Bloomberg Activism League Tables H1 2022 - Computershare
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H1 2022GLOBAL ACTIVISM ADVISORY RANKINGSCONTENTS3. Global Activism Review4. Financial Adviser League Tables6. Legal Adviser League Tables10. IR/PR League Tables14. Proxy Solicitor League TablesThe Bloomberg Activism Advisory League Tables are the definitive publication of Activism advisoryrankings. The tables represent the top financial, legal, IR/PR and proxy solicitor advisers in the globalshareholder activism market.Bloomberg Activism's latest league tables are available at BI ACTLEAG GO and are updated in real-timebased on the information available at Bloomberg's activism product, BI ACT GO .To review Bloomberg's full range of league table products, visit {NI LEAG CRL GO }. On the web, ct/league-tables/.Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and datafound on the Bloomberg Professional Service.DATA SUBMISSIONS AND QUERIESNorth America: Adam Kommel / akommel3@bloomberg.net / 1-646-324-4861EMEA: Bassel Mahmoud / bmahmoud1@bloomberg.net / 44-20-3525-1803Asia Pacific: Kesaun Austin / kaustin42@bloomberg.net / 1-646-324-6089General Activism queries may be submitted to activism@bloomberg.net 2022 Bloomberg Finance L.P. All rights reserved.2
H1 2022 Global Activism Review 294 new activist campaigns were launched in H1 2022, versus 311 campaigns in H1 2021, a 5.5% decline.Campaigns at 1b companies were up 7% from 121 to 130 while sub- 1b campaigns were down 14%.The U.S. has seen a resurgence in activism, while nearly every other jursidiction has declined this year.Campaigns in the United States were up 10% from 157 in H1 2021 to 173 in H1 2022, and 1b campaigns wereup 36% from 55 to 75. Activity in Europe fell 29%, from 64 new campaigns in H1 2021 to 39 in H1 2022. 1b campaigns in Europe fell38%, from 42 to 26. Activists took advantage of the decline in tech valuations to launch 39 new technology campaigns, up 44% fromH1 2021. High-profile targets included Verisk, Western Digital, Zendesk, Nielsen and Anaplan.New Campaigns by CountryCountryH1 2022 H1 2021 % YoY ΔUnited States17315710%Japan3746(20%)United Kingdom2029(31%)Australia191173%Canada716(56%)New Campaigns by SectorSectorStatisticsTop New Campaigns in 2022 by Market CapH1 2022 H1 2021 % YoY ΔIndustrials41402%Market Cap b ActivistsTechnology392744%Shell Plc 219Odey Asset ManagementHealth Care362829%2022-02-08McDonald's Corp 194Icahn ies SE 130Clearway CapitalConsumer Discretionary3046(35%)2022-01-23Unilever PLC 128Trian Fund ManagementMaterials26248%2022-04-29HSBC Holdings 124Ping An Insurance GroupCommunications25250%Consumer Staples191436%Real Estate1627(41%)Energy1222(45%)New Campaigns294311(5.5%)DateTargetStake Value ( b) 42.8 43.4(1.6%)2022-05-19 1b market cap1301217.4%Top Company AdvisersFinancialGoldman SachsLegalSidley AustinJoele FrankIR/PRProxy SolicitorInnisfree M&ATop Activist AdvisersFinancialSpotlight AdvisorsH1 2022 H1 2021 % YoY ΔTop Activists of 2022By All CampaignsActivistTotal CampaignsBy 1b OnlyActivist (by Stake) 1b CampaignsElliott Investment Management6Elliott Investment Mgmt6Investment Fund990%Ancora Advisors LLC6Ancora Advisors LLC5Utilities63100%Murakami Funds5Icahn Enterprises LP4Total Campaigns294311(5.5%)Oasis Management Co Ltd5Oasis Management Co Ltd4LegalOlshanIR/PRLongacre Square PartnersSeven Corners Capital5Proxy SolicitorSaratoga Proxy ConsultingIcahn Enterprises LP42022 Proxy Fight Outcomes(5 activists tied with 3 campaigns)OutcomeActivist WinActivist Campaign VolumeSource: BI ACT GO 193200148 142 156146145150Management WinSplit173163159 160165146123134143147 1471011007950524906753536531Q1 Q2 Q3 Q42018Q1 Q2 Q3 Q4201952594131Q1 Q2 Q3 Q42020787051Global Activism Review H1 2022Contact:activism@bloomberg.net4358Q1 Q2 Q3 Q4202152Q1 Q22022H1 22 H1 21 H1 22 % H1 21 61325%18%No Follow Up436%4% 1bSold Before Meeting486%11% 1b Settled192630%35%31%28%Total Resolved Fights6474Total Went Distance20212021 data consists of the 74 proxy fights with meetingdates in 2021 that were resolved by June 303
