Cass Research Report: When no one knows

Pre-announcement M&A activity and its effect on M&A outcomes

This Cass Business School study examines the process of merger and acquisition transactions (M&As) to infer how the due diligence process is affected by the properties of a deal, as well as the impact of due diligence on deal negotiations and deal success. 

Key findings include:

  • Longer due diligence results in a higher likelihood of deal success
  • Longer due diligence is to the advantage of the buyer (and to the disadvantage of the seller)
  • Due diligence is done more quickly on public companies
  • Due diligence is done more quickly on larger targets
  • Most M&A leaks are likely to be intentional

Read this study to get a better understanding of the due diligence process required to achieve deal success.