Chapter 14Mergers and Acquisitions

The merger-and-acquisition frenzy that took place in 1999 and 2000 affected owners and managers of businesses of all types and sizes, and brought us megadeals such as AOL Time Warner, ExxonMobil, and Daimler-Chrysler. The market went on a short hiatus in 2002 and 2003, but then made a resurgence, bringing in deals between Bank One and JPMorgan Chase, AT&T Wireless and Cingular, and Oxford Health and United Health, all valued at billions of dollars. The financial crisis, however, took its toll on the M&A market. It is estimated that in 2007, there were approximately 15,700 deals done in the global market; by 2009, that number had fallen to 9,400.

There has been a thawing of deal flow in the past two years, and ...

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