In this piece, we will take a look at 15 Recent Activist Investor Campaigns.
Economic uncertainty and market volatility are some of the factors fueling activist investor campaigns in 2025. In the first quarter alone, there was a 17% jump in activist campaigns, affirming how high-profile activist investors are becoming agitated and increasingly pushing for strategic changes aimed at unlocking shareholder value.
“We are in a phase where activists continue to take advantage of all the uncertainties,” said Jim Rossman, global head of shareholder advisory at Barclays. “In early 2025 we have seen more fights, more settlements and more board seats won by the activists than we did this time a year ago.”
The US remains the epicenter of shareholder activism, accounting for over half of the first quarter’s campaigns. Japan comes second with 16 campaigns, accounting for a 45% increase compared to the same period last year. The fresh efforts this year follow a record number of activist shareholders targeting businesses around the world in 2024. Additionally, the campaigns are on the rise owing to the market instability caused by President Donald Trump’s tariffs, widespread layoffs at U.S. government agencies, and recessionary fears.
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According to a Barclays report, many activist investors remain focused on pushing for board changes. It also emerged that activists increasingly have their way as part of the campaigns, having won 51 board seats, up 34% from the same quarter a year ago.
Secondly, activist investors are also agitating for strategic and operational changes, believing they could help unlock hidden value. Finally, 26% of the campaigns pushed for merger and acquisition activity, a significant drop from the historical average of 45%.
Demands for merger & acquisition actions, such as selling a firm or selling business units, are still largely ignored, appearing in only around 25% of campaigns. Since the worldwide deal volume reached a record high in 2021, M&A requests have decreased by around half.
Although fewer activist campaigns were submitted by sustainability-minded shareholder activists to business annual meetings this year, conflicts on issues like corporate diversity initiatives still exist. As of February 21, investors pressuring corporations on environmental, social, and governance (ESG) issues submitted 355 shareholder proposals, compared to 536 at the same time in 2024 and 542 at the same time in 2023.
The decline came amid growing concerns that big investors will not support the measures. Additionally, ESG-focused activist investors also remained wary that Republican regulators would not approve their resolutions to go to a vote. Additionally, the decline came as companies became wary of unnecessary public battles, opting to make changes to avoid unwanted proxy fights.
Activism is also becoming a popular strategy for newcomers, including freshly founded hedge funds that have never launched a campaign before. These funds are anxious to make a return in difficult times and are emboldened by the success of others.
According to the data, eleven so-called first-timers ran campaigns during the quarter. Looking ahead to the remainder of 2025, Barclays bankers anticipate that the majority of activity will continue to be concentrated on U.S. corporations and that more companies will have to respond to shareholder demands.
A data analyst in front of a computer monitor, analyzing a series of financial trends.
Our Methodology
We sifted through financial media reports and news articles to identify 15 recent activist investor campaigns. We then examined some of the strategic changes that the activist investors are agitating and the impact they are likely to have in the long run. Finally, we ranked the activist campaigns in ascending order based on when they occurred. We have also mentioned the stake value of the activist investors and the number of hedge funds holding each stock, as of Q4 2024.
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15 Recent Activist Investor Campaigns
15. Match Group, Inc. (NASDAQ:MTCH)
Value of Stake: N/A
Anson Funds Activist Campaign Initiated: March 2024
Number of Hedge Fund Holders: 50
Match Group, Inc. (NASDAQ:MTCH) is a technology company that owns and operates a global portfolio of online dating services, aiming to facilitate meaningful connections for people worldwide. After underperforming in 2024, going down by about 23%, the company has come under immense pressure from activist hedge fund Anson Funds.
The activist hedge fund has blamed the board for the online dating company’s underperformance. Consequently, the hedge fund has pushed for changes limited to board overhaul, strategic review of Asia business, and cost-cut measures. Anson Funds has already tabled the names of three director candidates it insists have the necessary expertise needed to turn around Match Group, Inc.’s (NASDAQ:MTCH) fortune.
Anson Funds’ portfolio manager Sagar Gupta wrote, “Match’s outdated, insular board with deep interlockings is inadequately qualified to oversee a modern technology company. Anson Funds has already raised concerns about Match’s governance structure, even as it pushes for management changes to refine its corporate strategy.
