Annie Peabody and Jay Frankl, managing directors at Alvarez & Marsal LLC, recently joined Activist Investing Today to discuss the increasing role of M&A in shareholder activism campaigns. The duo highlighted growing deal activity and activist pressure on companies to simplify portfolios, divest assets and pursue strategic alternatives.

U.S. M&A volume and value have accelerated in 2026, creating more opportunities for activists to advocate for breakups, asset sales and transaction-related campaigns, Frankl said. He added that activists increasingly target multisegment companies where valuation gaps and portfolio complexity can obscure value.

Peabody emphasized that management teams face greater scrutiny over whether acquired businesses fit strategically and deliver promised synergies. Investors now expect companies to continually justify portfolio composition, she added.

Companies should regularly evaluate vulnerabilities, conduct portfolio reviews and develop clear equity narratives to reduce activist risk and strengthen shareholder support, the managing directors added.

Listen to the podcast with Annie Peabody and Jay Frankl below:

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