A man uses his cellphone as he walks past a logo at the entrance of Swiss bank Julius Baer Group headquarters in Zurich October 6, 2008. REUTERS/Christian Hartmann The latest clampdown by German and U.S. authorities on tax-evading clients at banks such as Credit Suisse could make Swiss wealth management firms alluring takeover targets, bankers say. Swiss private banks have been intensifying their cleanup of untaxed assets in an effort to limit the attention of foreign authorities, reducing risk for potential acquirer, writes Martin de Sa’Pinto and Edward Taylor. Union Bancaire Privee, EFG and Julius Baer are seen as targets.

Valeant Pharmaceuticals said it was not interested in a bidding war for drugmaker Cephalon and was willing to walk away. But Chief Executive Michael Pearson also said Valeant may consider raising its offer if Cephalon opens up its books and the deal looks right. Shares of Cephalon surged more than 29 percent on Wednesday, above the $5.7 billion unsolicited offer from Valeant, in a sign investors are expecting a higher bid.

Conditions are better for a wave of U.S. bank mergers, with large deals that carry a price tag of $5 billion or more possible by the end of the year, a UBS AG investment banker said on Tuesday.

BATS Global Markets plans to list U.S. public stocks by year-end, opening the door for companies to float shares somewhere other than the Big Board or Nasdaq for the first time in years.

Acquirers paid a median 9.2 times earnings before interest, taxes, depreciation and amortization for companies in the first quarter, the most since the second quarter of 2008 and kicked off what investment bankers say may be the busiest year for deals since 2007, writes Bloomberg’s Zachary Mider.