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Bailey McCann, Opalesque New York: Activist investors launched public demands at 117 European-headquartered companies in the first nine months of 2019 - the lowest level since the comparable period in 2015 due to a decline in activity in peripheral markets, according to Activist Investing in Europe 2019, a new report produced by Activist Insight in association with Skadden.
Despite the overall slowdown, the number of companies publicly targeted was on track to exceed recent highs in the U.K. and France, while Germany is flat at recent, elevated levels. Activists fought a record number of proxy contests in the U.K. in the first three quarters of 2019 (13), although the number that ended with at least one activist elected to the board (five) was one below 2016's Q1-Q3 peak. The number of settlements (11) for board seats at U.K. companies matched 2018's full-year record and was ahead of the level at the end of the third quarter of 2018. Elevated levels of activism in the U.K. were likely a response to the depressed value of sterling, preponderance of liquid companies and attractive breakup or takeover opportunities.
The 81 companies in the U.K., French, German, Swiss, and Italian markets accounted for 69% of all activist targets in the first three quarters of 2019, the highest proportion since Activist Insight records began, and just two behind the highest absolute number (in 2016) in the same period despite significantly less volume in the Italian and Swiss market...................... To view our full article Click here
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