The surprise year-end deal to acquire PetSmart stunned some Wall St. professionals — it was the biggest LBO of 2014. But, now, the market wants to know: is the big LBO back? At TheStreet, we can see cause for celebration by the masters of the universe — but it isn’t terribly likely. It’s not just the Chapter 11 filing of TXU, or the one that’s likely to come from PE-backed Caesar’s. It isn’t only Washington regulators, and it’s not just strategics like SAP who elbow LBO bidders aside with fat premiums. It’s the simple fact that too many of Wall St.’s dealmakers bungled their biggest buyouts.
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