Companies in the United Kingdom were the most targeted in Europe by shareholder activists over the past 12 months, according to the Corporate Governance in Europe 2026 report from Diligent Market Intelligence.
The report found that U.K.-based companies accounted for 60 of Europe’s 95 activist targets. An increasingly hot M&A market, along with the U.K. regulatory landscape and the level of cultural alignment all combined to make it a popular jurisdiction for activists.
The activity in the U.K. increased by 15 percent year over year for the 12 months ended August 31. However, the wider European market saw a 15 percent decline in the number of companies facing public demands from activists. In addition, the report revealed a more transatlantic activism environment in the U.K., with international investors, particularly those from the U.S., broadening their net in search of opportunity.
“Foreign investors look at valuations in the U.K. market and often see a significant difference when they compare those with U.S. peers,” Josh Black, editor-in-chief at Diligent Market Intelligence, said. “A warming M&A market, the U.K. regulatory landscape and the level of cultural alignment all combine to make it a popular jurisdiction for American activists.”
U.S.-based activists accounted for one in three U.K. companies targeted during the reporting period, nearly matching domestic campaigners at 40 percent. Further, U.S. activists secured eight of the 25 board seats won at U.K. targets during the period, compared with none just two years earlier.
M&A emerged as a core focus for both domestic and international activists operating in the U.K. with 10 push-for-sale demands in the period and five efforts to stand in the way of dealmaking.
Also, the report ranked Europe’s most prominent shareholder activists, highlighting the region’s mix of U.S. and domestic players. U.S.-based Saba Capital Management ranked first, driven by its focus on closing net asset value discounts at closed-end funds, followed by U.K.-based Harwood Capital. London-based Amber Capital and U.S. hedge fund Elliott Management were ranked in third place, with the former targeting smaller Italian companies and the latter focusing on larger firms and share repurchases.
Activism datasets featured within the report run from Sept. 1, 2025 to Aug. 31, 2026, unless otherwise stated.
Diligent Market Intelligence is a provider of shareholder activism, investor voting, and corporate governance data.