Contact:activism@bloomberg.netSummaryTop Company Financial AdvisersGlobal Financial Advisers - ActivistRegionTop Adviser H1 2022#Stake bGlobalGoldman Sachs32 28.8Top Adviser 2021Goldman SachsAdviserH1 2022USGoldman Sachs18 8.3Goldman SachsSpotlight Advisors8 3.2CanadaCenterview/JPM/RBC1 2.0TD SecuritiesZMH Advisors8 1.5EuropeAsia PacificGoldman Sachs10 15.1Goldman SachsMoelis & Co2 0.1Goldman Sachs4 5.5Goldman SachsBarclays1 2.8Global ( 1b )Goldman Sachs24 28.5Goldman Sachs# Engagements Stake b2021RankRank#11132273p2614q34*Activist-side engagements include unsolicited bids by shareholdersTop New Activist-Side Engagements in 2022Global Financial Advisers - CompanyH1 2022Adviser2021# Engagements Stake bRankGoldman Sachs32 28.8JP Morgan29BofA Securities24Spotlight AdvisorsTargetActivistActivist AdviserFedEx CorpDE ShawSpotlight AdvisorsVerisk Analytics IncDE ShawSpotlight AdvisorsRank#1141Twitter IncElon MuskBofA, MS, Barclays 17.52233Peloton Interactive IncBlackwellsSpotlight Advisors 7.33327US Foods Holding CorpSachem HeadZMH Advisors18 3.04 p520Centerview Partners9 6.25 p714Top New Company-Side Engagements in 2022Morgan Stanley9 1.96 q426TargetActivistCompany AdviserLazard8 1.97 p811McDonald's CorpIcahn Enterprises LPCenterview, PJT PartnersQatalyst Partners6 4.18 p155HSBC Holdings PLCPing An InsuranceRobey Warshaw, GSEvercore Partners6 0.59 q617Bayer AGAlatus, TemasekUBS, Credit SuisseUBS5 7.510 q910Humana IncStarboardGoldman SachsCredit Suisse4 3.011 p136FedEx CorpDE ShawGoldman SachsPJT Partners4 1.212 p194Engagements privately submitted to Bloomberg (not publicly sourced) are italicizedMoelis & Co4 0.813 q1010Rothschild & Co4 0.514 q119Top Company-Side Adviser by SectorRBC Capital Markets3 2.015 p174SectorH1 2022 Top Adviser2021 Top AdviserKeyBanc Capital Markets3 0.116 p581CommunicationsJP MorganGoldman SachsMizuho Financial2 4.817 p791Consumer DiscretionaryJP MorganGoldman SachsAllen & Co2 0.818 p272Consumer StaplesJP MorganCenterview PartnersBarclays2 0.519 q165EnergySpotlight AdvisorsEvercore PartnersCiti2 0.420 q127FinancialsGoldman SachsGoldman SachsInvestec2 0.121 p223Health CareGoldman SachsGoldman SachsNumis2 0.122 p501IndustrialsJP MorganGoldman SachsPerella Weinberg Partners2 0.023 p302MaterialsBofA SecuritiesBofA SecuritiesJefferies2 0.024 q145Real EstateBofA SecuritiesJP MorganStifel2 0.025 q233TechnologyQatalyst PartnersGoldman SachsWells Fargo2 0.026 q213UtilitiesLazardGoldman SachsLadenburg Thalmann & Co2 0.027 p--Global Activism Review H1 2022Financial Advisers*By # engagements. Ties are broken by value of activist stakes4
Company Side - By Region & CountryCompany Side - By SizeUnited States 1b Targets OnlyH1 2022AdviserContact:activism@bloomberg.netRegion, Country and Size2021H1 2022# Engagements Stake bRankRank## Engagements Stake bRankRank#Goldman Sachs18 8.31123Goldman Sachs24 28.51138JP Morgan18 7.62 p615JP Morgan23 17.42229Spotlight Advisors18 3.03319BofA Securities18 7.13320BofA Securities18 3.04417Centerview Partners9 6.24p513Centerview Partners8 4.35 p712Lazard8 1.95p79Morgan Stanley6 1.16 q220Qatalyst Partners6 4.16p135Evercore Partners6 0.57 q516Morgan Stanley6 1.77q414Qatalyst Partners5 4.08 p104Evercore Partners5 0.48q613Canada 1b Targets OnlyH1 2022AdviserAdviser2021# Engagements Stake b2021RankH1 2022Rank#AdviserCenterview Partners1 2.01 p61Spotlight AdvisorsJP Morgan1 2.01 p32RBC Capital Markets1 2.01 p61BMO