Andrew Freedman Quoted in Bloomberg Law on How Activist Opposition to M&A Comes on Multiple Fronts

Olshan Co-Managing Partner and Chair of the firm’s Shareholder Activism Practice Andrew Freedman was quoted in a Bloomberg Law article (subscription required) that highlights the growing role of shareholder activists in challenging mergers and acquisitions and how opposition to announced deals has become a mainstream aspect of the M&A landscape rather than a niche strategy. According to Diligent Market Intelligence data, activist investors have opposed roughly 300 U.S. company sale transactions over the past decade. In 2025, activists achieved their highest success rate since 2018 in blocking or influencing transactions. Andy explained that investors are more likely to oppose deals when “the board seems to put other interests ahead of its shareholders.” He said that “These are transformational moments for companies, whether they are acquirers or targets. If you have a company that has a poor acquisition track record or conflicts of interest, there is a good chance that investors are taking a long hard look at these deals.” Andy further commented that he is also seeing a lot of shareholder opposition on the acquirer side of M&A deals, as acquiring companies give up shares or take up more debt to complete the deals that shareholders can see as detrimental to their interest. There may be a lot of guess work for companies as they often cannot, in the middle of a deal, get a clear picture of how the transaction is perceived by all shareholders. Andy said it is important that boards look at the deal from shareholders’ perspectives and ensure that special committees are formed when appropriate. “Boards should oversee strategic processes rigorously to ensure shareholders receive the best possible outcome,” he said.