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Carillion collapsed after serial takeovers and mergers which made their share price look good, brought them increased turnover but hid (a) the lack of organic growth and (b) inherited contracts which went wrong. The same thing happened with Slater & Gordon and many other defunct listed companies. Gordon Dadds shares rose on announcing its latest acquisition. Investors will be scrutinising the Annual Report for details about inherent growth. That is what they want to see. M&As say nothing.