An analysis of 10,000 asquisitions finds the market performance of firms with two or more advisors tends to be worse than those with just one.
Every year, companies pursuing M&A deals spend nearly $40 billion on advisors. These investment bankers, Lawyers, and other professionals are hired to provide domain-specific expertise to the acquirer or acquiree, an independent “second opinion” for the board, or other services to help close a deal. But do they actually add value to the mergers and acquisitions they’re meant to support?
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