We advised the activist fund Petrus Advisors in connection with its public campaign targeting Criteo S.A., a French technology company exclusively listed on Nasdaq. The campaign was launched in response to a series of market disappointments, including a downward revision of 2025 revenue and EBITDA targets, in the context of a strategic repositioning toward Retail Media and mounting uncertainty surrounding the phase-out of third-party cookies.
In an open letter addressed to the Chairwoman of the Board and the Chief Executive Officer, Petrus Advisors — then holding a 5.5% stake — outlined a series of demands aimed at restoring market confidence and unlocking shareholder value. These included: (i) the immediate organization of an Investor Day to clarify the company's strategy, (ii) the launch of a $150 million self-tender offer to accelerate the share buyback program, (iii) a full strategic review, including potential M&A and take-private scenarios, and (iv) a refresh of the board of directors through the appointment of new independent directors nominated by the fund.