re: M&A gurus, my company has hired consultants for valuation

M&A is a rollercoaster. You can expect there to be numerous ups and downs before a deal is actually sealed. Hiring a consultant is early in the confirmatory diligence process, but if the company wants to sell and you have a buyer wanting to buy, there's a good chance a deal will happen. Deal flow is somewhat choppy at present and a lot of people are trying to place capital. With interest rates still near historical lows, buyers have more flexibility than in the past. I wouldn't freak out, but you should assume it's a real possibility.