Dan Scorpio Says Activist Investors Are Just Getting Started in 2025
In the lead-up to CommPRO’s July 29 virtual roundtable on shareholder activism, Dan Scorpio, Managing Director and Head of M&A and Activism at H/Advisors Abernathy, shared a timely warning for communicators and boards alike: The second half of 2025 could redefine the landscape of corporate activism.
“The 2025 proxy season was as volatile as any in recent memory,” Scorpio told CommPRO. “Activists were aggressive and noisy at the beginning of the year, public activity slowed considerably after the April 2 tariff announcement in favor of settlements and negotiated outcomes, and the season was interrupted by significant changes from the SEC regarding investor engagement guidelines.”
Despite the turbulence, Scorpio said the volume of activist campaigns remained consistent with the 10-year average, according to FactSet data. But what’s more telling is that activists claimed more board seats than they did last year — particularly through contested proxy fights that went to a vote.
Scorpio, who has advised on high-profile M&A transactions including T-Mobile’s acquisitions of Sprint and Mint Mobile, and has supported companies in battles with activists like Carl Icahn, Elliott Management, and Starboard Value, sees a busy road ahead. “Conditions are in place for activist activity to increase further in next year’s proxy season,” he said.
For communications executives and investor relations professionals, the advice is clear: prepare now. Scorpio recommends that leadership teams embrace “creative approaches to off-season engagement,” and emphasized the importance of leveraging the proxy statement as a core communications tool.
“The proxy statement is still the most effective channel to reach investors,” Scorpio said. He also encouraged companies to lean into owned media channels to present a clear and unfiltered narrative, while ensuring strategy, performance metrics, and long-term goals are well understood by stakeholders.
The thawing M&A market, a recalibrated response to U.S. tariff shifts, and ongoing adjustments to the SEC’s new 13G guidelines are expected to drive renewed engagement by activists — especially in the back half of 2025.
Scorpio will appear alongside Brendan M. Foo of Forward Global and Paul R. Schulman of Sodali & Co in the upcoming roundtable “What To Expect From Activist Investors During The 2nd Half Of 2025,” moderated by Keith E. Gottfried, CEO of Gottfried Shareholder Advisory LLC.
Communications executives should take this moment to reevaluate how their organizations engage with investors and prepare messaging that aligns tightly with both strategic and operational realities. Scorpio’s insights reinforce that being passive or reactive is no longer a viable option when it comes to activism defense.
