Merger and acquisition activity in the Midwest last year reached its lowest level in 12 years, according to a report released today by Mergermarket.

Following three consecutive annual increases in M&A activity, the 12-state Midwest region last year had 700 deals totaling $76.9 billion, a 67.9 percent decline in dollar value from M&A activity in 2012 and 5.3 percent fewer deal announcements.

Iowa had 16 deals totaling $184 million as part of the Midwest total. As a region, the Midwest contributed just 8.6 percent of the total U.S. M&A deal value in 2013, down from a 27.6 percent contribution in 2012.

Mergermarket's 2013 M&A roundup report for the Midwest includes activity for Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin.