Cravath Publishes Quarterly Review on Q4 2025 Trends in M&A, Activism and Corporate Governance

On February 13, 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 Buyers Are Increasingly Turning to State Law to Acquire Distressed Assets
• Key Delaware Case Law Review: “Moonshot” CEO Compensation; Aiding-and-Abetting Liability for Buyers; Personal Misconduct and Fiduciary Duties

ACTIVISM

• Activist Creditors Increasingly Seek to Assert Leverage through “Cooperation Agreements”

TAX

• Final Regulations Narrow Scope of Excise Tax

REGULATORY

• DOJ and FTC Continue Accepting Remedies but Certain Settlements Draw Scrutiny
• The Administration’s National Security Strategy; The Comprehensive Outbound Investment Security Program
• DOJ “Export Controls” for Data; New Cybersecurity Regulations in California Require Preparation for Compliance

CORPORATE GOVERNANCE

• Proxy Advisors Come Under Pressure; SEC Significantly Simplifies Process to Exclude Shareholder Proposals

Please click here to read the full report.