14. Autodesk, Inc. (NASDAQ:ADSK)
Value of Stake: $500 Million
Starboard Value LP Activist Campaign Initiated: June 2024
Number of Hedge Fund Holders: 74
Autodesk, Inc. (NASDAQ:ADSK) is a technology company that develops and provides design, engineering, and entertainment software that helps users design, visualize, and simulate ideas across various industries. While the company has delivered solid revenue growth metrics, attributed to its strong position in the software design market, its margins have remained stagnant, much to investors’ concerns. Margins were only up by 1% in the January quarter to 37% compared to the 12% revenue increase.
Starboard Value LP, which owns a $500 million stake in Autodesk, Inc. (NASDAQ:ADSK), has launched a boardroom battle concerned by the company’s profit margins. According to the activist hedge fund, Autodesk ought to target adjusted operating margins of about 45% by 2028, a huge jump from 37%.
In a bid to accelerate significant margin improvements, the activist hedge fund is pushing for management changes. It intends to nominate a minority share of directors at the upcoming 2025 annual meeting. The activist hedge fund also wants Autodesk, Inc. (NASDAQ:ADSK) to rein in spending and change its CEO as part of its proposed strategic changes.
13. Rapid7 Inc (NASDAQ:RPD)
Value of Stake: N/A
JANA Partners Activist Campaign Initiated: June 2024
Number of Hedge Fund Holders: 45
Rapid7 Inc (NASDAQ:RPD) is a technology company that provides cybersecurity software and services that help organizations manage their attack surface, detect and respond to threats. Having shed more than 50% in market value over the past year, the company is under scrutiny from the activist investor JANA Partners.
The activist investor has been pushing for the sale of the company in addition to exploring other options in a bid to boost stock prices that have tanked significantly. In 2023, the company was the subject of an acquisition target on hiring Goldman Sachs to help with a potential sale. Even as the activist hedge fund pushes for a strategic sale, Rapid7 Inc (NASDAQ:RPD) has agreed to a momentous change in its management team.
Three newcomers are poised to join the Rapid7 Inc (NASDAQ:RPD) board as part of a settlement with activist hedge fund JANA Partners. The push for board seats comes with the company being forced to compete harder for business and corporate clients in the highly competitive cybersecurity space.
12. CVS Health Corporation (NYSE:CVS)
Value of Stake: $700 Million
Glenview Capital Activist Campaign Initiated: September 2024
Number of Hedge Fund Holders: 74
CVS Health Corporation (NYSE:CVS) is a healthcare company that operates a network of pharmacies, drugstores, and healthcare services, including prescription drugs and over-the-counter medications. After dropping by about 7% in 2024, the stock bounced back in 2025, outperforming the overall market by a 52% year-to-date gain. Glenview Capital, with stakes worth $700 million, is increasingly pushing for strategic changes aimed at revitalizing the ailing healthcare group’s growth prospects.
CVS Health Corporation (NYSE:CVS) has already had to expand its board to avoid a proxy fight with the activist hedge fund. The company is to add four new members to the board as part of the changes agitated by the activist hedge fund. In addition, CVS Health Corporation has confirmed the exit of its Chief Financial Officer. The exit comes as CVS faces financial struggles not helped by disappointing earnings. The company’s new CEO has already laid out a string of cost-cutting plans and named a new insurance head in a bid to navigate the challenging period.
“We welcome the opportunity to join the Board, roll up our sleeves and lock arms with the Board and leadership team to drive long-term, sustainable value through continued customer-centric offerings, commitment to compliance and quality, disciplined underwriting and risk management, aligned incentives, and optimal capital allocation,” said Glenview Capital’s CEO Larry Robbins.
11. Pfizer Inc. (NYSE:PFE)
Value of Stake: $1 Billion
Starboard Value LP Activist Campaign Initiated: October 2024
Number of Hedge Fund Holders: 92
Pfizer Inc. (NYSE:PFE) is a biopharmaceutical company that discovers, develops, and manufactures healthcare products to prevent and treat diseases. After becoming a star at the height of the COVID-19 pandemic owing to strong demand for its vaccines, the company has come down tumbling to the extent of being a significant target for activist investors.
