Despite cheap money the US economy continues to wobble as we enter the second half of 2008, impacting middle-market M&A deals directly. In March non-farm payrolls fell for a third straight month and the unemployment rate rose. US construction and manufacturing also took big hits, accounting for March decline in payrolls. Business activity has also slowed but personal spending continues a steady, if lesser, pace. On the plus side, the housing market, which accounted for a 1% loss of GDP is s… Continue

How many rate cuts does it take to stimulate growth? The answer to that question remains to be seen. Yet this Wednesday the Fed cut rates again for the seventh time. The overnight lending rate is now at 2%. So, is two percent low enough to revise or save pending middle market M&A deals? The markets answered this week with no reaction. While some on Wall Street argue that the credit crisis is easing up, in a still tight credit… Continue

I was quoted in Investor's Business Daily regarding M&A in the Pharma Sector. Here's the relevant info: Health care companies are always looking to add to their product lists through acquisition. But after spearheading a slew of deals thanks to an abundance of cheap credit, private equity buyers are now nearly non-existent due to a lack of capital. Many of the health care industry's biggest players have looked at the landscape, realized that opportunity, and concluded that the tim… Continue

http://www.rwbaird.com/content/rpts/MergerMonthly.pdf Robert W. Baird & Co. is pleased to send you the April issue of Merger Monthly, our publication analyzing U.S., European and Transatlantic middle-market M&A activity. This month's issue contains: *General M&A Market Commentary – M&A activity remains sluggish, unable to shake the effects of the turmoil in the debt markets and growing concerns over the health… Continue

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