The Directors & Boards survey: Mergers & Acquisitions 2010.


This Directors & Boards survey was conducted in March and April 2010 via the web, with an email invitation to participate. The invitation was emailed to the recipients of Directors & Boards' monthly e-Briefing. A total of 354 usable surveys were completed.

About the respondents (Multiple responses allowed) A director of a publicly held company 36.4% A director of a privately held company 39.2% A director of a non-profit entity 30.7% A senior level executive (CEO, CFO, CxO) 9.1% of a publicly held company A senior level executive (CEO, CFO, CxO) 26.1% of a privately held company Institutional shareholder 57.0% Other shareholder 19.9% Academic 9.1% Auditor, consultant, board advisor 14.8% Attorney 14.2% Investor relations professional/officer 0.6% Other 6.8% Revenues (For the primary company of the respondent) Average revenues: $1,463 billion Less than $250 million 55.5% $251 million-$500 million 14.5% $501 million to $999 million 9.2% $1 billion to $10 billion 16.8% More than $10 billion 4.0% Board Service (Average number of boards respondents serve) Public 1.35 Private 1.99 Charitable 1.57 Respondents' Age Average Age: 55.7 21-29 2.3% 30-39 8.6% 40-49 14.4% 50-59 32.2% 60-69 35.6% 70+ 6.9% Note: Table made from bar graph. M&A and the Economy In your opinion, is the recession over? Yes, and growth will begin to accelerate throughout 2010 10.8% Yes, but growth will be minimal in 2010 60.8% No, we're still in a recession 17.5% No, we'll "double dip" into another recession before the end 7.8% of 2010 Other 3.0% How will the economy affect M&A activity for the remainder of 2010 and into 2011? (Multiple responses allowed) It will reduce M&A activity generally 14.5% It will increase M&A activity generally 50.6% It will reduce private equity participation in M&A 18.1% It will benefit strategic and cash/stock M&A activity 47.0% It will have little or no effect on M&A activity 8.4% Other 3.0% Compared to 2009, please predict how M&A transactions will look in your primary company's industry by the end of 2010. There will be significantly more M&A transactions 22.2% There will be slightly more M&A transactions 38.9% There will be about the same M&A transactions 22.8% There will be slightly less M&A transactions 11.4% There will be significantly fewer transactions 1.8% Other 3.0% Recent M&A Experience Has your primary company engaged in M&A activity in the past year? (Multiple responses allowed) Yes, we purchased a company(ies) or business...

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