Sandy Mak

Australia's dealmaking landscape is undergoing a dynamic shift, marked by a resurgence in both public and private M&A activity. Despite global geopolitical uncertainty and regulatory headwinds in major markets, Australia has emerged as a relatively stable and attractive destination for capital. Beneath the surface of this momentum, however, lies a complex regulatory environment that is reshaping how deals are structured and executed.

Shareholder activism is back – but with a different focus. With return-focused shareholder activism on the rise in Australia, value-based activist investing is set to grow, as it has in the United States, where it has dominated for decades. This new wave of activism should prompt ASX-listed companies across all industries to pay greater attention to long-term value strategies and prepare to build a new best practice corporate governance playbook for positive shareholder activist engagement.

Shareholder activism is back – but with a different focus. With return-focused shareholder activism on the rise in Australia, value-based activist investing is set to grow, as it has in the United States, where it has dominated for decades. This new wave of activism should prompt ASX-listed companies across all industries to pay greater attention to long-term value strategies and prepare to build a new best practice corporate governance playbook for positive shareholder activist engagement.