Compass Report--The State of M&A

The window of opportunity for sellers in the printing industry closed some in 1999. Once wide open in 1997, it began to descend slowly in 1998 and has been stuck partly open since January 2000.

Deals in 2000 will be fewer and harder to complete due to buyers' pre-occupation with existing operations. More mega-deals will occur late in the year. Smaller, private companies will continue to throw their hats into the consolidation ring.