Shareholder activists in the U.S. started the first quarter with a roar and ended with a whimper, as campaigns outside the U.S. hit a new record.
Why it matters: The decline in U.S. activist campaigns is a sign of the broader financial market concerns weighing on dealmaking and the economy.
Yes, but: Global activism saw the most campaigns on record (up 14% to 83), driven by U.S. activists turning to Europe for targets, and a South Korean investor who launched 8 campaigns in the country in Q1 alone.
Driving the news: Q1 activity in the U.S. dropped 30% to 31 campaigns from the year ago period, Barclays data show, the slowest quarter for activists since the pandemic hit in 2020.
