LONDON (AFX) - A resurgence of hostile takeover bids around the globe is set to push the volume of mergers and acquisitions above the record 2,680 bln usd set in the first nine months of 2000, the Financial Times reported citing a report from Dealogic, the global data provider.
There have been 132 unsolicited bids so far this year, more than double the number in the same period last year and the highest since 1999, said Dealogic.
The rise has been fuelled by audacious chief executives seeking growth, record liquidity and increased shareholder activism.
'Companies are prepared to materially raise their offers when they have been initially rejected, sometimes finding another 15-40 pct of value in their pockets,' said Gavin MacDonald, European head of M&A at Morgan Stanley.
On Thursday night, the volume of global M&A stood at 2,672 bln usd, inches away from the internet bubble era record. The average deal size also increased by 11 pct to 191 mln usd. During the period, there were 34 deals with a value of more than 10 bln usd, accounting for 29 pct of global volume. newsdesk@afxnews.com ml/slm COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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