Activists target Ashland, Fiserv as M&A momentum builds
Ancora is advocating a sale of Ashland, while Jana sees additional divestitures and governance changes as the path forward for Fiserv.
Activist investors Ancora Holdings and Jana Partners unveiled new campaigns at Wolfe Research’s annual Activist Conference in New York on Tuesday, targeting Ashland and Fiserv respectively as activists continue to capitalize on a rebound in dealmaking activity.
Ancora is pushing Ashland to pursue a sale, setting the stage for a proxy battle if the specialty chemicals company’s board fails to act.
Presenting its investment thesis at the conference, Ancora argued that CEO Guillermo Novo’s efforts to streamline operations and boost performance have not been recognized by the market, noting a 24% stock price decline during his tenure.
The activist believes Ashland shareholders could realize significant upside through a strategic transaction and has warned that it may nominate directors to the board if the company does not make progress towards exploring a sale before the upcoming nomination window opens in September.
The activist investor reportedly estimates that a sale could value the company at approximately $76 per share, representing a 21.6% increase over Tuesday’s closing price.
Ancora's thesis centers on the view that both strategic acquirers and private equity buyers could find Ashland attractive given its portfolio of specialty chemical assets and established market positions.
The activist has also signaled a willingness to escalate its campaign, with a slate of potential director candidates prepared should it decide to pursue a proxy contest.
Jana targets further portfolio reshaping at Fiserv
Jana Partners used the conference to publicly discuss its investment in payments and fintech company Fiserv for the first time, calling on management to accelerate non-core asset sales and expand the board with directors who have banking software and payments expertise.
Jana Managing Partner Scott Ostfeld said Fiserv remains in the early stages of rebuilding credibility with customers and investors following a prolonged decline in the company's share price.
The hedge fund first invested in Fiserv in late 2025 after a sharp selloff in the stock and nearly doubled its position during the first quarter to become one of the company's top 20 shareholders. Jana now owns just under 1% of the business.
Ostfeld suggested more significant strategic alternatives could be considered if Fiserv's valuation fails to improve.
The activist believes recent divestitures, including the spin-off of the company's ATM managed services, cash logistics and MoneyPass businesses into a joint venture, represent positive steps but that further portfolio reshaping may be necessary.
The hedge fund also highlighted the company's potential to benefit from growing adoption of AI within the banking industry, including through its recently announced collaboration with OpenAI.
Activists lean into improving deal environment
The campaigns come amid a broader resurgence in strategic dealmaking that has provided fertile ground for activist investors.
Global M&A activity accelerated sharply in 2025, with deal value rising 43% to $4.7 trillion, according to McKinsey, while the number of transactions worth more than $10 billion reached its highest level since 2021.
Against that backdrop, activists have increasingly pushed companies to pursue strategic reviews, asset sales, and outright takeovers as boards become more receptive to value-unlocking transactions.
One recent example is Corvex Management’s ongoing campaign to pressure Premier Inn owner Whitbread to launch a formal sale process, while threatening boardroom action if the company failed to engage.
The latest campaigns from Ancora and Jana suggest shareholder activists remain eager to use improving M&A conditions to drive strategic change. Investors will now be watching closely to see whether Ashland and Fiserv embrace the activists' proposals or prepare to defend their existing strategies.
Ashland’s stock was trading at $67 at 10:00 on Wednesday in New York, up 7.2% from Tuesday’s closing price. Fizerv’s stock, meanwhile, was trading at $53.39, down 1.2% from Tuesday.
The two company’s stocks are up 13.2%, and down 20.9%, year-to-date, respectively.
Like this article? Sign up for our free newsletter.
