The value of this year's worldwide mergers and acquisitions topped $1 trillion earlier this month, according to data compiled by Bloomberg. That's a modest pace, compared with the frantic deal-making of 2006 and 2007, when full-year M&A volume topped $3.5 trillion and $4 trillion, respectively. However, it represents a 10% increase over the same period a year ago, and activity has been heaviest in recent weeks, suggesting the remainder of the year might be a busy one for takeover advisors.

The companies below turned up recently in a stock screen for attributes that might appeal to corporate suitors. Their takeover prices (stock value, net of cash and debt) are low relative to their core earnings power (profits not including interest, taxes and accounting charges related to past investments). They generate ample free cash for their size. Also, their corporate overhead seems high as a percentage of their sales a sign of cost savings waiting to be wrung out.

That's not to say that these companies make logical sense as takeover targets. They might be too big, too likely to defend against a takeover attempt or simply undesirable to the current universe of possible buyers. Stock buyers might find these names attractive just the same, though, because many of the attributes that appeal to suitors low prices, prosperity and potential for improvement suit investors just fine, too.

Amgen

Amgen (AMGN) is valued at around $52 billion, making it a heavyweight compared with most biotech drug makers, but less than half the size of traditional pharmaceutical and health-product companies like Pfizer (PFE) and Johnson & Johnson (JNJ). The stock trades at just 11 times this year's earnings forecast, reflecting Amgen's prospects for only moderate earnings growth in coming years 8% a year through 2013, compounded, versus about double that for smaller rivals, according to estimates by Jefferies & Company, an investment bank. Size brings advantages, however. Amgen generates free cash flow equal to about 10% of its stock market value, nearly double the rate for those same rivals. Last quarter, the company repurchased about 1% of its outstanding shares. For now, it pays no dividend.

Mattel

In mid-January, toymaker Mattel (MAT) reported that its earnings per share jumped to 14 cents from six cents a year ago on a 13% rise in sales. The firm s stock fell nearly 10% on the news; Wall Street had forecasted earnings of a penny a share more. Analysts say higher operating expenses led to the earnings miss. Mattel is involved in a costly dispute with MGA Entertainment over ownership of Bratz, a line of glamour-girl dolls with oversized heads. Financial trends for the company are mostly promising, however. Cash is amassing on the balance sheet, net debt is shrinking and management recently revived its share repurchase program, retiring just over 1% of the stock last quarter. The stock sells for 13 times earnings and carries a 3.5% dividend yield.

Macy's

Macy's (M) has a giant image for a retailer, but not a giant value. Its shares are collectively priced at just under $9 billion. That's $1 billion less than Dollar General (DG) and $5 billion less than Kohl's (KSS). Sales for Macy's are forecast to total nearly $25 billion this year, though, and margins are respectable: Operating profit is seven cents of each sales dollar, versus eight cents for Dollar General and a dime for Kohl's. Macy's has eliminated about $500 million in structural costs (and more than 7,000 jobs) over the past two years by consolidating its regional buying and planning, and in the process the firm has added 80 cents to its earnings per share, according to Sterne Agee, an investment bank. Shares sell for 11 times earnings and carry a 1% dividend yield.