An increase in M&A activity is clearly good for the targets, but is it good for the large-cap acquirers?
In many cases, no, but the devil is in the details. The PFE-WYE and MRK-SGP mergers were highly accretive to shareholder value, IMO. Both PFE and MRK were woefully under-leveraged prior to these deals.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.