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Activists targeting Europe in the first half of 2026 sharpened their focus on M&A, pushing companies not only to pursue strategic transactions but also to rethink or resist deals already on the table.
For the second consecutive opening half, Europe saw M&A surface as a key feature of the activist playbook, with 10 demands pushing targets toward dealmaking, twice that seen in the same period of 2021.
At the same time, activist opposition to proposed deals almost reached the full-year tally for 2025, Diligent Market Intelligence data show.
"M&A-related activism has been on a growth trajectory for the last two years, and I expect that trend to continue," said Tom Matthews, head of EMEA Activism at White & Case. "Take-private activity remains strong, providing plenty of opportunity for activists. More broadly, investors continue looking for ways to unlock value through corporate events, and M&A is one of the most obvious examples."
UK powers deal activity
The U.K. market drove 70% of activist efforts in the wider European region to push targets toward a sale as dissident investors pushed to unlock value.
Indeed, the seven companies targeted over the first six months of the year represented the country's highest first-half total in five years.
For Patrick Sarch, head of U.K. public M&A at White & Case, the increased focus on M&A is driven by the concentration of lower-valued listed companies in the U.K., which has reduced the capital required to establish meaningful activist positions, encouraging participation from smaller activist funds.
“You can own a significant percentage of a U.K. company without spending too much money. Smaller companies are not particularly attractive to the largest activists, but they are attractive to smaller activists,” explained Sarch.
Four out of the seven U.K.-based issuers targeted by activists pushing for M&A in H1 were either small or micro-cap in size.
This included U.K.-based Liontrust Asset Management, which faced pressure from Swiss money manager GAM to sell itself, arguing that it was unlikely to turn around the business after a steep decline in market value. In July, the investor increased its stake to over 5% and doubled down on its calls, suggesting that its sustainability focus could attract takeover interest.
In another campaign that surfaced in May, Corvex Asset Management threatened to advance a new slate of directors at Whitbread if the U.K.-based hotel and restaurant operator did not initiate a sale process.
Blocking the path
Opposition to dealmaking in Europe also intensified in H1. While the U.K. market was again in the mix, the trend was prevalent across many key jurisdictions in Europe.
Germany, Europe's second-largest market for activism overall, was one.
This included opposition to Uber Technologies' proposed takeover of Delivery Hero after major investor Prosus announced in June that it would seek to block the bid. Prosus argued that Europe's regulatory environment risked leaving the region behind in technology, while also criticizing the move for potentially enabling an American company to take control of the food-delivery company.
“What we observe is not simply a rise in standalone activist campaigns; it is a convergence of activist and M&A dynamics that is reshaping how transactions are originated, contested, and concluded,” said Andreas Posavac, founding member and managing partner of Embera Partners, a boutique advisory firm which focuses on the DACH market.
In Italy, activists were also willing to stand against deals.
“Although Italy has a lower number of listed companies, some of its businesses are world-class companies. It is currently a very active M&A market and has seen a number of hostile bids in sectors such as banking recently, which makes it attractive to activists as well,” said Sarch.
In January, Amber Capital questioned the terms of a planned takeover deal of Italian supply chain solutions company Antares Vision by U.S. tech company Crane NXT, arguing the 5-euro-per-share offer was inadequate and that the deal risks setting a precedent through its use of Italy’s enhanced voting rights rule to force the hand of minority shareholders.
The Netherlands also saw disputed deals. At Universal Music Group (UMG), major shareholder Cyrille Bollore came out in opposition to Pershing Square Capital’s $65 million bid for the Netherlands-based entertainment giant, arguing that it undervalued the company and doesn’t fit its long-term strategy. UMG ultimately rejected Pershing’s bid in late May.
Investor appetite
With many forecasting continued M&A for the remainder of 2026, activists are expected to lean on the measure as they push to generate a premium for shareholders.
According to a report for Mergermarket, M&A volume in Europe increased by 87% in the first half of the year, reaching $847.5 billion, the best first half recorded since 2007.
For Sarch, carve-outs are set to become a key battleground in Europe as activists increasingly push companies to dispose of non-core assets.
"We expect to see a lot more carve-outs, which are highly attractive to private equity because they can often be acquired at an attractive valuation without a full auction process," he told DMI. "Private equity can then improve the business, grow it, and eventually sell it or relist it at a higher valuation.”
