Why Activists are Setting Their Sights on Bigger Targets

Investments like ValueAct’s Microsoft stake and Elliott Management’s proxy fight with Hess are on the rise as activists rachet up their large-cap wagers, new research finds.

A new study has confirmed what has seemed like an anecdotal trend — more and more activist investors are targeting larger companies.

Of 72 financial or board seat activist campaigns so far this year, 29.2 percent have targeted companies with market caps exceeding $1 billion, according to data and research website Sharkrepellent.net.

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