Synopsis Marger activity is the United States had long been described as occurring in waves. The first one began at the close of the 19th century and raw over into the beginning of the 20th, the second took place in the 1920 and probably the largest of all. Some characteristics of mergers however have changed, and they changed quite dramatically. The trend toward conglomerate mergers for example is a significant new development. There are important differences between public tender offers and mergers difference which we would expect to make stock markets studies of tender offers much more revealing than tests of merger announcements. Over the past few days talking about mergers in two different senses. There are a few intermediate steps before these data can be applied directly as a hurdle rate in merger analysis.