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The group was sufficiently confident to attempt a significant acquisition.
"The median banker-advised company making a significant acquisition outperformed the relative index by approximately 6percentt," Mr. Winn said.
Verizon's CEO, Lowell McAdam, said in a statement that the company was not "having significant acquisition discussions" with AOL.
Its most significant acquisition was Nuance, a rival that had been spun off from S.R.I.
Still, this is now the second time Cerberus has tried to walk from a significant acquisition.
The expectation is that a robust M&A market (see "Mergers and Acquisitions: 2016 Update") will drive significant acquisition financing.
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The group also carries significant acquisition-related intangibles, which we presume could be subject to review.
Last summer, several N.B.A. teams made significant acquisitions.
"This will be one of the most significant acquisitions in the history of California," he said.
The companies he raided often were undervalued, but he generally was unable to make significant acquisitions.
Under the strategy, AXA made significant acquisitions and deals in Asia, Africa and Latin America.
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