Capital Markets1 0.24 q2TD Securities1 0.15 q1# Engagements Stake bRankRank#14 0.51117Goldman Sachs8 0.32p83BofA Securities6 0.23373JP Morgan6 0.14p644Morgan Stanley3 0.25q212EuropeBy Value of Activist StakeH1 2022Adviser20212021H1 2022# Engagements Stake bRankRank#Stake b#Rank b10 15.11115Goldman Sachs 28.83211 32.5JP Morgan7 1.32215JP Morgan 17.52922 25.6BofA Securities4 2.6338Robey Warshaw 9.913p12 3.1Credit Suisse3 2.64 p84UBS 7.554p5 7.6Lazard3 0.45 p65BofA Securities 7.3245q3 11.7Goldman SachsAsia PacificRankBy Aggregate Market CapH1 2022AdviserAdviser2021Global Activism Review H1 2022Financial Advisers# Engagements Stake b2021RankH1 2022Rank#Adviser2021Mkt Cap b#RankRankMC bGoldman Sachs4 5.51 p22Goldman Sachs 4823211 693JP Morgan2 5.22 p61Centerview Partners 35892p3 531UBS2 4.93 q12JP Morgan 221293q2 652Mizuho Financial2 4.84 p171PJT Partners 21044p22 10Nomura1 4.85 p121BofA Securities 205245 23355
Contact:activism@bloomberg.netSummaryTop Company Legal AdvisersTop Activist Legal AdvisersRegionTop Adviser H1 2022#Stake bTop Adviser 2021RegionTop Adviser H1 2022#Stake bGlobalSidley Austin30 6.9Vinson & ElkinsGlobalOlshan96 13.1OlshanUSSidley Austin29 5.0Vinson & ElkinsUSOlshan89 10.3OlshanCanadaNorton Rose Fulbright5 3.7Davies WardCanadaOlshan4 1.8Norton RoseEuropeAsia PacificSlaughter and May3 0.1Slaughter and MayWhite & Case3 1.1White & Case1 4.8Herbert SmithEuropeAsia Pacific6 2.2Iwaida Law OfficeGlobal ( 1b )Sidley Austin14 6.3Wachtell LiptonGlobal ( 1b )Olshan45 12.3Nishimura & AsahiGlobal Legal Advisers - CompanyOlshanGlobal Legal Advisers - ActivistH1 2022AdviserWhite & CaseTop Adviser 2021# Engagements Stake b2021RankH1 2022Rank#2021Adviser# Engagements Stake bRankRank#Sidley Austin30 6.91 p237Olshan96 13.111120Vinson & Elkins17 2.92 q138Schulte Roth & Zabel30 6.82244Wachtell Lipton Rosen & Katz16 6.63323White & Case10 3.33p511Latham & Watkins12 1.14 p518Akin Gump Strauss Hauer & Feld10 1.04q316Wilson Sonsini Goodrich & Rosati11 3.05 p711Iwaida Law Office6 0.55p67Skadden Arps Slate Meagher & Flom9 2.56 q422Willkie Farr & Gallagher5 0.56p95Kirkland & Ellis8 1.27 q615Morrison & Foerster4 2.37p124Goodwin Procter7 1.88 p165Vinson & Elkins4 0.0887Norton Rose Fulbright6 3.79 p184Wilson Sonsini Goodrich & Rosati4 0.09p105White & Case6 2.410 p155Skadden Arps Slate Meagher & Flom3 3.710 p262Paul Weiss Rifkind Wharton & Garrison6 0.511 p263Cravath Swaine & Moore5 2.812 q115Top New Activist-Side Engagements in 2022Simpson Thacher & Bartlett3 3.013 q96TargetActivistActivist AdviserDavis Polk & Wardwell3 1.414 p243Humana IncStarboard ValueOlshanCooley3 0.115 p303FedEx CorpDE ShawSchulte Roth & ZabelSlaughter and May3 0.116 q125Suncor Energy IncElliottOlshanDavies Ward Phillips & Vineberg2 1.717 q106Verisk Analytics IncDE ShawSchulte Roth & ZabelHogan Lovells2 1.118 p204Twitter IncElon MuskSkadden, McDermott Will & EmeryDLA Piper2 0.819 p224Freshfields Bruckhaus Deringer2 0.420 q145Top New Company-Side Engagements in 2022Blake Cassels & Graydon2 0.221 p--TargetActivistCompany AdviserCleary Gottlieb Steen & Hamilton2 0.222 p472McDonald's CorpIcahn Enterprises LPPaul Weiss, Davis PolkGoodmans2 0.123 p372TotalEnergies SEClearwayWhite & CaseAshurst2 0.124 q233FedEx CorpDE ShawSkaddenDentons2 0.125 p273Suncor Energy IncElliott InvestmentPaul Hastings2 0.026 p--International FlavorsIcahn Enterprises LPDavies Ward, Norton RoseDavis Polk, SidleyOrrick Herrington & Sutcliffe2 0.027 p901Engagements privately submitted to Bloomberg (not publicly sourced) are italicizedGlobal Activism Review H1 2022Legal Advisers6
