Ken Menges Quoted by Texas Lawbook on M&A in the Lone Star State
Texas Lawbook, in its article “Texas M&A: Recovering from a Hangover,” quoted Akin Gump corporate practice co-head and Dallas partner in charge Ken Menges on why mergers and acquisitions in the state of Texas have scaled down in size and number.
Menges notes, as a contributing factor to the downturn in M&A activity, the lower number of industry consolidation opportunities currently available, adding, “Investment banking firms I talk to say they are disappointed because they were expecting a gusher of M&A activity to continue into 2013, but it has only been a slow drip.”
He also notes that the IPO market has not revived entirely: “We still have not seen the IPO as a reliable exit strategy for investors. Instead, the decision to file to go public has become a way of showcasing a company and its finances for possible buyers.”