Mergers and acquisitions are a popular target of economic populists on the left and right. Populists blame mergers for increasing the power of large, dominant corporations who make their smaller competitors an offer they can’t refuse—which is to sell their company or be driven out of business by the dominant firm. These attacks distort the vital role mergers and acquisitions play in the economy—and how small firms benefit from merging with, or being acquired by, a larger competitor.
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