Company SideActivist SideUnited StatesUnited StatesH1 2022AdviserContact:activism@bloomberg.netRegion and Country# Engagements Stake b2021RankH1 20222021Rank#Adviser# Engagements Stake bRankRank#Sidley Austin29 5.01 p236Olshan89 10.311112Vinson & Elkins16 2.92 q136Schulte Roth & Zabel28 3.72241Wachtell Lipton Rosen & Katz15 4.63321Akin Gump Strauss Hauer & Feld10 1.03315Wilson Sonsini Goodrich & Rosati11 3.04 p711Willkie Farr & Gallagher5 0.54p75Latham & Watkins10 1.05516Vinson & Elkins4 0.05p67Skadden Arps Slate Meagher & Flom9 2.56 q421Wilson Sonsini Goodrich & Rosati4 0.06p85Kirkland & Ellis8 1.27 q614Cadwalader Wickersham & Taft3 1.97q410Goodwin Procter6 1.58 p154Foley & Lardner3 0.08p94CanadaCanadaH1 2022Adviser# Engagements Stake b2021RankH1 2022Rank#AdviserRank#Norton Rose Fulbright5 3.71 p23Olshan4 1.81p101Davies Ward Phillips & Vineberg2 1.72 q15Bennett Jones2 0.02p52Goodmans2 0.13 p42Allen McDonald Swartz1 2.03p61Cravath Swaine & Moore1 2.04 p91Fasken Martineau DuMoulin1 2.03p61Sidley Austin1 2.04 p91Schulte Roth & Zabel1 2.03p61EuropeRankEuropeH1 2022Adviser# Engagements Stake b2021# Engagements Stake b2021RankH1 2022Rank#AdviserRank#Slaughter and May3 0.1115White & Case3 1.1115Freshfields Bruckhaus Deringer2 0.4225Olshan2 0.1224Latham & Watkins2 0.13 p82Schulte Roth & Zabel1 1.2332White & Case2 0.0443Loyens & Loeff1 0.84p51De Brauw Blackstone Westbroek1 0.85 q33Skadden Arps Slate Meagher & Flom1 0.75p61Asia PacificRankAsia PacificH1 2022Adviser# Engagements Stake b2021Global Activism Review H1 2022Legal Advisers# Engagements Stake b2021RankH1 2022Rank#Adviser# Engagements Stake b2021RankRank#Nishimura & Asahi1 4.81 p--White & Case6 2.21p25Uryu & Itoga1 0.22 p--Iwaida Law Office6 0.52q17White & Case1 0.03 p81Morrison & Foerster3 0.03p63Ashurst1 0.04 p61Nishimura & Asahi2 0.74p101Harry Elias Partnership1 0.05 p131Anderson Mori & Tomotsune1 0.95p-7
Contact:activism@bloomberg.netSector, Aggregate ValuesCompany SideActivist SideTop Adviser by SectorTop Adviser by SectorSectorH1 2022 Top Adviser2021 Top AdviserSectorH1 2022 Top AdviserCommunicationsConsumer DiscretionarySimpson Thacher & BartlettLatham & WatkinsKirkland & EllisVinson & ElkinsCommunicationsConsumer DiscretionaryOlshanOlshanOlshanOlshanConsumer StaplesSidley AustinWachtell Lipton Rosen & KatzConsumer StaplesOlshanOlshanEnergySkaddenVinson & ElkinsEnergyOlshanOlshanFinancialsSidley AustinSkaddenFinancialsOlshanOlshanHealth CareIndustrialsWilson SonsiniWachtell Lipton Rosen & KatzSidley AustinHealth CareIndustrialsOlshanOlshanOlshanVinson & ElkinsInvestment FundSidley AustinRopes & GrayInvestment FundSchulte Roth & ZabelSchulte Roth & ZabelMaterialsKirkland & EllisKirkland & EllisMaterialsOlshanOlshanReal EstateTechnologyWachtell Lipton Rosen & KatzWachtell Lipton Rosen & KatzOlshanOlshanSidley AustinSidley AustinReal EstateTechnologyOlshanOlshanUtilitiesCravath Swaine & MooreCravath Swaine & MooreUtilitiesOlshanOlshan*By # engagements. Ties are broken by value of activist stakesBy Value of Activist StakeOlshan*By # engagements. Ties are broken by value of activist stakesBy Value of Activist StakeH1 2022Adviser2021 Top AdviserStake b2021#RankRankH1 2022 bAdviserStake b2021#RankRank bSidley Austin 6.9301 p2 5.5Olshan 13.1961p2 17.3Wachtell Lipton Rosen & Katz 6.6162 q1 7.4Schulte Roth & Zabel 6.8302q1 18.2Nishimura & Asahi 4.813 p- 0.0Skadden Arps Slate Meagher & Flom 3.733p20 0.7Norton Rose Fulbright 3.764 p5 3.9White & Case 3.3104p11 1.6Simpson Thacher & Bartlett 3.035 p14 1.7McDermott Will & Emery INC 2.815p- 0.0Wilson Sonsini Goodrich & Rosati 3.0116 p93Morrison & Foerster 2.3466 2.3Vinson & Elkins 2.9177 q35Perkins Coie 2.3177 2.3Cravath Swaine & Moore 2.858 q63Pillsbury Winthrop Shaw Pittman 2.3177 2.3By Aggregate Market CapBy Aggregate Market CapH1 2022Adviser2021Mkt Cap b#Davis Polk & Wardwell 23031 pPaul Weiss Rifkind Wharton & Garrison 2026Sidley Austin 177Wachtell Lipton Rosen & Katz 163White & CaseNorton Rose FulbrightCravath Swaine & MooreGlobal Activism Review H1 2022Legal AdvisersRankH1 2022RankMC b14 4022303 p164 q 13965 p 11966 8657 qAdviser2021Mkt Cap b#RankMC bOlshan 33096Rank1p2 588 197Schulte Roth & Zabel 219302q1 8494 155Allen McDonald Swartz 6513p6 651 215Fasken Martineau DuMoulin 6513p6 6515 31White & Case 64105p8 366 91Skadden Arps Slate Meagher & Flom 3536p26 45 109Cadwalader Wickersham & Taft 3237q3 2898
