Flinder Valves was the first among several potential targets identified by Catherine MacAvity, RSE’s vice president of Business Development, and the architect of the acquisition program. Eliot approved the choice and believed a smooth and successful acquisition of FVC was critical to RSE’s expansion plans. Recent news in the U.S. credit markets had been grim. MacAvity worried that the news in the financial markets might chill the ongoing talks. If the merger fell through after going this far, Eliot feared his board might become discouraged. On the other hand, if FVC was acquired at too high a price or failed to produce adequate returns, the RSE board would be unlikely to give its full support to future mergers.