Lazard’s Capital Markets Advisory Group | Global Actiivity Stable, Bolstered by U.S. Surge: In contrast to late 2020’s emphasis on mega-cap activity in the U.S., three-quarters of all Q1 2021 activity targeted sub-$10bn market cap companies, including Treehouse Foods (JANA), Kohl’s (Ancora, Legion et al.) and eHealth (Starboard and Sachem Head). Prominent activists Icahn, JANA and Starboard were among the quarter’s most prolific activists (launching 2 campaigns each), whi le perennially active Elliott launched only 1 new campaign (versus its average of ~4 campaigns launched per quarter since 2017)