Company SideActivist Side 1b Targets Only 1b Targets OnlyH1 2022AdviserContact:activism@bloomberg.netBy Market Cap# Engagements Stake b2021RankH1 20222021Rank#Adviser# Engagements Stake bRankRank#Sidley Austin14 6.31 p214Olshan45 12.31150Wachtell Lipton Rosen & Katz10 6.52 q118Schulte Roth & Zabel13 6.22228Latham & Watkins7 1.13312White & Case6 3.13p48Skadden Arps Slate Meagher & Flom6 2.44412Akin Gump Strauss Hauer & Feld4 0.94p54Wilson Sonsini Goodrich & Rosati4 2.85 p67Iwaida Law Office4 0.45p63Cravath Swaine & Moore4 2.76 p85Skadden Arps Slate Meagher & Flom3 3.76p231Vinson & Elkins4 2.57 q58Willkie Farr & Gallagher3 0.57p82Paul Weiss Rifkind Wharton & Garrison4 0.58 p212Cadwalader Wickersham & Taft2 1.98q38Norton Rose Fulbright3 3.79 p172McDermott Will & Emery INC1 2.89p--Simpson Thacher & Bartlett3 3.010 q95Morrison & Foerster1 2.310 p131 5b Targets Only 5b Targets OnlyH1 2022Adviser# Engagements Stake b2021RankH1 20222021Rank#Adviser# Engagements Stake bRankRank#Sidley Austin7 5.81 p35Olshan16 7.01123Wachtell Lipton Rosen & Katz7 5.52 q19Schulte Roth & Zabel7 5.12216Norton Rose Fulbright3 3.73 p82White & Case2 2.53p121Cravath Swaine & Moore3 2.54 p63Cadwalader Wickersham & Taft2 1.94q34Skadden Arps Slate Meagher & Flom3 1.85 q45Akin Gump Strauss Hauer & Feld2 0.55p151Latham & Watkins3 0.46 q26McDermott Will & Emery INC1 2.86p--Simpson Thacher & Bartlett2 2.87 p241Skadden Arps Slate Meagher & Flom1 2.86p-- 1b Targets Only 1b Targets OnlyH1 2022AdviserGlobal Activism Review H1 2022Legal Advisers# Engagements Stake b2021RankH1 2022Rank#2021Adviser# Engagements Stake bRankRank#Sidley Austin16 0.61 p223Olshan51 0.81170Vinson & Elkins13 0.42 q130Schulte Roth & Zabel17 0.62216Wilson Sonsini Goodrich & Rosati7 0.23 p74Akin Gump Strauss Hauer & Feld6 0.23Wachtell Lipton Rosen & Katz6 0.14 p65White & Case4 0.24pKirkland & Ellis5 0.35 q49Vinson & Elkins4 0.05Latham & Watkins5 0.16 q56Wilson Sonsini Goodrich & Rosati4 0.06Goodwin Procter4 0.17 p84Foley & Lardner3 0.07pSkadden Arps Slate Meagher & Flom3 0.18 q310Morrison & Foerster3 0.08p183White & Case3 0.19 p222Willkie Farr & Gallagher2 0.09p163Norton Rose Fulbright3 0.010 p212Kleinberg Kaplan Wolff & Cohen2 0.010 q4631214356651049
Contact:activism@bloomberg.netSummaryTop Company IR/PR AdvisersTop Activist PR AdvisersRegionTop Adviser H1 2022#Stake bTop Adviser 2021RegionTop Adviser H1 2022#Stake bGlobalJoele Frank50 13.5Joele FrankGlobalLongacre Square46 6.4Longacre (MKA)USJoele Frank48 11.9Joele FrankUSLongacre Square43 5.4Longacre (MKA)CanadaLongview4 3.7LongviewCanadaASC Advisors1 2.0ASC AdvisorsEuropeAsia PacificBrunswick Group7 11.2Brunswick GroupGreenbrook4 0.4GreenbrookKekst CNC2 6.4Gracosway PtyEuropeAsia Pacific3 3.6GagnierGlobal ( 1b )Joele Frank35 13.0Joele FrankGlobal ( 1b )24 6.0Sloane & CoGlobal IR/PR Advisers - CompanyGlobal PR Advisers - ActivistH1 2022AdviserGagnierLongacre SquareTop Adviser 2021# Engagements Stake b2021RankH1 2022Rank#Adviser2021# Engagements Stake bRankRank#Joele Frank Wilkinson Brimmer Katcher50 13.51166Longacre Square Partners46 6.41135FGS Global19 11.02228Gasthalter & Co17 3.92p321Brunswick Group13 15.43 p87Gagnier Communications11 5.73p610Edelman10 4.44 q312Prosek Partners9 2.64417ICR9 0.55510Greenbrook Communications5 