlier; there was a 17% decline in the number of seats won.
Elliott secured 11 board seats during the period, including positions at Synopsys, Norwegian Cruise Line Holdings and J.M. Smucker. Starboard won six seats and Engine Capital obtained five. Barclays reported that the seats won in this period were negotiated through settlements rather than contested votes.
The pattern of increased activism, concentrated targeting of technology and industrial names, and a greater emphasis on M&A outcomes define the key takeaways from Barclays' midyear snapshot. For corporate management teams and boards, the data underline heightened pressure from shareholders to consider strategic transactions as a rapid path to unlock value.
Relevant companies cited in the data:
- Devon Energy
- Dynatrace
- Bio-Rad Laboratories
- Ashland
- Fiserv
- Synopsys
- Norwegian Cruise Line Holdings
- J.M. Smucker