Which of the following is not a characteristic of past M&A waves? 1 point The recent M&A wave in the 2010s is characterized by diversifying deals that increase conglomeration. B: LBOs have become a major component of M&A waves in the last twenty years or so. One reason why M&A waves coincide with high stock prices is that targets are unwilling to sell after a period of decline in stock prices. M&A waves are frequently driven by industry shocks, such as changes in commodity prices