Avoca Investment Management has shared analysis on trends in recent M&A activity. The analysis classifies deals that have been launched over the past two years into three categories. These are listed as 1) highly synergistic in-market merger (E.G. TPG bid for IINet) 2) global in-market synergistic (E.G. Expedia bid for Wotif) and 3) nil synergy opportunistic - essentially some sort of timely value play.