In the first half of 2025, nearly half of all US activist settlements were reached before a public campaign was announced. The campaign you never read about is now the most common kind.

A minority shareholder of a company can change who runs it and what it owns. The mechanism is not new, and it is not complicated.

A shareholder vote settled the largest proxy fight in history by 42,780 votes out of two billion cast. Here is what an activist investor actually does before it ever comes to a count that close.