2.55516Abernathy Macgregor Group8 2.46 p154Reevemark4 3.96p103Gagnier Communications6 0.17 p97ASC Advisors3 2.8776Longacre Square Partners6 0.18 q610Kekst CNC3 0.38p113Longview Communications & Public Affairs4 3.79 p106Equity Group3 0.09p--Gasthalter & Co4 0.110 p441Kekst CNC3 6.511 q78Gladstone Place Partners3 0.112 p135Gateway Investor Relations3 0.013 p174AdviserTotalComp.ActivistReevemark3 0.014 q116Longacre Square Partners526461p245Prosek Partners2 0.115 q126Joele Frank5050-2q166Consilium Strategic Communications2 0.116 p292Gasthalter & Co214173p622LifeSci Advisors2 0.017 p282FGS Global201914431Equity Group2 0.018 p243Gagnier Communications176115p717Top New Company-Side Engagements in 2022Global IR/PR Advisers - CombinedH1 20222021RankRankGlobal Activism Review H1 2022IR/PR AdvisersTotalTop New Activist-Side Engagements in 2022TargetActivistCompany IR/PRTargetActivistActivist PRMcDonald's CorpIcahn Enterprises LPBrunswick GroupMcDonald's CorpIcahn Enterprises LPLongacre Square PartnersUnilever PLCTrian Fund ManagementTulchan CommunicationsUnilever PLCTrian Fund ManagementReevemark LLCHSBC Holdings PLCPing An Insurance GroupBrunswick GroupFedEx CorpDE ShawProsek PartnersHumana IncStarboard Value LPJoele FrankSuncor Energy IncElliott InvestmentGagnier CommunicationsSuncor Energy IncElliott InvestmentJoele Frank, LongviewKroger CoIcahn Enterprises LPLongacre Square PartnersEngagements privately submitted to Bloomberg (not publicly sourced) are italicizedEngagements privately submitted to Bloomberg (not publicly sourced) are italicized10
Company SideActivist SideUnited StatesUnited StatesH1 2022AdviserContact:activism@bloomberg.netRegion and Country# Engagements Stake b2021RankH1 2022Rank## Engagements Stake bRankRank#Joele Frank Wilkinson Brimmer Katcher48 11.91162Longacre Square Partners43 5.41134FGS Global16 6.02226Gasthalter & Co16 3.82p320ICR9 0.53 p510Gagnier Communications7 0.43p56Abernathy Macgregor Group8 2.44 p114Prosek Partners5 1.34410Edelman8 1.65 q312Kekst CNC3 0.35p73Gagnier Communications6 0.16 p77Equity Group3 0.06p--Longacre Square Partners6 0.17 q69Abernathy Macgregor Group2 0.67p82Brunswick Group4 1.98 p--Reevemark2 0.48q63Gasthalter & Co4 0.19 p251FTI Consulting1 0.29p--CanadaCanadaH1 2022AdviserAdviser2021# Engagements Stake b2021RankH1 2022Rank#Adviser# Engagements Stake b2021RankRank#Longview Communications & Public Affairs4 3.7116ASC Advisors1 2.0112Brunswick Group1 2.0221Gagnier Communications1 1.62p--FGS Global1 2.02 p--Navigator1 0.13p--Joele Frank Wilkinson Brimmer Katcher1 1.64 p--Longacre Square Partners1 0.04p--EuropeEuropeH1 2022Adviser# Engagements Stake b2021Rank#AdviserRank#16Greenbrook Communications4 0.41113 0.12 p92Camarco2 0.72p341 2.53 p--Prosek Partners2 0.23q241 1.94 p121Reevemark1 1.94p--1 0.15 q34Kepler Communications1 0.85q437 11.2Consilium Strategic Communications2EdelmanTulchan CommunicationsBuchanan CommunicationsAsia PacificRankAsia PacificH1 2022Adviser# Engagements Stake b20211Brunswick GroupRankH1 2022Global Activism Review H1 2022IR/PR Advisers# Engagements Stake b2021RankH1 2022Rank#Adviser# Engagements Stake b2021RankRank#Kekst CNC2 6.41 p32Gagnier Communications3 3.6112FGS Global1 3.02 p51Prosek Partners2 1.1222Edelman1 0.33 p--FleishmanHillard SASU2 0.63p91Citadel Magnus Pty1 0.04 p81Signal1 2.1441FTI Consulting1 0.05 p--Greenbrook Communications1 2.05p6111
