The following is part of our annual publication Selected Issues for Boards of Directors in 2025. Explore all topics or download the PDF.
Predictions for M&A in 2025
The Overall M&A Environment
Many have predicted an M&A boom in 2025 and recent CEO surveys exhibit rising confidence.
Psychology is as important to the merger market as any human endeavor, so one should not discount the power of renewed optimism to be a self-fulfilling prophecy. We expect reality to be more nuanced, however, although 2025 should be a strong year (the usual caveats about fiscal and macro uncertainty aside).
Shareholder Activism in 2025
2024 was once again a robust year for activism and 2025 will be no different.
Many key themes of the activism landscape in 2024 were extensions of trends from years prior. These include the continued diversification of the activist field (with additional new and spinoff players joining the established firms), an elevated focus on strategic and operational campaigns and increased targeting of CEOs. After three relatively frenetic years of activism post-pandemic, however, it is worth stepping back to observe the macro trends that have taken shape.