Is Traditional Activism Dead In Canada?

Earlier this week I was in Toronto for Activist Investing in Canada, the third annual conference organized by ArrowCon Partners. As speaker after speaker described the campaigns that had grabbed the most attention over the past year, it quickly became apparent that in the same year as Pershing Square Capital Management exited Canadian Pacific Railway and Agrium merged with PotashCorp without the help of either Jana Partners or ValueAct Capital Partners, there is a lot less “pure activism” going on than in previous years.

Activism

Data I presented on the opening panel puts this...