While the Musk-Twitter fight has the market transfixed, a bigger issue for the M&A industry is the generally challenging backdrop for deals. With volatility continuing and interest rates rising, a slowdown is expected in the third quarter with the possibility of more transactions being pulled, a Bloomberg News survey of 16 M&A trading desks, fund managers and analysts, found. They named Seagen Inc. as the most likely takeover candidate in the next three months.