Contact:activism@bloomberg.netSector and Aggregate ValueCompany SideActivist SideTop Adviser by SectorTop Adviser by SectorSectorH1 2022 Top Adviser2021 Top AdviserSectorH1 2022 Top Adviser2021 Top AdviserCommunicationsConsumer DiscretionaryJoele FrankJoele FrankJoele FrankJoele FrankCommunicationsConsumer DiscretionaryLongacre Square PartnersLongacre Square PartnersProsek PartnersSloane & CoConsumer StaplesFGS GlobalJoele FrankConsumer StaplesLongacre Square PartnersGreenbrook CommunicationsEnergyJoele FrankFGS GlobalEnergyGagnier CommunicationsLongacre Square PartnersFinancialsJoele FrankJoele FrankFinancialsLongacre Square PartnersLongacre Square PartnersHealth CareIndustrialsJoele FrankJoele FrankJoele FrankHealth CareIndustrialsGasthalter & CoLongacre Square PartnersSloane & CoJoele FrankInvestment FundGagnier CommunicationsGagnier CommunicationsInvestment FundLongacre Square PartnersGasthalter & CoMaterialsJoele FrankJoele FrankMaterialsGagnier CommunicationsSloane & CoReal EstateTechnologyJoele FrankJoele FrankLongacre Square PartnersSloane & CoJoele FrankJoele FrankReal EstateTechnologyLongacre Square PartnersLongacre Square PartnersUtilitiesAbernathy Macgregor GroupJoele FrankUtilities7Square GmbHProsek Partners*By # engagements. Ties are broken by value of activist stakesBy Value of Activist StakeASC Advisors*By # engagements. Ties are broken by value of activist stakesBy Value of Activist StakeH1 2022AdviserStake b2021#RankRankH1 2022 bAdviserStake b2021#RankRank bBrunswick Group 15.4131 p4 3.0Longacre Square Partners 6.4461p4 5.5Joele Frank Wilkinson Brimmer Katcher 13.5502 q1 17.5Gagnier Communications 5.7112p6 4.2FGS Global 11.0193 q2 12.5Reevemark 3.943p21 0.4Kekst CNC 6.534 q3 6.3Gasthalter & Co 3.9174p8 2.6Edelman 4.4105 p7 1.6ASC Advisors 2.835q3 5.5Longview Communications & Public Affairs 3.746 q5 3.0Prosek Partners 2.696q2 6.8Abernathy Macgregor Group 2.487 p11 1.0Greenbrook Communications 2.557q5 5.1Tulchan Communications 1.918 p16 0.2Signal 2.118p10 2.1By Aggregate Market CapBy Aggregate Market CapH1 2022AdviserGlobal Activism Review H1 2022IR/PR Advisers2021RankH1 2022Mkt Cap b#RankMC bBrunswick Group 527131 p4 83Joele Frank Wilkinson Brimmer Katcher 3745022Mkt Cap b#RankMC bLongacre Square Partners 375461p3 266 592Reevemark 17442p24 5Prosek PartnersFGS Global 184193 q1 603Tulchan Communications 12814 p26 1Longview Communications & Public AffairsAdviser2021Rank 13793q1 387ASC Advisors 9734p6 135 114455 72Gagnier Communications 95115p12 33Abernathy Macgregor Group 5986 p7 42Gasthalter & Co 63176q4 214Kekst CNC 5837 q6 65Greenbrook Communications 5557q5 15612
Company SideActivist Side 1b Targets Only 1b Targets OnlyH1 2022AdviserContact:activism@bloomberg.netBy Market Cap# Engagements Stake b2021RankH1 2022Rank#Joele Frank Wilkinson Brimmer Katcher35 13.01146AdviserLongacre Square PartnersFGS Global15 10.92218Brunswick Group# Engagements Stake b2021Rank#24 6.0Rank1p312Gasthalter & Co8 3.52p51012 15.3337Prosek Partners8 2.43q215Edelman8 4.4446Gagnier Communications7 5.64p76Abernathy Macgregor Group4 2.35 p102Reevemark4 3.95p231Kekst CNC3 6.56 q55Greenbrook Communications4 2.56q411Longview Communications & Public Affairs3 3.67 p83ASC Advisors3 2.87q66ICR3 0.28 q74Camarco2 0.78p93Gladstone Place Partners2 0.09 q65Signal1 2.19p161Tulchan Communications1 1.910 p151VOX Global Japan1 1.810 p171 5b Targets Only 5b Targets OnlyH1 2022Adviser# Engagements Stake b2021Rank#Rank# 8.11122Longacre Square Partners10 2.91p45FGS Global9 10.22210Gagnier Communications6 5.42p72Brunswick Group8 14.03 p71Prosek Partners5 2.23q111Abernathy Macgregor Group4 2.14 p52Reevemark3 3.54p--Edelman3 3.75 p62ASC Advisors3 2.8554Kekst CNC2 6.46 q33Gasthalter & Co3 2.6663Longview Communications & Public Affairs2 3.6771Greenbrook Communications2 2.17q38 1b Targets Only# Engagements Stake bRank 1b Targets OnlyH1 2022AdviserAdviser202117Joele Frank Wilkinson Brimmer KatcherRankH1 2022Global Activism Review H1 2022IR/PR Advisers# Engagements Stake bJoele Frank Wilkinson Brimmer Katcher2021RankH1 2022Rank#Adviser2021# Engagements Stake bRank#15 0.5112022 0.41123ICR6 0.32 p76Gasthalter & Co9 0.42211Gagnier Communications6 0.13 p86Gagnier Communications4 0.13p54Longacre Square Partners6 0.14 q310Equity Group3 0.04p--Abernathy Macgregor Group4 0.15 p232Kekst CNC2 0.15p161FGS Global4 0.16 q210FTI Consulting1 0.26p--Gasthalter & Co4 0.17 p381Prosek Partners1 0.27q62Gateway Investor Relations3 0.08 p114Quill Communications1 0.18p101Reevemark3 0.0995Gracosway Pty1 0.09p--Prosek Partners2 0.166Longview Communications & Public Affairs1 0.010 p25110 qLongacre Square PartnersRank13
