Odd Lots · Saturday, September 19, 2026
Gene Sykes observed that the M&A landscape is increasingly characterized by acquisitions rather than true mergers. He explained that while deals are structured to bring companies together, leadership and decision-making power tend to consolidate with one entity within a year after the transaction.
“Look, M is just a way of describing you're putting two companies together that generally are in the same size category. And then sometimes you'll end up with board members coming from both sides and you split the management teams. That part of M never lasts.”
“There are things that are done to make the deal happen. You're giving people the space to say, I think this is a smart thing to do. I was able to sell at a premium or I was able to merge at a premium. So my shareholders will be comfortable. But a year after the deal is done, you have to get used to the world that you have and leadership and the influence to make decisions for the company. tends to consolidate into a set of hands that may not be exactly where you started.”