There is empirical evidence that such activity peaks with the stock market, especially related to mergers paid for with stock - see Valuation Waves and Merger Activity: The Empirical Evidence The bid for Cadbury is a classic example. It is also likely that some firms will have been caught out in the recession and be heavily exposed to a falling turnover, pricing or cost pressures as well as financing difficulties. Some of these firms will put themselves up for sale and some will fall into the hands of administrators, thus appearing for sale in a different form. Treasurers should be prepared for their role in this and should have awareness of the role they might be required to play. Situations develop very quickly in this area of business and usually need substantial amounts of time devoted to them. The phases can be broken down very simply as follows: 
M & A activity is a time when advisers such as accountants and investment banks are heavily involved with management and treasurers must ensure that they are involved in the work that they do.