There’s a quiet structural flaw in how most M&A deals are done. It doesn’t show up in the model; it doesn’t sit in the risk register; and yet it’s one of the most reliable ways to lose value. The people who shape the deal are not the ones responsible for delivering it. By the time the operators arrive, the assumptions are already locked in, the commitments are already made, and the clock has already started. Take Cadbury. The narrative most people remember is emotional: a beloved brand, a hostile bidder, a defence mounted with conviction. The reality is far more […]
