When will M&A come back?

This article suggests "at least nine months" before we see the return of mergers and cquisitions in retail (and, presumably, elsewhere).

"Beyond that it is quite difficult to predict because people are keen to get back in. Private equity is keen to second guess the starting whistle because someone is going to make a lot of money on the rebound."

European retail shares have shed nearly 30 percent of their value in the past six months, almost equal to the losses sustained by the European bank stocks.

Still, retail stocks are predicted to have further to fall because the impact from the credit crunch and rising commodity costs is only just starting to be felt by consumers.

I'm not into predicting the stock market, so I won't make a guess. Actually, my interest is primarily because I figure when M&A picks up, it will mean the economy in general is on the rise, and therefore it might make sense to get my house ready to sell.

What happens to companies like Circuit City and Borders, though, if private equity takes too long to return?