After shedding more than 20% in value in 2024, Pfizer Inc. (NYSE:PFE) is having to contend with pressure from Starboard Value LP that has amassed a $1 billion stake in its stock. The activist hedge fund has approached two former executives with the intention of installing them to spearhead strategic changes at the company.
The push for management changes comes on Starboard Value LP, becoming agitated over what it claims to be mismanagement of pandemic windfall with costly deals. Consequently, the activist hedge fund wants to install board members focused on controlling costs and pushing for disciplined deals to unlock long-term value. In addition to Starboard Value LP pressure, Institutional Shareholder Services is urging investors to reject Pfizer Inc.’s (NYSE:PFE) proposals on executive compensation at the upcoming annual meeting.
10. Matthews International Corporation (NASDAQ:MATW)
Value of Stake: N/A
Barington Capital Group Activist Campaign Initiated: December 2024
Number of Hedge Fund Holders: N/A
Matthews International Corporation (NASDAQ:MATW) is a global provider of industrial technologies, memorialization products, and brand solutions. It provides bronze and granite memorials, upright granite memorials and monuments, and concrete burial vaults. After losing more than 30% in market value last year, activist investor Barington Capital Group waged a campaign to oust the company’s chief Executive Officer.
Barrington Capital Group insists on an overhaul of the board of directors as part of its proxy fight with the company. According to the activist hedge fund, Matthews International Corporation (NASDAQ:MATW) balance sheet deteriorated significantly during CEO Joseph Bartolacci’s 18-year tenure.
“We do not believe that he is the right leader to unlock Matthews’ significant value potential,” said Barrington CEO James Mitarotonda.
In addition, Barrington Capital Group insists that Matthews International Corporation (NASDAQ:MATW) should focus on its most valuable business, which includes producing products for cemeteries, funeral homes, and crematories to unlock value. The activist hedge fund also urges the company to explore sell options for underperforming segments such as the packaging brand business.
9. United States Steel Corporation (NYSE:X)
Value of Stake: $1 Billion
Ancora Holdings Activist Campaign Initiated: January 2025
Number of Hedge Fund Holders: 63
United States Steel Corporation (NYSE:X) is a basic materials company that manufactures a wide range of steel products. It also invests in technology to support the growing demand for electric vehicles and other green energy production. Activist hedge fund Ancora Holdings has been adding stakes in the steel company while pushing for management changes as part of its activist campaign.
With stakes worth $100 million, Ancora Holdings wants to replace the board and install a new chief executive officer. The push for management changes is part of the activist hedge fund bid to steer the American steelmaker’s turnaround. The hedge fund insists its turnaround plan has the potential to deliver more than $75 per share if a proposed takeover by Nippon Steel Corp falls through.
In addition to pushing for management changes, Ancora Holdings wants United States Steel Corporation (NYSE:X) to use part of its existing cash and liquidity to invest in revitalizing plants in Pennsylvania, Ohio and Illinois. The activist hedge fund also wants the steel producer to use proceeds from potential asset sales to fund a new $3.2 billion blast furnace facility in Indiana. Ancora wants US Steel to divest its non-union Big River assets valued at between $8 billion and $9 billion.
8. The Middleby Corporation (NASDAQ:MIDD)
Value of Stake: N/A
Garden Investments Activist Campaign Initiated: January 2025
Number of Hedge Fund Holders: N/A
The Middleby Corporation (NASDAQ:MIDD) is a speciality industrial machinery company that designs manufactures, markets, and services commercial restaurants, food processing, and residential kitchen equipment. Garden Investments, a hedge fund founded by Ed Garden, has built a 5% stake in the company and started to push for changes aimed at boosting the stock’s value.
The hedge fund wants The Middleby Corporation (NASDAQ:MIDD) to focus on its core commercial food service segment even as it continues to review other parts of the business, including the residential segment. In addition, the manufacturer of equipment and commercial food service has already budged into pressure and agreed to board changes. The company has already confirmed the appointment of Julie Bowerman and Ed Garden to its board as part of a management shakeup.
