Update on Activism and Universal Proxy with Michael R. Levin

by | Mar 16, 2023

BA Speaks to Michael Levin, Founder of the Activist Investor

Update on Activism with Michael R. Levin, the founder of The Activist Investor

Activism is once again front and center in the news lately with several high-profile situations taking the spotlight, from Trian and Disney (DIS) to Elliott and Salesforce (CRM). Thus it was timely to sit down with one of the experts in the activist landscape Michael R. Levin, founder of The Activist Investor and experienced board director and investor.

Michael gives us an update on Universal Proxy (UPC) and how the new rules are changing activist campaigns and activity. Since the adaption of UPC in September 2022, there have been differing views as to the real impact of UPC: will there be a spike in situations? how will the voting change? should companies feel more worried?

ICYMI: What to Know about Universal Proxy with Bruce Goldfarb of Okapi Partners

We discuss the Land & Buildings & Apartment Investment and Management Company (AIV) situation, the first completed vote of the UPC era, and it’s implications. The results, a split result of incumbents and activists, seemingly worked exactly how the SEC intended.

Michael touches on what’s next as the 2023 proxy season really, and the need for more thoughtful alignment with activist director nominees and thesis. Have a listen

Topics Discussed

  • Refresher on UPC contested shareholder voting
  • How have activist contests been affected since the rule change
  • Settlements vs. voting, what are the trends?
  • Land & Buildings / Apartment Investment
  • What are activists doing to take advantage of the new rules
  • How are companies and boards responding to UPC
  • What to look out for the rest of 2023? ESG Proponents?

Recent Analysis

Weekly Boardroom & Executive Moves: May 1, 2026

This week, significant leadership changes occurred across several companies facing financial difficulties. Abbott Laboratories (ABT) and Agilon Health Inc (AGL) appointed new board members and executives amidst high activist risks and declining TSRs. Accuray Inc (ARAY) and ALT5 Sigma Corp (ALTS) also saw key executive departures and appointments as they navigate substantial TSR declines. These shifts highlight the ongoing challenges and strategic redirections needed to stabilize operations and improve shareholder value.

Daily SPAC Update – May 1, 2026

Two SPAC IPOs launched today, raising a total of $500 million. CH4 Natural Solutions Acquisition Corp (MTNE) secured $300 million, while Quantum Leap Acquisition Corp (QLEP) raised $200 million. Today, 2 SPAC IPOs raised $500M, led by CH4 Natural Solutions (MTNE) at $300M. This follows a surge of activity at the end of April.

Daily SPAC Update – April 30, 2026

Today, six SPACs debuted, raising a total of $965 million. General Catalyst Global Resilience Merger Corp (GCGR) led the pack with $350 million, followed by RRE Ventures Acquisition Corp. (RREV) at $250 million. Month-to-date, SPAC IPOs total 16, bringing in $2.65 billion, compared to 11 IPOs last month that raised $1.72 billion.

Daily SPAC Update – April 29, 2026

Collective Acquisition Corp. II (CAII) launched its $220 million IPO today, targeting high-potential sectors like technology and healthcare. In executive moves, Roger Bendelac was appointed CEO of both Drugs Made in America Acquisition Corp (DMAA) and Drugs Made in America Acquisition II Corp (DMII), with Saleem Elmasri as CFO. Meanwhile, General Purpose Acquisition Corp (GPAC) saw a significant decline of 22.9%, closing at $9.96, while Aimei Health Technology Co Ltd (AFJK) gained 2.7% to $46.12.

Daily SPAC Update – April 28, 2026

SPAC IPOs Look Stalled Again as Irenic’s $220M IPO Only Makes it Seven. Miluna Acquisition + CADV.AI Deal. Prophyte Extension Vote to Add 12 More Months.

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