Uncertainty defined the global M&A market in 2019.
Geopolitical and international trade tensions, increased activism,
and high valuations slowed M&A activity, as businesses
worldwide reassessed risk. Many companies refocused on their core
strengths, and looked for opportunities to expand in those areas,
leading to a rise in spin-offs and divestitures, as well as bolt-on
strategic acquisitions of technology and talent.
In corporate governance, board composition—with respect to
diversity, tenure, and independent leadership—remained front
and center in 2019. Corporate purpose also took the spotlight, as
the Business Roundtable challenged the shareholder primacy
standard. Activist investors increasingly focused on M&A
activity, targeting several high-profile deals announced in
2019.
