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What's in store for the M&A market in 2009? Deals are down, multiples have hit bottom ... but credit is still tight.

Publication: Directors & Boards
Publication Date: 22-JUN-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: What's in store for the M&A market in 2009? Deals are down, multiples have hit bottom ... but credit is still tight.(merger and acquisition)(Viewpoint essay)

Article Excerpt
Last year in these pages I noted that M&A activity was dropping and credit was tightening. Hopefully we have hit the bottom, although that doesn't mean a return to historic levels anytime soon. It took a little longer than expected for the multiples to drop, and no question deals are down. In spite of some who say credit is softening, I don't see many signs of that.

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What is the market for this year? Some deals will continue to get done but at lower multiples than last year. Financing for M & A transactions remains very hard to get and I don't see it coming back very fast.

Private Equity: Private equity still has billions of dollars to put to work and transactions continue to be completed. Estimated dry powder is in the range of $400 billion. Fund raising continues but at a slower rate. "PitchBook" reports that $296 billion was...

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