Perspectives

Bridging the Gap—M&A

Are CFOs and boards aligned?

​Deloitte, in association with Corporate Board Member magazine, surveyed corporate directors and CFOs from public companies with revenue of $500 million and above, to compare, contrast, and analyze their views on M&A and risk.

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Are CFOs and board members aligned as it relates to risk management and value creation in M&A activities? Deloitte, in association with Corporate Board Member magazine, surveyed corporate directors and CFOs, to compare, contrast, and analyze their views on M&A and risk.

Overall, the survey results indicate that:

  • A majority of directors and CFOs agree that their companies’ M&A strategy is to seek smaller, more strategic deals.
  • Regarding primary purposes of M&A, CFOs were far more inclined than directors to cite differentiating or diversifying products or services.
  • Directors were more inclined than CFOs to cite the pursuit of cost synergies or scale efficiencies as a primary M&A objective.
  • Both directors and CFOs expect to deploy cash as the primary means of funding M&A transactions. However, CFOs are more inclined than directors to view debt as the primary source of funding.
  • Directors and CFOs agree that the greatest cause for concern in achieving M&A success is integration failure. As to the greatest cause for concern during integration, both most often cited achieving cultural fit.
  • Directors were more inclined to rate the finance team’s risk-related M&A abilities as “extremely effective” than CFOs. CFOs were less inclined to rate the board as “extremely effective” in this area.​

Meet the authors

Steve Joiner

Steve Joiner

Partner | M&A Transaction Services

Steve is a partner with Deloitte & Touche LLP in t...More

Chris Ruggeri

Chris Ruggeri

US FAS Leader | M&A Services

Chris Ruggeri, principal, Deloitte Transactions an...More

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