During the Practicing Law Institute’s 34th annual securities regulation conference, dealmakers and attorneys reflected on changes in the public M&A environment over the last year. Steve Munger, co-head of M&A at Morgan Stanley, offered a rapid overview in his opening remarks. He pointed out “one of the pathologies of the late 90s” was doing EPS-accretive deals. Such deals, favored by erstwhile M&A powerhouses like Tyco International Ltd., often destroyed shareholder value, he said.
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