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Large acquisitions also tailed off.
American museums with large acquisitions budgets are active buyers both here and abroad.
But there is good news further ahead: the companies have recently made large acquisitions.
Credit Suisse First Boston has advised Bayer on several large acquisitions this year.
In some companies, there have been failed strategies: overly large acquisitions, unsuccessful mergers or bungled reorganizations.
Early 2019 has seen a wave of issuances of secured bonds to finance large acquisitions.
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Any large acquisition by a company may trigger activist interest.
Todd Harrison of the Centre for Strategic and Budgetary Assessments says: "Large acquisition programmes are large targets".
Nonetheless, in a few cases, sponsors sought and obtained very large acquisition financing commitments.
After a large acquisition, the CEO decides whether to prune the portfolio.
First it is a large acquisition for a business that has been targeting total acquisition spend of around £250m annually.
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