The Shareholder Activists’ View: M&A Activism to Rise in 2014

89%of activists

M&A Activism Is on the Rise

M&A Activism Focus – Target or Acquirer

of activists73%

stated they would encourage the acquirer not to purchase

43%of activists

stated they would engage in an offer price increase strategy

45%of activists

stated M&A activism, over all other types, would have the

largest increase in 2014

think M&A

activism will increasein general

87%

of North Americanactivists are findingno shortage of targetsin North America

40%of North Americanactivists are shifting theirfocus outside ofNorth America

by investing in previously commenced activist situations

69% support other activists

26%

and have used social media (e.g., blogs, Twitter) in engagements with companies

already use Twitter

Media’s Influence Public Vs. Private Activism

88%of activists

feel the media has positivelyimpacted activism

Activists estimate only 31% of engagements enter the public domain, but 44% expect that number to increase in 2014

is the most important characteristic of an attractive activism target

63% say negative investor sentiment

Targeting Follow-On Effect

67% expect an increase

in use of social media

M&A Activism Focus – Geographic

Edward BridgesSenior Managing DirectorFTI Consulting — Strategic Communicationsedward.bridges@fticonsulting.com+44 20 7269 7147

Americas Contact:

Steven BaletManaging DirectorFTI Consulting — Strategic Communicationssteven.balet@fticonsulting.com+1 212 850 5735

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Research Methodology:

The Strategic Communications segment at FTI Consulting conducted in-depth interviews among activist investors between March 1 and March 19, 2014.

The survey sample consisted of economic activist funds that have been engaged in over 500 activist situations.

For more information, visit: http://activistinsight.com and http://fticonsulting.com/activism.

EMEA Contacts:

Adam RichesSales ExecutiveActivist Insightariches@activistinsight.com+44 207 129 1314