The three big dogs of modern M&A have lost their bite
What’s likely is the end of the burgeoning trend of taking loss-making companies public in the hope the future will come to them
New York — They are the big dogs of modern mergers and acquisitions (M&A) — rapacious deal makers that have devoured mighty corporations, bankrolled young disrupters, and up-ended entire industries. And they’re not looking so tough anymore.
Since 2014, when the latest wave of M&A began to build, three names have inspired fear and envy in the M&A world. In doing so, each has been totemic of a particular vogue in the capital markets:..