M&A is an important strategic option that companies can leverage to make necessary leaps in the competitive marketplace. It can help companies to obtain a higher market share and a broader customer base, and gain access to new technology, products and distribution channels.

Yet, at the same time, M&A is very risky and many deals fail, sometimes bringing companies to the brink of failure. Reasons for failure vary and range from opportunistic M&A and overpayment to poor integration.

For many companies mergers and acquisitions are irregular events for which they lack capabilities and processes. This is compounded by biases in M&A that cloud M&A decision-making, such as deal fever, tunnel vision and strong incentives to complete a deal.