December 16, 2022 Insightia Ranks Okapi Partners as Top Proxy Solicitor for Activists in 2022
Okapi Partners’ CEO Bruce Goldfarb is another industry leader to note the importance of M&A activism in 2022.
“We also devoted great effort to the activism in the M&A market this year, representing sellers and buyers,” Goldfarb told Insightia Monthly, pointing to Spirit Airlines, which was at the center of a tug-of-war between Frontier Airlines and JetBlue Airways, and Zendesk, where Okapi represented the eventual buyer against a challenge from Light Street Capital.
The proxy solicitor also had a traditional proxy fight go the distance, with Cruiser Capital winning all three board seats up for a vote at American Vanguard in a year when many campaigns settled, and few activists had luck at the ballot box.
Next year, Goldfarb warns boards to be on the lookout for activists demanding CEO changes. “In a massive downmarket with rising interest rates, activists were still launching campaigns at some of the largest companies out there and, in some cases, seeking to bring in new leadership,” he said. “New activists will continue to bring forth campaigns and try to flex their muscles based on the successes of other first- time activists.”
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