Danaher's $5.8 billion cash purchase of the medical diagnostics company Beckman Coulter was driven by private equity competition, according to Danaher's advisor Morgan Stanley.
"Given where you can get leverage now and given the returns that they're looking for, which are lower than historical, I think the pricing was driven by where the private equity guys are," Rob Kindler, vice chairman and global head of M&A at Morgan Stanley , told CNBC on Monday.