Watch live on November 16th as we uncover the mysteries behind why some deals are more likely than others to fail and what factors are significantly predictive of deal failure. We’ll discuss whether or not advisers help deals across the line, or increase the probability of deals being abandoned, and explore the tactics acquirers and targets can employ to increase the chances of successful deal completion.
The Deal, in partnership with Intralinks, will dive into the findings of a 25-year study of over 78,500 worldwide M&A transactions conducted by the M&A Research Centre at London’s Class Business School and Intralinks, which shows that the average deal failure rate was 7.2% in 2016 - the highest rate seen since the financial crisis. And, while these are volatile times, the blame for these failed deals cannot rest entirely on the uncertain economic and political environment.
The study seeks to answer the critical question: Is there something more company-specific going on in the M&A market. Intralinks found that there are five key areas which may unlock the secrets of why some bids are more likely to complete successfully than others. And according to the firm’s findings, failed deals for both public and private companies share a number of common characteristics – although there are certain nuances that separate the two types of business.
Using historical data covering more than 35,000 acquirers world-wide, spanning both publicly-owned companies and private businesses that have collectively announced more than 78,000 bids since 1992, The report provides an in-depth analysis of the reasons why acquisitions are failing – and an exploration of how dealmakers can give themselves a better chance of seeing deals through to the finish line.
William J. Curtin III
Partner and Global Head of Mergers & Acquisitions
Bill Curtin helps clients achieve their business goals. Across industries, Bill is known for executing complex M&A transactions by finding commercial solutions to meet his clients' objectives.Bill is the Global Head of our Mergers and Acquisitions practice and has just completed his second three-year term as a member of the firm’s elected Board of Directors. He is recognized as a leader in the field of cross-border transactions, having been named in each of the past seven years among the International Who's Who of Mergers & Acquisitions Lawyers and honored as a Dealmaker of the Year by The American Lawyer. Bill has developed his legal acumen through significant experience as an international lawyer practicing out of major commercial centers around the world. From 2003 until 2008, Bill was based in Paris and led the development of Hogan Lovells' operations in France. From 2008 to 2010, Bill was based in London and served as Head of Hogan Lovells' European Corporate Group. Since 2011, he has been based out of the firm's Washington and New York offices, serving multinational clients on their business initiatives around the world.Bill is fluent in French and has studied at the London School of Economics and the Wharton School of Business at the University of Pennsylvania. Before entering law school, Bill spent an academic year in Paris on a Fulbright Scholarship, where he served as an English teaching assistant. He is a frequent commentator on the state of M&A (with recent appearances on Bloomberg, CNBC, and in the New York Times) and lecturer on corporate law (including at the law schools of Duke University, Georgetown University, and the University of Virginia). Bill is co-author of a comprehensive article on cross-border business combination transactions, which has been cited by the U.S. Securities and Exchange Commission as one of several authoritative sources on such transactions.