A conventional critique can be found here which contains corporate governance proposals but states; 'until such a framework is widely adopted and in the absence of legislation, it is unlikely that there will be any significant decrease in activism'.

https://corpgov.law.harvard.edu/2019/01/25/dealing-with-activist-hedge-funds-and-other-activist-investors-2/

Hiding in plain sight is something that reveals the unsavoury side of modern capitalism. This is just one example, there are many others. It claims to be able to get information that is not in the public domain, for those seeking takeovers boasting that its service, 'uses industry contacts to provide proprietary information to our subscribers of The Deal’s Activist Service...to ...uncover companies that may be activist targets in the future' My italics, this may not be insider information, as strictly defined in law, but it seems, to me, to be sailing very close to the wind.

http://www.thedeal.com/the-deal/activist-service/

Preface - Why change is needed