Activism was undoubtedly dampened by the global pandemic, but there were still 19 contests that went to a vote last year. That number is not too different from the past two years, making one wonder what shareholder activism in 2020 would have looked like without COVID-19. There are already indications that investors have begun to “un-pause” some campaigns that were halted during the early stages of the pandemic, which could result in a more active proxy season in 2021. And taking into account the various deals that have unraveled, been negotiated down, repriced up, or that remain in contention, the landscape will also be ripe for increased deal activism.