“Merger Activity to Show Tepid Recovery in 2010” (Reuters)

December 18, 2009

Mr. Frumkin was quoted in a Reuters article that discussed the mergers and acquisitions outlook for 2010. Mr. Frumkin commented on the potential for hostile bids to increase in the next year. "When you have a disconnect between market valuations and sellers' expectations, that tends to make buyers go hostile. It's exactly this kind of environment that is ripe for hostiles, though it's somewhat constrained by bank lending. With hostiles, there is no chance to do due diligence, and banks tend to be risk averse," he said.