May 19 - DealBook blog (N.Y. Times) - Ever since the end of the buyout boom last summer, many pundits and financial players argued that the mergers and acquisitions game didn’t have to end. Strategic players could step into the void, buoyed by their voluminous cash holdings and unhindered by competing private equity firms.
Now a new study, conducted by the consulting firm Towers Perrin and the Cass Business School in London, that will be released Tuesday has found that doing deals in the “post-peak” period could yield mergers that created a significant amount of value. That would mean, well, this year.
The study examined 38,122 deals, seeking to compare the M&A cycles of the late 1980s and the late 1990s to today. Among the findings gleaned from the data was that deals struck in the post-peak years of those previous cycles, 1990 and 2000, created more value for shareholders, especially compared to mergers struck at frothy heights only a year before. Read More.
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