Apple, eBay, Yahoo!, PepsiCo, Procter & Gamble and Microsoft share something in common. They are all well-known, large-cap public companies that have been targeted by activist shareholders, who, via various types of campaigns, have sought to pressure the boards of directors of these companies to take specific actions to unlock shareholder value. It wasn’t long ago that such activists were viewed as villains; however, a recent blog by The Economist has hailed them as heroes. Clearly shareholder activism is on the rise. While most proxy contests are directed at small-cap companies, recent activist campaigns have made it clear that large cap companies are clearly within the sights of activists.