The number of companies targeted by shareholder activists hit anall-time high in 2018, as more investors launched campaigns,lobbied for and against deals, and increasingly cast their eyes onEurope.

This spike in activity coincided with the return of billionaireCarl Icahn to the activist scene after a sojourn in Washington as aspecial adviser to President Donald Trump. Icahn pushed for higherprices on several transactions, including Michael Dell's plans toreturn his eponymous tech giant to the public markets and AmtrustFinancial Services' plans to go private. He also broke up FujifilmHoldings Corp.'s takeover of Xerox Corp.

“Activism against M&A [mergers and acquisitions] reached anall-time high this year,” says Kai Liekefett, partner and chairmanof the shareholder activism practice at law firm Sidley Austin LLP,noting that Icahn led the charge. “He's about to perfect the art ofgetting higher deal prices out of buyers.”