Episode 20 of Mergerspresso, Addleshaw Goddard’s corporate finance podcast, examines whether shareholder activism is set to haunt listed companies as the year draws to a close. Host Lucy Robson is joined by guest Jack Edwards to assess the state of activist campaigns in 2025 and what boards should really be watching out for.

Lucy and Jack discuss why the anticipated wave of high-profile activist interventions has been more muted than expected, despite early predictions and notable campaigns such as Elliott’s pressure on BP. They explore recent data showing a decline in European activist activity, while highlighting how activism has increasingly focused on M&A strategy, breakups and the push for pure-play businesses.

The episode also uncovers a subtler trend, with existing shareholders becoming more vocal behind the scenes. Rather than headline-grabbing campaigns, boards are facing growing pressure from current investors pushing for strategic change, particularly around M&A direction. Lucy and Jack conclude that the real risk this Hallowe'en may not be activist outsiders, but the expectations of shareholders already at the table.