US A&M Activist Alert – March 2026
Increased M&A activity, portfolio optimization, and margin improvement are driving activism in 2026. As deal activity accelerates, scrutiny of strategy and execution is intensifying.
Three forces heighten the risk of activist campaigns:
- M&A activity is rebounding, supported by foreign investment and improving deal conditions.
- Portfolio optimization is broadening in definition, with investors pushing companies to prioritize core assets and justify complexity.
- Expectations around margins and cost discipline are rising, especially as deal activity increases.
In the US A&M Activist Alert, Corporate Transformation Services and Disputes and Investigations teams examine how these dynamics are reshaping shareholder activism and what boards and management teams should be doing now to stay ahead.
Why Preparedness Matters
To prevent activist pressure, management teams and boards must focus on sustained value creation, credible capital allocation, disciplined execution, and proactive investor engagement.
Preparedness starts with asking hard questions early. Companies that identify vulnerabilities, stress test strategy, and align execution with ambition are better positioned to retain control of their strategic narrative.
Key Data Points:
- M&A demands have grown 20% per year for the last three years, intensifying deal activity and activist engagement.
- 2025 closed with significant M&A momentum that is continuing into 2026. Aggregate deal value in Q4. 2025 (~$1 trillion) was more than double that of Q3 2024 (~$410 billion).
- Activist campaigns pushing for strategic reviews or divestitures increase 30% from 2024 to 2025.
"Our proprietary analytics reiterates that while these themes and dynamics aren’t entirely new, they are continuing to evolve. We see more corporate leaders and boards proactively evaluating their corporate strategies and operating performance in the context of these three themes to stay ahead of potential activists." Jason Frankl
| "Today’s volatility is pushing investors beyond the realm of traditional activism and is increasing scrutiny of companies’ asset composition, capital intensity, growth profiles, and valuation logic across their portfolios. Companies that have the discipline to conduct rigorous self-examination and optimization are best positioned to retain control of their equity stories and corporate narratives, and maximize value for shareholders." Annie Peabody |
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