BCG The 2016 M&A Report: Masters of the Corporate Portfolio

Following a strong 2014, the year 2015 will go into the books as a record for global M&A deal making. But in the long run, it may also be remembered as the year in which a sea change in investors’ appetite for deals became apparent. Capital markets have long greeted acquisition announcements with skepticism―and with good reason. Research, including our own, has consistently shown that most deals destroy value. But, as we explore in the following pages, markets in recent years have behaved differ