11.   But the larger idea behind consolidation is to gain market share and cost efficiencies by leveraging the strengths of acquired companies.

12.   But tax rules dictate that an acquirer must retain ownership of an acquired company for at least five years before divesting it in any type of tax-free transaction.

13.   Does a takeover pose a threat to competition if the acquired company dominates a market that is only starting to emerge?

14.   Despite questions from Chanos and some Wall Street analysts, Tyco has also refused to disclose the balance sheets of acquired companies at the time it takes them over.

15.   For water-business expertise, U.S. Filter relies on managers of the acquired companies and induces them to stay by giving them U.S. Filter stock, too.

16.   He noted that Cisco had made eight acquisitions and had retained a high percentage of employees of the acquired companies.

17.   His letter to the TRW board took a conciliatory tone and was emphatic that Northrop Grumman has been fair in dealing with employees of the acquired companies.

18.   Hostile acquisitions are rare in Silicon Valley because technology rapidly becomes obsolete and the real assets of the acquired company, the engineers, can walk out the door.

19.   If the price paid for the acquired company exceeds the market value of its assets, the difference is recorded as good will.

20.   In all cases the acquired company had a drug either on the market or close to it but faced a long gap until the next product would be ready.