Contact:activism@bloomberg.netSummaryTop Company Proxy SolicitorsTop Activist Proxy SolicitorsRegionTop Adviser H1 2022#Stake bTop Adviser 2021RegionTop Adviser H1 2022#Stake bGlobalInnisfree M&A48 10.9Innisfree M&AGlobalSaratoga Proxy19 3.1Okapi PartnersUSInnisfree M&A47 10.6Innisfree M&AUSSaratoga Proxy18 3.0Okapi PartnersCanadaKingsdale Advisors4 0.2Kingsdale AdvisorsCanadaKingsdale Advisors3 2.0Morrow SodaliEuropeAsia PacificGeorgeson12 4.0GeorgesonGeorgeson1 1.7GeorgesonMorrow Sodali5 0.5GeorgesonEuropeAsia Pacific3 1.3GeorgesonGlobal ( 1b )Innisfree M&A30 10.4Innisfree M&AGlobal ( 1b )10 2.9Okapi PartnersGlobal Proxy Solicitors - CompanyGlobal Proxy Solicitors - ActivistH1 2022AdviserDF KingSaratoga ProxyTop Adviser 20212021# Engagements Stake bRankInnisfree M&A48 10.9Morrow Sodali28Georgeson24MacKenzie Partners18DF King17Okapi PartnersKingsdale AdvisorsH1 2022Rank#Adviser# Engagements Stake b1163Saratoga Proxy Consulting19 3.1 7.52242Okapi Partners17 10.63339DF King12 4.64 p528Innisfree M&A 4.75 q432Morrow Sodali16 1.7661711 0.27714IHS Markit4 0.98 p9Alliance Advisors3 0.09 pBoudicca Proxy1 0.710 qProxy Advisory Group1 0.011 p2021RankRank#1p227 5.92q136 3.43p61110 1.74p5129 3.55q415Harkins Kovler6 0.56p86Kingsdale Advisors5 2.17p958Investorcom5 0.18q711106MacKenzie Partners3 2.99p105810--Global Proxy Solicitors - CombinedH1 2022Top New Company-Side Engagements in 2022TotalComp.ActivistTargetShell PLCActivistOdey Asset ManagementCompany SolicitorGeorgesonAdviserInnisfree M&A584810Morrow Sodali3728McDonald's CorpIcahn Enterprises LPInnisfree M&A, KingsdaleOkapi Partners33Unliever PLCTrian Fund ManagementGeorgesonDF King29Georgeson27Engagements privately submitted to Bloomberg (not publicly sourced) are 32435q259Global Activism Review H1 2022Proxy SolicitorsProxy Solicitors in Top 5 Largest Advanced-Stage Proxy Fights in H1 2022TargetActivistMcDonald's CorpIcahn Enterprises LPVentas IncHasbro IncUS Foods Holdings CorpKohl's CorpMkt Cap bGoalCompany SolicitorActivist SolicitorOutcome 194Board RepInnisfree, KingsdaleHarkins KovlerManagement WinLand & Buildings 22Board RepInnisfree M&ASaratoga ProxyWithdrawnAlta Fox Capital 13Board RepInnisfree, Morrow SodaliOkapi PartnersManagement WinSachem Head Capital 8Board RepOkapi PartnersInnisfree M&ASettledMacellum Capital 7Board ControlInnisfree M&ASaratoga ProxyManagement WinActivist definitive proxy statement filed. Market cap as of campaign announcement date14
Company SideActivist SideUnited StatesUnited StatesH1 2022AdviserContact:activism@bloomberg.netRegion and Country2021H1 2022Adviser# Engagements Stake b2021# Engagements Stake bRankRank#Rank#Innisfree M&A47 10.61162Saratoga Proxy Consulting18 3.0Rank1p225Morrow Sodali20 3.32229Okapi Partners14 2.62q134MacKenzie Partners18 4.63328DF King9 2.13p58Okapi Partners16 1.74 p517Innisfree M&A8 1
EMEA: Bassel Mahmoud / bmahmoud1@bloomberg.net / 44-20-3525-1803 Asia Pacific: Kesaun Austin / kaustin42@bloomberg.net / 1-646-324-6089 General Activism queries may be submitted to activism@bloomberg.net. The Bloomberg Activism Advisory League Tables are the definitive publication of Activism advisory rankings.
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