In the current financing climate, the perennial call for consolidation is again being heard from industry pundits and consultants and financial advisors who need to make money in fair markets or foul. But the issue is not whether there are "too many" companies, but whether the specific needs of the individual acquirer are fulfilled by a given transaction.

While the "big picture" people may see an over-broad universe of companies ripe for consolidation at low prices, individual companies may see a much narrower subset of potential acquisitions that would contribute to the building of their businesses.