Earlier in March, Citigroup highlighted actuarial firm Towers Watson ( TW), media conglomerate Gannett ( CGI), payments specialist Total System Services ( TSS), home retailer Williams-Sonoma ( WSM), American Eagle Outfitters ( AEO) and Packaging Corporation of America ( PKG), as possible private equity buyout targets with market caps in excess of $4 billion.

The team of Citigroup analysts also listed underachieving companies such as Abercrombie & Fitch ( ANF), car parts supplier Visteon ( VC), Allscripts Healthcare Solutions ( MDRX), retailer Saks ( SKS), Fuel Systems Solutions ( FSYS) and gaming software maker Take-Two Interactive Software ( TTWO), as notable small and mid-cap deal targets in 2013.

For more on M&A trends, see what 2013's mega-deals really mean. Also see Morningstar's top 2013 M&A picks.

-- Written by Antoine Gara in New York

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