Additionally, The Middleby Corporation (NASDAQ:MIDD) has agreed to spin off its food processing business as one of the ways of unlocking hidden value. Early in the year, the company confirmed it was considering strategic options, including a sell-off of its food processing and residential kitchen segment business units.
7. BP p.l.c. (NYSE:BP)
Value of Stake: $5 billion
Elliott Management Activist Campaign Initiated: February 2025
Number of Hedge Fund Holders: 44
BP p.l.c. (NYSE:BP) is an integrated energy company that delivers heat, light, and mobility products and services. After years of underperformance, the company has come under immense pressure from an active investor, Elliott Management, having built a significant stake in its stock. BP has underperformed its peers over the past five years, a disappointment attributed to its 2020 plan of focusing on renewable business while cutting oil and gas production.
The activist hedge fund aims to reset the company’s strategy, including calls to exit the renewable energy business and increase focus on the more lucrative oil and gas business. Elliott Management has already met several large shareholders at the integrated oil and gas company as it tries to forge a consensus for significant changes. Part of the changes that the hedge fund wants include cost cuts and considerable management changes.
Elliott Management also wants BP p.l.c. (NYSE:BP) to slash its spending to below $13 billion to bolster its profit margins. On its part, the oil and gas giants intend to spend between $13 and $15 billion and cut costs by between $4 and $5 billion through 2027. In addition to cost cuts, Elliott also wants BP to consider a potential sale of its petrol station network and exit the renewable power generation business.
6. Phillips 66 (NYSE:PSX)
Value of Stake $2.5 Billion
Elliott Management Activist Campaign Initiated: February 2025
Number of Hedge Fund Holders: 47
Phillips 66 (NYSE:PSX) is a diversified energy company that processes, transports and markets fuels and products globally. It also boasts business interests in refining, midstream, chemicals, and marketing. The company has underperformed in the overall energy sector, its stock tanking 43% over the past year. Amid the underperformance, activist hedge fund Elliott Management is ramping up pressure and pushing for sweeping changes in a bid to turn around the company’s prospects.
According to Elliott Management, CEO Mark Lashier has been disparaging the value of Phillips 66’s impressive assets and competitive advantage by claiming that the company is fairly valued. The activist hedge fund is already pushing for an overhaul of corporate governance and improvements in the refining business. It has also nominated four directors to the Phillips 66 (NYSE:PSX) board.
The activist investor has also sent a letter to investors urging them to consider plans that include pushing for asset divestment, including the midstream arm, to unlock shareholder value.
“At this point, it has become clear that sweeping changes are needed — changes to the company’s structure, its operations and its board,” Elliott said in the filing.
5. Air Products and Chemicals, Inc. (NYSE:APD)
Value of Stake: $1 Billion
Mantle Ridge LP Activist Campaign Initiated: March 2025
Number of Hedge Fund Holders: 60
Air Products and Chemicals, Inc. (NYSE:APD) is a speciality chemicals company that provides expertise in essential industrial gases, technologies, and applications to various industries. The company has been the subject of an activist campaign steered by Mantle Ridge LP that has already resulted in management changes.
Early in the year, the activist hedge fund won three seats on the company’s board, giving it the much-needed leeway to push for policies it believes have the potential to unlock hidden value. Air Products and Chemicals, Inc. (NYSE:APD) was also forced to outline a succession plan amid soaring pressure from the hedge fund, which has more than $1 billion in stakes.
The push for a succession plan comes on concerns that the company had spent significantly under CEO Seifi Ghasemi. Mantle Ridge LP wants the company to shelve any plans to divest its core business, including South Korean operations. The activist hedge fund wants the company to focus on its core industrial gas business.
4. LYFT Inc. (NASDAQ:LYFT)
Value of Stake: $50 Million
Engine Capital Activist Campaign Initiated: March 2025
Number of Hedge Fund Holders: 55
LYFT Inc. (NASDAQ:LYFT) is a technology company that offers a ridesharing platform that connects riders with drivers, offering various transportation options like ridesharing, bikes, scooters, rentals, and transit information. After losing nearly 50% in market value, activist hedge fund Engine Capital is ramping up pressure, pushing for strategic changes to revitalize the company’s growth prospects.
