A recurring theme in the under-researched small-cap space is the large number of the stock market minnows that end up on the receiving end of a bid from a larger rival. In fact, since the start of 2014, 24 companies on my watchlist have exited the stock market, a trend that shows no sign of abating. Indeed, electronics group Stadium, risk management software company Lombard Risk Management, and bio-decontamination specialist Bioquell all succumbed to cash bids last year.

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