Activist investors turned up the heat on global corporations during the first half of 2026, pushing harder for major changes and driving overall campaign activity higher than a year ago, according to new data from Barclays. Their top demand: get companies to sell.
Between January and the end of June, activist investors launched 136 campaigns worldwide, marking a 5% increase compared to the first half of 2025, the Barclays figures show. Notable players included Elliott Investment Management, Jana Partners, and Starboard Value.
The year got off to a quieter start following a record 256 campaigns throughout all of 2025, but the second quarter saw a significant surge with 74 campaigns recorded — a sharp pickup in momentum.
Among the notable moves during the period: TOMS Capital began pressing U.S. shale company Devon Energy to sell assets or put itself up for sale entirely. Starboard Value acquired a stake in AI-software firm Dynatrace and is calling for changes there, while Elliott took a position in Bio-Rad Laboratories.
Jim Rossman, global head of shareholder advisory at Barclays, told Reuters the shift in tone has been noticeable. “The year started on a slower note but is getting much busier now and we have seen a big jump in demands for mergers and acquisitions,” he said.
Rossman added that activists are increasingly making the case that selling a company outright is simpler than trying to fix it from the inside. “Activists are saying why waste time trying to fix companies when the easier argument is to sell,” he said.
The United States accounted for the largest share of activity, with 68 campaigns recorded domestically — a 13% jump from the previous year. Technology and industrial companies were the most frequent targets, with those two sectors making up more than half of all global campaigns, as investors believe they face significant disruption from artificial intelligence.
The call for mergers and acquisitions was the single most popular activist demand during the first six months of the year. According to Barclays, 21% of all campaigns pushed for a sale — up sharply from just 14% back in 2022. Ancora Alternatives is among those pushing for a sale, targeting specialty chemicals company Ashland, while Jana Partners is pressing payments company Fiserv to offload additional assets.
Bankers and lawyers expect these sale-focused demands to remain common, pointing to a rebound in deal values and a more favorable regulatory climate in the United States, even as broader economic challenges persist.
Beyond pushing for sales, activists also called on companies to shake up their boards, return money to shareholders, and sharpen their overall business strategies.
Elliott, which manages roughly $80 billion in assets, was the most active firm, launching 12 campaigns in the first half of the year. Oasis Management, Dalton Investments, Irenic Capital Management, and Palliser Capital were also highly active. Together with Elliott, those five firms were responsible for about 41% of all campaigns during the period, Barclays data showed.
Despite the aggressive push for change, outright corporate battles were less common. Only two proxy fights went to a final shareholder vote and one major “withhold campaign” was recorded in the first half — down from eight proxy fights in the same period of 2025.
With fewer disputes going to a vote, activists also won fewer board seats — a 17% decline compared to a year earlier. Elliott secured 11 seats, including positions at Synopsys, Norwegian Cruise Line Holdings, and J.M. Smucker. Starboard gained six seats and Engine Capital picked up five. All of the seats were obtained through negotiated settlements rather than contested votes.