Engine Capital has proposed changes to the ridesharing company board, urging the company to consider a capital allocation strategy to return value to shareholders. The hedge fund also wants LYFT Inc. (NASDAQ:LYFT) to do away with its dual-class share structure. The activist investor is already gearing up for a boardroom fight, having already nominated candidates for consideration.
Engine Capital insists strategic changes are necessary to address the sagging stock price that has shed more than 60% in market value over the past year. In addition, the hedge fund insists that strategic changes could strengthen LYFT Inc.’s (NASDAQ:LYFT) competitive edge, which has lagged Uber for years.
3. Dropbox Inc. (NASDAQ:DBX)
Value of Stake: $1.1 Million
Half Moon Activist Campaign Initiated: March 2025
Number of Hedge Fund Holders: 36
Dropbox Inc. (NASDAQ:DBX) is a technology company that offers cloud storage, file synchronization, file sharing, and client software services. Its solutions allow people to store, synchronize, and share files across devices. The company is under pressure from activist investor Half Moon, seeking to remove its dual-class share structure.
According to Half Moon, the dual-class share structure has given CEO and co-founder Drew Houston too much power in voting rights, making it difficult to push for changes likely to unlock value. In addition to share structure, the activist hedge fund has also taken issue with Dropbox’s slowing revenue growth metric. Slow revenue growth comes from the company recording less than 1% growth in paying user count and guiding for a decline in paid users this year.
Amid the slowing growth, Dropbox Inc. (NASDAQ:DBX) has cut its workforce by 20% as it tries to trim its operational expenditure. The cut came as Dropbox faced a challenging consumer environment and inefficient operations.
2. Illumina, Inc. (NASDAQ:ILMN)
Value of Stake: N/A
Corvex Capital Activist Campaign Initiated: March 2025
Number of Hedge Fund Holders: 61
Illumina, Inc. (NASDAQ:ILMN) is a diagnostics and research company that develops and markets integrated systems for analyzing genetic variation and biological function. Consequently, it provides sequencing- and array-based genetic and genomic analysis solutions. Having shed nearly 50% in market value over the past year, the struggling gene sequencing machine and chemical company has attracted the interest of activist investor Keith Meister.
The co-founder of Corvex Management has amassed a 2.5% stake in the company and has started agitating for changes as part of an activist campaign. Meister has already joined the company’s board form, where he is pushing for changes aimed at streamlining operations and increasing the focus on the core business.
The activist campaign comes from Illumina, Inc. (NASDAQ:ILMN), which is finding itself at a crossroads of a tariff fight between the US and China. Consequently, it has had to reduce its forecast for the year as it also plans to cut spending by up to $100 million.
1. Yeti Holdings Inc. (NYSE:YETI)
Value of Stake: N/A
Engaged Capital Activist Campaign Initiated: March 2025
Number of Hedge Fund Holders: 35
Yeti Holdings Inc. (NYSE:YETI) is a designer, retailer, and distributor of premium outdoor products. The company is best known for its high-end coolers, drinkware, bags, backpacks, and other outdoor gear. While the stock has underperformed the market, going down by about 40% over the past year, activist investor Engaged Capital insists it could triple in value over the next three years.
Consequently, the activist investor has pushed for strategic changes to revitalize the company’s growth prospects. Part of the changes entails changes to the board, with the addition of two new directors. In addition, the activist hedge fund has urged Yeti Holdings Inc. (NYSE:YETI) to pursue growth strategies and focus on returning cash to shareholders as one of the ways of bolstering the stock’s sentiments in the market.
Yeti Holdings is also ahead of its plans in moving its drinkware production out of China even as it looks for alternate production locations. By the end of 2025, the company anticipates having 80% of its drinkware capacity outside of China. The hedge fund has also pushed Yeti Holdings Inc. (NYSE:YETI) to organize conferences, host an investor day, and communicate with shareholders more frequently to enhance investor relations.
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