Done Deal – Insights from our M&A and Activism team – April 2026

 Meet our Team: 30 seconds with Tanner Kaufman

What does being named a Rising Leader Under 40 by NIRI mean to you?

As my clients and fellow advisors will attest, I prefer to be behind the scenes and in the trenches. I like to let our work – and the outcomes we deliver – speak for themselves. That said, I am honored and grateful to be recognized for doing work I love to do. 

I am also fortunate to work in a highly collaborative and supportive environment, alongside talented colleagues and mentors who empower me and have helped shape the leader I am today. This recognition is as much a reflection of our team’s collective efforts, culture, and incredible momentum over the past several years as it is of my individual contributions. 

What are the challenges and opportunities are we seeing in the M&A and Activism industry?

Our clients are navigating uncertain times amid continued economic and geopolitical volatility. Now, more than ever, companies need a strategic communications advisor with the global reach, specialized capabilities and depth of experience to support them across evolving issues.

Volatility, higher rates and uneven sector performance are creating valuation gaps that strategic buyers and activists are both eager to exploit. I think that well-capitalized strategic buyers will be particularly active in the coming year and we will continue to see large transformative transactions to drive growth, enhance innovation and extend competitive differentiation. Given the evolving macroenvironment and geopolitical pressures, I also expect companies will be continuing to review and focus their portfolios, divesting or selling non-core assets that are not delivering immediate impact and value. 

Relatedly, I expect a renewed wave of M&A‑driven activism with private and public campaigns by the emerging class of new M&A-oriented activists. After several years when only about a third of campaigns had an M&A thesis, M&A demands have been rising back toward historical norms and have reached multi‑year highs. This includes both “sell the company” pressure and organized opposition to announced deals seen as mispriced or poorly structured. Continuing the trend over the past several years, I’m also expecting fewer full proxy fights and more low‑cost pressure tactics like public withhold campaigns and aggressive behind-the-scenes engagement. 

What are you talking to IROs about most?

Most of my conversations with IROs center on how to tell a clearer, more credible story to the market in an environment where investors and analysts are highly focused on execution, capital allocation, and long-term value creation, while also being prepared with an escalation protocol and responsive messaging for potential activist scrutiny and/or an M&A inbound. 

In this environment, IROs are often the first line of defense and the first line of offense — helping management communicate a clear, credible narrative, anticipate pressure points, and stay consistent across earnings and investor meetings. IROs are increasingly expected to help bridge the gap between management’s strategy and what investors are actually hearing, so we spend a lot of time refining equity narratives, pressure testing a company’s shareholder outreach and engagement strategy, and discussing how to best anticipate and respond to tough questions before they become issues.

In January, you hit your two-year anniversary at FTI Consulting. How is it going?

The past two years have been incredibly rewarding. Our team’s continued momentum is energizing and validates our collective efforts over the past several years to build a strong, highly differentiated M&A and activism defense practice. We are continuing to add talented people to the team, including both experienced leaders and ambitious early-career professionals, while delivering best-in-class execution across projects and deepening relationships with clients and fellow advisors.

FTI has a truly differentiated value proposition for clients, with subject matter experts pared with industry expertise, and since joining the firm, I have gotten to see that platform in action and leverage it to deliver results for our clients. I’ve had the chance to work across a range of situations, from friendly transactions and contested campaigns to complex litigation, cyber incidents, and reputational attacks, which has sharpened my instincts and made me a stronger strategic partner for management teams. I have led teams across multiple countries and continents to deliver powerful outcomes for our clients – and I have built strong relationships and friendships with my colleagues across the globe.