diff --git a/src/Avalonia.Styling/Styling/ActivatedObservable.cs b/src/Avalonia.Styling/Styling/ActivatedObservable.cs
index 2cd324fff4..1d9af6ed41 100644
--- a/src/Avalonia.Styling/Styling/ActivatedObservable.cs
+++ b/src/Avalonia.Styling/Styling/ActivatedObservable.cs
@@ -2,8 +2,8 @@
 // Licensed under the MIT license. See licence.md file in the project root for full license information.
 
 using System;
-using System.Reactive;
-using System.Reactive.Linq;
+using System.Collections.Generic;
+using System.Reactive.Disposables;
 
 namespace Avalonia.Styling
 {
@@ -17,8 +17,17 @@ namespace Avalonia.Styling
     /// value. When the activator produces false it will produce
     /// <see cref="AvaloniaProperty.UnsetValue"/>.
     /// </remarks>
-    internal class ActivatedObservable : ObservableBase<object>, IDescription
+    internal class ActivatedObservable : IObservable<object>, IDescription
     {
+        private static readonly object NotSent = new object();
+        private readonly Listener _listener;
+        private List<IObserver<object>> _observers;
+        private IDisposable _activatorSubscription;
+        private IDisposable _sourceSubscription;
+        private bool? _active;
+        private object _value;
+        private object _last = NotSent;
+
         /// <summary>
         /// Initializes a new instance of the <see cref="ActivatedObservable"/> class.
         /// </summary>
@@ -36,6 +45,7 @@ namespace Avalonia.Styling
             Activator = activator;
             Description = description;
             Source = source;
+            _listener = new Listener(this);
         }
 
         /// <summary>
@@ -53,25 +63,96 @@ namespace Avalonia.Styling
         /// </summary>
         public IObservable<object> Source { get; }
 
-        /// <summary>
-        /// Notifies the provider that an observer is to receive notifications.
-        /// </summary>
-        /// <param name="observer">The observer.</param>
-        /// <returns>IDisposable object used to unsubscribe from the observable sequence.</returns>
-        protected override IDisposable SubscribeCore(IObserver<object> observer)
+        public IDisposable Subscribe(IObserver<object> observer)
+        {
+            var subscribe = _observers == null;
+
+            _observers = _observers ?? new List<IObserver<object>>();
+            _observers.Add(observer);
+
+            if (subscribe)
+            {
+                _sourceSubscription = Source.Subscribe(_listener);
+                _activatorSubscription = Activator.Subscribe(_listener);
+            }
+
+            return Disposable.Create(() =>
+            {
+                _observers.Remove(observer);
+
+                if (_observers.Count == 0)
+                {
+                    _activatorSubscription.Dispose();
+                    _sourceSubscription.Dispose();
+                    _activatorSubscription = null;
+                    _sourceSubscription = null;
+                }
+            });
+        }
+
+        private void NotifyCompleted()
+        {
+            foreach (var observer in _observers)
+            {
+                observer.OnCompleted();
+            }
+
+            _observers = null;
+        }
+
+        private void NotifyError(Exception error)
         {
-            Contract.Requires<ArgumentNullException>(observer != null);
-
-            var sourceCompleted = Source.LastOrDefaultAsync().Select(_ => Unit.Default);
-            var activatorCompleted = Activator.LastOrDefaultAsync().Select(_ => Unit.Default);
-            var completed = sourceCompleted.Merge(activatorCompleted);
-
-            return Activator
-                .CombineLatest(Source, (x, y) => new { Active = x, Value = y })
-                .Select(x => x.Active ? x.Value : AvaloniaProperty.UnsetValue)
-                .DistinctUntilChanged()
-                .TakeUntil(completed)
-                .Subscribe(observer);
+            foreach (var observer in _observers)
+            {
+                observer.OnError(error);
+            }
+
+            _observers = null;
+        }
+
+        private void Update()
+        {
+            if (_active.HasValue)
+            {
+                var v = _active.Value ? _value : AvaloniaProperty.UnsetValue;
+
+                if (!Equals(v, _last))
+                {
+                    foreach (var observer in _observers)
+                    {
+                        observer.OnNext(v);
+                    }
+
+                    _last = v;
+                }
+            }
+        }
+
+        private class Listener : IObserver<bool>, IObserver<object>
+        {
+            private readonly ActivatedObservable _parent;
+
+            public Listener(ActivatedObservable parent)
+            {
+                _parent = parent;
+            }
+
+            void IObserver<bool>.OnCompleted() => _parent.NotifyCompleted();
+            void IObserver<object>.OnCompleted() => _parent.NotifyCompleted();
+            void IObserver<bool>.OnError(Exception error) => _parent.NotifyError(error);
+            void IObserver<object>.OnError(Exception error) => _parent.NotifyError(error);
+
+            void IObserver<bool>.OnNext(bool value)
+            {
+                _parent._active = value;
+                _parent.Update();
+            }
+
+            void IObserver<object>.OnNext(object value)
+            {
+                _parent._value = value;
+                _parent.Update();
+            }
         }
     }
 }