The purpose of this paper is to examine how empire building behavior, characterized by firmsM&A activity and cash level, affect the likelihood of becoming a target for activist investors. The study is delimited to the European market and is based on a quantitative method where data is collected from Bloomberg. This paper applies a logistic regression model to examine the impact of M&A activity and cash level on the likelihood of becoming a targeted firm. The results obtained indicates a positive impact on the likelihood of becoming targeted both regarding M&A activity and cash level.