Wild swings in the stock market are making shares an unpredictable currency lately, and corporate buyers are leaning on cash to get deals done, according to a Wall Street Journal analysis today. So far this year, the average public-company takeover has been 77 percent cash, the highest quarterly level since early 2013, according to FactSet. Of 21 public-company deals over $1 billion, 13 have been all cash. In just 26 trading sessions this year, the S&P 500 has moved by 1 percent 16 times — nearly twice the rate of such swings last year. Volatility makes it hard for buyers to use their stock as currency, not knowing what shares will be worth in the future.
