On September 19, Mr. Aquila reviewed factors driving the M&A market on Bloomberg TV's “Bottom Line.” Mr. Aquila discussed how M&A activity has not developed as much as predicted earlier in 2012. Despite low interest rates and ample cash flows for companies, Mr. Aquila noted investors are hesitant to spend because of economic uncertainty, including concerns over the global M&A market and the looming fiscal cliff. Mr. Aquila predicted there will be an uptick in activity either in the fourth quarter or in early 2013 pending the outcome of these economic concerns.