Andrew Freedman Quoted in Law360 on the Surge of Shareholder Activism in 1H 2024

Olshan Co-Managing Partner and Chair of the firm’s Shareholder Activism Practice Andrew Freedman was quoted in a Law360 article (subscription required) on the surge of activist demands against U.S. companies in the first half of 2024. The number of U.S. companies subject to shareholder activist demands in the first half of the year is up 9% compared to the first half of 2023 and up 11.4% compared to the first half of 2022. Months of historic stock market gains have led to dislocation opportunities, Andy explained, providing an incentive for both seasoned activists and new entrants to call companies out when their stocks aren’t performing up to par: “More investors are willing to engage in activism than ever before. We’re seeing that firsthand at Olshan, where every week a new investor is on the scene and willing to take on a new campaign.” As an example of activists’ vitality in 2024, the article points to the historic proxy contest victory for Olshan client Browning West at Gildan Activewear which replaced the entire board of directors and reinstated the company’s former CEO. Andy further noted that, a year into the establishment of the universal proxy regime, it has proven helpful for activists obtaining settlements for minority board seats.