Just say no

摘要

For firms with cash to spare, today's market for mergers and acquisitions looks tempting. Share prices are down, making targets look cheap. And the seizure in the corporate-debt market means there is little competition from private-equity outfits in any deal worth over $1 billion. If you are a target, meanwhile, things could scarcely be worse. No doubt your low share-price is the result of irrational, non-exuberant investors lumping you in with the rest-wrongly of course. But what can be done to fight off a hostile bidder?