The April 2019 edition examines the rapid spread of shareholder activism across Continental Europe, with France, Germany, Italy and Spain all showing increasing concentrations of companies vulnerable to activist campaigns. While the UK remains the largest activist market, the report finds that investor attention is becoming more widely distributed as activism gains acceptance across European boardrooms. A&M's analysis identifies 150 companies at significant risk, highlighting the growing sophistication and confidence of activist investors.

The report also explores how activists are increasingly using M&A and portfolio restructuring as tools for value creation. Calls for spin-offs, divestments and break-ups are becoming more common as investors seek to unlock hidden value and address conglomerate discounts. With activism spreading beyond traditional industrial sectors and reaching technology and consumer businesses, the findings highlight the need for boards to act decisively when performance begins to weaken, as companies typically have less than two years to show meaningful improvement before becoming activist targets.