{"id":1916,"date":"2010-09-27T17:54:39","date_gmt":"2010-09-27T21:54:39","guid":{"rendered":"http:\/\/www.credittrends.com\/blog\/?p=1916"},"modified":"2010-09-27T17:57:37","modified_gmt":"2010-09-27T21:57:37","slug":"ma-activity","status":"publish","type":"post","link":"https:\/\/www.credittrends.com\/blog\/2010\/09\/27\/ma-activity\/","title":{"rendered":"M&A Activity"},"content":{"rendered":"

I have written extensively on business combinations over the past six months, including “hidden” costs associated with their taking place.<\/p>\n

The current economic environment, that of slow top line growth with a boost in year over year financial flexibility is often a recipe for happy investment bankers. But what does it mean for equities?<\/p>\n

Here, history is\u00a0crystal\u00a0clear: investors would be incorrect to presume a step-up in merger activity would presage higher stock prices, which can only take place with improvements in free cash flows and reductions in the cost of capital.<\/p>\n

While the cost of after tax debt continues to decline, the cost of equity has remained stable over the past month.<\/p>\n

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I have written extensively on business combinations over the past six months, including “hidden” costs associated with their taking place. The current economic environment, that of slow top line growth with a boost in year over year financial flexibility is often a recipe for happy investment bankers. But what does it mean for equities? Here, […]<\/p>\n

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