When I wrote an article 12 months ago on my predictions for the Scottish mergers and acquisitions market in 2011, it was entitled "on the road to recovery".
Last year was quieter than recent years for mergers and acquisitions activity in the Scottish market, though there was heightened activity in the last three months of 2011.
Trying to predict what M&A activity will transpire during 2012 can be done with one guarantee - it will turn out quite differently from what we expect.
Both corporate buyers and private equity players have returned to the acquisition trail in 2010, following an extended period of muted activity. With many sitting on cash reserves and seeing more opportunities to invest, deal activity has increased through the year.
