Consider this: market valuations are attractive by absolute and relative standards, large corporations across many sectors have the financial and operating firepower to launch bids, and the deleveraging trend now under way has left several of the more conspicuous private-equity players licking their wounds after years of overindulgence. In these circumstances, something more than just another turn in the acquisition cycle may lie ahead. The basics are in place for a period when mergers and acquisitions reassert their fundamental purpose: enabling strong corporate performers to match their acquisitions to their long-term strategic goals and to drive out weak, inefficient managers. Such a period not only would be ripe with opportunity but also could hugely benefit the economy, the reputation of business, and shareholders.