Every bank deal carries a story of how the alliance makes sense from a strategic, geographic, technological, or line-of-busi-ness perspective. But behind the scenes, there are often other stories about the M&A advisors who help bank buyers and sellers navigate through the deal-making process; how the advisors were chosen; and how well they performed. There was the case, for example, of the bank that felt it knew potential acquirers so well via social relationships that the bank didn't need an investment banker for a potential sale. Much to its dismay, when an offer was made, it was substantially short of what the seller thought it was worth—and the process ended in a stalemate. Subsequently, the bank sought the services of an investment bank and garnered a price with an unexpected acquirer at a price beyond its original goal.
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