Compass Report--The State of M&A

There are far fewer active buyers (consolidators) for private companies. Where 1998 was a sellers' market, 1999 evolved into a buyers' market. Some of the consolidators have integration indigestion. Others have taken to their beds with severe pain. One or two may not survive.

Wall Street, enamored with dotcoms and tech stocks, has turned its back on the printing industry.