Cravath Publishes Quarterly Review on Q2 2026 Trends in M&A, Activism and Corporate Governance

On September 9, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:

M&A

• Why Divisive Mergers Are Gaining Popularity and How They Can Be Structured to Mitigate Risk
• Key Delaware Case Law Review: Extra-Contractual Fraud Survives Where Earnout Claims Fail; Pleading a Stockholder Control Group and Cleansing Board Conflicts; Interpreting Heightened Disinterestedness Presumption Under Amended Delaware Law

Activism

• Campaign Activity Accelerates Amid M&A Surge

Tax

• Continuing Evolution of IRS Ruling Practice for Spin-Offs 

Regulatory

• Supreme Court Ends For-Cause Removal Protection for FTC Commissioners; Leadership Changes at DOJ; Update on HSR Rule Changes; Continued Acceptance of Remedies by the Agencies; State AGs’ Increased Interest in Merger Enforcement
• SEC Proposal to Reduce Executive Compensation Disclosure for Most Companies
• State Department Designation of Brazilian Criminal Organizations Underscores Expanding Risk in the Americas
• HHS’ Office for Civil Rights Settles Five HIPAA Security Rule Ransomware and Risk Analysis Investigations

Corporate Governance 

• The SEC Reopens the Public Company Playbook; CFTC Proposed Rulemaking on Event Contracts; SDNY and CFTC Bring First Insider Trading Actions Involving Prediction Markets; The Supreme Court Expands Presidential Power Over Independent Agencies

Please click here to read the full report.