Business Week notes that hostile deals seem to be making a comeback. Since the downturn began in late 2007, unsolicited bids have accounted for 11 percent of acquisitions in the U.S. That compares with an average of 6.8 percent over the past decade. Examples abound. After an eight month battle, Genentech agreed to be bought for $46.8 billion by Roche. PepsiCo was able to finally persuade Pepsi Bottling Group to agree to a $4.2 billion deal.

The latest: Kraft Foods has gone hostile in its $16.3 billion bid to buy Cadbury, setting up an interesting across-the-pond battle. The bottom line is that share prices remain historically low, and some targets just can't fathom the notion of selling at these levels. At the same time, the shareholder rights movement have weakened defenses.

While financing is tight, some companies have been hoarding cash. You can bet the bankers are actively pitching ideas as we speak. 

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