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No. of Recommendations: 3
Too much mania? How long can/will it continue?

With few exceptions, the takeovers that have involved companies that I've followed for years have occurred (in my opinion) at fairly reasonable valuations. CLE at 33, for example, is nobody's idea of overpaying. DG at 22 and CDWC at 87 isn't all that difficult to grasp. YCC in the lower 30s. Maybe someone else sees this differently, but in my little universe these takeovers have made perfect sense at fairly reasonable prices involving companies that generate significant amounts of free cash flow.
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