Risks of Delayed M&A Negotiations, Fluctuations in Closings and Refund Claims
First written in FY2018. 10 of 21 entries say "Restated". Latest entry: FY2026.
Boutiques moved to the "Worse" side of this theme in 2026, 1 year after the typical company in this theme (2025).
The whole theme swung hardest in 2026: 5 of 9 companies on the "Worse" side.
2 other companies' latest entry also says "Materialised".
- FY2026MaterialisedAnnual report
「However, as the number of consultants increased rapidly, authority over deal management was transferred to department heads, resulting in larger-than-expected disparities in deal progress between departments and a decline in the overall closing rate.」
Disparities in deal progress between departments and a decline in the closing rate actually occurred following the change in deal management, bringing the risk of fluctuations in M&A deal closings to the fore. - FY2025MitigatedAnnual report
「As consultant development subsequently progressed smoothly, deal closings proceeded broadly in line with expectations from the second quarter onward.」
Following delays in deal closings in the first quarter due to the extended practical training under the new training programme, deal closings proceeded broadly in line with expectations from the second quarter onward, partly mitigating the risk of delays. - FY2025-H1MitigatedAnnual report
「Under the training programme introduced in October 2023, some practical training extended longer than expected, causing slight delays in deal closings. However, as consultant development subsequently progressed smoothly, deal closings proceeded steadily from the second quarter onward.」
It explains that deal closings were delayed because practical training under the new training programme took longer, but that closings proceeded smoothly from the second quarter onward as training subsequently progressed. - FY2024-Q3MitigatedAnnual report
「During the cumulative third-quarter consolidated period, with a view to substantially increasing sales in the current consolidated fiscal year and beyond, we assigned a certain number of our core consultants to developing sellers and buyers and completing transactions in new fields, including construction and IT. We also focused throughout the business division on sourcing mandates, including in the nursing-care sector, which delayed transaction completions during the first half. Although transaction completions progressed steadily from October onward, the number of completed deals was 88 in the cumulative third-quarter consolidated period, down 8.3% from the same period of the previous year.」
It explains that deal closings were delayed during the first half but progressed smoothly from October onward, indicating that the delays had partly normalised. The decline in cumulative deal closings remained. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter, there were no material changes concerning newly arising risks or material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding the risks of delays in M&A negotiations, fluctuations in deal closings and refund claims. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter, there were no material changes concerning newly arising risks or material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding the risks of delays in M&A negotiations, fluctuations in deal closings and refund claims. - FY2023-Q1RestatedAnnual report
「During the cumulative first quarter, there were no material changes concerning newly arising risks or material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding the risks of delays in M&A negotiations, fluctuations in deal closings and refund claims. - FY2022-Q3RestatedAnnual report
「During the cumulative third quarter, there were no material changes concerning newly arising risks or material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding the risks of delays in M&A negotiations, fluctuations in deal closings and refund claims. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter, there were no material changes concerning newly arising risks or material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding the risks of delays in M&A negotiations, fluctuations in deal closings and refund claims. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter, there were no material changes concerning newly arising risks or material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding the risks of delays in M&A negotiations, fluctuations in deal closings and refund claims. - FY2021-Q3RestatedAnnual report
「During the state of emergency issued in April, some deals were delayed, but after it was lifted, deal progress normalised and inquiries from both sellers and buyers became more active, partly due to heightened concern about revisions to nursing-care fees and difficulties in recruiting personnel.」
Continues to report deal delays during the state of emergency and the subsequent normalisation of progress after it was lifted. - FY2021-Q2MitigatedAnnual report
「During the state of emergency, some deals were delayed, but after it was lifted, deal progress normalised and inquiries from both sellers and buyers became more active, partly due to heightened concern about revisions to nursing-care fees and difficulties in recruiting personnel.」
States that the delays in M&A deal progress that occurred during the state of emergency were followed by a normalisation of progress after the state of emergency was lifted. - FY2021-Q1MaterialisedAnnual report
「During the state of emergency, although measures such as teleworking were implemented, delays occurred in the progress of deals.」
Delays in the progress of M&A deals actually occurred due to COVID-19 and the state of emergency. - FY2020MaterialisedAnnual report
「As the time required to close deals became longer due to delays in training consultants and other factors, the number of deal closings was 49, below initial expectations and down 3.9% from the previous fiscal year.」
The risk of delays in deal negotiations and progress materialised, the time required to close deals became longer, and the number of deal closings fell below initial expectations. - FY2020-Q3MaterialisedAnnual report
「Although average fees increased as deals became larger, the time required to close deals became longer, and the number of deals closed fell below initial expectations.」
The previously identified risk of fluctuations in closing timing materialised, the time required to close deals became longer, and the number of deals closed fell below initial expectations. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter, there were no material changes concerning newly arising risks or material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding the risks of delays in M&A negotiations, fluctuations in deal closings and refund claims. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter, there were no material changes concerning newly arising risks or material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding the risks of delays in M&A negotiations, fluctuations in deal closings and refund claims. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter, there were no material changes concerning newly arising risks or material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding the risks of delays in M&A negotiations, fluctuations in deal closings and refund claims. - FY2018First statedAnnual report
「If negotiations on terms between the parties prove difficult, due diligence by either party is delayed or other factors prevent deals from progressing as expected, or if the timing or size of deal closings fluctuates, results for each period may fluctuate significantly.」
In addition to fluctuations in M&A deal progress, closing timing and closing size, it identifies the risk of claims for the return or reduction of advisory fees.