Why Takeover Pros Are Taking Heart

Make way for the next takeover gravy train. Yes, buyouts are back, and 1994 promises to be a bright year. Mellon Bank Corp.'s agreement to buy Dreyfus Corp. for $1.7 billion was the most recent deal in a long series of mergers and acquisitions announced in 1993. But junk-bond-financed deals are out: Stock swaps are more the style, with just a bit of cash thrown in.

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