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Does the M&A Boom Mean Anything for the Market?

February 05, 2007

• Academic research suggests equity returns are poor following crests in M&A activity, leading to concern about today’s market.

• This research does not take into account the circumstances surrounding M&A today.

• McKinsey research, based on two market-derived indexes, shows current M&A activity is creating much more value than in the prior peak.

• Until conditions change, we believe ongoing M&A activity and healthy market returns can coexist in 2007.

url=http://www.leggmason.com/funds/knowledge/mauboussin/MA_Boom.pdf]Read the complete commentary[/url]


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