Lack of acquisition opportunities and unrealized post-acquisition synergies
First written in FY2021. 3 of 4 entries say "Restated". Latest entry: FY2025.
The whole theme swung hardest in 2025: 9 of 30 companies on the "Worse" side.
36 other companies' latest entry also says "Restated".
- FY2025RestatedAnnual report
「Our group plans to pursue acquisitions actively. However, a decline in the number of companies seeking to sell and an increase in the number of potential acquirers could reduce the number of opportunities our group can pursue, making it impossible to carry out acquisitions as planned.」
The company continues to disclose the risks of insufficient acquisition opportunities, contingent liabilities identified after due diligence, failure to integrate corporate cultures and unrealised synergies. - FY2023RestatedAnnual report
「However, a decline in the number of companies seeking to sell and an increase in the number of potential acquirers could reduce the number of opportunities our group can pursue, making it impossible to carry out acquisitions as planned. When carrying out an acquisition, we conduct due diligence. However, if contingent liabilities or other issues are identified after the acquisition and unexpectedly large expenses arise, or if the intended benefits and synergies cannot be achieved because integration of the corporate cultures does not progress, we may be unable to recover the funds invested.」
The company continued to disclose the risks of insufficient acquisition opportunities, contingent liabilities, failure to integrate corporate cultures and unrealised synergies. - FY2022RestatedAnnual report
「However, a decline in the number of companies seeking to sell and an increase in the number of potential acquirers could reduce the number of opportunities our group can pursue, making it impossible to carry out acquisitions as planned. When carrying out an acquisition, we conduct due diligence. However, if contingent liabilities or other issues are identified after the acquisition and unexpectedly large expenses arise, or if the intended benefits and synergies cannot be achieved because integration of the corporate cultures does not progress, we may be unable to recover the funds invested.」
The company continued to disclose the risks of insufficient acquisition opportunities, contingent liabilities, failure to integrate corporate cultures and unrealised synergies. - FY2021First statedAnnual report
「When carrying out an acquisition, we conduct due diligence. However, if contingent liabilities or other issues are identified after the acquisition and unexpectedly large expenses arise, or if the intended benefits and synergies cannot be achieved because integration of the corporate cultures does not progress, we may be unable to recover the funds invested.」
While positioning M&A as a means of growth, the company recognises a decline in the number of opportunities, contingent liabilities, failure to integrate corporate cultures and unrealised synergies as risks.