A&M Activist Alert for Europe | Review of 2023 and Outlook for 2024
Examining the impact of activist campaigns and the market conditions driving increased activity across Europe
The Activist Advantage
The twelfth edition of the AAA report combines an assessment of activist success with a forward-looking outlook for the European market. A&M's analysis of more than 550 activist campaigns finds that, on average, companies targeted by activists outperform the wider market over the subsequent two years, suggesting that activism can act as a catalyst for meaningful value creation. Looking forward, the report identifies favourable conditions for increased activism as markets recover, M&A activity begins to improve and capital allocation decisions come under greater scrutiny. Low European valuations, higher costs of capital and growing investor confidence are expected to fuel additional campaigns across the region. The report concludes that boards should anticipate increased pressure from investors seeking operational improvements, strategic transformation and more effective deployment of capital. |
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Whilst we do not publicly release individual company predictions, we would be delighted to discuss specific AAA modelling and analysis for any particular corporate with a senior member of the company.
Arrange a personalised de-brief with the A&M team by contacting a member of our team in your local region.
The A&M Activist Alert (AAA) reports provide a comprehensive analysis of shareholder activism trends across Europe and the United States, offering insights into evolving market dynamics, activist strategies, and corporate responses.
In 2026 we launched the U.S. AAA report, our first Activist Alert publication with a U.S. perspective. This inaugural U.S. edition explores the rise in activism post-2024 elections, the role of M&A, and the concept of an Equity Story—a strategic narrative that aligns corporate performance with investor expectations.
Click here to access the AAA Report for the United States.
