European boards are finally prioritising the implementation
of defence plans against activist investors as volumes look set
to break records.
But counsel are recommending their corporate clients take a
proactive, considered approach to defence, rather than US-style
The concern is borne out of a growing number of activists in
the region coupled with attractively-priced corporates sitting
on large cash piles, according to research released by
Linklaters last month.
Data from the firm shows $314 billion of activist hedge fund
assets under management in 2015 until October, up from
2014’s total figure of $302 billion. IFLR
reported in October that US activist tactics were beginning
to penetrate Europe and the spread of target companies is wider
than the banking focus of previous years. This
year’s data shows proportionate activity across
technology, banking, industrial and services.
"I think there is more money being invested. Conditions are