高科技行业的兼并与收购报告2007 英文

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2006 saw the return of strategic trade acquirers to the market
with a vengeance. Technology ‘mega-deals’ remained a key
feature with 18 v1bn-plus deals completed. The strategic
forces of convergence and the demands for growth have
combined with improved operating performance, stronger
corporate balance sheets and a seemingly insatiable appetite
in the debt markets to drive activity levels.
It has undoubtedly been a good year for those looking to exit,
with increasing valuations and a healthy balance between
trade and financial buyers. Looking beneath the headlines
however, 2006 was perhaps not a completely vintage year.
The momentum of the first quarter was not sustained
throughout, with overall deal volumes marginally down on
2005 levels. Indeed the final quarter saw the lowest activity
levels in volume terms in the last three years, whilst the IPO
markets cooled after a strong first half.