Canadian shareholder activism continued its post-pandemic resurgence into the first half of 2023. Emerging trends include the “activist swarm,” where multiple—yet uncoordinated—activists converge on a single target with competing demands. Activism has also been on the rise in response to M&A transactions, with some attracting swarms of their own. Another trend to watch is whether larger cap companies will continue to be disproportionately targeted by activists.
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