The first half of 2026 was not quite a blockbuster proxy season, despite the subplots of media M&A and market volatility. Instead, activists established a launchpad for future activity, mostly working collaboratively, taking more positions late in the proxy season, and showing the first signs of how the AI boom will influence their campaigns.
There were still more settlements than contested votes, yet there was less of the immediate scramble that characterized 2025 following the tariff surprise, with the average time to reach a formal settlement stretching to 36 days from 16.6days a year earlier. Activists secured 84 of 85 U.S. board seats through settlement, and just one seat at the ballot box. Boards were willing to engage, activists prepared to negotiate and both sides often had strong reasons to avoid the uncertainty of a full vote.
A looming confrontation, however, is being driven in large part by M&A. The season made clear that dealmaking is again central to activist strategy, with Diligent Market Intelligence tracking an almost 50% increase in push-for-sale demands at U.S.-based companies in H1 2026 compared with the same period last year.
