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M&A at a Glance (July 2013)
Practices
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July 16, 2013 download PDF
June 2013 continued to be a mixed bag for the M&A market. Global M&A saw an increase in volume (with strategic deals the main driver behind June having the largest monthly deal volume since March), but a decline in the number of deals for the sixth consecutive month. Similarly in the U.S., weakness in sponsor-related deals drove a relatively flat month in M&A activity. Figure 1. Following a May in which inbound deals originating in Canada and China each topped US$7 billion, June had no country originating more than US$2.5 billion in inbound-U.S. deals. Outbound-U.S. deals also experienced a drop in volume in the top five, with Canada coming in under US$2 billion in the number one slot. Figure 3. The average value of U.S. public mergers normalized to levels more consistent with what we have observed over the past year, after upward swings in the first half of 2013. Figure 4. Reverse break fee levels have declined alongside deal values and are on the low end of the levels observed over the last 12 months (this is inconsistent with previously observed fluctuations which suggested that reverse break-fees appeared to be inversely correlated to deal size). Figure 7. Finally, after an unusually high level of mergers involving go-shop provisions recorded in May, no mergers in June had go-shop provisions. Figure 8.