Editor's letter: Tell me why I don't like mergers?

But I'm not crazy about M&A activity and, although I'm not aware of the definitive reason why, I have a sneaking suspicion that it has something to do with the loss of identity, the dilution of excellence, and the cessation of the fight by smaller, niche players for their own little place in the sun. I identify very strongly with the mantra, 'it's not about the size of the dog in the fight, but the size of the fight in the dog', and M&A activity, to my mind, goes against all that.

The

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