(FROM THE WALL STREET JOURNAL 5/4/15)
By Stephen Grocer
Buyers are striking deals for U.S. companies at the highest
level in eight years, but they are also backing out at a record
clip.
So far this year, acquirers have withdrawn $141 billion worth of
announced deals for U.S. companies, according to Dealogic. That is
the most since the firm began tracking the data in 1995. Globally,
buyers have canceled $192 billion of proposed transactions, the
highest level since the first four months of 2008.
Six of the 10 largest withdrawn deals world-wide this year were
pulled in April. They included Comcast Corp.'s proposed $45.2
billion acquisition of Time Warner Cable Inc. and Simon Property
Group Inc.'s $15.6 billion offer for Macerich Co. In total, $113
billion of U.S. pending deals and $131 billion globally were
canceled in April.
Despite all the withdrawn deals, mergers-and-acquisitions
activity is booming this year. Globally acquirers have struck $1.27
trillion of mergers through April, up 25% from last year, according
to Dealogic.
Acquisitions of U.S. companies accounted for $538.8 billion, a
56% increase from last year.
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