The Cycle and Secular Nature of Merger Arbitrage

M&A activity is somewhat cyclical and it's going to depend on a number of things. In a booming economic environment companies may need to wrap up their production facilities, their product lines and they may make acquisitions. The interest rate environment might be so attractive because rates were low back as we know over the last couple of years that money was cheap. And also the capital markets have become much more internationalize. So we're seeing so many cross border deals.