« Big bounce in bonds, Wed., Mar. 15, 2006, 6:23 AM | Main | The influence of BoJ on America, Wed., Mar. 15, 2006, 11:18 AM »

March 15, 2006

Just how good is M&A?, Wed., Mar. 15, 2006, 10:45 AM

With the stunning quarterly reports from Goldman Sachs (NYSE: GS) and Lehman Bros (NYSE: LEH), you just have to know that the mergers and acquisitions business is as good today as it has ever been. That's what happens late in every equity market cycle when predators use their share price as currency to acquire the prey.

Bob Coffey, a long-time friend who is a Director of the Association of Corporate Growth (ACG), which has about 10,000 members, many of whom are considered the movers and shakers of capitalism, sent me some literature on ACG.



012a013.gif

About 2,000 of these dealmakers responded to the ACG/Thomson 2006 DealMaker's Survey, with 90-pct reporting that "the current environment for mergers and acquisitions and corporate growth is good or excellent".

ACG is holding a major conference in April in Orlando FL, and the promo material talks of key issues to be discussed. The one that caught my eye: "Is the talk of revising the rules an NASD matter or an SEC matter, or both?"

The chairman's message covers ground that is important, which is that despite the intense competition among ACG members, there is a collegial spirit based on a community of interests. It's hard to argue the wisdom. I only wish that the Little People were as well organized.

btw, the dapper young man in the photo above, who is known internationally as THE COACH, is former vice-chair of KPMG Canada and president of the consulting division, which just goes to show that not all my friends are like the Garth Brooks song says, "in low places".

I'll be returning from Bahamas on Sunday evening and meeting Bob first thing Monday. He then is off to his vacation home in Bahamas (since 1979). My mission, should he choose to accept it, is to have Bob sign on as Honorary Director of my new development in Bahamas that I intend to write about frequently this year.

Also, btw, over his distinguished career, THE COACH has taught a few things about M&A to a few thousand experts. And he can tell you a thing or two about the attractiveness of The Bahamas as a place to live, and Grand Bahama Island as a place to do business.

Posted by Posted by Bill Cara on March 15, 2006 10:45:54 AM | Category: Bahamas