Forget about trying to spot the next hotshot dealmakers – M&A in 2010 will be driven by the often-faceless shareholder.
Bankers say that the biggest worry among acquisitive chief executives at the moment is not how to finance a deal, but how institutional investors will react to it.
Their concerns are justified. Long-only institutional shareholders are finally showing willingness to take responsibility for the M&A process, having come to the realisation that scrutiny can affect the value of a company much more than how much the company board is paid.
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