For Buyers With Cash, It's A Shopper's Delight

Cash nowadays is king--one that's bent on expanding the realm. Big bank borrowings are a rarity, and new junk-bond issues are a relic. So companies with large cash reserves are the new wave of corporate buyers. Cash-rich acquirers are doubly blessed because the recession is pulling down price tags for their targets. Says William H. Strong, co-head of mergers and acquisitions for Salomon Brothers Inc.: "If they've got cash, this is a once-in-a-decade opportunity."

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