The Great Takeover Debate

Relentless merger wars raise many disturbing questions

As takeover mania continues to sweep through corporate America, a heated and growing debate has begun to rage along with it. On one side are those who declare that giant mergers and fights for the control of companies have been a boon to the U.S. economy. On the other are critics who contend that the takeover wars have enriched a handful of speculators while crippling target firms and wounding entire industries.

It is not a debate of the meek or mild, and in recent weeks the opposing voices have grown increasingly strident. "I think corporate raids are an outrage and a...

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