Yes and no; yes, in the fact that valuations are getting attractive, and larger companies likely see opportunities for long term gains. No, in the fact that the buyers might be a little gun-shy, considering inflation, interest rates, wars, and economic uncertainty. Also, most companies' stocks have declined, so playing valuation differences in an all-stock deal becomes more difficult (if the buyer has also seen a valuation haircut). Companies we think would prefer stock deals and may be loathe to add more debt right now. But, AQN, ALA, TA, RNW, CPX and INE are probably getting a little antsy right now about overtures.
5i Research Answer: