A record 99 campaigns with an M&A-related thesis were launched in 2019.

Jim Rossman

We saw COVID-19's impact on activism show up in March, lower M&A activity and companies focused on conserving cash will mean that activists are likely to increase their focus on operational performance and how management teams react to the crisis as the basis for new campaigns. But in a few months, activists who have been waiting on the sidelines could come back with a vengeance.

At that point M&A will make a comeback as a theme.