The middle market is beginning to see its fair share of shareholder activism. Previously, it was a tactic most associated with the likes of Carl Icahn and others who would amass large stakes and target mega companies such as Dell Inc. Spurred on by their high-profile success, a growing crop of firms is looking further downstream, making smaller companies susceptible to the same scrutiny as larger ones.

“It’s absolutely a growth area for sure,” says Sharon Geraghty of Toronto law firm Torys LLP. “There’s lower risk, you can do it with less capital and the idea is to generate some increase in the stock value for your company and reap the benefit of that.”

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