Merger and acquisition activity in the first quarter of 2010 “started off slower than expected,” reports Mike Rosendahl (PCE Investment Bankers) in his quarterly State of the M&A Markets. Transaction activity decreased in all valuation segments, however valuation multiples increased substantially in every segment except for transactions below $50 million. This “appears to bolster the case that there is a flight to quality for larger transaction and also highlights the number of distressed deals that are closing. Distressed transactions tend to trade at high multiples, but low values,” says Rosendahl.
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