Following the trend established in the first quarter, the second quarter of 2013 provided another lackluster quarter of deal volume even though equity markets are robust and liquidity remains high. M&A professionals remain puzzled on the lack of direction and volume for 2013 with most believing that the tax law changes pulled volume from 2013 into 2012. Although mergers and acquisition deal activity remains lower than recent history, the food and beverage industry continues to see large transactions. Last quarter saw several key note transactions announced in excess of $1 billion, with H.J. Heinz acquired for $28.1 billion and Smithfield Foods acquired for $4.7 billion, showing signs of an appetite for large size deals.